Users of cryptocurrencies have such obvious advantages in cross-border transactions and money transfers that they are not even deserving of in-depth examination. Although TRON, NANO, Ripple, and other comparable networks provide extremely cheap costs and lightning-fast transaction rates, many individuals still do not see the value in adopting them.
If you need to send a little amount of money to someone within or outside of your nation, a service like Western Union is convenient. It could take a number of business days for the transaction to be reviewed and processed, though. Costs are prohibitive for most people. It may cost you up to $30 to send money to a Bank of America account in the United States. Up to $16 will be assessed against the recipient.
If you want to send money quickly, don’t utilize a wire transfer; it can take up to seven business days to be processed. The average in the banking industry is around 4%, however these fees might approach 5%. It seems like a lot to pay $4 for every $100 you spend. However, many individuals are in a bind and cannot avoid paying an exorbitant price.
Many online payment systems have failed to live up to their lofty promises of making transactions safer, more convenient, and faster while keeping rates as low as feasible. In the United States, PayPal is among the most widely used systems. It has a bad rep for being sneaky about charging hidden fees, especially when transferring funds to recipients who aren’t part of the corporate world. Unfortunately, if you have been wrongly charged, you will need to contact customer service for help.
TRON, on the other hand, charges no more than 1% of the amount sent, and its clients can transmit any amount of cryptocurrency they like. Even XLM shares these characteristics. Ripple charges a fixed cost of 0.00001XRP for every 10 drops, which is equal to about 3.53106 USD.