[LGM] Transfer Methods

[Frank Trampe]

I know that it seems premature, but knowing in advance what the transfer
options are informs our planning. Assuming that the taxes for a European
organization aren't any worse than for an American organization, there will
be a question as to whether it's more efficient to have one on each
continent or not, and the administrative complexity of intercontinental
money transfers will weigh on that.

PayPal charges fees for selling and for using credit card, but I think that
the fee for a non-sale transfer (assuming linked bank accounts on both
ends) is in the range that I described. I'll double-check later today.

What platform would you use for one of these cryptocurrency transfers? And
what's the user experience on each end?


On Wed, Nov 29, 2017 at 11:46 AM, Joao S. O. Bueno <gwidion at gmail.com>
wrote:

> 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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