South African banks vs Bitcoin and Ethereum – Transfer times and fees

International bank transfers are even worse, and sending money overseas can take several business days and cost several hundred rand – depending on how much you send.We would also send R50-worth of Bitcoin from a Luno wallet to a Bitcoin wallet created on Blockchain.com – and R50-worth of Ethereum from a Luno wallet to a MyEtherWallet account.
This is where cryptocurrency takes the stage, and those backing the technology will be glad to tell you how cheap and fast a crypto transfer is compared to traditional bank transfers.Whether you send one Bitcoin to a friend in South Africa or Switzerland makes no difference to how the transaction is processed – and the fees you pay.This borderless system means international transfers using cryptocurrency are far superior compared to bank transfers in terms of speed and cost.The ease of transferring tokens between countries has not escaped the eye of the authorities, and governments and central banks are looking at ways to monitor cryptocurrency transactions to ensure users follow legislation (and pay the appropriate taxes).

Leave a comment