transferring money oversees question - page 2.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Sniper44 on July 22, 2017, 02:48:23 AM

Quote from: theta on July 21, 2017, 01:50:41 PM

A) what's the cheapest/fastest/most secure/simple method of sending £20k abroad? Or
B) what currency (including BTC) is the cheapest/fastest/most secure/simple for international transfers?

my question is a combination of these two questions.
think of it as having someone abroad (like your son in a university in another country) wanting to send him money but do it via bitcoin.
is there a way to reduce the costs and make this as efficient as possible?

What costs are you trying to prevent or reduce? transaction fees are like $4 tops. I think that's cheap enough to send £20k. The only downside of this is you need to teach him how to sell the bitcoins via the GDAX, since I think that's the exchange that Coinbase uses.

Sniper44

hero member

Activity: 714

Merit: 501

Quote from: theta on July 21, 2017, 01:50:41 PM

A) what's the cheapest/fastest/most secure/simple method of sending £20k abroad? Or
B) what currency (including BTC) is the cheapest/fastest/most secure/simple for international transfers?

my question is a combination of these two questions.
think of it as having someone abroad (like your son in a university in another country) wanting to send him money but do it via bitcoin.
is there a way to reduce the costs and make this as efficient as possible?

theta

full member

Activity: 164

Merit: 100

Are you asking only transfer or also currency conversion?
In other words is your question:
A) what's the cheapest/fastest/most secure/simple method of sending £20k abroad? Or
B) what currency (including BTC) is the cheapest/fastest/most secure/simple for international transfers?
These are two separate questions.
If you introduce FX conversion in the mix, it introduces complexity, risk, and cost, so it's best avoided, unless you really have to, for example you have GBP and the recipient needs USD. In that case you should stick to the bare minimum of FX conversions (i.e. only 1), and find the cheapest FX conversion service.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Sniper44 on July 21, 2017, 10:36:15 AM

i am mostly looking for ways for people who are not familiar with bitcoin or do not own any to do this and make it as cheap as possible, so it can become a more viable option.

I get what you mean. And yes, if a person is to send bitcoin he does have to do those processes. It may be quite tedious, but he only has to go through those processes once (registration, etc), since I think coinbase is pretty much newbie-friendly already. People might scratch their heads right now when talking about bitcoin, but lets hope that in the future that bitcoin gets well known (as well known as PayPal, Visa, etc).

Bagaji

sr. member

Activity: 1330

Merit: 291

All depends on the country you are sending your £20,000 worth of Bitcoin to. I believe there are so many countries that has local bitcoin exchanger which can help you convert your bitcoin to the currency you want. To me it is easier and faster to send money through bitcoin, and at the same time bitcoin allows you as individual to send a large amount as possible. But make sure you copy the address of the recipient correctly so as to avoid lost of money.

Sniper44

hero member

Activity: 714

Merit: 501

i am mostly looking for ways for people who are not familiar with bitcoin or do not own any to do this and make it as cheap as possible, so it can become a more viable option.

OROBTC

legendary

Activity: 2940

Merit: 1865

...

Sniper44

I suppose it all depends on the conditions, as you yourself just wrote. If your receiving counterparty overseas has a BTC address/wallet, then you're all set, just send him 20,000 £ of Bitcoin. If you are just "sending it to yourself" (about to travel there for example), you are good to go as well as long as you bring your hardware wallet or have an online-wallet (latter is tad dangerous though wigh large BTC amounts).

If your receiving counterparty has NO wallet and/or NO way to convert the BTC into his local currency, well maybe not. Unless he can himself travel or get cash via localbitcoins.

Hope that helps, if I have not covered your situation, feel free to add details.

Sniper44

hero member

Activity: 714

Merit: 501

i saw a topic the other day (not here) asking about a way to send money from another country to where i live.

the easiest, most secure and cheapest way possible.
the amount was about 20,000 £

so naturally as a bitcoin user the first thing that came to my mind was bitcoin.
it is the easiest, it is super fast, and it is 100% safe if you follow a couple of safety measures, and it is super cheap!

but i didn't suggest it because of one problem:
i already have bitcoin so if i want to send money i just go to my wallet and click send

but for someone new, he has to go to an exchange sign up, deposit (pay fees), buy (pay fees) then send and the other person on the other end has to do the same or find someone to sell bitcoin p2p and that usually is under market price.

i guess my question is, is bitcoin really a good option here and what can be done to make this process easier and better ("in general" not just in this particular case)?

Topic: transferring money oversees question - page 2. (Read 899 times)