@Jane
edited
Sending Remittance using Stellar
What is Remittance? For example: Maria lives in the United States, while her mom Paulina lives in the Philippines. Maria wants to send her mom $20, that is called **Remittance**. **Remittances** are money sent to support a family member in another place or country and they are a very big deal. The World Banks remittances are over 600 billion US dollars every year. Unfortunately for Maria, sending a remittance is pretty expensive. Her bank in the US has no connection to her mom’s bank in the Philippines, so she has to use a money transfer service. Which means paying a lot of fees. One popular American service charges a 3% conversion fee and the transfer takes 3-4 days. The same service also offers to do the transfer faster, but for an additional fee of $9.99. If Maria used this service to send $20, it would mean half of the amount would be spent on the fees. That’s a huge percentage. And Maria and Paulina are not alone. The average fee globally for remittances is 7.1% of the transaction. And there are millions of people who pay these fees everyday. What if Maria used Stellar? Stellar is a decentralized platform that unites banks, payment systems and people, so they can easily move money around the world.
If Maria use Stellar to send $20 to her mom, the Stellar network would convert her US dollars to Philippine pesos in less than five seconds. So Paulina would receive $20 worth of her local currency – not $20 minus fee.
Stellar makes this possible by connecting financial institutions to the Stellar network which has a built-in order book that exchanges assets. So Maria could send dollars – or any other currency to her mom, and it’s converted automatically to Philippine pesos. That’s the vision of Stellar. **Resources**: https://www.coinbase.com/earn/stellar **Related Article:** https://read.cash/@Jane/lets-go-crypto-stellar-unites-the-worlds-financial-infrastructure-9d0d870a *I hope you learn something new today about crypto.* *If you find this article useful, please click the subscribe and like button and don't forget to comment down your reaction and opinion about this article.* *Thanks for reading!!* By the way @Ashma rewarding contest is on it's 6th week... if you don't know about this yet, check this link https://read.cash/@Ashma/rewarding-points-system-for-get-sponsored-community-6848ff1f
44 comments
That's nice. It would be very helpful especially to those working abroad and would like to send money to their family and loved one. If it's possible to send money through online wallets that would be more efficient on the sender and reciever's part. For the sender, they wouldn't have to pay large fees for remmitances and their receiver wouldn't have to go through the hassle of going to the bank or remittance centers to get their money. In just few moments the money is reflected on their online wallets. That's what I'm trying to suggest to my aunt when sending money to my grandma. But I'm not sure if it's possible.
Never tried though. But yes it's very useful for working abroad. I think I need to save stellar too..hehe
But your recipients must be well informed about it too 😅
Yes of course.. but it's no problem since you will send it to bank account or so..
Nice. Thanks for sharing @Jane 😍😍💕
And thanks for reading. 🤗
You are welcome😍
Good. I have to open Stellar Accountant at Stellar port , minimum 1 XLM deposit is required to activate account, but I don't want to purchase or transfer XLM from other accounts, because, Airdrop tokans which I will receive is of lower value than total transaction fees involved. Can you suggest any way to activate account without purchase or transfer.
Good.. have you tried sending remittance through it?
No, I don't use XLM to transfer due to many ristriction, such as Active wallet, minimum deposit or withdrawal etc. Whenever I have to transfer from one wallet to other , I use TRX because , TRX normally required very less transaction fees and very low amount can be transferred.
Oh.. that's informative. Thank you for sharing... I never tried it too.. I still need to know more about other crypto and.tokens
I haven't tried it though, i just want to share the knowledge I've learn through reading articles bout other cryptocurrencies
Cool. This is helpful and it's nice to know that stellar have this kind of platform that is great. It's really great to know more about Crypto.
Yeah they have.. to convenient for stellar users to send money anywhere abroad
The fees in coinbase are a bit too high though
Yeah, i just use it to check the market stats
Same same but bitcoin.com works too? And i found out how slp tokens work
Mind sharing how? Hehe
Just search blockchain.com, I forgot how did I activate that airdrop but I also searched it in google.hihi
Oh.. thank you.. I'll check later
Not sure how to explain it properly but the tokens have values that can be converted to bch, btc, etc but there's a specified time in when they're converted. Then those token calue is dependent on the token distributor and not on bch prices ;-; that's what I've seen so far
I'll try to search bout it
Nice article my friend. I love do stellar too. Got an airdrop before worth $25 stellar.hihi
What's that airdop by the way? I never tried.that
I'm subscribed to blockchains airdrop system, it's their way of giving free crypto to their users.hihihi
Can you give me the link?
Thanks for sharing this article. I learn somerhing new :)
And thank you for reading.. always present..haha
I have lots of free time coz' I'm just at home .hahaha
I envy you. 😭
Why?
Staying at home.. it's so tiring working out here..haha
Are you working overseas?
Yup. 🤗
Nice,keep up the good work hahaha im expecting facts about some cryptos
Don't worry, I'll be giving you facts every day 🤗
Stellar makes it easy to connect with financial institution and do exchanges
If all institutions will adopt it. For sure it will
This is another wonderful information from you keep it up thanks
Welcome..
If financial institutions around the world can adopt stellar, transactions will be smoot
Exactly..and cheaper trans fee
It is a good thing.
Yes it is