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1  Economy / Trading Discussion / Using Bitcoins for a Money Transfer Business on: July 19, 2015, 10:34:20 AM
I run a registered money transfer business, remitting from Australia to Africa (USD). Australian banks have not been keen to offer banking facilities to MTAs and I think bitcoins could help bypass this hurdle. Here is a model I got from another website. I have modified it to suit the AUD/USD while incorporating Bitcoins

•   Our Entity offers Money Transfers to Africa (USD).
•   A customer logs on to our  Website and initiates a transfer.
•   They want to send US$ 1,000 out to someone in Africa and we quote them in AUD.
•   Our Entity takes AUD received from the client and concerts them immediately into Bitcoins. Then take the bitcoins and convert to USD, SWIFT them to our payout partner (Bank) in Africa.
***The step above is assuming that we can have access to up to date buy and sell prices of the bitcoins.
•   Once the swift payout has been confirmed, the USD are released to the beneficiary.
Our Compliance is up to scratch because we have relationships with reputable banks in payout countries and we are regulated in Australia and in the payout countries.

Here is my concern,,,

1.  On average we trade USD25K daily and more month end and peak periods (when people pay fees and christmas for example), Is it possible to trade such amounts in bitcoins? Most sites I have been to they is a limit.
2.  With traditional currencies it is possible to get data feeds with mid-market rates which we use to set out selling rates, is there such a thing as data feeds for bitcoins?
3. Is there a volume supplier of these coins out there? Most sites I have been to seem to be displaying individuals who deal in small volumes

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