Are you looking for a cheaper, faster and more secure way to send money home? International Remittances is a multi-billion dollar global industry that continuously grows in volume and speed as technology evolves. The past decade alone introduced new ways to send money overseas such as mobile wallets and near-real-time payments, offering greater speed and lower costs to remit. In our previous blog, we discuss the ways you can transfer money through the more traditional methods such as Money Transfer Operators, bank deposits, cash transfers, and mobile wallets.
In more recent times, the growth of cryptocurrencies around the world has led to an additional way to transfer money at greater speeds and lower costs – crypto-remittances. There are over 300 million cryptocurrency users worldwide. Leading migrant populations such as India, Indonesia, Vietnam and Philippines have made it to the top 15 countries with the highest number of crypto owners. India alone tops the list with over 100 million people owning cryptocurrencies.
Migrants around the world that have these crypto-wallets are beginning to use money transfer services that enable them to use cryptocurrencies to send cash to their loved ones. Because cryptocurrencies do not go through any banks, sending money using cryptocurrency offers even lower transfer fees and competitive exchange rates compared to traditional banks or cash transfers due to less transaction costs. However, using cryptocurrencies appear to be intimidating to many and may require several steps traditionally. This usually involves both the sender and the receiver to both have crypto-wallets, or for the sender to sell their cryptocurrency for cash and later exchange at a money transfer operator.
New money transfer operators have made this process simpler and quicker. TransCrypt is a money transfer operator that helps migrants with cryptocurrency to transfer to any bank account without having to go through an exchange. TransCrypt has simplified the process and made it almost just like using cash to send money to your loved ones.
Follow these simple steps or watch this step-by-step video on how to send money with your crypto:
- Enter an amount you would like to send.
- Create or login to your account. Ensure you have your ID ready for verification.
- Add your personal and bank account details.
- Add your recipient’s personal and bank account details
- Make payment using your crypto wallet by scanning the QR code.
- Receive money in the currency you selected within 24 hours.
With more cryptocurrency remittance services, migrants have more options to send money back home that is cheaper, faster and more secure. SaverAsia provides you with a simple way to compare the costs and ways of sending money to your loved ones at home, and the first comparison site to let you compare cryptocurrency money transfer services like TransCrypt.
Disclaimer: This post is general in nature and should not be taken as specific advice to buy or sell cryptocurrency. Please be advised that this is only informative in nature.
Article by Malorie Manaois, Financial literacy and remittances, SaverAsia
Posted 2nd July 2021