It is cheaper to send USD around the internet.
20 LTC is $0.30. Where can you transfer $0.30 electronically and pay < 3 cent fee?
I'm guessing you are American. In the Eurozone you can send money for no fee, even from one country to another as long as both use countries use the Euro. All transfers are free on non-business accounts. In the UK it's much the same. Payments have no charge and go though in under an hour with the faster payments service. Business customers do get charged though.
Americans get a really bad deal when it comes to domestic banking.
How do you send it. What is required. Why can't people cash out of exchanges for free in less than an hour then? Couldn't this be used to speed up fiat transfers at exchange accounts? Where are you sending money? To a persons bank account? Do they need to give your their bank account number?
I am honestly interested. If it is bank accounts I am not sure I want to share my bank account w/ strangers in order to receive funds.
Agreed, very interesting there's all this "no fee" transfer for the Eurozone. Electronic transfers can occure for "free" in the US as well. However, much like DeathAndTaxes purports, you need bank account info. My buddies & I do this when we are transfering money for our fantasy football league. We can send money from one bank account to another "for free."
However, hopefully, we all understand how "free" works. What's going on is those electronic transfer fees are subsidized by our "free" checking account that the banks provide. That "free" transfer is really paid by the fact that my checking account makes zero or 0.25% interest (as opposed to 1% for example).
I would assume the same thing is going on for the Eurozone, but won't claim to be a Euro expert. However, I'm sure that "no free lunch" applies in Europe much like it applies in the US.