Video Credit : Bitquest Club Luno Bitcoin Wallet Guide - Malaysia
Need to send money abroad? Don’t worry about eye-watering fees and follow these useful tips instead.
Globalisation has made individuals and businesses more connected than ever. With this connection, there is a bigger demand for cross-border financial services and cheaper ways to send international transfers.
The golden rule for transferring money overseas if you want to avoid hefty fees is to avoid using traditional bank accounts. Banks are known for charging over the odds to transfer money to an international account, but the good news is there are many alternatives.
What Are the Alternatives?
There is a growing trend in people using cryptocurrency to send money abroad. Bitcoin was made as a way to send peer-to-peer payments across the globe, without having to be subject to hefty bank fees or a centralised system.
To make this a reality, all you need is a currency exchange and a reliable Bitcoin wallet. There is no waiting around for long application processes and you can send your money the same day - and be received just as fast.
How to Know Which Alternatives to Trust?
When your money is on the line it can be hard to know which transfer companies you can trust or which crypto exchange platforms are secure. To make an informed decision dig out news stories about the companies, read reviews and see if they are also operating internationally. An international company will be complying with multiple national regulations and can display they go the extra mile to keep their users protected.
The Bitcoin wallet from Luno is a prime example of seamless global crypto payments. Luno themselves have a global reputation by operating in 40 different countries, including becoming the first crypto exchange in Malaysia.
For those who do not want to use crypto, there is an array of other options out there. TransferWise is one of the best with low-cost transfers and even the option of owning a multi currency debit card.
Monitor the Market
Just because you have found an alternative method to using your bank account, doesn’t mean you can rest there. It is common to send multiple international payments in a single month or have continuing international payments to send throughout the year.
If this sounds familiar, you may want to keep in tune with market rates and time your payments in line with rises in your native currency’s value. The same applies to the crypto market, which requires a little more attention and research.
Get the Details Right
When you send money overseas with your bank and type in the incorrect recipient account number, even the bank may struggle to get the funds back for you. One customer of a UK bank, Nationwide, sent £26,000 to the wrong account and only received £800 back.
When using a bitcoin wallet to transfer money internationally, the same applies and you will not get your funds back if you make a mistake. This is why it is paramount that you send money to the right wallet. Care and attention are needed!
Remember that there are alternatives to traditional banking out there - and crypto remains one of the best.
