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For example, what if I want to send a person 0.001 USD in Monero to his wallet, would it be possible?

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You can send as little as 1 "piconero" (1 atomic unit). This makes no economic sense of course, as the fee will be at least 2 billion times larger (depending on number of inputs).

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    That would be sending 0.000000000001 monero for a fee of at least .002, making the fee exactly 2,000,000,000 times the amount sent! Very cheap transaction :)
    – Quentin Skousen ♦
    Commented Oct 12, 2016 at 20:00
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    So I would need to send 0.002000000001 and on the other wallet they would see 0.000000000001? ~0.0144 USD atm
    – Raj4K
    Commented Oct 12, 2016 at 20:02
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    @UsernameVF, that is correct. The .002 fee would go to the miner who includes your transaction in a block.
    – Quentin Skousen ♦
    Commented Oct 12, 2016 at 20:07
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    Note that the fee is automatically calculated and added in - you don't have to specify it in your transaction.
    – Quentin Skousen ♦
    Commented Oct 12, 2016 at 20:08
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    You can even send no outputs whatsoever. Just pay the fee.
    – user36303
    Commented Oct 12, 2016 at 20:42
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Smallest in bytes: roughly, a tx with mixin 0, with a single input of an amount for which there are no two other outputs of that amount on the chain (so mixin 0 is allowed), and no outputs, no extra. You just pay the fee. The input would have to be at least 0.002 (current per kB fee) if you are not mining it yourself, but can be anything nonzero if you do.

Smallest in value: send an input of 0.002 monero, no outputs. Just enough for the fee.

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