How to make remittances with cryptos in minutes? (2021)

Sending money internationally, that’s a remittance in basic terms. A very common case is that of the immigrants sending money to their relatives and loved ones from a country to another. That’s not always easy or cheap with traditional money, but it can be much better to make your remittances with cryptos.

Let’s talk a bit about it, previous to learning how to do it in the easiest way possible.

Issues with traditional remittances

That’s why this organization calculated that “cutting prices by at least 5 percentage points can save up to $16 billion a year”. But that’s not all, because the speed and the requirements are important too for the equation.

These international transactions can take days and even weeks, and not before the sender meets all the requirements and documents requested by the bank or financial service. If they don’t have bank accounts, then the process is even more difficult.

The good news? We can avoid all this just by using cryptos to make remittances, with or without bank accounts.

Remittances in cryptos and bank accounts/cards

We can give you a practical example with some easy steps. For the purpose of this guide, we’ll say that we want to send $200 in Bitcoin (BTC) from the United States to Alice, who’s in Germany. The wallet that we’ll use is Exodus Desktop, but you can choose any other as well, even from your mobile.

1. Buy bitcoins with your card or bank account

Buy Bitcoin with credit card. Alfacash screenshot

Then, you should open your wallet and click the button “Receive” to find your Bitcoin address. Copy and paste it on the space given for it by the exchange.

Receive bitcoins. Exodus screenshot.

Once you make the accorded payment with the data provided by the exchange, your bitcoins will appear without issue in your wallet.

2. Sending to Alice

Sending bitcoins. Exodus screenshot.

Let’s say is this address: 3H2hQCAk9Skm8robYQHBX7YB3EqxDU74NX [Example address, don’t send your funds here unless you want to donate to The Water Project]. Copy it, and now go to the button or section “Send” in your wallet. You’ll find the right space there to paste the meant address and set the figure you want to send.

Check the address carefully before sending, because the transactions are irreversible and there is some malware out there. Once you click on the button “Send”, that’s it! You can ask Alice to check her wallet.

3. Alice needs local money

Sell order in Alfacash Store. Screenshot.

And everything will be done, within minutes and from home. The whole process will cost around or less than $5, depending on the mining fees and the exchange rate for the cryptocurrency at that given moment. If you note that the mining fee is too high at the moment for your chosen crypto, then you can select another one to make the transaction.

You’ll find the mining fee in your wallet when you’re sending the funds. On Exodus, it appears below the main data for the transaction, as “Network Fee”. At the moment of writing, Bitcoin Network Fee is kind of high, so, we could choose another crypto to send the funds from the beginning.

Network fees for BCH and XRP. Exodus screenshot

Bitcoin Cash (BCH), for example, has a mining fee of $0.01, and XRP has none. So, the remittance would be a way lot cheaper in these currencies (for now).

Remittances in cryptos without bank accounts

1. Buy cryptos with apps or cash

Exchange with QIWI. Alfacash screenshot.

Of course, there are also other options to buy cryptos without bank accounts. If you’re in Spain, for example, you can buy a voucher from Tickebit in a local store. In other places, there’s always trading P2P (person-to-person). You can find some reliable traders in social media groups or P2P exchanges who can have a meeting with you to make a quick exchange.

Another reliable solution is the cryptocurrency ATMs. They are machines specially designed to buy and sell cryptos with cash. You can find over 15,600 ATMs for at least 10 different cryptos in 71 countries at Coin ATM Radar.

2. Sending and exchanging

Since she’s in Berlin, Germany, we can try to find a close ATM on the map. It turns out there are at least six crypto ATMs there, so, Alice only needs to pick one and go to the physical address to make the operation in the store. She can check the status, open hours, limits, and fees on the webpage.

Results for ATMs in Berlin. CoinATMRadar screenshot.

If she chooses, for example, the ATM of Hane Backwaren, she should go there from 10 a.m. to 11 p.m. For withdrawing $200 in EUR, she’ll only need her Bitcoin wallet (on her phone) and not even an ID.

On the other hand, if the ATM fees are deemed high, Alice can also exchange her bitcoins with a P2P trade. And that’s it! Your remittance with cryptos is done, easy, and cheap.

Remember that you can buy and sell 28+ cryptos safely on Alfacash! And not forget we’re talking about this and a lot of other things on our social media.

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Originally published at https://blog.alfa.cash on February 21, 2021.

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