International Money Transfer | Bitcointalksearch.org

pearlmen

sr. member

Activity: 322

Merit: 250

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

The numbers will really not be something to just take and from there decide which one is a better alternative because aside the the quantitative factors alone which in this case is considering the fee alone. But other qualitative factors such as the convenience of staying in the comfort of my room at any time of the day or night to make transfer to any place in the world.

Gunawan82

sr. member

Activity: 336

Merit: 253

With no presence on the third party means easy transfers between countries in the world and that's great for bitcoin itself can be the goal of many people to make transactions through bitcoin.

Russlenat

hero member

Activity: 2716

Merit: 904

For me this is an option you to send money to your love one, you can send thru money transfer or thru bitcoin transfer and you can compare which of the two is better or you can save money from transaction fees.

kuyaJ

sr. member

Activity: 406

Merit: 250

Quote from: bajing on May 30, 2017, 10:40:19 PM

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

For now it seems like that but I think it could be so on because how many bitcoin you send, the transaction fee are same. it's different with bank, they will charge higher fee for it, if im not wrong.

Yep. In banks or any other money transfers both local and international charge fees base on the percentage of the amount of the money that you will send that varies from different countries and different money transfers. While in Bitcoin, the fees are constant which is suitable when you have a huge amount of money to send rather than small ones.

bajing

legendary

Activity: 1176

Merit: 1001

The most Professional Cryptocurrency Casino

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

For now it seems like that but I think it could be so on because how many bitcoin you send, the transaction fee are same. it's different with bank, they will charge higher fee for it, if im not wrong.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Amph on May 30, 2017, 12:29:12 AM

it's definitely cheaper, in this regard, bitcoin has a big edge on international transfer, just take at look at this example

in my case with deutesche bank i need to pay 25 euro to transfer money abroad, and this apply to any sum, with bitcoin you will never pay a fee that big to send money to soemone else on another country

another good think bitcoin is good at is the conversion, when you convert usd with euro and receive money in your bank account they take 3.5% like paypal, with bitcoin you will never lose this percentage

Yes but using Bitcoin for international is still highly inefficient. You have to buy Bitcoin from the exchange or sell them to an exchange. Then from the exchange you have to do a transfer to your bank account. That is not really solving anything.

ulhaq

sr. member

Activity: 503

Merit: 286

Quote from: Lorilikes on May 30, 2017, 12:06:19 AM

I am sure you found out by now that for most circumstances the fees for transferring fiat are insane. Like through the roof and yet, bitcoin fees are pretty small in reality.

Yes, but these fees will go down over time.

n2004al

legendary

Activity: 1134

Merit: 1000

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

The cheaper option to transfer money is blockchain. For this reason to many institutions (public or private) are studying it and probably, adopting it in the future. Bitcoin is money not tool through which can be transferred money. To transfer money through bitcoin must be taken in consideration even the exchange fee (bitcoin-currency).

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

As of now, i can say that the fees of bitcoin transactions is still cheaper than the usual or traditional money transfer available international and i think it is wise to just use bitcoin and if you will send some bitcoins with a average fee then the receiver can receive the bitcoin within the same day unlike in international money transfer branches can take a few more days.

Reid

hero member

Activity: 3052

Merit: 651

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

It is the same as other money transfer companies.
The larger you send the larger the fees will become.
If you want security then bitcoin is a good option.
For now, if you want cheaper one you can go with other money transfer and also speed.
That have been a problem for bitcoin for like 2 months or 3 now.
The fees are actually lower but because of the sudden increase in value it looks like it is expensive.

pedrog

legendary

Activity: 2786

Merit: 1031

SEPA zone bank transfers costs me 52 EUR cents, outside SEPA zone I only buy stuff with Paypal and it costs me 0.

Bitcoin has other advantages that make it worth the transfer cost, dark market shopping, capital control evasion and mainly as an investment, it makes no sense speaking in bitcoin for cheap remittances or online shopping.

brobbel

sr. member

Activity: 966

Merit: 342

Quote from: Amph on May 30, 2017, 12:29:12 AM

it's definitely cheaper, in this regard, bitcoin has a big edge on international transfer, just take at look at this example

in my case with deutesche bank i need to pay 25 euro to transfer money abroad, and this apply to any sum, with bitcoin you will never pay a fee that big to send money to soemone else on another country

another good think bitcoin is good at is the conversion, when you convert usd with euro and receive money in your bank account they take 3.5% like paypal, with bitcoin you will never lose this percentage

You only pay that amount when you pay above EUR 25000 or outside SEPA area. Most payments I do are within the SEPA area, then they are free for me. For you it will be a cheap transaction also.

But you're right for payments to other countries or in other currencies. But to be more correct, you shouldn't look at bitcoin transactions then, but bitcoin-altcoin or vice versa Wink

mostkey

sr. member

Activity: 742

Merit: 253

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

yes i am agree, The value of bitcoin and its transactions cost is very low, We can monitor transaction history are stored in the blockchain. Everyone can run the open source Bitcoin software on his PC, laptop or smartphone to store, receive or send bitcoins.

prieaji

full member

Activity: 152

Merit: 100

This is the beginning that makes everyone will recognize bitcoin as the newest era, transferring money with users to other users with no other third parties. If there is a mistake it may be just the beginning to a great future for bitcoin.

dwieyani

full member

Activity: 252

Merit: 100

Bitcoin creates a new era for people who can transfer their money from other users without a third party and an intermediary. Any problems that are in bitcoin in transactions, maybe this is just the beginning of a progress that makes a big name to be known internationally or internationally.

gracia0023

full member

Activity: 140

Merit: 100

Quote from: Wind_FURY on May 28, 2017, 09:20:32 PM

Bitcoin transaction fees are related to how large your transactions are.

Bitcoin might still be a cheaper choice to send international money transfers but the fees are getting larger and larger. Blame politics, human nature for greed and control or pride.

International money transfer for bitcoin is good choice and it is cheaper but the fees is larger and larger.
But it is depends on the transaction you did are like a other money transfer remittances in the world.

davis196

hero member

Activity: 3192

Merit: 939

Quote from: ulhaq on May 28, 2017, 09:00:14 PM

Is bitcoin cheaper than other options for international money transfer? I have seen many agree with it and many dispute it, but not with hard numbers.

As other options are expressed in terms of a percentage (eg, 4% fees), this needs to be the comparison for bitcoin, at various amounts of money, despite that bitcoin transaction fees are apparently unrelated to the amount being sent. Let's also say for the sake of argument that a transfer within 24 hours is acceptable.

Bitcoin is way cheaper than wire transfers.There is no doubt about that.
I don`t have statistics,but btc is still cheaper than most of the other payment methods.
The only annoying thing is the confirmation time.

realinfo.co

newbie

Activity: 53

Merit: 0

Bitcoin is cheaper way to transfer money worldwide but as per its growing nature people got more interested in it

Amph

legendary

Activity: 3248

Merit: 1070

it's definitely cheaper, in this regard, bitcoin has a big edge on international transfer, just take at look at this example

in my case with deutesche bank i need to pay 25 euro to transfer money abroad, and this apply to any sum, with bitcoin you will never pay a fee that big to send money to soemone else on another country

another good think bitcoin is good at is the conversion, when you convert usd with euro and receive money in your bank account they take 3.5% like paypal, with bitcoin you will never lose this percentage

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Bitcoin to Bitcoin is definitely cheaper, but when the 3rd party services are used to convert Bitcoin to Fiat, then it becomes a whole new story. These 3rd parties will add fees and some of these services are linked to banks and they charge fees too. < In the end, it comes down to how you are doing the international money transfer and how you are using those coins >

We should encourage people to approach their local merchants to accept Bitcoin directly, so that they would not need to convert bitcoins to Fiat. ^smile^

Topic: International Money Transfer (Read 1633 times)