Why your transfer take four days: true crime story

You send $200 on Friday. E land on Wednesday, and na only $171 show. Nobody thief am. Na everybody just chop small. Make we waka di crime scene.

Friday, 4:12pm: di transfer comot

Your bank accept di payment den immediately do notin, because cut-off don pass. Cut-off na time of day wey after am money stop to exist until tomorrow. Nobody gree on wetin dat time be.

Monday: e enter SWIFT network

SWIFT no be payment system. Na messaging system, like very expensive group chat between bank. Your bank go message di next bank, wey go message di next, each one dey check di payment and dey collect charge for di privilege. Dis chain fit get three to five bank inside. You never hear about most of dem.

Tuesday: currency conversion happen somewhere

One of di middle bank go change your dollar. For wetin rate? Na wetin dem like. Di difference between di real rate and dem own na di biggest charge for di whole journey, and e no dey ever show as line item. More on dis one for guide 06.

Wednesday: e land, minus $29

Di bank wey collect am charge incoming fee. Because why not. Everybody go house happy except you and di person wey you send am give.

Di alternative: skip di chain

Stablecoin transfer dey replace di whole relay with one step. Change am to digital dollar, send go handle, done for minutes, for kobo. If di person wey collect want local currency, dem go change am for di end at rate wey dem fit see. No middle bank, no cut-off time, no mystery charge, no Wednesday.

And e dey work both ways. To collect money from abroad, to study abroad, to travel with account wey still dey work: same rails, opposite direction.

IN SHORT Your money no lost. Five bank just pass am hand to hand and each one chop small. Digital dollar dey skip di buffet.