International Money Transfer with Cryptocurrency
Money Remittance with Cryptocurrency
Crypto Currencies like Bitcoin, Ethereum, Dogecoin, etc. are getting popular in international fund transfer. International money transfer with cryptocurrency is a common method of fund movement by people with little technical knowledge.
The important thing that requires for a cryptocurrency money remittance is a crypto wallet. Blockchain systems of money transfer and exchange houses are also used to do a money transfer.
Both the sender and receiver need to have a crypto wallet. Also, verification of both accounts also required. If the sender has cryptocurrency in his or her account, they can send it to the receiver through available methods in the wallet. If no stock, then purchasing is the option. One can buy any cryptocurrency of their choice to fill the wallet.
Step by Step Method of Sending Money with Cryptocurrency
- Open a crypto wallet for both sender and receiver if not having already.
- Verify the wallet of both (if new)
- Sender to fill the wallet with cryptocurrency if not enough balance in it.
- The receiver needs to send the QR code or address of his / her wallet account to the sender
- Sender to scan the QR code of receiver’s account to get details or enter it in his account
- Transfer any amount of cryptocurrency to the receiver
- The receiver can sell the currency to get cash.
The benefit of money transfer through cryptocurrency
- The main reason for sending money with crypto money is service charge saving. There is hardly any service charge for sending money this way. Only some difference in exchange while selling is the only risk.
- Sometimes, this may come on profit as well. At the time of encashment, the price of the coin may increase and the receiver could be at a profit.
- Safety due to blockchain system. The new fund transfer through blockchain mechanism assure maximum possible safety because of the latest high-end technology usage.
- Faster transmission – unlike the traditional exchange system, the fund transfer timing is very less – that too fraction of second.
- Efficient system – The peer-to-peer system works error-free and handles transactions safely. Fraudulent activities and cheating the system are not possible.
- Round the clock – Even international transactions happen in a few moments. 24×7 working makes life easier for sender and receiver.