Personal money transfers, whether to friends in another state or family across the world, should be quick and easy. Many traditional money transfer methods fall short, leaving family members waiting for their funds to arrive.
If you want to avoid the downfalls of traditional transfers, check out our case for Bitcoin’s advantages below.
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Frustrations with Old-School Transfers
Bank wires, remittance services, and international money transfers are often flawed services. Their high fees and slow processing times, compounded by limited operating hours, can disproportionately affect those who need the funds the most, as well as individuals sending support across borders.
In some cases, recipients may have to wait several days to access their funds, and transfer fees and currency conversion costs can significantly reduce the final payment amount. Wire transfer fees can reach as high as $50 for senders attempting to transfer to a non-American bank.
Bitcoin: Fast and Low-Cost
Bitcoin offers a more affordable and increasingly user-friendly alternative. Unlike banks or traditional remittance services, Bitcoin transactions operate on a decentralized, global network that runs 24/7, without relying on intermediaries or conventional banking hours. All you and your recipient need is a Wi-Fi connection.
Once a transaction is confirmed, funds typically arrive in minutes, and the transaction costs are often significantly lower, especially for international transfers. Sending money to family members nationwide or abroad with Bitcoin is a straightforward and accessible option.
Send Money Anywhere, Anytime
The global accessibility of Bitcoin is one of its most significant advantages. You don’t need to worry about whether your relative has access to a bank. As long as they have a smartphone and a crypto wallet, they can receive funds from anywhere in the world.
Those with relatives in countries with unstable banking systems or limited financial infrastructure understand the frustration of trying to send money over quickly. With Bitcoin, you are no longer at the mercy of inadequate, slow national systems.
Easy Steps to Send Bitcoin
Before you can send Bitcoin, you’ll need a secure cryptocurrency wallet. Once your wallet is set up, you can buy Bitcoin using your debit card or via bank transfer. Most apps offer in-app purchase options. You can also use a Bitcoin ATM to buy Bitcoin with cash.
To send Bitcoin, you need your recipient’s wallet address, a unique string of characters, or a QR code. Paste or scan it into your app and choose the amount of Bitcoin you want to end. Most apps will show the equivalent in US dollars for clarity. After sending, the transaction will be processed almost instantly, and you can track its progress on the blockchain for full transparency.
Getting Cash Out: Options for Recipients
Once your friend or relative receives the Bitcoin, several methods are available to convert it into local currency or spend it directly. Many wallets allow users to sell Bitcoin and withdraw funds to a linked bank account.
They may also choose to hold onto Bitcoin as a savings tool, especially in regions where the local currency is unstable. They’ll be able to transfer money quickly to help them deal with last-minute payments or unexpected events.
