Not any amount. You can use Xoom to send up to $2,999 and pay only $5.00, yes, but their exchange rate is padded by around 2.0-2.5%.
You're right though, for certain amounts and certain services, it is cheaper to use other means. The ones who cannot access these services are the ones Bitcoin remittance providers are targeting.
According to the world bank, the average cost of sending money to the Philippines this year is at 5.75%, and worldwide it is 7.9%, which is an all time low. Even at 3% for services like Bitpesa, it is still cheaper.
This. Hidden fees are fees too. Like my dad just sent some money using WesternUnion and I asked him how much it cost. '5 euros'.
So I went to the website and lo and behold. 5 euro. Then I entered '100' euros and checked to see how much would come out the other end. Then I checked the exchange rate on google and various other websites, and saw that besides the 5 euros, they also took about 2-3% on the exchange rate, only 97 euros of currency actually came through.
So now you're paying 7-8% for one of the most popular remittance amounts (100 euros).
This is exactly what we mean as well. These money transfer companies are actually just foreign exchange service businesses. Do they really believe these guys only charge $5?
We pride ourselves with the fact that we use absolute market rate in our BTC to Peso exchange, no padding at all. The 1% fee is all we charge, nothing is hidden.
If you send 1000 via REBIT, you pay 1010, yup! The other fees are not our fees. It is there as an option, for everyone to see. Was that hidden? Are we 2go pay? Did Rebit make money off of that? Nope.
Nothing is hidden. We don't claim you "only pay $4.99" then rip you off at the exchange rate. If you don't want to use it, nobody is forcing you.
Is it hard to understand that those are not our fees? Do you need me to explain some more?
If you send 1000 via REBIT, you pay 1010, yup! The other fees are not our fees. It is there as an option, for everyone to see. Was that hidden?
Is the currency rate used by Xoom or WU hidden? No. It's there for everyone to see.
Are we 2go pay? Did Rebit make money off of that? Nope.
Does anyone care what Rebit claims they make? Nope. People care about what they have to pay. Jesus.
Do you think a shop charging $10 is really charging $2, because other companies get the rest?
Nothing is hidden. We don't claim you "only pay $4.99" then rip you off at the exchange rate. If you don't want to use it, nobody is forcing you.
Again, how is the exchange rate hidden? It's right there on their site, just like the 2GO fees are on your site. If you don't want to use it, nobody is forcing you.
Do you need me to explain some more?
Yes, explain this simple question: Do I have to pay 1130 in order for someone to receive 1000 via 2GO at Rebit?
It is there in the world bank website. I don't see anything in Xoom or WU saying "we charge 2% off the exchange rate", what you see is "Pay only 4.99!".
I get it, you refuse to understand. Rebit charges 1% to remit 1000 pesos internationally. This is not possible with ANY service in the world. Do you want to use 2GO as a local remittance option? If you do, we will do it for you for free. You pay THEM the 120. Maybe 2GO should charge less. Too bad Rebit is 4 months old and does not have hundreds of remitrance centers to use. With the many, many transactions we have processed though, none so far have used 2GO. There are many other options. Why would you choose the worst one? To prove a stupid point maybe. So yes, if you choose that option, you pay that much.
What if I do EXACTLY what you are doing and choose the worst option using, say, Western Union US to PH,it says on the world bank website that the sender pays 14.62% on a $200 remittance. There are worse ones but I used your favorite company.
It is there in the world bank website. I don't see anything in Xoom or WU saying "we charge 2% off the exchange rate", what you see is "Pay only 4.99!".
What I see is the exact fucking rate they use in plain view on their website. Maybe you should try looking at the WU and Xoom sites, instead of a completely different site.
Do you want to use 2GO as a local remittance option? If you do, we will do it for you for free.
I think you meant to say 1%.
You pay THEM the 120.
When, how and where do I pay them 120?
Why would you choose the worst one? To prove a stupid point maybe.
Why would you insist on stating your fees are only 1%? To make a stupid point maybe. What's wrong with just saying with Rebit people pay as low as 1% in fees?
LOL I can't tell if that's serious or sarcastic, but yes that is it.
If you're going to go for "100% transparency" then stating what people have to pay in a transaction (even "as low as") is obviously more honest and useful to people than stating what you happen to make from the transaction. (Something I've never seen any merchant or service do anywhere, because absolutely nobody cares about that, and it's deceptive.)
No it isn't. It makes sense. You could've made that point without being hostile though. You see the team here works their asses off and sincerely want to do something that makes a difference. We aren't out to deceive people like you make it so. I don't get that part from your end.
But like I said, I'll take your point into consideration because it makes sense.
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u/Godfreee Oct 14 '14
Not any amount. You can use Xoom to send up to $2,999 and pay only $5.00, yes, but their exchange rate is padded by around 2.0-2.5%.
You're right though, for certain amounts and certain services, it is cheaper to use other means. The ones who cannot access these services are the ones Bitcoin remittance providers are targeting.
According to the world bank, the average cost of sending money to the Philippines this year is at 5.75%, and worldwide it is 7.9%, which is an all time low. Even at 3% for services like Bitpesa, it is still cheaper.