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International transfers in cryptocurrency compared with the bank and payment systems



Cryptocurrencies promise quick payments without commissions and intermediaries, but how much are they really convenient, profitable and safe?

We considered the most popular ways to transfer money abroad to individuals and compared them with transfers in cryptocurrency. To learn how convenient are cross-border transfers with cryptocurrencies and what are the prospects for this method of sending funds, read our material.

Bank transfer

How it works . You can make a transfer in almost any bank, often – just at home through the application. Translation options are many: invoice, card, card, natural or legal person.

While the transfer has not reached the recipient, it can be canceled for an additional fee. If the sender makes a mistake with the details, the money does not disappear: the bank returns them back.

What you need to translate . Name of the beneficiary bank and its address; Full name and full details of the accounts of the recipient and the sender. Sometimes you may need a bank code in SWIFT, the data of the correspondent bank, IBAN and BIC codes.

For transfers in excess of $ 5,000 per day, you must provide supporting documents about the intended purpose of the payment to check the currency control, and then report to the tax.

Commission 1−3% for the transfer, plus 2−4% for the currency conversion, plus 1−2% to the correspondent bank. Final expenses amount to 3-5% of the amount transferred.

Timing . 1-3 days, sometimes 5 days.

Restrictions on the amount of transfer . Banks will not transfer the amount of more than 15,000 rubles without identifying the client. The bank will inform Rosmonitoring about each transfer of over $ 5,000, and will ask for documents confirming the origin and purpose of the funds for the transaction itself. You can only transfer currency to a resident of Russia if he is your relative. If the bank is not sure about the legality of the money, it can block the account, freeze or cancel a specific transaction.

Approximate costs of transferring money through Sberbank to a foreign bank:

Electronic payment systems – Qiwi, Yandex Money, Webmoney, PayPal

How do they work . For the transfer, the sender and recipient must be registered in one of the payment systems, for example, in Qiwi, Yandex.Money, Webmoney, PayPal, Moneybookers, Payeer, Alipay, UnionPay and others.

What you need to translate . With anonymous unverified wallets, you can send amounts only up to 20,000 rubles. To translate more, you have to go through verification – upload scans of documents into the system and confirm the phone number.

Commission 0−2% – within the system, 0−20% – for the replenishment of the wallet, 2−3% – for the withdrawal of funds. For transfers between different systems (for example, between Qiwi and Yandex.Money), the commission will be double: from the sender and from the recipient.

Timing . From several minutes to 2 days.

Restrictions on amounts . Depends on the degree of verification of the wallet. For identified accounts – about 100,000 rubles per transaction and only 600,000 rubles per month.

Approximate costs for transferring money through Webmoney to a foreign bank for an initially verified user:

International Money Transfer Systems – Western Union, Unistream

How do they work . Transfers are offline (in post offices, banks, mobile stores) and online (from a bank card on the site of the payment system). The recipient can take the money in cash at the points of issue or get it into your account – that is, you will not have to pay a withdrawal fee. The most popular money transfer systems are: Western Union, Unistream, Paysera, TransferWise, Transfergo, Anelik, Golden Crown, Contact, MoneyGram.

What you need to translate . Passport data of the recipient and details.

Commission 1−2% for the transfer, 1−2% for currency conversion.

Timing . 15–20 minutes or the next business day.

Restrictions on amounts . 10,000 rubles per time, 100,000 rubles per month – for online transfers without personal identification. To increase these limits, you will need to upload passport data to the system. Offline transfers are limited to the equivalent of $ 5000 per day.

Approximate costs for transferring money through Western Union to a foreign bank:

Cryptocurrency transfers

How do they work . To transfer to a cryptocurrency, the sender and the recipient must register crypto wallets supporting the transfer.

The next step is to buy the sender cryptocurrency for fiatnye means: on kriptobirzhe or exchanger . When transferring, you only need to specify the address of the wallet, the password and the amount of the transfer. To cash out the transfer, the recipient will need to sell the coins and withdraw the money in the same way.

At each stage of the transfer, the sender and the recipient risk their money: the exchange may go bankrupt or fail to issue funds, they may cheat on the exchanger, a decent commission is paid when depositing and withdrawing funds. Moreover, if you make a mistake with the address of your wallet, the money will disappear forever, and you will not be able to return it. If something goes wrong, there is often nowhere to complain.

The advertised anonymity exists exactly until the moment of input / output of fiat funds. Most large exchanges to work with serious amounts will require identification: download copies of documents, as well as confirm the phone number and address.

Roman Zabuga, an official representative of Wirex payment crypto-platform, noted that it is impossible to legally make a transfer using only one crypt in Russia, since it only indirectly appears in the legal field. That is, it is theoretically possible to break the law with its help, and there is practically no legal operation.

What you need to translate . Without output to Fiat – only the address of the recipient's wallet. For the transfer and withdrawal of fiat funds, the exchanges and banks may require identity documents and the origin of the funds.

Commission It depends on the currency, the exchange, the number of participants. Commissions for withdrawing Bitcoin from popular exchanges are 0.0005-0.002 BTC. As a rule, the more you are willing to pay the miners, the faster the transfer will be.

The optimal commission at the beginning of 2019 is $ 0.3. When Bitcoin was more expensive, the commission reached $ 30. The amount of the fee does not depend on the amount of the transfer, so it is much more profitable to conduct large-scale operations. If you need to transfer money urgently, you will have to agree to the size of the commission offered by the miners.

Transfer in less-promoted coins will be cheaper: in Etherium – $ 0.01, Litecoin – $ 0.03, XRP – $ 0.0003, in Dogecoin – $ 0.003. At the same time on most exchanges for the transfer, made not in Bitcoin or broadcast, will take another commission for the conversion of coins, which can be up to 0.5%.

Most of the money will go to pay commissions for depositing and withdrawing money. The cheapest thing to do is directly through the seller: buy his cryptocurrency for Fiat and transfer to the recipient. But this is also the most risky method. To transfer money using the exchange, on the most popular Western sites, you first have to go through many days of verification, and then find a way to replenish the account.

To replenish the account on the popular Russian-speaking Exmo, you will have to pay 3-7% for depositing money through electronic payment systems or through a card.

The best option is to transfer using platforms converting cryptocurrency funds into fiat and vice versa, that is, crypto banks. Vivid examples of such platforms: Crypterium, Wirex, Cryptopay, Amon, Saifu, Paycent, Zodiaq, Airtm, Bloom Solutions and others.

Cryptocurrency purchase rate is usually more profitable than on exchanges and exchangers. Transfers in cryptocurrency within the system will cost free, outside the system – from a few cents to a few dollars. For its conversion in fiatnyh funds and transfer to a bank account will have to pay 2−4% of the amount. In fact, this is an analogue of a bank transfer, but allowing the use of cryptomonettes.

As a result, such a transfer is only slightly more expensive than a Fiat Fiat scheme (conversion takes place in both cases). But it can be faster: from instant (if you already have funds in the accounts) to indefinite (due to the workload of the blockchain ). In any case, the course is floating and it is not known in advance how much the recipient will receive.

When transferring money using cryptocurrency, there is no universal or optimal way: every time you need to focus on the situation on the market, the conditions of specific sites and services. The preferred transaction method using cryptocurrency abroad depends on how easy it is for the recipient’s jurisdiction to convert this currency to Fiat.

Timing . Depends on currency, stock exchange and network load (the size of the memory) and take from moments to several days. At best, it will take half an hour to transfer Bitcoins, at worst – the translation may hang for a few days.

Restrictions on the amount . There are no restrictions.

Conclusion in fiatnye funds . The easiest way to implement through the stock exchange and exchangers. They transfer fiat funds immediately to the recipient’s account, and it is difficult for the bank to track the source of money. You can also register in one of the crypto banks, linking your bank account to your account.

Approximate costs for transferring money using Bitcoin through the Exmo Exchange :

Fiat transfer using cryptocurrency: convenient, but not for all

Cryptocurrency as an international transfer method has obvious advantages:

  • Low or penny commissions;
  • Lack of intermediaries;
  • There are no restrictions on the amount of transfers;
  • Without legal restrictions;
  • Anonymity.

In fact, all these advantages are relevant only if you transfer the crypt from the wallet to the wallet. The legal status of cryptocurrency has not yet been determined and the difficulties with regulation have not been resolved: in most cases, transferring fiat funds using cryptocurrency is semi-legal, and the most important thing is that it is not very profitable.

Roman Zabuga, a spokesman for the Wirex platform, remarked: “Cross-border crypto transfers are more convenient and faster than classic ones if you already have cryptocurrency. Otherwise, the purchase and transfer of coins will require users to take actions that may seem overly inconvenient to those who have not dealt with the crypto industry. ”

During the existence of the cryptocurrency revolution in cross-border transfers has not happened. Bank transfers are still the best option: they are cheaper than the services of electronic and international payment systems, and also simpler than transfers using cryptocurrencies, moreover, they use absolutely legal schemes.

Bank transfers lose only in speed and requirements for documents. For urgent transfers or cash transfers, international money transfer systems are more suitable. For anonymous payments in small amounts, e-wallets.

Cryptocurrencies do not yet have enough simplicity: to send money abroad, you will have to learn how to work with crypto wallets and exchanges, and also worry about how to enter and withdraw money.

Future potential of cryptocurrency transfers

If one day, cryptocurrencies are accepted as a complete means of payment, intermediaries-cashiers will disappear from the chain, and the entire transfer will cost in cents or a couple of dollars, and, most likely, traditional methods will have to push back a lot.

To bring this time closer, there are more and more projects that simplify the transfer of money using cryptocurrency. For example, the payment application Circle offers transfers in Fiat, but using cryptocurrency. For the user, everything looks as if he is transferring fiat funds, but in reality the service exchanges them for cryptocurrency, translates and exchanges them again for Fiat for the recipient. In this case, users do not buy cryptocurrency on their own, for them it makes the service.

Circle does not charge a fee for depositing, sending, receiving or withdrawing money, keeping from 0.25% to 0.5% for the exchange. While this way you can send only dollars, euros or pounds, and the withdrawal will take several days.

Now cryptocurrencies are not the best option for fiat money transfers. But soon they can provoke a revolution in this area. The more money transfer providers will offer seamless conversions of cryptocurrency to Fiat, the cheaper and more convenient the process will be. The more sellers will accept the crypt for payment, the less will be the need for the actual exit to Fiat.

How do you transfer money abroad? Did you translate cryptocurrency? How did you use it?

Publication date 13.03.2019
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OKEx is going to launch futures on Tron on May 20,



OKEx Crypto Exchange announced the launch of futures contracts for Tron (TRX). A new financial product will appear on the trading platform already on May 20 at 10:00 Moscow time.

Justin Sun, CEO of the Tron Foundation, said that with the launch of the OKEx futures platform on the TRX, the number of transactions with a digital coin will reach 15 million per day. Note that on the eve of the network appeared information that the daily number of users of the platform of decentralized applications from Tron reached 100 thousand, exceeding the achievements of Ethereum and EOS.

The Tron project token currently occupies the 11th position in the cryptocurrency rating in terms of market capitalization. Recently, TRX was listed on the P2PB2B crypto exchange, and the number of smart contracts in the Tron-blockchain reached almost a thousand.

OKEx futures will be settled on a weekly, fortnightly, and quarterly basis. The maximum allowable shoulder size for this derivative is 20x. The new tool will combine data for the TRX / BTC pair, taking into account the performance of three crypto-exchanges – Binance, Huobi, OKEx.

TRX futures

By the way, this week the team Tron left Lucien Chen, technical director of the project. He explained his departure to the fact that TRX is no longer decentralized, now Chen is going to develop his own project, the Volume Network (VOL), which will strive to achieve the goals that were moved to the Tron Foundation.

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The Central Bank of Great Britain for the first time recognized the huge potential of Bitcoin



For the first time, a representative of the Central Bank of Great Britain commented positively on cryptocurrency and Bitcoin , in particular.

For a long time, the British financial regulator spoke extremely negatively about Bitcoin and doubted its reliability as a form of capital preservation.

For example, at the end of April, the Deputy Head of the Office for Markets and Financial Affairs of the Central Bank of the Kingdom, Dave Ramsden, reaffirmed the negative attitude of the regulator to the cryptosphere.

However, this week, the chief economist of the British Central Bank Andrew Haldane, during his speech to the students for the first time, acknowledged not only reliability, but also the gigantic prospects of Bitcoin. In his opinion, the largest cryptocurrency will be able to completely replace cash in the next 20-30 years.

Haldane said that he was following the development of the cryptocurrency industry and was aware of the existence of thousands of coins. Nevertheless, despite the fact that for the first time one of the influential employees of the British Central Bank noted the growing value of Bitcoin, the position of the regulator’s management is unlikely to change anytime soon, analysts say.

But it is quite possible that, following the chief economist, many other senior officials of the Central Bank will reconsider their position, and this will create conditions for the British Bitcoin regulator to be fully recognized as a reliable payment instrument.

Publication date 19/05/2019
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OKEx Exchange will launch TRON

OKEx cryptocurrency exchange announced the launch of TRON (TRX) cryptocurrency futures. TRON (TRX) futures trading will be available from 08:00 May 20, 2019 (CET, UTC + 1). Details as follows: https: // – OKEx (@OKEx) 17 May 2019 p. The new financial instrument will be available for trading on Monday, May 20. The following are the specifications of the TRON futures: […]



cryptocurrency futures

OKEx cryptocurrency exchange announced the launch of TRON (TRX) cryptocurrency futures.

The new financial instrument will be available for trading on Monday, May 20. The following are the TRON futures specifications:

Derivatives calculations will be made on a weekly, fortnightly and quarterly basis. The maximum possible shoulder size of this futures is 20x. The instrument will be based on data on the TRX / BTC currency pair from OKEx, Huobi and Binance exchanges.

OKEx also reported that more than 557 million OKB tokens were purchased and burned this week. Since the start of the program (May 4, 2019), more than 1 million native tokens of the exchange have been destroyed.

Recall the other day TRON support announced Opera browser.

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