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Author Topic: Cost of Money Transfer to Russia, China, Uganda etc  (Read 2042 times)
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May 29, 2014, 10:37:13 AM

Being caught with a foreign debit card owned by a foreign person means usually prison in my country.

Good, then don't show the police the card and your photo ID that doesn't match.

Why do we have to discuss about semi illegal ways of sending money when we can compare the normal ways just as the topic started. Cost of doing so for me in Central Europe to send a one time payment to a guy in Uganda.

Not mailing him a card , just normal transfer you are going to do with a person you pay once and probably won't hear about him again. I doubt somebody you barely know will trust this card scheme.

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May 30, 2014, 04:30:34 PM

Posted elsewhere  but more suitable here

so here is the approximate cost of sending a $50 gift via facebook..thanks to April Smiley

Wednesday 8:23pm the very new quickcoin . which allows you to send bitcoin via facebook. If someone in the USA wants to send a $50 birthday gift to Mindanao and send it thru fb..what would be the total cost including LBC and the net amount the relative would receive (there is a 100 bit service fee to quickcoin) TY
QuickCoin - Bitcoin Social Wallet.
26 minutes ago

Hi XXX! Thanks for posing such an interesting question. QuickCoin is incredibly exciting. I haven't had the chance to try out the service myself yet, but we could go through the process to get an estimate of the actual net amount that would get remitted-- The person sending money from the USA would first need to convert his US$50 to BTC. Basing it off CoinDesk's aggregated price which as of right now is US$563.83, and assuming that that person would use one of the US exchanges to get Bitcoin, he'd end up with something like 0.08868 BTC. Then he'd take that BTC and send it over with Quickcoin, which you said will charge 100 bits (0.0001BTC), so--pretending we've enabled this service already--then we at would receive 0.08858 BTC via Facebook. We would then run that amount through our sell system. Our sell price as of this moment is PHP23,541. Quoted sell price (subtotal) on the site is Php2085. LBC charges Php125 for domestic remittances between Php2001 and Php2500, which means with the payout fees subtracted from subtotal, what the person in Mindanao would be able to claim would roughly be PHP1960. According to Google, the spot rate right now for USD to PHP is 43.80, which means US$50 is currently worth PHP2,190. If actual amount remitted ends up as PHP1,960, then in effect, the person in the US ends up paying PHP230 (or US$5.25) to get his US$50 from the US to Mindanao, into Philippine pesos. Hope that helps! Would love to hear your thoughts on QuickCoin and on making remittances cheaper/easier/faster Regards, April

Thanks April. That was exactly the calculation I was looking for. Approximate cost 11%.. If however they have the pesos deposited in a BPI bank account that would be free and and save them P125 with a total cost of P105 (4-5% ish.)
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