Using crypto to transfer money internationally is becoming more common among expats across the world. Investing in crypto – from BTC or EFT to memecoins – is trendy, but, more importantly, crypto money transfers may seem cheaper than more traditional methods. If you are googling ‘how to transfer crypto to a bank account’ or ‘how to send money via bitcoin’ from Europe to Nigeria, India, Brazil or another country for the lowest price, read this text carefully. We will guide you through the crypto money transfer process and give you some general advice.
Step-by-step guide
Choose your currency
Imagine you are sending money from Germany to India. In that case, you will be sending euros (EUR), while your recipient will get rupees (INR). You will need to convert the money from your bank card or account into a cryptocurrency before converting it into the currency of your destination country: say, you will buy bitcoins (BTC) for EUR, and after that, you will sell your BTC for INR.
What you need to consider: Additional fees may apply for both buying and selling the coins. While the EUR-BTC rate in the example above may seem favourable, the BTC-INR rate may be too costly, making your crypto money transfer not as profitable as you’d expect
Select your exchange platform
Multiple platforms offer coin exchange for those using crypto to transfer money. Here are just a few:
- Binance – a well-known platform with a solid reputation
- Coinbase – preferred by many for its comprehensive interface.
- Kraken – known for its top-notch data protection.
What you need to consider: a website with a lucrative ‘cheapest crypto to transfer’ offer may merely be part of a phishing scheme, so check the website or app meticulously.
Prove your ID
Before using crypto to transfer money internationally, you need to complete the necessary KYC steps, which may include taking a selfie with your passport and submitting proof of address.
What you need to consider: The platform you’re using should operate legally in the EU. Carefully check the details before uploading any personal data.
Deposit funds
After the preparation is complete, you may add money to your account via a SEPA transfer or a bank card payment.
What you need to consider: Note that the time required to add money to your account may depend on the payment option you choose and the platform. If you need to send money quickly, your first crypto money transfer may be a dubious option.
Purchase your cryptocurrency
Buy BTC (if you are wondering how to send money via Bitcoin) or any other currency you prefer.
What you need to consider: note that the exchange rates and fees aren’t transparent on all platforms. The cheapest crypto to transfer may become inexplicably costly in a few days.
Use a P2P platform
If you are using crypto to transfer money to your grandma back home, she likely doesn’t have a Binance or Coinbase account. In that case, you may need to sell your coins to someone else who is ready to pay for them in the currency you need.
What you need to consider: once again, let us remind you about money transfer scams. Use trusted platforms for online remittance apps if you feel unsure about your potential peer.
Inform your recipient
If you send money to someone else via P2P, let them know that the funds will arrive. If you send funds to Kenya to your mobile money account or to India via UPI, check your balance to ensure everything is OK.
What you need to consider: If you need the money urgently, finding the right peer may be more complicated than figuring out the best crypto for international transfers. Therefore, your crypto money transfer may either be too slow or expensive.
How to avoid overpaying for international transfers
If using crypto to transfer money internationally seems way too complex, consider a simple yet fast and reliable option. At Profee, we create a blend of trendy technologies and comprehensive solutions. Forget extra paperwork and shady terms: we will show you the amounts to be sent and received before charging money. Add our uncompromised security and the special offer for your first transfer – and be sure to remit like a pro without overpaying a single penny.
If you are crypto-savvy, save this checklist for cost-effective remittance:
- Compare fees: Look for platforms with competitive fees.
- Check exchange rates: Use platforms with favourable conversion rates for beneficial crypto money transfers.
- Enable two-factor authentication: Add an extra layer of security for your funds and personal data.
- Avoid peak times: Send crypto during off-peak hours to minimise network congestion and fees.
If you are wondering how to send crypto money transfers cheaply, check the exchange rates and fees carefully. Mind that the advice of your fellow expats may be inefficient if the transfer destination is different from yours or if you disagree on what is the best crypto for international transfers.
Never forget the digital security tips to avoid scams. In case you find crypto cumbersome, try Profee: we are here to offer you secure, easy, and cost-effective remittance.
