How to send money overseas, from Australia to Europe
I’m trying two different system to move money overseas. The money is coming from my own Australian Bank account and it will be send it into my Spanish bank.
For this comparison I will use $1000 AUD in each system, starting the process almost at the same time, trying to avoid differences with the exchange rates and detect the fastest way.
AUD to BTC, BTC to EUROS
I’ve use this system before and for my experience I’d say that is more profitable and faster than any other system. Lets see what happens this time, with a total bearish market.
The first step is to buy some Bitcoin in Australia, in order to do it, I’m using COINJAR (https://www.coinjar.com.au/) is an Australian Exchange to buy $1000 AUD in Bitcoin.
I just transfer $1000 AUD (Saturday PM), from my bank to Coinjar, normally I’ll have to wait two or three days for the money to arrive and them buy some BTC.
After buying the BTC, I will need to send it to my BTC wallet in Uphold and then sell it for EUROS and move to my bank.
On Tuesday morning received the confirmation and I just bought 0.1094 BTC after the fees.
On Wednesday morning, I sold the BTC in Uphold and after the fees I received € 669.44, now I'd need to send this money to my Spanish bank account, normally it'd take 5 days.
TRANSFERWISE:
I have to send my money ($1000 AUD) to a local bank account. It will take two or three days to arrive.
On Tuesday morning, received the email from TransferWise saying that my money was received and the day after supposed to be in my Spanish bank account.
On Tuesday afternoon, € 631.80 were in my account.
In conclusion, in this quick experiment Transferwise was quicker and safer than Bitcoin. At the end, using the services of Transferwise I received € 631,80. Whereas, doing all the process with Bitcoin, I received € 669.4, this process has more steps and involve more risk, but it is a very useful way to make some profit in the transaction.
I don't believe it.
What part do you don't believe?
This is really good info and it shows even one of our oldest cryptos can compete. Overseas remittances is going to be a huge growth area for cryptos.
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i still prefer transferwise, takes way less time and their fees are only 0.65% on EUR to AUD, for example. they also sent out an email that they will be lowering fees in February (it might be just on transfers involving AUD and USD though).
but when i send money to my parents in Ukraine, it's much cheaper to use crypto then WU or Transferwise.
Thanks for sharing @juanete20!
This result surprised me, as my experience has been that Coinjar prices were on the high side (which suits me converting the other way -- BTC to AUD) and given BTC high miner fees these days.
I was using BTC to transfer EUR to AUD a few years back when I was getting paid in Germany. The BTC volatility meant that sometimes you win, sometimes you lose, but costs were definitely lower back then.
There is a new (for me) Australian company that I've not try it yet...it suppose to be cheaper and faster than TransferWise. https://www.instantglobalpayments.com