It is trivial when you are transferring from a Western country to an African country using services like Transferwise, Worldremit, etc but I consider transferring money from Africa to a western country non-trivial. I have personally experienced this when parents are trying to pay for tuition fees, upkeep allowance, etc. This is one of the great advantages I see Libra bringing.

so parent use actual money to buy libra, transfer it and their children exchange libra back to actual money again?

i wonder how much money is actually left after the whole transaction

Generally speaking, in this context "non-trivial" means more than $10,000 - $15,000 at once. 10 is where various paper-trail requirements start to kick in (at least in the United States) and things start to get a little more complicated.

Which service, something like transferwise?

I recently tried helping someone transfer $10k from US to different country. Only after signing up, filling in all the details, and going through the entire process, was there an error message that showed a Max of $800 could be transferred.

I then just advised to use their local bank's wire transfer, which they had to visit in person at the local branch, as they had originally intended.

Nowhere in my Google searches and Transferwise articles did I see any limitations upfront. Nor did I figure out how to raise these limits after searching post-filling-out-everything.

Very disappointed to say the least. But if anyone knows if I can raise the limit, would be happy to try this again.

Is this some account specific limit or a country specific limit?

+1 transferwise

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