Add in conversion charges and bid/ask spread from local fiat to bitcoin.
Add in transaction fee.
Add in conversion charges and bid/ask spread from bitcoin to local fiat.
How 'free' is it now?
Yes, that's an important point, it'll never be completely "free", but it will be a lot more "free" than it is now. Once btc/fiat conversion becomes more distributed, spreads of 1-2% percent will likely be commonplace.
Coinbase already has this in the US. Anyone could offer similar rates in another country (Philippines, China, etc.) and total fees could then be 2-4% instead of 8-9%.