Jesus, is the comment about dodging taxes necessary? For the record I paid a fuckton of taxes for my crypto transactions, it would be idiotic not to. Do you know why?
I'm not sure if my wire transfer experience is uniquely bad, but I had to do a wire transfer when I made a down payment on my house last year. To do this I had to drive to a physical bank location, sign some papers, and then they told me it will probably arrive within a couple hours.
Google says the bank I use is 6th largest in the US so maybe bigger banks are better but I'm guessing my experience is not an outlier.
edit: oh also forgot to mention wire transfer limits. I don't know the exact limit is for my bank but I'm guessing it's under the amount I transferred. I'm guessing this would mean multiple trips to a physical bank branch in the year 2022
> I send stablecoins to family member (worth noting this would be difficult to do in FIAT due to the amount) and when he pays me back I can then withdraw my $TOKEN.
While you're on your high horse about the taxes comment, you should know that in the US what you're describing here is illegal. You can't give someone an interest-free loan and have neither party pay taxes on it. Your options are roughly either to classify it as a gift or structure it like an actual loan, with a minimum acceptable rate published by the IRS each month. https://www.lindsayandbrownell.com/beware-of-the-interest-fr...
Sorry, taxes comment was out of place. Just frustrated.
The loans aren't interest free, they have a variable rate determined by supply and demand. For USDC its been pretty steady around 3%. There was a day or two last year where it spiked to 40% when Justin Sun removed billions of his capital.
In response to wire transfer, I was more complaining about having to be at a physical bank branch to do it. Not sure if that is unusual either.
edit: Just remembered that normally I wouldn't have to physically go to the bank. I had to do so to make sure it arrived in time for the signing. I think they told me it would take a day or two if I did it online/over phone? But being there in person they said it would "probably" arrive in a couple hours
Schwab lets me wire up to 100K a day using an online form, sounds like you need a better bank. I thought the whole point of wire transfers was to move around large sums of money, so it surprised me that you thought it's supposed to be difficult.
Difficult how? Wire transfers are a thing. Or are you just hoping that doing this with a token lets you dodge taxes somehow?