How to Send Overseas Remittances using Bitcoin

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How to Send Overseas Remittances using Bitcoin

Cheap, fast, and convenient—these are the hopes for every transaction if you often transfer money to your friends and loved ones abroad. But we all know that reality can sometimes be the polar opposite of what we expect. Money transfers are often expensive, rarely instantaneous, and almost nowhere near convenient.

This challenging reality leads many individuals working abroad to find other means of remittances. Luckily, many of them have found Bitcoin (BTC), a cryptocurrency that can change their remittance experience.

We’ll talk more about the steps on how to send BTC remittances a little later. But now, let’s first walk you through the basics of Bitcoin and its advantages for cross-border money transfers.
What is Bitcoin and Why Is It Ideal for Remittances?

Paxful Bitcoin is a currency that works with the help of technology. To use it, all you’ll ever need is a secure digital wallet and a smartphone or laptop with internet access. A Bitcoin wallet is like an electronic wallet where you can store, send, receive, track, and manage your BTC funds and transactions. And the best thing about it is that you can get a free crypto wallet in peer-to-peer exchanges like Paxful. Simply create an account and you’ll instantly receive one upon signing up.

Many people today use BTC for different purposes and reasons. But for those who are making remittances, Bitcoin is highly ideal for the following reasons:

Cheaper costs – You can directly send money to your friends and family without going through any third party, which cuts the fees for intermediaries. As long as you and your recipient have a digital wallet, direct money transfers are always possible.

Speedy transactions – BTC transactions are known for their quick processing time. With just a few taps on your phone, you can send money in just a few minutes, if not in an instant.

A whole new level of convenience – Since everything you need is right at your fingertips, you won’t need to go to a remittance centre or other financial institution to send funds. Bitcoin is available 24/7, so you won’t need to worry about business hours, holidays, and weekends. Simply put, remittances in BTC can save you time and money.

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Secure money transfers – Every BTC transaction is permanently recorded in its blockchain. This means no one can ever change or delete it—not even Bitcoin’s mysterious creator, Satoshi Nakamoto. Bitcoin also has a strong, immutable, and reliable technology that is nearly impossible to be compromised. This allows transactions to be processed smoothly and securely.

Growing adoption – You’ve probably seen Bitcoin make the headlines today and this is because of its growing adoption worldwide. Nowadays, many companies from various industries are exploring its remarkable potential. You can now use it to buy a cup of coffee, shop clothes online, or buy groceries, among other things.

Highly accessible – Thousands of crypto marketplaces have emerged today, paving the way for many people to jump into the crypto market right away. These platforms allow you to buy and sell BTC or convert cash to Bitcoin using hundreds of payment options.

Decentralized nature – Bitcoin is borderless and independent, which means it isn’t run or governed by any central authority. Its decentralized nature enables it to be used for different purposes in various countries.

How to Send Overseas Remittances using Bitcoin

Remittances using Bitcoin

Now that we’ve learned the benefits of using BTC for overseas money transfers, let’s now talk about how to do it. Here are five simple steps on how you can easily send money abroad using Bitcoin on Paxful.

Step 1. Create an account at paxful.com

This applies to both you and your recipient. To make overseas transfers using BTC, you must create your own Paxful account. Make sure to verify it to unlock more exclusive platform benefits.
Step 2. Buy BTC using the payment method you prefer

After creating an account and logging in, the next step is to buy Bitcoin on the platform. On Paxful, you have nearly 400 ways to buy BTC, including the most popular ones in your country. Your payment groups include gift cards, bank transfers, debit and credit cards, online wallets, and a lot more.

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Step 3. Ask for your recipient’s Paxful Wallet address

Once you’ve successfully bought fractions of BTC, the next thing you need to do is ask for your recipient’s Bitcoin wallet address. You can ask your recipient to simply log in to their account and click Wallet. Under the Bitcoin wallet, click Receive and copy the BTC address that will appear or use the QR code.

Step 4. Send BTC to your recipient’s Bitcoin wallet

The next step is to send Bitcoin to your recipient. To do this, go to your Paxful wallet and click Send under your Bitcoin wallet. Enter the amount you wish to send and enter your recipient’s Bitcoin address. You can also enter their Paxful username if your recipient is also a Paxful user. Once done, click Continue.

It’s important to note that Bitcoin transactions are irreversible, so make sure to double-check your recipient’s Bitcoin wallet address before you continue. If you have enabled your two-factor authentication (2FA), you’ll be required to enter a one-time password (OTP) into the 2FA code to proceed. After double-checking all details, click Send Bitcoin Now.

You’ll be redirected to the Wallet page once your Bitcoin is successfully sent.

Step 5. Your recipient will cash out the BTC

Once your recipient has successfully received the BTC, tell them to cash it out by selling it on Paxful. They can either create an offer to sell it or check existing offers on the Sell Bitcoin page. Your recipient has nearly 400 ways to instantly cash out the Bitcoin you sent. All they need to do is find the payment method that works best for them.

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