[LGM] Transfer Methods

[Joao S. O. Bueno]

On 29 November 2017 at 15:33, Frank Trampe <frank.trampe at gmail.com> wrote:
> Unless we run multiple organizations (one in North America, one in South
> America, and one in Europe, perhaps), it will be necessary to disburse money
> across the Atlantic. The European and American banking systems are rather
> different. Europe uses IBAN transfers and shuns checks; the United States
> uses checks and lacks IBAN support. SWIFT transfers would work, but they are
> expensive, so we probably need to look at outside services that can route
> between banks.
>
> What are people's thoughts on these?
>
> PayPal Bank-to-Bank (0.5% to 2%)

Paypall actually take a 6% gross share from whatever is paid through them.
They can be "simple" but they are not cheap


> Transferwise (1%)

Transferwise is good!
It has some restrictions, I don't know if in all countries, but,
from Germany a Company could not use Tranferwise to send
money to my Company in Brazil.


> Western Union Bank-to-Bank ($10)
This seems to work, but as the only time I actually used it, it was so
much bureaucratic burden on my end, I would save this as last option.

Cryptocurrencies:
Dave mentioned en passant that "bitcoin transfers are expensive".
They are not. And even if they are, one can use other of a number of
cryptocurrencies, like Ethereum.

I've been using that professionally: it is a fraction of cost, and 0
time money transfer -
it is just that, in some cases, the recipient will have to know how to cash it.
Not even in all cases. In Brazil, for example, there is a service that
can take any amount
in several of these cryptocurrencies and pay immediately any bank account.
The major drawback of using crypto, IMHO, is for the sending entity
justify purchasing the
cryptocurrency as part of the refund (or other payment) process . That
initial purchase is everything
that would show up in any tradicional accounting methods.

I'd say that among these 5 options, this is a settled matter until we
have to actually make
any of thes e transfers.

  js
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