> Well in this case, SR becomes the market maker. Altough a bit
> expensive, I agree with you that it is an excellent service for the
> gold economy.
It is a great service, but is rather costly.
You have to have an instant anywhere account to be able to have the debit
card. That runs has a US$75 annual fee as well as a US$3/month support
fee. This comes to a total of US$111/year. There is then a transaction fee
of US$3.50/ATM transaction. There is also the possibility of additional
charges from the ATM itself. What system is this card under; Pulse,
Cirrus, etc...? I have seen ATM fees range from US$1 - US$2.50.
> > On average they send $500 home every three weeks.
Western Union charges US$43 to send US$500 internationally. A payment sent
every 3 weeks equals 14 payments/year. The total Western Union charge
would be US$602.
Even if the user has to pay a US$2.50 fee to use the ATM, the total yearly
cost for using the SR debit card solely for purposes of transfering money
internationally would be US$195. The person on the other end could
overdraft the card 8 times a year and the fees would still be cheaper than
WU's charges.
So, while the SR Debit Card is a bit expensive as a regular daily use
card, it excels in doing regular planned international money transfers.
Viking Coder
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