Remittance Rumble

Remittance Rumble
A rough comparison of how much MYR is needed to remit USD 100 from MY to US.

Rate Pay (MYR) Charges (MYR)
Base 416.00 00.00
PayPal 436.30 20.30
CreditCard 428.48 12.48
Bitcoin 428.05 12.05
MoneyMatch 419.77 03.77
InstaRem 419.42 03.42
WesternUnion 418.76 02.76
SunwayMoney 418.11 02.11

Notes
  • The base rate is the rate returned by Google, taken to be the 'pure' exchange rate (as at June 6th 2019).
  • PayPal fees: 4.4% + MYR 2 fixed fee. 1 2
  • Credit card fees: 3% 3
  • Bitcoin fees: mining fee (USD 1.90) + network fee (couldn't estimate this, so set to 0) + 1% processing fee. 4 5
  • The rest are based on online estimators provided by the remittance vendors at their websites.
  • The 'Pay' column shows the MYR amount needed to remit USD 100.
  • The 'Charge' (Pay - BaseRate) column: fees charged by intermediaries.
  • A proper comparison would do actual transfers to determine the real fees (vs claimed), duration and smoothness of transfer, customer service etc.

Grapevine
  • Facebook could soft launch its stablecoin at month end. 6 7 8
  • The coin will be backed by a basket of currencies. 9
  • Project staff can opt for their salary to be paid in the stablecoin.
  • The stablecoin to be managed by an independent foundation.
  • Possibility of outsourced operations (co-opt an existing stablecoin?).
  • Bonuses for merchants who accept the stablecoin.