Clients of American exchange Coinbase now can use the service of “fast and free” money transfer, and also off-site output with minimal commission.
A transfer can be done by two ways: through XRP or USDC stablecoin.
“For making international transfers we involve specially optimized cryptocurrencies. Inside Coinbase platform users are not charged the fee for transfers, and when a transfer goes outside the exchange, a little commission is taken for processing it in the network”, – company’s representatives write.
Advantages of Transfers Through Coinbase
According to the specification on Coinbase site, a transfer with the usage of Ripple takes 3-5 seconds and with the usage of USDC stablecoin – 12-17 seconds. Bitcoindoubler2x pay your attention that the cost of a transaction makes less than one cent and less than one dollar accordingly. To stress advantages of transfers through cryptocurrencies, exchange`s representatives cite as an example traditional international banking transfers, which occupy 1-2 working days and cost avg about $30.
However, representatives of Coinbase note that they don`t provide services of money transfers, and make only crypto transactions. Fiat money conversion happens after receiving.
In countries where Coinbase does not support local currencies, recipients will need to transfer XRP or USDC to another exchange or exchanger, in which it is possible to convert them to local currency. Company’s employees beforehand check with a recipient, if he has an opportunity to convert received cryptocurrency to fiat money.