Using BTC to send funds cross-border (in current day) - page 2.

Pursuer

legendary

Activity: 1638

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Where is my ring of blades...

Quote from: SnowMonkey_CG on June 23, 2019, 11:49:15 PM

But the recipient is unwilling to <...> Or must I wait for the industry to mature further?

I have faced the same problems both in paying others and wanting to be paid by others and I have to say this has nothing to do with "industry maturing" or anything, the problem you are facing is with the other party and their unwillingness to accept the payment method you are offering them.
for example PayPal has been around for many years and it is mature but if you were to offer PayPal to many people around the world they will not accept it because they don't want to and you can't change that not with time nor with anything else.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: SnowMonkey_CG on June 23, 2019, 11:49:15 PM

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently? Or must I wait for the industry to mature further?

given the conversion fees (to buy and sell bitcoin on each side) wouldn't it just cheaper to use a bank wire transfer? unless the banks are really screwing you on the exchange rate. this plan might make more sense if you already had bitcoins (or the recipient wanted them) but otherwise, i'm not so sure.

bitbunnny

legendary

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Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

It largely depends on the amount of money you want to send but again few smaller transactions are always an option.
There are some instant payment services available online but I don't know if they are applicable in both countries. There is also a possibility to send money on one of prepaid cards but like I say much is depending on amount, currencies, local regulations etc.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

It depends on the amount we're talking about here but the recipient (If he's simply not willing to have his name related to crypto) could always open a Skrill or PayPal account where you send him the funds and then he could withdraw to his bank account. If you don't mention anything on the transaction's description, no one would know the reason behind the transaction.!

ATMs are out of the question, especially If the amount is big but he could find local traders where he meet up and trades face to face using cash.

SnowMonkey_CG

newbie

Activity: 38

Merit: 0

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently? Or must I wait for the industry to mature further?

Topic: Using BTC to send funds cross-border (in current day) - page 2. (Read 293 times)