Getting your hard earned cash out of a country can be an extremely tedious and expensive task. Especially, when you’re trying to take money out of a country such as China, which has strict capital control. In this post, I’ll be explaining how you could use Bitcoin to send money, that you earn abroad, back home.
Before you get started here, I recommend that you do some research. If you don’t already have a good idea of what Bitcoin is, you can start by reading this article.
How Does it Work?
The idea behind using Bitcoin to send money internationally is quite simple: buy Bitcoins in one country and sell them in another.
Let’s look at the following theoretical step-by-step example: You have Chinese Yuan (CNY) in China that you want to send to South Africa and Exchange for South African Rand (ZAR).
- Use your Yuan to buy Bitcoins from a local seller in China.
- Send the Bitcoins to a South African Bitcoin Exchange.
- Sell the Bitcoins on the South African Exchange for Rands.
- Voila!
It’s as easy as that! The same method could, in theory, be used to send money between any two countries. You can also use any other cryptocurrency that you can purchase using fiat currency.
How to Get Started
Before you can get started, there are a few things that you’ll need to do.
- Create an account on Localbitcoins.com or any Bitcoin Exchange in the country you want to send money from.
- Create an account on any Bitcoin Exchange in the country you want to send money to. For South Africans I recommend Luno.
Do some research to make sure you choose the best exchanges. Once your accounts are verified, you’re ready to go.
Just Do It!
Using Bitcoin to send money between countries can be risky. The market is volatile and prices can change in an instant. However, if you time it right, you’ll be able to move your money without paying any fees.
Disclaimer: The legality of this method is dependent on the countries in question. There is some risk associated with this method, so make sure that you’re well informed before trying it out.