There is a worldwide franchise remittance company at the metro station nearby my house- Western Union. Every time when I pass by the shop, I see people queue up regardless whether is it a weekday or weekend. (especially on sunday, many foreign maid workers will queue outside the shop).
As you may aware, Singapore functions as like the Asean capital, where people from this region come here to work to have expo/meeting. Thus people who work here will have a strong need to remit their salary back home for supporting their families.
As my revious article mentioned:Can Bitcoin Cash be our choice of remittance?. I do feel a great potential in cryptocurrency in replacing the current remittance sector which is largely done in SWIFT.
So I'd like share bit of my experience in remit the crypto over 1 wallet to another wallet.
Up till now, I have done few transactions sending crypto money from one exchange to another wallet in ETH, Litecoin, Bitcoin Cash & Xrp. And I think the feeling of remittance is better over the sequence I listed.
Among the four crypto I sent, I first tried ETH when I did not have much experience in crypto world. The gas fee was not cheap though is still much cheaper than conventional money transfer. But I was waiting the ETH to transfer anxiously & kept refreshing my another wallet to check if the transaction is over.
Next I tried on Litecoin, given the prior experience in ETH, I was so impressed by Litecoin speed and cost of transfer. Thirdly is I transfer my BCH from read.cash, BCH transfer is slight faster than Litecoin, but the cost is higher given the unit price is higher ($250 vs $48) , both transfer fee is 0.001 unit.
Lastly was the XRP, this crypto speed even strike me surprise. It's so damn fast and as fast as lightning! I get almost within 1 minute ! Its weakness maybe is it required to fill up memo which is bit tedious when you using smart phone as hard to copy paste when you need copy paste the address first.
But transfer fee only 1 XRP. ($0.25) .
(For this transfer fee, I did write an article about it, interested can refer to : Bitcoin cash BCH among the lowest in transfer fee
I particularly look up to cryptocurrencies that having low transfer fee like XRP, BCH & Litecoin. I personally think in order to have mass adoption , first mental barrier will be the transaction fee. If gas fee as high as in ETH, most layman would just get deterred away.
Cryptocurrencies can cut down the intermediary men' roles (banks) . For remittance sector as I mentioned. People noneed to go through bank/remittance center , pay them a large sum of transfer fee , lose out in currency conversion rate. Then only the other end receive the money.
This is the angle I think crypto can benefit the mass market for people to transfer money/value easily with low fee.