A novice’s guide to crypto remittance — how to do remittance with crypto?
Remittance is a fancy term of sending money in payment or as a gift. There is a huge range of reasons why remittance is done. Workers sending money home, businesses settling invoices, parents paying for tuition overseas, etc.. Given the importance of remittance, you would think it is a very efficient process, however, we will show you that sending money with conventional methods, i.e. via banks or remittance agencies are indeed very inefficient. Particularly with price and process time.
The invention of cryptocurrencies and the rise of peer-to-peer exchanges like Bitprive have provided the world with a more price and time efficient way to do remittance, not just for investment purposes. We are going to show you how using Bitprive to buy and sell crypto can minimise your costs and time spent in doing remittance.
How does remittances work?
Let’s say you are located in Hong Kong and is looking to send home to the United States your hard earned money. The first thing you will need to do is locate a Money Service Operator (MSO) in Hong Kong to perform the remittance services, and then you will have to negotiate the FX rate and convert the foreign currency, in this case Hong Kong Dollar to your desired currency, in this case United States Dollar (USD).
Oftentimes, you will find the FX rate and other fees do add up. MSOs like Moneygram, Western Union spend an astronomical amount in paying for computer services, this is partially why the process is inefficient and you end up paying extra for remittance services. In addition, some places especially in Africa despite its heavy use of remittance agencies, it is amongst the most expensive places in the world to do remittance.
Okay, if you think you are not sending a huge sum of money so you should not care about the fees as much. Bad news, conventional remittance also represents a crucial problem, something we do not get more, ever — time. Depending on the remittance origin and destination, sometimes it takes days for the recipient to actually receive the payment. Every bank, intermediary bank will chip away part of the money you send. Even with the Single Euro Payment Area (SEPA), with the presence of bank holidays and weekends, it is nowhere near the efficiency you can achieve with Bitprive and cryptocurrencies.
With the adoption of crypto, you can send more money in less time with the same amount of remittance! Unlike the conventional way, you do not have to waste your time locating a remittance agent, negotiating a favourable FX rate, etc.. You don’t even need a bank account to send or receive money virtually everywhere in the world, as long as you have internet connection.
Using crypto to do remittance on Bitprive cannot be easier. The first step is to register for an account and buy your desired crypto, such as USDT. Once the crypto is in your wallet, you can sell it to the buyer, in this case your recipient. That’s it!
Of course there would be fees and we promise you it is nowhere near what you would pay for the services of some remittance agencies. Last but not least, the whole process will literally only take a few minutes as compared to days it would take using the conventional methods of remittance.
The pros and cons of crypto remittance
Not all governments are crypto friendly and some just take a longer time to adopt new technologies. Therefore, you should always check the legality of crypto in where you are resided to make sure the laws can afford you the protection as a consumer.
- Peer-to-peer exchanges like Bitprive accepts over 100 payment methods, it is the most versatile method to do remittance.
- There is no minimum remittance amount. You can send however little money as required.
- There is no down time to send money, no weekends, no bank holidays, Bitprive is on 24/7!
There is a learning curve to adopt crypto. If you stick with us and our blog, we ensure you you will be a crypto adopter in no time!
Due to it’s decentralized nature, there isn’t a fixed fee for participating in crypto investments. Basically, platforms are free to charge what they see fit, that’s why it is important to understand all fees including the hidden fees before you deposit into a crypto exchange. Our fees are fully transparent and are updated periodically. Please visit our FAQ for more information.
About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.