this post was submitted on 28 Feb 2024
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for small amounts of money, PayPal, cash app whatever is cheap to free, but if you need to send thousands of dollars and convert your currency from USD to Euro or whatever crypto is the cheapest way to do it.
Once you hit the millions mark, strangely enough, it again becomes cheaper to use fiat. For 1,000,000 USD, Kraken Pro's fee rate is 0.18%, or 1,800 USD to buy and 1,800 USD to sell, totalling 3,600 USD plus exchange rate risk. A USD wire transfer usually costs 20-35 USD to send and 0-10 USD to receive.