Saving money on international payments as a remote freelancer

Re:Saving money on international payments as a remote freela... by renewiltord on Monday April 13, 2020 @02:17PM (#22858397)

If $1 = 100 Homeland units through Bitcoin but only 75 Homeland units through currency conversion. Why don't you move 1000 dollars over and bring back $1333.33 and repeat?

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Re:Saving money on international payments as a remote freela... by novok on Monday April 13, 2020 @03:44PM (#22859261)

It's probably done by government fiat and transferring homeland units to usd probably has a similar penalty to prevent such arbitrage.

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Re:Saving money on international payments as a remote freela... by xii22 on Tuesday April 14, 2020 @03:45PM (#22870562)

Correct! Very surprised you got it!

To elaborate, there is a tax on buying dollars, so although the 'official' price is X, the true price is X + 30% if you want to buy.

I think there might be a possibility for arbitrage eventually, since sometimes the true price is lower than the price you might get for bitcoin but the difference is so minuscule that it would take years to make an interesting profit out of it. Also, it would be a pain in the ass to wire the transfer out of the country, since for example Transferwise doesn't allow you to send money in my homeland's currency, only receive.

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