Cheap forex EFT via Bitcoin

[NarrowBandFtw]

So one of the obvious uses (to me at least) for BTC would be to use it to send money overseas at much reduced fees. Has anyone used a reliable service that does exactly that?

In theory you shouldn't even need a wallet, just hand money to the intermediary who buys BTC locally with it and sells on the appropriate overseas exchange to get the foreign currency sent to your friend's (or whoever's) bank account.

A quick google reveals a few such services, but many of them look less than trustworthy, hence the question.

PS: I've already exhausted the more traditional cheap overseas transfer options and they're all useless from a ZA perspective to be honest e.g. Currencyfair, Xoom, TransferWise, Revolut etc

 

[Kloofvreter]

Fokkit I sent R50 worth of BTC to coinpayments.net and the fee was R45 something :crylaugh:

 

[netcruiser]

Why not just send the Bitcoins directly to the receiver's exchange wallet and then they can sell it for their local currency.

 

[NarrowBandFtw]

Why not just send the Bitcoins directly to the receiver's exchange wallet and then they can sell it for their local currency.

Because in the typical use-case I'm talking about foreign family members who barely use the internet, never mind BTC. Which is to say you can always assume the recipient will have a bank account, but not a crypto-wallet or any knowledge of BTC, nor a willingness to learn how it works.