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Learn/How to Transfer Money to Another Country with Crypto

How to Transfer Money to Another Country with Crypto

Van Thanh Le

Oct 28 2024

4 days ago4 minutes read
Robot with coins over gentle waves, symbolizing global transactions

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Moving money internationally can be a pain—think high fees, long waits, and endless paperwork. Crypto changes that. It’s faster, often cheaper, and skips the middlemen. Curious how to transfer money to another country with crypto? Let’s dive in and make it simple. Keep reading to see how easy it can be!

Setting Up a Secure Wallet

Floating wallet sending coins over a gentle green landscape_11zon.webp

This is the very first thing you should do before planning to send or receive any amount of money. A secure wallet is crucial when dealing with crypto. It’s your main line of defense, holding your assets and ensuring safe transactions—the safest way to transfer money in the crypto world.

Types of Wallets

  • Software Wallets: Digital wallets stored on your phone or computer. They’re convenient but best suited for smaller amounts due to online risks.
  • Hardware Wallets: Physical devices that keep your keys offline. They’re more secure, ideal for storing larger amounts or long-term holdings.

Key Security Practices

  1. Enable Two-Factor Authentication (2FA): Adds a second layer of security.
  2. Keep Private Keys Safe: Never share your private keys; consider storing them offline using durable materials.
  3. Update Regularly: Ensure wallet software is up-to-date to avoid vulnerabilities.

Having a secure wallet minimizes risks, making crypto transactions as safe as they come. For a deeper dive into choosing the right wallet, check out our top crypto wallet list. It covers the best options for security, ease of use, and versatility to help you decide what fits your needs.


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Steps to Transfer Money to Another Country with Crypto

Hands passing glowing crypto coin over pastel stream landscape_11zon.webp

Transferring money with crypto is straightforward, secure, and quick. Here’s how to transfer money to another country with crypto in three simple steps.

1. Acquire Cryptocurrency

First, you need crypto—like Bitcoin or USDT—to get started:

  • Choose an Exchange: Popular choices include Gate.ioMEXC, and KuCoin, or use peer-to-peer platforms if you prefer a more direct approach.
  • Purchase Options: You can buy crypto using bank transfers, credit cards, or even cash (on certain platforms).

Once you’ve purchased, your crypto is stored in your wallet, ready to be sent.

2. Initiate the Transfer

To start a transfer, you’ll need the recipient’s wallet address. This is essentially their crypto “account number”:

  • Obtain Wallet Address: The recipient can share this as a string of characters or a QR code, which your wallet can scan for quick access.
  • Enter Details: In your wallet app, select the “Send” option, enter the wallet address, and specify the amount to transfer.
  • Review Carefully: Double-check the address and amount—crypto transfers are irreversible.

3. Confirm the Transaction

Now, finalize the transfer:

  • Confirm & Process: After confirming, the transaction enters the blockchain network. Depending on network traffic, this may take a few seconds to minutes.
  • Recipient Confirmation: Once the transaction is verified on the blockchain, the recipient’s wallet will show the funds.

Why Choose Crypto for International Transfers?

Here’s why crypto is often the easiest way to send money internationally and can even be how to send money abroad for free:

Cost Efficiency

Traditional methods, like SWIFT transfers, hit you with fees of around 5-10% of the amount sent, thanks to extra intermediaries. By contrast, crypto operates on a peer-to-peer network, cutting costs by 40-80%. Some blockchains, like Tron and Solana, even allow transfers with fees close to zero, making it a solid choice for both businesses and individuals.

send eth fee.png
Fees for sending ETH on layer 2 chains. Source: l2fees

Faster Settlements

Bank transfers often drag on for days because of checks and middlemen. With crypto, transfers take minutes—no delays, no extra approvals, just fast global payments. This 24/7 speed keeps businesses agile and helps individuals send remittances without banking hours or weekend wait times.

Financial Inclusion

Crypto also makes a difference for the unbanked. Around 6 million people in the U.S. and over 1.5 billion globally have no bank access. Crypto changes that by allowing transactions through an internet connection and a digital wallet. It’s widely adopted in countries with high financial exclusion, like Nigeria, Vietnam, and the Philippines, for this very reason.

Stability with Stablecoins

Cryptocurrencies like Bitcoin are famously volatile. Stablecoins (such as USDTUSDC, and EURC) solve this, pegging their value to fiat currencies and keeping transactions stable and predictable. For anyone wary of crypto’s volatility, stablecoins offer a consistent, reliable alternative.

Transparency and Security

Each crypto transaction is recorded on the blockchain, viewable in real time by both sender and recipient. This transparency ensures transfers are secure and easily trackable, unlike conventional bank transfers, which can get tangled in red tape.

Fewer Bureaucratic Hurdles

Cryptocurrencies operate beyond the heavy regulations tied to traditional banking. This reduces complications for businesses moving funds across borders, letting them bypass regulatory delays that typically slow down international transfers.

Real-World Use Cases

A BVNK report indicates that over 37% of global businesses rely on blockchain and crypto for cross-border transactions, with an expected $4.4 trillion in blockchain-enabled B2B payments this year alone.

With these advantages, it’s no wonder crypto is gaining traction as the go-to option for international transfers. 


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Avoiding Fees and Reducing Costs

Cutting down on fees is key when transferring crypto. Here are practical ways to make it the easiest way to send money internationally and even find how to send money abroad for free.

1. Choose Low-Cost Cryptocurrencies

Some cryptocurrencies are designed for cost-effective transfers:

  • Tron (TRX), Solana (SOL), and Stellar (XLM) are some cryptos that offer fees under a cent per transaction, making them ideal for frequent, low-cost transfers.

2. Send During Off-Peak Hours

Crypto fees fluctuate based on network activity:

  • For instance, Ethereum gas fees rise with network congestion. Sending during low-activity times can significantly reduce costs.

3. Use Layer 2 Solutions and Sidechains

For high-fee blockchains like Bitcoin and Ethereum, try:

  • Lightning Network (Bitcoin) and Base (Ethereum), which settle transactions off-chain or on sidechains, reducing mainchain costs.

4. Leverage P2P Platforms

Peer-to-peer (P2P) transactions can avoid hefty fees:

  • Many centralized exchanges offer low or no-cost P2P transfers, allowing users to trade directly with each other without exchange fees.

5. Optimize Wallet and Exchange Choices

Not all wallets and exchanges are created equal:

Using these strategies makes crypto transfers both affordable and accessible, ensuring your money goes further with every transaction.

Tips for Choosing the Safest Platforms

Key Factors for Choosing a Safe Platform

  • Regulation and Licensing
    Look for regulated exchanges that comply with financial standards (e.g., SEC in the U.S., FCA in the U.K.). This oversight minimizes fraud risks and enhances accountability.
  • Security Features
    • Two-Factor Authentication (2FA): Adds an extra layer of security by requiring both a password and a verification code.
    • Cold Storage: Reputable platforms store most funds offline, reducing vulnerability to hacks.
    • Advanced Encryption and Whitelisting: High-level encryption and IP whitelisting secure accounts by restricting access to known devices only.
  • Insurance
    Some exchanges offer insurance for user assets. Binance’s SAFU fund, for example, covers potential losses, while Coinbase insures custodial assets.
  • Transparent Financial Practices
    Platforms like Kraken and Binance publish Proof of Reserves and undergo regular audits to assure users that assets are fully backed.
  • Reputation and Track Record
    Review each platform’s history, user feedback, and past security breaches. Trustworthy exchanges like Kraken and Coinbase maintain a solid track record.
  • Responsive Customer Support
    Opt for exchanges with 24/7 support across multiple channels—quick help can make all the difference during security incidents.

Recommended Safe Exchanges

  1. Gate.io: Wide asset selection and robust cold storage.
  2. MEXC: Known for altcoin support and strong compliance.
  3. KuCoin: Low trading fees, multi-factor authentication.
  4. Binance: Real-time monitoring and insurance fund.
  5. Coinbase: U.S.-based, highly regulated, with comprehensive security.
  6. Bybit: Specialized in futures, uses a cold-hot wallet system for added security.

Choosing a well-regulated, secure platform ensures the safest way to manage and transfer your crypto assets.

Conclusion

Transferring money internationally with crypto is fast, affordable, and straightforward. By understanding how to transfer money to another country with crypto, you unlock a practical, efficient solution for global transactions. Embrace crypto’s advantages in simplicity, speed, and cost—and consider it for your next transfer abroad.

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