How many % fee do you pay to convert to fiat? - page 2.

royalfestus

hero member

Activity: 2436

Merit: 516

Quote from: sportis on January 03, 2017, 02:23:49 AM

In my country there is not an exchange from bitcoin to fiat except if any body uses an ATM machine. If anybody wants a more permanent cooperation then uses Kraken and the rest of exchanges. Others they use cards (load in btc and withdraw to fiat). So it's usual most times face to face deal with trusted persons or using banks (SEPA, Web banking).

I like this thread, this is a real life daily challenge of people staying and dealing bitcoin in some third world countries. If bitcoin need to get global, this must be handled. They cant make exchanges like we do and they need to put it forward as exchange to their daily life. So With the face to face transaction you have advantage of negotiation, however what is the % range of transaction fee.

Quote from: Juggy777 on January 08, 2017, 04:49:07 AM

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?

I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

Why do you have to pay such high fees. There are simpler and better method. Does your country not except paypal. If it does then you would not be required to be paid such high fees. People here convert for free or at a fees. There are many who do it. I think you should look at currency exchange or pm me. I will send you the link, you can check the review and trade, not sure if we are allowed to post direct links. But have a look at the currencies section.

some exchanges in this area take the advantages that they are few, sometimes some countries do not have more than one exchange, so definitely they exploit those who use bitcoin. Paypal is restricted in some countries to control their fiat value, so dollar get scarce and high in exchange

ACAB

hero member

Activity: 636

Merit: 500

I pay 0 fees because im lucky and I have a buyer who buys bitcoin from me regularly who pays me above 3% from spot

GMPoison

sr. member

Activity: 434

Merit: 250

I think most services charge 1% - 3%, the one I use charges 2.5% so it's not too bad.

lionheart78

legendary

Activity: 2954

Merit: 1153

I think the charge when I convert my Bitcoin to Fiat currency is around 3% to 3.5%. It is quite a hassle because it takes some time to get the money. Depend on the option we have to choose, it ranges from 30 min. to half a day. Sometimes the 30 mins. have to wait for 3 to 4 hours. Kinda frustrating since they do not do what is advertise in their site but this is the easiest way I can conver Bitcoin to Currency.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

I do this with a local exchange which is automated and I can see the amount of money that I'll receive it even refreshes every 20 seconds and it depends on price of dollar against my country's currency if I'm getting more or less but they always calculate a %2.5 fee in converting dollar to local currency, all I needed first to register with my own credit card and ID verification and the rest happens smooth and easy.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?

I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

Why do you have to pay such high fees. There are simpler and better method. Does your country not except paypal. If it does then you would not be required to be paid such high fees. People here convert for free or at a fees. There are many who do it. I think you should look at currency exchange or pm me. I will send you the link, you can check the review and trade, not sure if we are allowed to post direct links. But have a look at the currencies section.

Darker45

legendary

Activity: 2576

Merit: 1860

In my country the cheapest is like 3%. That's their conversion rate into local currency and there are possible additional charges depending which do you want to take your cash. 3% is still big for me though as I am usually happy with a 3% gains per crypto trade.

lambdaE

sr. member

Activity: 251

Merit: 250

Sometimes I pay around 3-5% fees depending on the need and urgency I need fiat while sometimes if someone asks me to sell bitcoins then I even charge 5-10% of my own

so its a good business too for me. The problem is that I do not have regular customers and no proper setup for doing the same.

iTradeChips

hero member

Activity: 1792

Merit: 536

Leading Crypto Sports Betting & Casino Platform

like someone earlier replied, i know a few people in my locality whom i can have direct trade with at spot prices and thats roughly zero percent. if i cant do it, i will try to look for 0.5% that is what is acceptable for me. i also try to achieve that 0.5% whenever i am moving money from sites. so if the fee is 1coin flat for example, i make it a point to move at least 200 coins or above (how i wish i have that amount in btc lol). if i cant do this, i can tolerate up to 1%. i will only pay more than 1% in fees if i absolutely cannot avoid it. these small numbers can add up especially when you do a lot of moving.

Dudeperfect

hero member

Activity: 1190

Merit: 534

I am not lying but when I convert my bitcoins to fiat then I usually make 1% to 10% profit on it sometimes. I live in India and the price of bitcoin is a little bit more than the international price so suppose if you are sending me $100 in bitcoins then I usually receive anything between $101 to $110 when I convert it to fiat currency. However, there is always fluctuation in the price so this is not a sustainable percentage structure.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?

I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

your best option is to find an exchange in your own country to exchange bitcoin/altcoins for fiat there because it will be easy and will be much cheaper than any other options.
since you live in Hong Kong you may find the Chinese board here (https://bitcointalk.org/index.php?board=30.0) more helpful to your situation since you can find others there.

Amph

legendary

Activity: 3248

Merit: 1070

i don't convert from fiat to bitcoin, i acquire bitcoin directly, via mining and other way, via minin gyou have basically the fee of the pool which is 1% all the time plus some pool have the fee applyed on the withdrawal

then you have th fee on bittrex/poloniex/etc... to convert your coin to bitcoin, but they are ll very small, if you need then to exchange to fiat i have only 0.9% fee with kraken

xuan87

legendary

Activity: 1666

Merit: 1001

in my country it needs 1% fee to convert it to fiat, to be honest I don't like the procedure to convert it to fiat, because there are so many document that I need to prepare to verify my ID, but because there are no store accepting bitcoin yet, i don't have the choice but to give my ID and pay the 1% fee

pinoycash

hero member

Activity: 1316

Merit: 514

Usually my online wallet charges 1% upto 2% when converting but its instant and hassle free i cant get my money to ATM or remittance center instantly.

Xester

hero member

Activity: 994

Merit: 544

In our country the fee in converting our bitcoins to fiat currency is less than one percent. IF we use remittance centers then the fee is less than 1% but if we send it to the banks there are zero fees at all. Here in the Philippines bitcoin has a big future and has a large market. And since Filipinos are the number one user of social media in the whole world bitcoin has become a second currency.

NEWGOODOUBLE

sr. member

Activity: 476

Merit: 250

Quote from: jcojci on January 03, 2017, 02:21:25 AM

i think its about 1%-1.5% but i think its fine for me, because i only sell my bitcoin with my friends which is receive the exchanges too like other third party.

I think it is the custom fee from your friend, if you were close to him you could ask him to lower the fee to 0.5% as much as I did on my friend Cheesy

its more profitable lol

traderethereum

hero member

Activity: 2870

Merit: 574

Vave.com - Crypto Casino

Quote from: Rahar02 on January 07, 2017, 11:47:26 PM

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?

I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

I'm convert at local exchange and consider as my friend (friends of my friend Grin

).
He give me good price and decent fee just like 0.04% for every transaction as I convert in small amount such as BTC0.05-0.1
Faster and trusted exchange I think, just sometimes he's busy and I have to be patient waiting for transaction.
I suggest to looking for local exchange in Facebook or bitcoin community in HongKong, There must be some of them offered convert services.

yup me too, i am prefer to exchange with my friends too because i know him and he is one of my closest friends so i am believe him, and for the % fee, sometime my friend don't want to take any fees because he make big profit with the other people that withdraw with him. but i think i am pay my fee is about 0.1 % as i don't thinking much with fees.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?

I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

I'm convert at local exchange and consider as my friend (friends of my friend Grin

).
He give me good price and decent fee just like 0.04% for every transaction as I convert in small amount such as BTC0.05-0.1
Faster and trusted exchange I think, just sometimes he's busy and I have to be patient waiting for transaction.
I suggest to looking for local exchange in Facebook or bitcoin community in HongKong, There must be some of them offered convert services.

DannyHamilton

legendary

Activity: 3472

Merit: 4794

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

How much does it cost for you guys to convert to fiat,

I don't pay a fee. The fee is paid to me.

I have a valuable thing that other people want (bitcoins). If they want them, I require that they pay me a fee. Then I let them have the bitcoins.

Quote from: kykc221 on January 02, 2017, 11:26:53 PM

and is the converting process convenient for you?

It is convenient for me, but it probably helps that I'm not in a hurry to convert.

I simply put a listing on localbitcoins.com and then wait for someone nearby to want some bitcoins. They pay me for the bitcoins PLUS the fee that I set when I created the localbitcoins advertisement, and I send them the bitcoins.

Yakamoto

legendary

Activity: 1218

Merit: 1007

I think I only pay something like 0.3%, I only notice fees whenever I sell something and for a majority of the transactions I make on the exchange (one way $200-ish a few days ago) I paid only something like a dollar on the exchange.

If anything I think they tax buy orders more, likely close to 1-2%. Never been a noticeable issue for me though.

Topic: How many % fee do you pay to convert to fiat? - page 2. (Read 1468 times)