Forums  > Basics  > Could a tightwad like me send USD from US->China without SWIFT wire?  
     
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JTDerp


Total Posts: 80
Joined: Nov 2013
 
Posted: 2021-04-20 03:03
Simple question: Suppose company A in U.S. has several vendors (companies B/C/etc) in China and one in the Eurozone. Co A wants to send $30-50k at a time, *in USD* to these vendors...is there a secure, legal way to do it and avoid the SWIFT wire system?

JPM Chase has something called WePay, but apparently isn't available for B2B. Another service called OFX purportedly has B2B transfers, but you can't send in same currency, they want to capture an FX spread or two. One called Veem. Then perhaps there's crypto (last I checked, fees still aren't competitive with the flat fee of $55 my bank charges for int'l SWIFT wires, whereas crypto exchanges charge a %, which is > $55 for $30-50k balances).

Spitball / sling feces all you want, just brainstorming.

"How dreadful...to be caught up in a game and have no idea of the rules." - C.S.

nikol


Total Posts: 1352
Joined: Jun 2005
 
Posted: 2021-04-20 19:22
Revolut? they have b2b. claim free. no idea if there is a limit.

just brainstorming here, as you said Piss

... What is a man
If his chief good and market of his time
Be but to sleep and feed? (c)

jslade


Total Posts: 1243
Joined: Feb 2007
 
Posted: 2021-04-20 22:24
USDC

https://www.circle.com/en/usdc

Literally the main usecase for blockchain is getting money out of China. No reason you couldn't get some in.


"Learning, n. The kind of ignorance distinguishing the studious."

JTDerp


Total Posts: 80
Joined: Nov 2013
 
Posted: 2021-04-22 19:05
Much obliged, gentlemen.

One curiosity about USDC/Circle is that their 'Risk Factors' section states that on-chain transactions are irreversible, in event of fraud or otherwise...I suppose all cryptos transacted on blockchain are irreversible (?)

"How dreadful...to be caught up in a game and have no idea of the rules." - C.S.

nikol


Total Posts: 1352
Joined: Jun 2005
 
Posted: 2021-04-22 19:19
Yes, they are.

At which transaction do you anticipate fraud?
Fiat to Crypto
Crypto to Crypto
Crypto to Fiat

C2C, I think, is the most secure. Of course, you should know somehow your counterpart.

... What is a man
If his chief good and market of his time
Be but to sleep and feed? (c)

JTDerp


Total Posts: 80
Joined: Nov 2013
 
Posted: 2021-04-23 04:42
Crypto to Fiat, or more likely, human error on sending party's side (i.e. "company A")...had an issue last year where a scammer in Asia spoofed the email of a legitimate company (same diction/phrasing/etc) and managed to get away with a fair amount of money, even when a fraud alert / reversal request of a SWIFT wire was done within 24 hours...

...can't fix stupid, though (on 'A' side)

"How dreadful...to be caught up in a game and have no idea of the rules." - C.S.
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