Cryptos can't fix societal, political or economic problems

Re:Cryptos can't fix societal, political or economic problems by NicoJuicy on Thursday November 25, 2021 @02:47PM (#29344369)

I linked the that article, because you are going from USD to JPY. Which falls under IRS regulations... The cap should be 10.000 $ and is the cap you'll have without extra identification information. As such, the article is totally relevant. As you noticed by now, you can use Swift to transfer more than your mentioned amount ( which would be till 10 k. $ without extra verification)

Larger transfers are cheaper... ( calculator: https://wise.com/gb/pricing/borderless-convert )

Forex conversion is not exactly how Wise works. They have balances in multiple currencies and trade between that mostly...

Ugh...

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Re:Cryptos can't fix societal, political or economic problems by anonymoushn on Thursday November 25, 2021 @04:07PM (#29344997)

Right. The relevant Japanese law was apparently amended last year, and within the last couple months Wise has begun to transfer amounts greater than 1M JPY.

The calculator you linked says they'll charge 45bps on transfers of 1000 usd and 45bps on transfers of 100,000 usd. That's a lot. I don't want to pay 45bps. If they charge 45bps either way then paying additional fees to my Japanese bank for sending a SWIFT transfer instead of many small domestic wires won't save me anything.

[ Parent | on HN ]