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Trying to help Mother – Buy BTC with Jamaican Dollars

Hi all!

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.

What do you think?

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2 Comments

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  2. Hi there u/Jkkwww 👋🏻,

    This is indeed a great use case for Bitcoin. 👍
    While I cannot really comment on your plan, I want to give you some guidance on the part with Kraken.

    Here you can check our [geographic restrictions](https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions) and our [cash withdrawal options.](https://support.kraken.com/hc/en-us/articles/360000423043-Cash-withdrawal-options-fees-minimums-and-processing-times-) I believe you will love [our fees.](https://www.kraken.com/features/fee-schedule)

    Let me know if you have any other questions.

    Val from Kraken.

Mini StarTrek Doge! The next Movie Meme Moonshot!

Time to stop screwing over the retail investor and his faith in the market because of pump and dump tactics