If Mr. Smith wants to use a conventional service to send it, he has to pay fees of around
0.97% of the total transaction amount.
So, if Mr. Smith wants his family to get the full amount of US$1,000, he has to prepare
US$1,009.7 so that the amount can cover the fees.
Furthermore, some conventional services are limited in their reach and the transfer
process takes time as it could take up to 3 business days for the receiver to get it.
Global Transfer Using Crypto
Consider if Mr. Smith used crypto to send US$1,000 or IDR 16,282,000 to his family in
the US.
Using the Luno app, he can deposit IDR 16,282,000 into his IDR wallet and then
exchange it for USDT. This transaction incurs a fee starting from 0%.
After the exchange, Mr. Smith's funds would still be IDR 16,282,000 or US$1,000.
USDT (Tether) is a stablecoin that maintains a stable value by being pegged to a fiat
currency like the US dollar. One USDT typically equals USD 1, making it more stable
than other crypto. Therefore, Mr. Smith can obtain USDT at IDR 16,282 per USD and
keep his funds stable at US$1,000.
He can then send the USDT to his family's USDT address in the US. Luno charges a
fee starting from US$1.8 for sending USDT, the fee is dynamic and depends on the
network traffic.
Generally, these fees are lower than those of conventional services, especially for larger
transfers, as the cost of sending crypto is relatively constant regardless of the amount.
Furthermore, crypto allows for secure, real-time transactions that can be conducted
anytime and anywhere, often at more affordable rates.
Remember that learning about crypto's benefits means staying within conventional
services. The comparison above will offer more flexible and cost-effective options for
international asset transfers.
Embrace the Future of Digital Assets with Luno
Foto: Crypto Luno. (Dok. Luno.com)
In financial terms, an asset is anything that holds economic value, such as cash,
property, or art. While crypto doesn't have a physical form, it possesses significant
monetary value, making it a digital asset.
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