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I now live in Indonesia and want to send money from my US bank account to an Indonesian bank. Can I use Bitcoin to do this transfer?

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    Bitcoin does not use banks, nor does it care about geography. You may want to rephrase your question – Raghav Sood Apr 4 '17 at 4:27
  • Hi Billy, welcome to Bitcoin.StackExchange.com. I've taken the liberty to slightly edit your question in order to make it better fit the options available to you. I hope that I still capture the essence of your question. Otherwise, please feel free to further edit and improve it. – Murch Apr 4 '17 at 14:46
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Bitcoin is not well integrated with the legacy banking system. What you want to do would therefore go somewhat like this:

  1. Open an account with a Bitcoin exchange (A) that takes US customers. (Assuming you are a US citizen.)
  2. Deposit USD into the Bitcoin exchange.
  3. Open an account with a Bitcoin exchange (B) that serves the Indonesian market.
  4. Buy bitcoins for USD on A, transfer the bitcoins to B, sell the bitcoins for Indonesian Rupiah on B
  5. Withdraw Indonesian Rupiah from B to your bank account in Indonesia.

As you can see this is somewhat complicated, and there are likely ways to make this transfer more easily. However, I have successfully used a similar method to transfer money to myself in the past and it was much cheaper than an international wire transfer.

  • Seems easier to pull local currency from an ATM and walk into the bank with it. In Spain, I can draw Euro from my US bank with their card, then deposit into my Spanish bank at the same ATM. (But now I'm in USA and sending money back is tough!) – WGroleau Apr 5 '17 at 14:02
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One of the ways to receive Bitcoins when the legacy banking system makes it awkward is via one of the new innovative services associated with the Bitcoin ecosystem.

Localbitcoins: https://localbitcoins.com/ - Engage with someone and work out a price. Be careful on here, it is basically peer to peer and I don't believe its regulated.

Bitcoin Debit Cards: https://coinsbank.com/ - Basically take out a USD card, send the Bitcoins to this account and convert into USD. Then draw out at an ATM and put into your local bank account.

Hope this helps.

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  • take cash out of bank.
  • walk to bitcoin atm
  • deposit to bitcoin address (don't forget receipt)
  • get a relative in Indonesia to go to bitcoin atm (no need to wait)
  • withdraw (don't forget receipt)
  • deposit in local bank

Each use of bitcoin ATM will cost you about 5%, so cheaper if you use an exchange or p2p method. But those methods are are slower and sometimes riskier.

Edit: I just see you're in Indonesia. Can't you withdraw from there? Do you have a proxy for physical access to the USD cash?

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