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Tikrp

My little experiment withdrawing money from XRP in East Africa

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Similar to your story, in Korea, where people can directly trade KRW for XRP it is flawless to withdraw money.

It takes here just a few minutes to transfer money from a wallet to an exchange and then sell on the exchange. Withdrawing money to your bank account is virtually instantaneous and you receive an SMS confirming your account has been credited with KRW.

The whole process takes less than 5 mins.

I think that's one reason why Ripple is traded so heavily in Korea. At it's peak its volume was 10 times of any other crypto.

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4 minutes ago, Boblemoche said:

Similar to your story, in Korea, where people can directly trade KRW for XRP it is flawless to withdraw money.

It takes here just a few minutes to transfer money from a wallet to an exchange and then sell on the exchange. Withdrawing money to your bank account is virtually instantaneous and you receive an SMS confirming your account has been credited with KRW.

The whole process takes less than 5 mins.

I think that's one reason why Ripple is traded so heavily in Korea. At it's peak its volume was 10 times of any other crypto.

please mention fees?

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12 minutes ago, mulder said:

ripple is working with ecobank maybe u find there a solution or orange money 

https://www.centra.tech/       this is also a solution 

or 

https://www.revolut.com/     this we use with our ArtProject in Burkina Faso my Artist Crew get a mastercard 

https://transferwise.com

 

please let me know iam alwasys looking for new solutions for afrika 

 

Really? Ripple is working with ecobank? I feel Like I should have known this. So they are trying to slowly get a foothold on the continent I see. Maybe we Africans on this firm and whoever is interested should create a firm to help them out. They could go thru that company to as they expand.     

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14 minutes ago, Boblemoche said:

Similar to your story, in Korea, where people can directly trade KRW for XRP it is flawless to withdraw money.

It takes here just a few minutes to transfer money from a wallet to an exchange and then sell on the exchange. Withdrawing money to your bank account is virtually instantaneous and you receive an SMS confirming your account has been credited with KRW.

The whole process takes less than 5 mins.

I think that's one reason why Ripple is traded so heavily in Korea. At it's peak its volume was 10 times of any other crypto.

It looks like ripple is further ahead in Korea and Asia than it is in Africa. If we can also have the same access and trade at the same level as you guys it wud do wonders for price.  

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iam just building in bf art projects but a move from ecobank to revolut know the catering lady get here first mastercard not from a bank from our company and she can controll here budget buy herself ....  she take care of here catering department with own budget and without someone between .... and the company sending without fees to the crew members 

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15 minutes ago, robertbruce said:

please mention fees?

On the exchange I used to use, if you almost never trade and you put a limit order and wait to get lifted, your fee will be 0.08%.

After that transferring KRW back to your bank account costs 1000 won ~ 0.90$.

So all in all if you consider XRP @ 1.5$ and you want redeem 1000 XRP total fee would be :

0.2 XRP + 0.08%*1000 XRP + 1000 won = 0.3$ + 1.2$ + 0.9$ = 2.4$

Edited by Boblemoche

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@Tikrp, that's nice to hear. On my end here in the Philippines, we have coins.ph (your equivalent of BitPesa) for converting fiat money. The hard part though is decoupling your xrp holdings to BTC to your local remittance network, as it takes almost the same amount of time you had (30 or so minutes, depending on BTC traffic) and of course, BTC fees and Remittance fees are not ideal.

It would be great if we could trade directly to xrp->fiat (in my case php), like xrp->usd, hopefully soon.

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