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Hi,

Ripplenet technology can be used for cross-border payments. For example I can transfer my pounds into Peso using Ripplenet. Briefly use case is I have GBP and my counterparty receives Peso in Mexico. That's ok.

Commercial banks have such service which help their customers to quote and buy foreign currencies. Usually it is rather expensive. Why is it so expensive? Is it possible to replace the current banking process with a cheaper solution? I don't mean an alternative solution like Revolut, but inside a bank using Ripplenet.

Theoretical question:
Is there any solution to buy cheaply Peso in UK using Ripplenet?
If not possible then is there any development on XRP ledger which is about to solve this problem? XRP Ledger has On-Ledger Decentralized Exchange feature which might solve this problem, but AFAIK it is not still not used.

Thanks,
jlr

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8 hours ago, Capone said:

Why would you want pesos in small Britain ? What is the use of pesos over there .?

As I mentioned my question mainly theoretical.
I simply just want to own Peso (for example I firmly believe that the Peso will be getting stronger in the next couple of month)

AFAIK banks get foreign currency quotes from different sources and get currency from the cheapest path for their customer. I'd like to know is there any better (more simple), cheaper, faster, 7/24 solution for the banks using with Ripplenet.
 

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How about opening an account on bitso.. send over some XRP from an exchange in the UK and convert to pesos. If you want to hold the pesos yourself, maybe you can open a "peso account" in your local bank and withdraw from bitso?

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1 hour ago, RAINBOWDASH said:

How about opening an account on bitso.. send over some XRP from an exchange in the UK and convert to pesos. If you want to hold the pesos yourself, maybe you can open a "peso account" in your local bank and withdraw from bitso?

I would be interested in this buying process from banks viewpoint.

Like in the case of Ripplenet I want to find the cheapest exchange automatically to buy Peso.
Let's assume we have many Bitso-like exchanges and I want to pick the cheapest one automatically without being its customer.
Similarly if I wanted to send Peso to Mexico from UK using Ripplenet then I don't need to be Bitso customer. 
But that is about money transfer, not about buying foreign currency.
 

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14 hours ago, jlr said:

Hi,

Ripplenet technology can be used for cross-border payments. For example I can transfer my pounds into Peso using Ripplenet. Briefly use case is I have GBP and my counterparty receives Peso in Mexico. That's ok.

Commercial banks have such service which help their customers to quote and buy foreign currencies. Usually it is rather expensive. Why is it so expensive? Is it possible to replace the current banking process with a cheaper solution? I don't mean an alternative solution like Revolut, but inside a bank using Ripplenet.

Theoretical question:
Is there any solution to buy cheaply Peso in UK using Ripplenet?
If not possible then is there any development on XRP ledger which is about to solve this problem? XRP Ledger has On-Ledger Decentralized Exchange feature which might solve this problem, but AFAIK it is not still not used.

Thanks,
jlr

I'm not entirely clear what you're trying to accomplish so if you, a customer of a bank don't want to use the services your bank provides, might be able to contact a member of RippleNet, like MercuryFX. If they can send GBP to Mexico, they may be able to buy/receive MXN on your behalf. 

But honestly, I'm not sure if you as asking about buying MXN as a bank's customer or the bank itself. 

Easiest way would be what has already been mentioned, buy via Bitso. If you don't want to leave it on the exchange, you'll have to arrange for it to be withdrawn to a bank account. 

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1 hour ago, LordVetinari said:

I'm not entirely clear what you're trying to accomplish so if you, a customer of a bank don't want to use the services your bank provides, might be able to contact a member of RippleNet, like MercuryFX. If they can send GBP to Mexico, they may be able to buy/receive MXN on your behalf. 

But honestly, I'm not sure if you as asking about buying MXN as a bank's customer or the bank itself. 

Easiest way would be what has already been mentioned, buy via Bitso. If you don't want to leave it on the exchange, you'll have to arrange for it to be withdrawn to a bank account. 

Yes, I also feel that I am not totally clear.

So let's say I have/own a bank which has already connected to Ripplenet and my customer wants to buy MXN. I could easily move his/her GBP to MXN, but can I buy MXN on behalf of my customer in the best possible price using Ripplenet? 

So on one hand I can move money cross-boarder on the cheapest path (Ripplenet can do that), but is there a general method to BUY foreign currency on the cheapest price for my customer? I want it automatically like in the case of money transfer.
 

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Posted (edited)
1 hour ago, jlr said:

can I buy MXN on behalf of my customer in the best possible price using Ripplenet? 

I would say in theory yes, but in the real world, as we live and breathe, no idea if transactions are happening. "RippleNet" isn't the most precise way of phrasing the question. What I mean is, "RippleNet" would include any members of the network. So it could be Bitso via xRapid or just two random banks that agree on a price and move the funds via xCurrent. xVia would likely also have the required code to handle an FX swap. 

https://www.theworldexchange.net/ would also be included in "RippleNet" so if there are offers for MXN, any members could buy that way. 

https://www.theworldexchange.net/?symbol1=GBP.rBycsjqxD8RVZP5zrrndiVtJwht7Z457A8&symbol2=MXN.rG6FZ31hDHN1K5Dkbma3PSB5uVCuVVRzfn

Edited by Guest

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2 hours ago, LordVetinari said:

I would say in theory yes, but in the real world, as we live and breathe, no idea if transactions are happening. "RippleNet" isn't the most precise way of phrasing the question. What I mean is, "RippleNet" would include any members of the network. So it could be Bitso via xRapid or just two random banks that agree on a price and move the funds via xCurrent. xVia would likely also have the required code to handle an FX swap. 

https://www.theworldexchange.net/ would also be included in "RippleNet" so if there are offers for MXN, any members could buy that way. 

https://www.theworldexchange.net/?symbol1=GBP.rBycsjqxD8RVZP5zrrndiVtJwht7Z457A8&symbol2=MXN.rG6FZ31hDHN1K5Dkbma3PSB5uVCuVVRzfn

Yes, XRP Ledger has decentralised exchange feature.
What you mentioned could work and might fit into my requirement, but unfortunately it seems currently that exchange has no liquidity.
Btw is there any incentive plan to use this promising feature of XRP Ledger?
 

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6 hours ago, jlr said:

Yes, XRP Ledger has decentralised exchange feature.
What you mentioned could work and might fit into my requirement, but unfortunately it seems currently that exchange has no liquidity.
Btw is there any incentive plan to use this promising feature of XRP Ledger?
 

What do you mean by "incentive plan"?

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2 hours ago, LordVetinari said:

What do you mean by "incentive plan"?

Like what Ripple "offers" to solve chicken egg liquidity problem on XRP Ledger. (Xpring)
https://ripple.com/insights/welcome-to-xpring/

Decentralized exchange has the same problem. If nobody use it then there won't be liquidity on the exchange. If there is no liquidity then nobody will use it.

So some "incentive program" needed in order to boost up the usage the decentralized exchange. 

Do you agree if that a problem? Or Don't I understand the problem totally?

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Posted (edited)
1 hour ago, jlr said:

Like what Ripple "offers" to solve chicken egg liquidity problem on XRP Ledger. (Xpring)
https://ripple.com/insights/welcome-to-xpring/

Decentralized exchange has the same problem. If nobody use it then there won't be liquidity on the exchange. If there is no liquidity then nobody will use it.

So some "incentive program" needed in order to boost up the usage the decentralized exchange. 

Do you agree if that a problem? Or Don't I understand the problem totally?

Agreed. It's not utilized to its potential. As far as Ripple promoting it, David Schwartz often mentions he wished more people made use of it. When he refers to p2p lending, this is where he is talking about.

I feel that it's like many open source projects, there is a great deal of potential but Ripple can't find every use. The platform is there and someone must develop a way to put it to use. If one does that, and it utilizes xrp, Xpring is there as incentive for the project. 

Edited by Guest

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