What are some problems with traditional transfer systems?

Here are the most common:

  • Transaction fees

If you transfer money from one bank account to another bank account it can be pricey, especially depending on the amount of money.

  • Exchange rate

Don’t forget that if you send money to another country, there might be different currencies and different exchange rates, that may result in a different amount of money being delivered to the addressee.

  • Time

From several minutes to several days, you must wait until the transaction is completed.

  • Geography

“No matter where you are, you can get your money in an instance”. This is a general slogan for every relevant marketing campaign. Does it work in real life? Not always. It may seem impossible for people in developed countries, but it’s quite an issue for many geographical regions. Sometimes there are just a few offices you can get your money from, if any.

  • Legal issues

You wouldn’t think it’s an issue, but you’d better be careful with federal legislation, as in some countries this type of payment is subject to tax legislation.

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