Strike partners with Bitnob to facilitate cross-border payments into Africa \ stacker news ~bitcoin

Strike partners with Bitnob to facilitate cross-border payments into Africa cointelegraph.com/news/strike-partners-with-bitnob-to-facilitate-cross-border-payments-into-africa

3624 sats \ 4 comments \ @ama 6 Dec 2022 bitcoin

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1021 sats \ 3 replies \ @KenyaCoin 6 Dec 2022

From Strike's FAQ:

What are the fees and exchange rates?

Transaction fees Strike doesn't charge any transaction fees for Send Globally.

Exchange rates When you initiate a Send Globally transaction in the app, you will see one simple “all-in” exchange rate that is used to calculate the amount the recipient will receive. These rates are calculated at the time you initiate a transaction, and are based on exchange rates offered by Strike’s third-party partners and a margin applied by Strike, from which we and our partners earn revenue. Before confirming the transaction, review the rate to make sure that it’s acceptable.

https://strike.me/faq/global/fees

278 sats \ 2 replies \ @KenyaCoin 6 Dec 2022

Tested Strike's Send Globally today by sending $100.

The recipient (an m-Pesa subscriber) received an amount just 1% less than the current USD/KES exchange rate.

This is a rate about 2% better than seen when using Wave, Moneygram, World Remit, etc.

294 sats \ 1 reply \ @hey 7 Dec 2022 freebie

How long does a transfer using Wave, Moneygram, World Remit take to settle there?

1300 sats \ 0 replies \ @KenyaCoin 7 Dec 2022

All three of those now have mobile money as a destination (e.g., m-Pesa for Kenya), so the remittance transaction might be received in a matter of two- or maybe five minutes after it was sent -- other than when there are the occasional issues (e.g., m-Pesa network outage, or the remittance organization having to restock funds to be able to deliver, or their compliance system cancels the transaction, etc.)

This is an example of where much of Africa played "leapfrog" versus the West. Mobile money works along the lines of a bank account in your hand. The funds from the remittance, once received, are instantly spendable and are accepted by most merchants, can be transferred person-to-person, or can be withdrawn as cash at any mobile money agent (which are almost literally everywhere).

The experience for the sender, using a legacy remittance operator (e.g., Moneygram, World Remit, etc.), can range from "that was not entirely horrible" to "OMFG I want to strangle those #&$*%ers"!! The experience using Strike Send Globally (which went through Bitnob) was low stress, and no disappointment.