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I currently have to use traditional rails to send fiat British Pounds to my Business account in Ugandan Shilling for my farm I'm developing.

Each time I send an international transfer can take anywhere between 3-5days and cost £12 (about 51,800 sats) for each transaction.

With Bitcoin and ⚡ this is essentially instant and free...solving real world problems.

I make easily over 20 international transfers a year for constant funding... £240 just in fees that's over 1million sats! That difference can really help the developments were making for the locals.

Bitcoin seems to fix this 🤔🙃

I need to have my business account funded and not sure if there is another hybrid way to make payments and be operational just on Bitcoin...any suggestions?

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Discussion

Penta Sophia 2y ago

Check out Strike. They just added a bunch of countries. Not sure if there would be a simple exchange there.

Penta Sophia 2y ago

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Alex Fortune 2y ago

Yes I believe they added Uganda very recently. I still then need access to Ugandan shillings cash in the district I operate with. So I would send a lightning payment to strike then switch to Uganda shilling and somehow get a cash payment out from somewhere....no idea? then use the cash for the business. How do I prove it's business expenses if it's not leaving my business account....a few questions I'm unsure about?

Penta Sophia 2y ago

I don’t know about the business proof, but the transfer to cash should be easy if you have the bank account there.

Dollars sent from your Stike USD account.

Received in different Strike account with Uganda shilling set as the receiver’s default currency. Transfer the shilling to the local branch of your bank and withdraw the cash.

I haven’t done business in Uganda but I would hope they can do bank transfers when both accounts are in the local currency.