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While in the US last year, I sent money to myself in Europe that way once, because it was significantly cheaper than using the legacy banking system.
I think it mostly comes down to whether you have easy access to a Bitcoin exchange from your bank account in the US and what amounts you are trying to transfer. It also depends on how urgently you need the ...
5
To organize a wire from Europe to the US and back using bitcoin without fees, you can:
Open an account on KRAKEN.com do a IBAN/BIC wire to your kraken account (free!), takes 2-4 business days
Open an account on circle.com and register your US bank account
Buy bitcoins on kraken.com (very small fee, usually around 20 eurocents)
Transfer bitcoins from kaken....
4
Most big US banks charge 40-50$ in fees for international transfers and take a cut of the exchange rate. You might be able to lower this if you use a company like Usforex or Xoom, which I believe take around a 1-1.5% cut of the interbank rate plus a < 5$ fee.
And Bitcoin? I just transferred 1000$ from the US to Europe, from my wellsfargo account, via ...
3
To make an international money transfer using bitcoins you need to figure out 2 things: 1. How to convert FIAT to BTC and 2. How to convert BTC to FIAT.
FIAT to BTC
Open an account on your local exchange. I find this resource useful: https://bitcoincharts.com/markets/list/ to find local exchanges.
You want to open an account on the local exchange because ...
2
I'm Software engineering major, Somali-American. I am working on online wallet which will be an alternative for sending money to Somalia. The website will be functional by the end of march 20 2015.
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i am in Somalia, Mogadishu. Bitcoin can be a solution for Somalia as its simple money transfer service but but INTERNET connection availability is quite bad.. for me, i wanna start bitcoin service in Somalia! any idea would support?
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where is my bitcoin money, when downloading is failed.
Your money is in the Blockchain (loosely speaking). It is not affected by the state of your wallet. When your wallet finishes collecting its own copy of the public Blockchain (synchronisation), it will be able to show you the amount of money you control.
Some explanation:
A wallet does two things. ...
1
From https://www.nicehash.com/help/how-can-you-use-earned-bitcoins:
Once you receive your payments in your personal wallet, you can:
transfer Bitcoins to Bitwala and pay your bills in EUR or transfer EUR to your bank account
use online exchanges like Coinbase, Bitstamp, Kraken and others to directly exchange bitcoins to EUR or USD and then ...
1
The idea is to sell the bitcoins in India and wire him back the money from the
sales proceeds in India.
Translate: The idea is that he commits tax fraud because he will not report the sale as income. Which is about the only way this makes sense, given that instead of selling them in an Exchange anywhere worldwide he goes through the trouble of sending ...
1
Bitcoin is not well integrated with the legacy banking system. What you want to do would therefore go somewhat like this:
Open an account with a Bitcoin exchange (A) that takes US customers. (Assuming you are a US citizen.)
Deposit USD into the Bitcoin exchange.
Open an account with a Bitcoin exchange (B) that serves the Indonesian market.
Buy bitcoins for ...
1
I have done this successfully in the past, just like you for USD to EUR.
You'll pay probably pay around 0.5% to move USD into Bitcoin, then another 0.5% to move them to Euro. In any case, you should probably be able to stay below $80 on $1000. ;)
You might need a bank account denominated in Euros though, and it will take a few days. (For me it was something ...
1
I contacted another bank and was reassured that any wire transfer from a Russian resident to any person or company could be made without supporting documents if it is under 5000 USD or equivalent.
As for the reason of the payment it could be filled with something like "transfer of personal funds"
Edit: However, the so called currency control, which is an ...
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mtgox support desk: "Situation as of 24-Nov-2013: We are currently processing withdrawals requested 5 weeks ago." so it seems that you may get your money at the middle of december.
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It depends where you live, what currency you want to trade in and where your bank account is domiciled. I live in the U.K., and have bank accounts in various currencies and countries around the world. For me, localbitcoins in GBP has been the best solution.
Your situation may be different because withdraw/deposit times will depend on your financial ...
1
Bitstamp is an exchange located in Slovenia that accepts SEPA transfers.
SEPA deposits are offered at no charge, SEPA withdrawals cost 0.90€.
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