Topic: How To Open A Currency Exchange In Another Country??? - page 2. (Read 3054 times)
I am thinking of starting a Bitcoin exchange network in the Philippines. I have friends everywhere from Manila to Zamboanga. It will probably begin with private contract loans and extend to remittance payments in Bitcoin.
Can't you sell the bitcoins to the Vietnamese directly?
If it's anything like where I live, it's next to impossible to get hold of bitcoins unless one has a US bankaccount.
In most countries the problem is getting hold of bitcoins in the first place, so you should be able to sell them quite profitably.
If it's anything like where I live, it's next to impossible to get hold of bitcoins unless one has a US bankaccount.
In most countries the problem is getting hold of bitcoins in the first place, so you should be able to sell them quite profitably.
Thx weex. So let's walk through the steps.
1.) A family member in the U.S. sends bitcoins to another family member in Vietnam.
2.) He/she takes their bitcoins to the currency exchange. It could be a private key string on paper they print out. It could be in InstantWallet url. Or they could have a blockchain wallet.
3.) Currency exchange accepts bitcoins. They also have a vault with Vietnamese dollars which they can hand out.
4.) Family member in Viet Nam receives Vietnamese dollars and is happy.
5.) Currency exchange needs to support itself so they need to somehow convert these bitcoins into Vietnamese dollars to pay rent and buy food. They could sell them at Mt.Gox or CryptoXChange. That means they need to have a bank and be able to send funds from MtGox or CryptoXchange to their bank account. Most likely this would work better with CryptoXchange since they support more currencies.
I think the best bet, though, is to find an existing bank/currency exchange in Viet Nam. We go to them and say, if you use bitcoins you could make 10%-20% more profit.
This needs to be flushed out more but I think the basic idea is there.
1.) A family member in the U.S. sends bitcoins to another family member in Vietnam.
2.) He/she takes their bitcoins to the currency exchange. It could be a private key string on paper they print out. It could be in InstantWallet url. Or they could have a blockchain wallet.
3.) Currency exchange accepts bitcoins. They also have a vault with Vietnamese dollars which they can hand out.
4.) Family member in Viet Nam receives Vietnamese dollars and is happy.
5.) Currency exchange needs to support itself so they need to somehow convert these bitcoins into Vietnamese dollars to pay rent and buy food. They could sell them at Mt.Gox or CryptoXChange. That means they need to have a bank and be able to send funds from MtGox or CryptoXchange to their bank account. Most likely this would work better with CryptoXchange since they support more currencies.
I think the best bet, though, is to find an existing bank/currency exchange in Viet Nam. We go to them and say, if you use bitcoins you could make 10%-20% more profit.
This needs to be flushed out more but I think the basic idea is there.
Hello Jimbobway,
Looking at the application of remittance that you're trying to support, I would assume that most customers would be coming in with Bitcoin and would want to walk away with cash or a check denominated in Vietnam currency. So the question becomes, what do you do with the Bitcoin that will pile up? How do you maintain the supply of local curency? This is where you'll either need to sell the BTC on MtGox and go through wire and currency exchange to get it back into local currency or if you're really luck you'll have a network of wealthy people in Vietnam who want to use Bitcoin either for some savings, investment, or most sustainably to send their money elsewhere on the globe.
Physically, you're probably looking at setting up the same sort of shop that any other currency exchanger would need. Good physical security, etc.
-weex
Looking at the application of remittance that you're trying to support, I would assume that most customers would be coming in with Bitcoin and would want to walk away with cash or a check denominated in Vietnam currency. So the question becomes, what do you do with the Bitcoin that will pile up? How do you maintain the supply of local curency? This is where you'll either need to sell the BTC on MtGox and go through wire and currency exchange to get it back into local currency or if you're really luck you'll have a network of wealthy people in Vietnam who want to use Bitcoin either for some savings, investment, or most sustainably to send their money elsewhere on the globe.
Physically, you're probably looking at setting up the same sort of shop that any other currency exchanger would need. Good physical security, etc.
-weex
Suppose I want to open a currency exchange in Viet Nam using bitcoins. How do I go about doing this?
Right now, a lot of USD money is sent to Viet Nam using Western Union or Moneygram. How could it be done with bitcoins? Everyone in these forums keep on saying how great an opportunity it will be but I am not sure how to get started. Seems like you would need to set up a store front in a big city, for instance, the city of Saigon. That person running that currency exchange would receive bitcoins which is somehow converted into Viet dollars??? Could anyone explain how this could work? Thanks.
If we could create a business plan/formula that could be replicated in different countries and cities then it would be stupendous.
Right now, a lot of USD money is sent to Viet Nam using Western Union or Moneygram. How could it be done with bitcoins? Everyone in these forums keep on saying how great an opportunity it will be but I am not sure how to get started. Seems like you would need to set up a store front in a big city, for instance, the city of Saigon. That person running that currency exchange would receive bitcoins which is somehow converted into Viet dollars??? Could anyone explain how this could work? Thanks.
If we could create a business plan/formula that could be replicated in different countries and cities then it would be stupendous.
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