I would recommend you to do this via Bitcoin. The Transaction Fees of Bitcoin are much lower than at the most Payment Exchanges. There is no fee to receive bitcoins, and many wallets let you control how large the fee is when spending. Higher fees can encourage faster confirmation of your transactions, thats clear. But if you would like to pay low fees you do not have to send that much.
Find a good Exchange/Seller with low Fees for buying the BTC and a good Exchange/Buyer with low Fees for selling the BTC and the transaction is done quite easily.
Hope I could have helped you.
Topic: Newbie question: Pro's and Con's of using BTC for USD to Pak Rupee transfer (Read 201 times)
December 27, 2016, 05:21:01 PM
December 27, 2016, 04:48:51 PM
Sorry if this topic has been covered. I did try the forum search function but might not be using the correct terms. First of all I am semi new to BTC (Usually just bought and sold from own coinbase account) but very new to currency exchanges.
Can someone please explain the pros and cons of the following scenario...
I buy a BTC from my US coinbase account, have my brother open's up a new bank account on my behalf in Pakistan. I Find an exchange/seller and have them deposit Pak rupee in exchange for BTC. I can now use my own money for ATM withdrawals when I visit...
Now from the research Ive done the US allows a person to send up to $14,000 overseas without having to pay taxes. Ive googled a few money wire services and it looks like you can transfer about $1,000 for about $10-$20 which doesn't seem like much at all considering you are sending $1,000.
So what if any benefit do I have for using BTC rather than old fashion wire/transfer?? If anything I would think the BTC way would cost more.
Coin base charges about $8 fee, Figure the Seller/Exchange in Pak chages $20-$30 premium for BTC to pak rupee conversion. Not to mention the trust factor needed.
Am I missing some Pak tax that I dont know about??? Do people actually do transfers like this??
Can someone please explain the pros and cons of the following scenario...
I buy a BTC from my US coinbase account, have my brother open's up a new bank account on my behalf in Pakistan. I Find an exchange/seller and have them deposit Pak rupee in exchange for BTC. I can now use my own money for ATM withdrawals when I visit...
Now from the research Ive done the US allows a person to send up to $14,000 overseas without having to pay taxes. Ive googled a few money wire services and it looks like you can transfer about $1,000 for about $10-$20 which doesn't seem like much at all considering you are sending $1,000.
So what if any benefit do I have for using BTC rather than old fashion wire/transfer?? If anything I would think the BTC way would cost more.
Coin base charges about $8 fee, Figure the Seller/Exchange in Pak chages $20-$30 premium for BTC to pak rupee conversion. Not to mention the trust factor needed.
Am I missing some Pak tax that I dont know about??? Do people actually do transfers like this??
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