The benefits enjoyed by users of cryptocurrencies when it comes to international trade and sending money across the border are so apparent that they do not require any detailed discussions in the community. However, many people still do not see the value of using platforms like TRON, NANO, Ripple, and other similar networks that have extremely low fees and fast transaction speeds.
There are several ways you can employ to send money to a relative or a friend living far away even when you both reside in the same country.
Financial services like Western Union are neat when you need to send a small amount of money to someone within your country and even beyond. However, it may take a couple of business days for the transaction to be vetted and processed. Fees are very high. For a single transaction to Bank of America in the US, you will have to pay up to $30 as the sender. The receiver will have to pay up to $16.
Also read:When you use wire transfer, it may take up to 7 business days for banks to process a transaction. Fees reach 5% with the banking industry average being close to 4%. Paying $4 for each $100 transaction is a little bit much. However, many people do not have an alternative and have to overpay.
Many online payment systems that promised to make things safer, more convenient, and faster while keeping prices as low as possible failed to fulfill this scenario. One of the biggest systems in the US is PayPal. It is notorious for hiding some fees even if you send money to people not affiliated with businesses and commercial services. Yes, you can refer to customer support after being wrongfully subjected to a fee, but it is a big inconvenience.
For comparison, TRON has very low fees and allows clients to send any amount of currency while charging 1% at most. The same can be said about XLM. Ripple applies a flat 10-drops fee which translates to 0.00001XRP which is like 3.53*10-6 in USD!
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