Best (free) way to transfer money and convert currency - Strike App

[utalkin2me]

Does anyone use the Strike App for changing and transferring their local currency to Baht? 
 

I am happy to be corrected, but if what I read is true, this may be the best money transfer app we’ve ever had. 
 

I am not well versed in Bitcoin, but from what I can tell you don’t have to be a Bitcoin supporter to use this. It simply uses the Bitcoin price to convert your currency. You can buy Bitcoin with the app, but that is beside the point. 
 

Currently, I think you have to be a US resident to use it, but included countries are going to expand in the near future I believe. 
 

Here’s a quote from the article I found, which I will link below. 
 

The combination of the Bitcoin network, Lightning network, and Strike allows anyone to send any amount of money, at any time, for zero cost. We now have an open monetary network that can physically settle any amount of value, at any time, to any place, at virtually no cost. Combine that with an application that allows you to utilize this open monetary network with your bank account and you get monumental innovation and pure disruption.

Send $10 from the USA to Europe received as EUR? Easy. Instant. Free.

https://jimmymow.medium.com/announcing-strike-global-2392b908f611

 

[KannikaP]

No good if you need the transfer for Immigration purposes though. Wise still comes in Bkk Bank as an FTT.

[KhunBENQ]

52 minutes ago, utalkin2me said:

 

Currently, I think you have to be a US resident to use it, but included countries are going to expand in the near future I believe. 

I poked around for a few minutes to find what I really can.

Seems peer to peer (person to person)?

Can't find any concrete numbers/currency pairs etc. etc.

Seems no transfer from bank account to bank account?

Thai Baht really supported?

Nice ideas but my German pension office will surely not "Strike" me.

 

Excuse my ignorance but it's really difficult to find substantial info.

[thaitom]

Interesting, I assume that would include China. Since it mentions it will launch in over 200 Countries . Quick question..... What are the new Countries ? I just looked it up and there are 193 countries on this world.

[utalkin2me]

2 hours ago, KhunBENQ said:

I poked around for a few minutes to find what I really can.

Seems peer to peer (person to person)?

Can't find any concrete numbers/currency pairs etc. etc.

Seems no transfer from bank account to bank account?

Thai Baht really supported?

Nice ideas but my German pension office will surely not "Strike" me.

 

Excuse my ignorance but it's really difficult to find substantial info.

You guys all ask questions I had too.

 

About the where to transfer… it actually seems rather nice if you think about it, because if you do have a significant other or any type of trusted friend, they could have an account and you transfer to them. So the banks are purposefully left out, that’s almost the entire point of the service as I understand it, to stop giving power to banks allowing them to charge fees. 
 

In short, maybe it’s just something to workaround and sort of get used to if that’s possible. Because it certainly sounds as if it’ll be much cheaper and faster. 

[utalkin2me]

2 hours ago, thaitom said:

Interesting, I assume that would include China. Since it mentions it will launch in over 200 Countries . Quick question..... What are the new Countries ? I just looked it up and there are 193 countries on this world.

The way I found this is I saw someone on the news in El Salvador essentially saying “we can transfer $100 dollars worth of money to any country in the world, and they receive $100 in their currency with no fees” lol

 

I paraphrased. But I think what the person meant was it is in fact possible to do this via their system (lightning netowork), but they are still under construction. So I don’t know? 
 

But, I guess almost every citizen of El Salvador has one of these accounts, and it is accepted by the government there. Whatever that means I don’t know. But I will cross fingers for Thai baht soon:)

[thaitom]

1 hour ago, utalkin2me said:

The way I found this is I saw someone on the news in El Salvador essentially saying “we can transfer $100 dollars worth of money to any country in the world, and they receive $100 in their currency with no fees” lol

 

I paraphrased. But I think what the person meant was it is in fact possible to do this via their system (lightning netowork), but they are still under construction. So I don’t know? 
 

But, I guess almost every citizen of El Salvador has one of these accounts, and it is accepted by the government there. Whatever that means I don’t know. But I will cross fingers for Thai baht soon:)

I am most interested in China RMB  to Thai Baht. China has the worst kind of currency restrictions.

[Haveasay]

I have had constant issues with WU, but have seen Remitly mentioned here, and got a free and good exchange last week. Transfer instantly bank to bank.

[davidhen]

Firstly, I know very little about bitcoin, other than it being in the news in the not too distant past, because of wild fluctuations in its price, caused, it would seem by one Elon Musk stopping accepting it as currency for Tesla's products.

I do however, have investments in the LSE, which I fully understand and am quite happy to be involved, in what I would describe as a well-regarded and fully-regulated institution. 

I personally wouldn't touch anything remotely connected to bitcoin, with a ten-foot bargepole!

I use Wise (formerly TransferWise) and am quite content to pay their modest commissions for transacting the FX's for me. 

What's in it for Strike?  People go into business to make money, and having read the link, I've seen nothing regarding any payment to them, unless I've missed it. There's no such thing as a free lunch, and, as the dragons would say, "For that reason, I'm out!"

[utalkin2me]

1 hour ago, davidhen said:

Firstly, I know very little about bitcoin, other than it being in the news in the not too distant past, because of wild fluctuations in its price, caused, it would seem by one Elon Musk stopping accepting it as currency for Tesla's products.

I do however, have investments in the LSE, which I fully understand and am quite happy to be involved, in what I would describe as a well-regarded and fully-regulated institution. 

I personally wouldn't touch anything remotely connected to bitcoin, with a ten-foot bargepole!

I use Wise (formerly TransferWise) and am quite content to pay their modest commissions for transacting the FX's for me. 

What's in it for Strike?  People go into business to make money, and having read the link, I've seen nothing regarding any payment to them, unless I've missed it. There's no such thing as a free lunch, and, as the dragons would say, "For that reason, I'm out!"

I believe they are planning on having a credit or debit card in the future, where they can make a fee on. 
 

Anyway, if this works, it will mean free transfers. Some folks transfer a lot and that would add up. It supposedly is working for el salvadorians transmitting to usa.
 

It seems so much more than just free though. Transfer immediately, anywhere in the world, anyone in the world, 24/7. Any amount. For free. But yeah totally understand if you are not into it. That’s what I was getting at in the first post though, you don’t even need to like Bitcoin to use it (I dont). The way I understand it is your money does get converted to Bitcoin, but then it gets converted right back to the cash you are remitting to. 

[utalkin2me]

I actually just saw a post saying transferwise is very slow. See, this supposedly would not happen with this network. It would be immediate. 
 

It’s not only that though, banks are closed on weekends, many banks ask questions when you send money, and your transfers get delayed until you make a phone call. The transfers can be very slow etc. this would all come to an end. Maybe the poster above is right, maybe it is too good to be true? 

[driver52]

5 hours ago, utalkin2me said:

So the banks are purposefully left out, that’s almost the entire point of the service as I understand it, to stop giving power to banks allowing them to charge fees

folks don't realise the damage the bankers are causing to the economy right now......they're printing SO MUCH money in order to save us all from this 'convid crisis' it's as if it's all deliberate lol

Anyway, being a big believer in 'me and you' and liberty, I see a big rise in peer to peer stuff in the future. it's actually quite easy to setup something like a 'bitcoin node' with a raspberry pi

So it might even get to the extent of we meet up at a cafe, you send me some crypto, or FIAT eg GBP/USD/EUR on an app and I give you a few thousand baht in exchange!

I know this is open to being robbed so you need to get some trust involved etc.....maybe you call me up and I turn up at your condo, after a coffee and a brief chat about the weather, we 'do the deal' and upon leaving we both stick the Vs up at those crazy money grabbing bankers ????

Edited August 5, 2021 by driver52

[driver52]

23 minutes ago, utalkin2me said:

The transfers can be very slow etc. this would all come to an end. Maybe the poster above is right, maybe it is too good to be true? 

to go into a bit more detail, what exactly do you want to achieve?

ie there are already apps which allow you to use 'multiple accounts' to hold balances in different currencies. revolut is one

for day to day living you need cash so I presume most users here have a Thai bank account and get money out of a hole in the wall

So the problem arises when you want to send from your app to your Thai bank account BUT actually these apps allow sending to any account in the world as long as you have an IBAN code methinks

so you've got app now all you need is a 'digital wallet' to hold your crypto investments and job done! lol ????

[driver52]

@utalkin2methis might interest you https://getumbrel.com/