Remittance Puns

I am focussing majorly on the reactionary side of things here. Facts and numbers are there for everyone to see, but a ground reality is something that brings a different essence.

PS: I am from WB and not a Keralite, so pardon if it comes across as insensitive or anything.

Since I am into digital marketing, I often use Paypal to pay foreign writers and editors. I have been using Paypal for a very long time, it's quick and vastly accessible to all. But as you may be aware of, they charge some 4% for a transaction, which is quite a lot!

I make frequent payment varies from $30 to $300. Does anyone know any cost-effective alternative where I could direct bank transfer to an individual living in the U.S by their account no and SWIFT code? Maybe using some third part but with less transaction charges?

I have a full time job. Unfortunately I am not very financially stable due to COVID-19 and I had to ask my elderly parents for money.

Will these remittances be counted as additional income? Should I declare it in my income tax declaration?

It's too embarrassing to post from my main account hence please pardon the throwaway.

To date, the country has bought Bitcoins several times:

On 07-Sep-2021: 400 BTC for $21M

On 08-Sep-2021: 150 BTC for $7M

On 20-Sep-2021: 150 BTC for $6.4M

Total so far: 700 BTC for $34.4M

At the current price of $61,389; these 700 BTC is now worth $43M. That means El Salvador has gained $8.6M on the dip.

To understand how big is $43M in El Salvador’s context:

El Salvador’s total remittance is $583.85M. Compared to the value of holdings, it represents 7.4% of total remittance.

El Salvador’s reserve is $3.292B. So, the total Bitcoin holding is 1.3% of the total reserve.

El Salvador’s gold reserve is $83M. So the current value of Bitcoin holding is 51.8%, just over half of the country’s gold reserve.

And how big is the dip gain ($8.6M)? If this amount is distributed to every person in El Salvador, everyone will be better off by $1.25.

Again, how big is $1.25 in El Salvador? It is almost the minimum wage for commerce, service, industrial, and agroindustrial sectors ($1.50 an hour, $12.00 per day)

Figures are taken from the World Bank data and Trading Economics.

I tried out what it would cost to send JP¥500000 (US**$4421.26**) from Japan to my bank in the USA. I used XLM for this experiment:

1. I sent JP¥500000 from my bank to Coincheck exchange
2. I bought 12186 XLM (41.03 JPY/XLM) from Coincheck
3. I sent the XLM to my Coincheck wallet to my Coinbase wallet (0.01 XLM fee)
4. I sold the 12185.99 XLM for $4149.92 ($0.3457 / XLM minus $$62.77 fee)
5. I sent the cash proceeds to my bank for a $62.25 fee.
6. I got $4087.67 (¥462274) in my USA bank.

Had I used my Japanese Bank's Wire Transfer service, I would have $4380.97 in my USA bank. That's almost $300 in cost difference!

International money transfer is the one Crypto use case I actually need but it still seems too expensive. There are probably smarter ways to avoid the transaction fees and the exchange rate downsides. How do y'all do money transfers? Is there a coin out there optimized for this sort of thing, if not XLM?

I understand that Tax is collected at Source at 5% rate whenever one transfers money abroad, above the threshold of 7 lakhs per financial year under the Liberalised Remittance Scheme. My question is how does the system detect whether you have sent more than 7Lakhs internationally in the current FY? Is the tax deducted from every foreign transfer and we should claim refund at the time of filing IT Return? Or can we submit additional documents at the time of making the transfer so that tax is not withheld if the threshold hasn't been crossed as yet?

EDIT: As a follow-up, which is the best way to send money abroad from your experience? Wise/transferWise is fast, makes the process extremely simple & has better conversion rates than banks, but they also have a substantial fee (>10k if you are sending lakhs at a time). HDFC(and I assume most other banks) has a outward remittance scheme which is more process heavy, has poorer conversion rate but seem to have lower fees, unless I'm mistaken. Any opinions?

Hello

I'm looking for different options to reliably and comfortably (from my desk) send remittances to my family in Pakistan. I'm German, please reply in English ;)

Western Union stopped working for us a few months ago, possibly because of Pakistani banking restrictions. I contacted Western Union but never got an answer, so that path seems to be dead sadly. It was nice because I could essentially do a bank-to-bank transfer for just 0.90€ of fees and near-market exchange rates.

Then we started traditional bank transfers instead, but the money gets stuck for 20 days or more and cannot be easily resolved, and the fees are high. This is between my rather small German bank and Meezan Bank, and it's the most frustrating experience ever. Other bank combinations may work better.

I know about MoneyGram, but it requires me to send the money in cash at a shop, which is inconvenient, especially when I'm traveling myself. I need to find a way to do this online every time.

Which leads me to the path of most interest to me: crypto. Is it possible to send money to a crypto wallet or exchange and for my brother in law to withdraw that money easily to his bank account in Pakistan? If at all possible, will this be taxed as income or can it be declared as remittance?

What are your experiences? What's the smoothest, cheapest, most convenient, and most reliable way to send remittances? What's the state of practically working with crypto with a Pakistani bank account? Thank you 🙏

Your 14-minute Monday report in 3427 words.

##Armenia's lawyer discusses the recent ruling by World Court

Yeghishe Kirakosyan: the ruling was a victory for Armenia. It confirms the existence of hate speech coming from Azeri state officials and institutes towards ethnic Armenians. The court has obliged Azerbaijan to take measures to prevent it. This Armenophobic hate speech can create an environment of physical danger for Armenian individuals. [cough couch secession for salvation couch]

The next important part was about the protection of Armenian cultural heritage. The court required Azerbaijan to fulfill its obligations under the convention on racial discrimination. Azerbaijan must prevent and punish instances of vandalism against Armenian churches, cemeteries, monuments, etc.

These are all requirements. The court informs about its ruling to the UN Security Council, which has the authority to oversee and ensure the implementation of the requirements. //

##... this was just the beginning

Armenian lawyers are preparing for the second stage of the World Court lawsuit, which will take a year. "[It will] be more detailed and clear from the legal point of view of Armenia's claims and allegations, backed by a solid evidence base," said lawyer Kirakosyan.

https://armenpress.am/arm/news/1070607.html https://armenpress.am/arm/news/1070626.html http://arka.am/en/news/politics/armenian_lawyers_preparing_for_second_stage_of_lawsuit_against_azerbaijan_at_icj/

##European Court for Human Rights has ordered Azerbaijan to pay €30,000 to Badalyan for moral damage

Arthur Badalyan got lost and found himself in captivity in 2009. His whereabouts were unknown for over a year.

Lawyer & LHK chief Edmon Manukyan: Azerbaijan did not appeal the ruling so this goes into effect.

The ruling was read on July 22. Azerbaijan failed to provide convincing evidence that the mental health issues, which Arthur Badalyan developed immediately after being released, were not a result of the living conditions during the captivity in Azerbaijan. Azerbaijan violated the convention against torture and cruel treatment. //

More: https://factor.am/452718.html https://armenpress.am/eng/news/1058829.html

##Ruben Mehrabyan, a political analyst and member of pro-West "For the Republic" party:

Azerbaijan continues with the policy of border

I live in South Korea, and for whatever reason there are no remittance services that can send money to my home country, New Zealand. I have to pay approximately 20USD on both ends to send and receive money between countries. Is there currently a better solution using crypto currency?

I hold Nano which *seems* like it would be a great option for remittance because it’s fee-less (though of course you’ll have to pay some fees on the exchanges) fast and designed to be used as currency..

What are your thoughts? Have you used Nano to send money across borders? What has been your experience? What were the fees like?

FX (Foreign Exchange) is basically banks and large institutions trading fiat currencies in large volumes. FX is an open market that sets the exchange rate for each currency. For example, at this time, 1 USD = 1.26 CAD and 1 Euro = 1.13 USD. The value of a currency is based on demand, which is influenced by many macro economic factors. Banks trade currencies to make money. Currencies on average change by a couple Pips at a time. To make lots of money with such small spreads, banks trade with huge amounts as quickly as possible. Of course fees are also paid to currency anchors who facilitate the trade.

The remittance market consists of any non-commercial cross-country money transfer. I.E. foreign workers sending money back home to family/friends. On average transfers take days and fees cost upwards of 15%.

Both these markets are massive billion dollar markets, and there is no better crypto I know ready to disrupt them more than Nano.

Nano should be the top ranking crypto. Nano isn't seeking to gain marketshare in the food industry which is one of the top 5 industries by marketcap size, it's not seeking to gain marketshare in the housing industry, (which is about twice as big as the food industry mind you)... Nano is seeking to gain marketshare in the FINANCIAL industry, which is BY FAR THE BIGGEST marketcap industry on planet earth. Worth hundreds of trillions, even quadrillions according to the stat google showed me. So if Nano is going after the single biggest industry on earth, and meanwhile no other technology exists that can put up a semblence of a fight with nano as far as instant and fee-less financial settlement across borders and without even a pinhead of counter-party risk... Nano is on course to be the biggest crypto by far.

AS long as nano is the only coin that offers instant and zero-fee global remittance across a trust-less, (decentralized, i.e no counter-party risk) network, it will be the #1 best tool for all financial institutions to move and transfer money, anywhere.

I am a US citizen with Eijuken.

I am funneling money across to the U.S. as I exit the country.

I'd like to know if there's a maximum amount I can transfer without any kind of special tax declaration on either side, or raising any kind of suspicion. I'm asking about the maximum per year, not the maximum per transaction.

Hi all! I am writing an article on how the Bitcoin Law has affected El Salvador’s economy thus far, and I’d love to hear the opinions of anyone who has (or hasn’t) used the Chivo app to send/ receive BTC.

• If you have, has it been a pleasant and simplified experience? Did the money get delivered timely? Were there any fees? And if so, how did the fees compare to any other method you used to send money?

• If you have not, why have you chosen to avoid it?

Thank you!

I will be moving to Ireland next year from the US but I will still be US-domiciled for tax purposes. Over the past few years, I have purchased US ETFs in US-based (taxable) brokerage accounts and US-based (tax-advantaged) retirement accounts. I've come across discussion of recent changes that Revenue Ireland has made to how it treats US-based ETFs. Should I be concerned about this? It would be bizarre if Revenue subjects the ETFs in my US retirement accounts to deemed disposal at 41%. Am I correct in assuming that the remittance basis of taxation would apply here as long as I am keeping all these funds in my US-based accounts?

Hi Sakartvelo Community,

I’m working on Master’s dissertation project and the topic is “Blockchain disruption of a traditional remittance market intermediaries” such as MTO’s and Banks. Specifically, I’m working on a money transfer corridor to Georgia.

I’m entering the field and interviewing Georgian immigrants in Western countries.

I’m kindly asking you to consider being my interviewee, whether you’re a current or a former immigrant.

It would be a great help to help me shed a light if the remittance market cost mitigation through blockchain is a cheap and scalable option.

You will certainly be helpful to me, but maybe helpful to expand knowledge of cheap alternatives for remitting money for the Georgian citizens.

I have a small company and pay EI, CPP for an employee and I was just wondering if you can pay remittance, income tax, instalments etc with the CRO visa debit card and get CRO rewards back this way? I'm wondering because there is a pay by visa debit option on the CRA website

Hello, I'm planning on transferring money from my Japanese account to my US bank account. I'm aware of the multiple methods of doing so, and seems remittance is the cheapest way for large amounts, meaning more than ￥500,000. (E.g. SBI Remit or GoRemit).

Firstly, are you even allowed to remit to yourself? I haven't set it up yet. But my US account existed before I moved to Japan.

But my main question is will this count as taxable income in the US or cause a taxable event? For example, transferring ￥3million yen or more over the course of a calendar year?

I'm not a PR of Japan but currently working for a Japanese company and paying income tax here.

I'm planning to open a PFCA. Which local bank gives the best exchange rates and fair charges?