Topic: How many % fee do you pay to convert to fiat? - page 3. (Read 1468 times)
In our local exchange the fee varies depending on where you cash out (it's available in pawnshops for example). I don't know the actual percentage but I know there are some that charge a fixed fee instead. I've only tried banks, they don't charge anything.
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 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 pay a 1% fee on my exchange and they also report all transactions to the IRS, so I have to pay Capital Gain taxes on all my trading profits. I can also buy/sell bitcoins directly to people and then smaller fees are usually worked into the transaction, but that seldom happens. I do not trust these direct person to person deals, because of the trust issues when you work without Escrow services. ^hmmmm^
On the exchange that I use I think I only have something like 0.5% fees, might be a bit smaller than that, since I never really paid attention to how much.
If I'm correct, the exchange I use also only taxes buy orders instead of everything, so its even cheaper to move money from Bitcoin to dollars, but what's the fun in that?
If I'm correct, the exchange I use also only taxes buy orders instead of everything, so its even cheaper to move money from Bitcoin to dollars, but what's the fun in that?
it is very different from country to country and only depends on the method you use to convert to USD.
for example there are many exchanges you can check out yourself and read their fee rules for withdrawal.
but where i live, since there is no exchange that works with banks in my country, i am forced to sell to individuals (similar to selling on localbitcoins) and receive the money from them. there is no fees there but they mostly give a lower price. although i have found someone who offers me a pretty good deal, so you may want to look around a bit too.
for example there are many exchanges you can check out yourself and read their fee rules for withdrawal.
but where i live, since there is no exchange that works with banks in my country, i am forced to sell to individuals (similar to selling on localbitcoins) and receive the money from them. there is no fees there but they mostly give a lower price. although i have found someone who offers me a pretty good deal, so you may want to look around a bit too.
in my country it's very easy to convert BTC to Indonesian Rupiah, just sell my btc at vip.bitcoin.co.id with fee only 1%
why you use usd ? why not to sell your bitcoin at local exchanger, i think you will get lower fee.
why you use usd ? why not to sell your bitcoin at local exchanger, i think you will get lower fee.
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 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?
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