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Using bitcoin for international money transfers

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Does anyone here use bitcoin in order to transfer money between countries so that they don't pay the exorbitant exchange rate fees? I'm interested to find out whether people are actually doing this, because I'd like to see if hostels and the like would be interested in being able to accept bitcoins for their services.


It's supposedly becoming a wide-spread practice, but there is very little discussion about it?

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I can only say I don't! In the future maybe, but right now the cyber currency is so volatile that in the few days it takes you to actually make a transaction you could lose some serious money. Much prefer locking in a rate at the time of doing the transaction.


However as time goes on the currency will probably settle down and it could become more prevalent. Reputable exchanges are also few and far between right now, but this will very likely improve.


Definitely an interesting currency though and one to watch!


Transumo - Money Transfers Made Simple

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