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.
Crypto remittances
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
Pros:
· 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!
Cons: 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!
About Bitprive (BPVE)
Established in 2020, Bitprive is a global cryptocurrency OTC marketplace with 180+ popular payment methods in the world. Headquartered in the United States, operating the APAC Desk in Hong Kong SAR, Bitprive is serving users from the globe including North America, Russia, Europe, Japan, South Korea and Southeast Asia regions.
At Bitprive, we give working people a simple, fair and secure platform for trading the value of their work. Often our biggest problems revolve around money, earning it and transporting it. We are dedicated to unlocking the power of people by building a global peer to peer payment logistics platform of the future.
We provide 24/7 customer services on live chat and chatbot in order to solve your problems immediately. Our founding team is made of professionals from compliance, e-commerce, stored-value facilities, investment banking, money remittance, forex brokers, e-commerce and early blockchain adopters.
Media & Press Contact
Contact person: Ms. Cathy Law
Email address: press.asia@bitprive.com
Official website: www.bpve.com
Hong Kong Office Address: Room A, Flat 1104, 11/F, Kai Tak Commercial Building, 317–319 Des Voeux Road, Central, Hong Kong SAR
