Wire transfers are known for being fast and secure. A traditional money transfer takes a day or two and is usually subject to certain fees. However, it is possible to send cryptocurrency without paying high fees. 

Cryptocurrency transfers

Sending cryptocurrency in the Bitcoin wallet app is as easy as choosing the amount and deciding where it goes. Before sending crypto for the first time, you may want to run a test by transferring a small amount. It’s a good way to verify that you have the correct information. 

Transfer cryptocurrency to your bank account

An increasing number of businesses are accepting crypto as a form of payment. However, it’s not a widespread phenomenon yet. Converting crypto into cash allows you to spend it on whatever you want. Are wondering how to transfer crypto funds to your bank account? The easiest way is selling them on exchange platforms such as Robinhood or Coinbase. They pay you within minutes. 

Overseas remittances

Cryptocurrency may be an attractive medium to send money overseas. It helps the users to avoid fees charged by the banks and money transfer services (MTO). MTOs use the services of software providers (such as Western Union or Moneygram) and need to cover the operational costs regularly (maintenance, subscription etc.) That is why international money transfers are subject to relatively high fees. They are particularly painful when it comes to smaller amounts.

According to the analysis performed by World Bank in the second half of 2020, the average cost of sending $200 adds up to 6.8%.

Cryptocurrency is an attractive medium for international remittances because of its borderless nature. There is no need for an assistance of a bank, as anyone can access the blockchain. Some startups offer services making it possible for the users to place remittances without understanding the technology. The transactions are completed in a very short time.

International cryptocurrency transfers do also have their downsides. The biggest concern about them is the possibility that they could be used for money laundering. That’s why there are strict reporting requirements and limits when it comes to the countries and the recipients of such transfers. What is more, sending Bitcoin may come along with unpredictable fees calculated on a per-byte basis, making small transactions more expensive.