26 Feb '15, 4pm

How Western Union Rips You Off and Bitcoin Doesn’t

Western Union and Moneygram are obviously ripping off their customers, but in many countries local BTC exchanges are no less. In Brazil you have a rate for the “commercial” dollar and another for the “turistic” dollar, with a spread between 4% and 8%. If you want to exchange BTC in local currency you have a rate that is based obviously in the turistic spread more 2% to 4% to “pay” the transfer to a bank account. I was planning to use BTC to transfer Euro in Reais but at the end it costs more than going through the normal banking channels where you can use a spread between commercial and turistic rate. This without taking into account the exchange rate variation risks, very high with BTC even in short time (hours…)

Full article: https://www.cryptocoinsnews.com/western-union-rips-off-bi...

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