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/biz/ - Business & Finance

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19524938 No.19524938 [Reply] [Original]

Hello fellow autists , I have a question ! I am in a situation right now where I have to sent 1000 euros to one person in brasil each month. Now the rate is ussually at 5.80 euro/real but using western union they transfer at a rate of about 5.20 . Whats more, I have to pay 30 euros in transfer fees. As you can understand its suboptimal. I was thinking about transferring money using bitcoin, where each month I would buy 1000 euros worth of bitcoin and sent it to that person's account which he would liquidate there. Would that be more optimal? If so , should I use a phone app or a website to do that? Thanks in advance

>> No.19525088

>>19524938
Google it or ask reddit, faggot.

>> No.19525113

>>19525088
Google brings multiple results that are mostly websites advertising their own stuff so I cant trust them.
Reddit I just hate and refuse to go there for any reason

>> No.19525136

>>19524938
exchanges have fees between 0.5% and 4% + your transaction fees for bitcoin.

1% of 1k are 10€ + current transaction fee. so yes its cheaper and faster but depends on the exchange

>> No.19525149
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19525149

>>19524938
Bitcoin.com
Their wallet is great for remittance, and fee is less than 1 cent for sending.
Converting to Bitcoin(BCH) then converting back to $ at his end is the slightly more tricky part.
Maybe a local exchange website?
Or find a trader you can trust at local.bitcoin.com

>> No.19525168
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19525168

>>19524938
Yeah that’s feasible. It’ll work at least. You can use any major crypto exchange (Coinbase, Binance, Kraken, etc) but if you’re going to go with Coinbase use Coinbase Pro to avoid being raped by fees

>> No.19525238

>>19525149
So you cant just liquidate your bitcoins into your bank account from the website???
>>19525168
I look into the pro account then if thats my choice thank you
>>19525136
I see.. so you agree its somewhat of a good idea. Thats encouraging

>> No.19525294

If they are going to cash out immediately I would honestly recommend using something else like XLM or Ethereum even... but XLM has no fees I believe

>> No.19525308

>>19525294
Yes , they are going to cash out immediately. Why is XLM or Ethereum better? Because of the exchange fees?

>> No.19525343

>>19524938
Please elaborate on why you're sending money to Brazil every month.

>> No.19525394

>>19524938
Why not just use something like revolut? Free currency exchange and global transfers.

>> No.19525395

>>19524938
Use NANO
https://nano.org/en/pay

>> No.19525397

Transferwise is the cheapest solution

>> No.19525418

>>19525343
vast undergrouund tunnel system filled with vats growing hitler clones

>> No.19525578

>>19525343
Its not really relevant to say
>>19525394
>>19525395
Looking into those now! Thanks
Nano looks good but still you cant instantly liquidate into your bank account (?)

>> No.19526114

>>19524938
here i am thinking this dude got a sick ass hustle going, but knowing /biz/ it's probably just fucking findom

>> No.19526292
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19526292

>>19525149
You can buy Bitcoin with credit card, margins are a little high like 7% iirc.
At the other end, for him to cash out, maybe exchange.bitcoin.com will do it? Or kraken?
Check if they deal with local banks in that country. (Do they allow payments from the exchange to a local bank account(many don't because local banks are so hard time deal with))
If no big exchange, find a local trader on local.bitcoin.com.
Warning, possible to get scammed by the local trader, do small transaction and check their history.