Jaime Garcia isn’t happy about having to use Western Union to send money to El Salvador.
Garcia, who resides in the Canadian province of Saskatchewan, fled the country at the age of 11 after rebels bombed her home. For this reason, he has to send money to his loved ones in El Salvador.
In his statement, Garcia said that online payments are made with the Western Union application, but a high 12.5% fee is charged even for a 100-dollar transfer.
Most of the 2.5 million El Salvadorans living abroad still send money to their family and friends. Last year, 6 billion dollars were transferred, corresponding to 23% of the country’s gross domestic product.
Matt Hougan, chief investment officer of Bitwise Asset Management, said:
400 Million Lost
El Salvador President Bukele says companies like Western Union and MoneyGram will lose $400 million a year in commission fees if the country’s population largely embraces Bitcoin. This move of the country may cause distress in the traditional financial sector.
Western Union, on the other hand, said it had no concerns about the issue.
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