The only times I've transferred dollars -> crypto -> transfer -> crypto -> foreign currency the costs were much higher than 3%, not to mention there was far more risk because you couldn't reverse the transactions if you fat fingers an amount or a recipient.
None of the cost savings are related to local taxes and insurance since they still need to pay for these things. ~15% is what's charged collectively by the outsourcing company, their bank, and their local partner. I agree that they provide a valuable service, but it's not clear to me that the service is worth 15% of the otherwise-gross cost of employing someone. One thing they could do to convince me it is worth more would be to transmit the funds promptly to the recipient.
> The only times I've transferred dollars -> crypto -> transfer -> crypto -> foreign currency the costs were much higher than 3%, not to mention there was far more risk because you couldn't reverse the transactions if you fat fingers an amount or a recipient.
Some centralized crypto exchanges currently have pretty competitive forex rates. You'd basically have to go to IBKR to do better.
> we've hired people through a global outsourcing company
> we have staff who have been displaced by a war
Using numbers in this fashion is a way of specifying the perfect condition while simultaneously letting the listener/reader know that the situation is either less or more than ideal.
Plus, it adds a subtle comical effect. Puts some supererogatory emphasis on things, so to speak :)
Combo x3!
Currently we have more than 0 staff who have been displaced by a war and do not have good access to local banking, so we pay them in dollar stablecoins. This does not cost ~15% and does not have a latency of days to a month.