Money transfer: is cryptocurrency the future preferred method?
If you are fed up with the high costs associated with the traditional ways of sending money overseas, then cryptocurrency may be a suitable solution. According to the research agency Clovr, the number of people using cryptocurrency to send money is growing. According to the newly released study, 15.8 percent of respondents used cryptocurrency to send money home. 41 percent of respondents preferred sending cryptocurrency instead of fiat to ensure the livelihood of their family.
The report cited the high costs of services from industry leaders, like MoneyGram and Western Union, has caused people to turn to crypto. Thus, a crypto transfer ranks fourth on the list of preferred methods of transferring funds.
Moreover, the digital currency can allegedly render gains for a sender. For instance, crypto allows users to save money by avoiding conversion rates and transaction fees that are normally associated with traditional forms of transferring money. In addition, a user can earn more while saving by reconverting fiat money after the initial conversion to crypto.