Bitcoins & travel

ViaSat / Design mark1650
Feb 9 22 Comments

I don't know much about how bitcoins can be used. I'm interested to know if they could be useful for transferring money from one country to another. Any body here using them for that?

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TOP 22 Comments
  • Intel NM.Enchant
    Use ripple for that. Way lower transaction fees and nearly instant.
    Feb 9 11
    • Intel NM.Enchant
      Yes it has a cost. The cost is associated to the current supply/demand. I don’t typically hold any at all except what I intent to trade immediately. You can buy ripple at Gemini or kraken.
      Feb 9
    • Snapchat BigCoin
      I meant commission cost*
      Feb 9
    • Intel NM.Enchant
      If you transfer internally on an exchange there are no transfer fees but it’s usually like .01$ transfer fee for me when I transfer in the ripple protocol outside of an exchange.
      Feb 9
    • Facebook public2
      Bittrex or binance are other options.
      Feb 9
    • eBay / IT
      manorama

      eBay IT

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      manoramamore
      @public2 - here are the risk with such exchanges . Bloomberg: Software Engineer Loses Life Savings in Quadriga Imbroglio.
      https://www.bloomberg.com/news/articles/2019-02-09/software-engineer-loses-life-savings-in-quadriga-imbroglio
      Feb 10
  • Microsoft @at
    You need to find a person in that country that will give you fiat for your beanie baby
    Feb 9 0
  • Western Digital rhrR87
    I think using Bitcoin for that purpose is more expensive than money transfer companies. Also in case you don't know there are credit cards that charge no commissions internationally (purchases) , Finally, I have a savings account in Charles Schwab and they pay back any domestic/international commission when you withdraw money from ATMs. I see no need to go the route you said
    Feb 9 4
    • Snapchat BigCoin
      Is the exchange rate on par with the international exchange rate?
      Feb 9
    • Western Digital rhrR87
      From whom, from Charles Schwab? I guess so. In the other hand when I go to my country, I can withdraw 600 dlls with a regular ATM and pay only 2 dlls of commission. Not too bad..
      Feb 9
    • Snapchat BigCoin
      Yeah like. Let’s say the dollar to Yen is 1:100 international currency exchange/conversion rate. Is schwab’s card going to get you close to 100 yen? Or like only 98 yen for $1 USD?
      Feb 9
    • Western Digital rhrR87
      I don't know that TBH. But I do not see myself carrying say 1000 or 2000 dlls cash and exchanging that to other currency a d carry that money all the way during vacation trip. I may drop the money or get robbed, etc. Using debit cards so far is been useful.
      Feb 9
  • Google / Product MrBachman
    Just wire it like everyone else.
    Feb 9 0
  • Google / Eng yuyu
    The problem with money transfers is the exchange cost to convert to BTC and then from BTC to the foreign currency.

    One way to do this efficiently is to use exchanges. If both sender and receiver currencies have mature crypto exchanges, then the conversion would be relatively low cost.

    Another way to exchange is to use LocalBitcoin. Choosing experienced buyers/sellers will lower the risk of being swindled.

    Right now it’s still hard to beat transferwise for money transfers because the fees are usually lower than converting to BTC and then to another currency.
    Feb 9 1
    • eBay / IT
      manorama

      eBay IT

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      manoramamore
      Is transferwise better than all other transfer services - Xoom, wire transfer etc ?
      Feb 9
  • Unity Ns7gg
    Do you care about fees or are you asking because you want to move money anonymously?
    Feb 9 0