So I wanted to send some money to my sister who stays in Dubai, the best thing to do was to send her some crypto, but the problem was she did not have a crypto wallet. Next, the best thing was to send her with PayPal, I know the fees are high but did not have any option. So with PayPal, the problem was you have to give the fees twice, once when you deposit and the second at the time of withdrawal.
Next, the best possible way was to use Wise, where I have to pay the fees only once and that is around Rs 1150 when I am sending Rs 50K. This seems to be a more reasonable option than any other option I was looking for.
PC: Wise.com
I tried it and with all the KYC and other things, I can able to transfer the money in 2 days. Now, how the scenario would be different if crypto would have been mass adopted.
In the present scenario when I have to transfer the money through crypto, I have to deposit the INR, get it converted to Crypto, transfer the crypto, and my sister will convert it back to AED and then withdraw it. The fees I would be paying will be less might be around Rs 500 max, say for example I transfer using Hive. That is half the fees I am paying now. But the problem is the deposit and withdrawal are not as smooth as they should be.
So this is where the crypto can actually help us in the future when every one of us will be on crypto, transferring money across borders will be just a matter of seconds along with that you have to pay actually no fees, to be honest. The money will be sent in a matter of hours rather than days. I know I can do that with Hive now also but the problem lies in exchanging it to local currencies that barrier should be removed and I think we are heading towards it to get it removed.
Now I have asked my sister to have an exchange account and a hive account, you know Dubai is really crypto-friendly country. Once the exchange account, as well as the Hive account, is set, I just have to transfer her the Hive through the exchanges or through Hive itself, and then she can withdraw the money directly into her bank account, easy peasy. Also, for me as a sender, I do not have to actually convert the Fiat, I can use the existing money itself to send her the money so there is no problem in dealing with Indian exchanges.