Real Use-Case for Crypto - Help Me Brainstorm - Sending Money to Mexico
So, I am curious if I can find some answers for a few people with a real-time issue that crypto maybe able to ease.
Here is the situation, my husband's company employs many people who are recent migrants to the US. from Mexico. (Construction) Many of them of these hard working people are sending a good portion of their income back to family in Mexico. Again don't focus on the politics these are legal, hard working, employed people who had to pass background and drug tests to be employed.
Currently they use Western Union and pay huge fees to send money back to their families in Mexico. I've heard up to $30 per $100 sent. Obviously this is a case for crypto. However as we all know, understanding exactly how to do this and being able to responsibly share it with another person is a whole different story than knowing this sounds like a good use case.
What I'd like to do is hear a few ideas on how to accomplish this, and test it, prior to sharing any information with those who would be impacted. These guys are already struggling, and I would hate to give them bad advice.
So crypto friends. How many of you have real-life experience with changing USD to crypto, sending it to Mexico and the process of turning it back into something spendable once in Mexico.
I'll take the best idea, execute it as a test and if successful talk to the 10 or so people who could benefit greatly from this.
Let's talk about it!
I face a similar challenge but in reverse. My sister lives and works in the UK and every now and then she sends me moneygram that mosf likely has exhirbitant fees. I have tried to educate her about crypto but she's been resistant. I believe education is key.
I'd say the first step will be to educate them about crypto and how these assets work. Nothing elaborate.
The second step will be to explain exchanges and source exchanges that operate in Mexico. This will require you make some personal research into how far crypto adoption has gone.
The third and hardest step will be to get in touch with the crypto community in mexico and learn about the climate. You can find businesses that accept crypto as legal tender etc.
The fourth step will be to further enlighten these people enough for them to enlighten their people at home about the ease of transaction using crypto.
Finally, pay them with crypto and hope for the best.
I think this is really a real step by step suggestion. Reading the replies with the language barrier combined with a lack of technical skills it isn't likely going to be as easy as I hoped to help them send a bit more back home.
Why was my comment downvoted? I did nothing wrong
You didn't do anything wrong, don't take it personally. :)
I think it's every comment on this post. I don't know what's going on though.
I use bitso. It's an app dummy proof where you can sell btc in one click, get mxn directly and then with another click I get it transfered into my Mexican bank account within 15 minutes. It's easy, fast and problem free.
I'd check the new tax law though, the government Will implement a law starting in Jan first taxing all deposits, but I reckon that as long as your employees don't send kks of usd monthly their families will be off the loop.
Feel free to send me a dm if you have any qs.
Thanks @soyrosa for letting me know about this.
<3 Thanks for replying @anomadsoul! You rock, and this answer seems like something @whatsup/her husband can actually recommend to the employees. There's never a one-click solution but this seems to be as good as it gets.
Your workers can do all the process and their families will receive the mxn in their local bank account.
I do that from anywhere in the world and receive money on my mex debit card and use it normally no matter where i am
Great suggestion. So, much to try to rely...
I think I've realized it goes beyond the tech of BTC or crypto and into people who are just not used to transacting on the Internet.
Thank you so much for the suggestions and offer to DM.
With the new goverment is getting harder for the crypto space here in México. The two most trusted website for exchange your crypto right now are Bitso and Volabit.
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So, they would need to exchange the paycheck to crypto send it and explain to those in Mexico how to make it back into spendable assets again, no wonder they just use Western Union.
I have no experience in this, but a quick search shows Mexico is one of the friendliest crypto nations. According to this article, you don't even need a bank account in Mexico to cash out.
https://www.escapeartist.com/blog/mexico-cryptocurrency-paradise/
I can't help because I live on the other side of the world where many are still blinded by how crypto is a scam so lemme just thank you for giving them a chance at earning something as I know all too well what that means for them and their families ♡
Well, I didn't hire them, they just work for the same company as my husband... But I was talking to them at the christmas party and understanding their challenges. It's hard for them. Language, technology and fighting the push back from those here illegally really stake the deck against those who are trying to do it right.
I haven't done it, but a quick google search says Coinbase is available in Mexico.
https://steemit.com/busy/@whatsup/real-use-case-for-crypto-help-me-brainstorm-sending-money-to-mexico
So that seems like it would be the easiest option.
Both get the Coinbase app and connect their bank accounts(assuming everyone involved has a bank account)
Then US end buys a fast to transact crypto like Litecoin or EOS and sends it, Mexico end sells it for fiat and has it transferred to bank account.
You can do this quite easily with local bitcoin, as a Venezuelan I have interacted with and sent money with Bitcoin to fiat to Peru, Argentina, Ecuador and the USA, I have also bought Paypal balance and sold an Amazon gift card for BTC as well. I don't think Mexico would make a difference.
Your gateway from fiat to BTC can be local as well or you can use many of the already available platforms :-D
Thank you for you thoughts.
Let's ask @anomadsoul - he's the embodiment of 'Mexican often outside of the country with Crypto in his digital wallets' :D
I believe that this is what Libra wanted to be at some point, or maybe still wants to be: a replacement for Moneygram and similar, Libra should've been a free(ish) way to send money across borders. Their example was people from India working all over the world and wanting to send money back home, only to lose 20-50% :-( It's horrible. This is where crypto can provide something incredible, indeed <3
what about just sending money back home via PayPal? I would think this would make more sense then western union
Many are poor people that doesn't know how to use Paypal. But western unioms you can find them in every corner.
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Seems if it were that easy, they'd be doing it, but we were just wondering if some of the problem is technical ability.