Just looking for a 2nd set of eyes on my plan to help my mother.
The problem: she’s American, works in Jamaica and is paid in Jamaican dollars to a Jamaican bank account, but she has bills in USA that need to be paid in USD. Wiring to USA banks is proving difficult, expensive, and lengthy.
My thoughts on a solution:
Buy bitcoin with Coinmama from her Jamaican bank account with Jamaican dollars. Their fees are high (relative to how we can buy in USA – but no higher than her current wire fees) – but it’s fast and easy to move bitcoin around once it’s purchased. Fees about 4-5%, not great – open to other purchasing methods or ideas. Once bitcoin is bought, send it to another exchange wallet – say Kraken or Coinbase, and sell for USD, and withdraw the USD to my bank or her bank.
If anyone has another idea on a solution to this problem would love to here. This is such a great use case for bitcoin in my mind, and makes the problems with traditional currencies obvious.
Thanks so much if you read this far.