Bitcoin Forum

 I need to send money from Vietnam to the US. A few people told me to try using bitcoin to save on transfer fees and etc. I would love to bypass banksters since they rip me off in the currency exchange rates.
Can anyone offer their insight into the best way to send funds using Bitcoins?
I understand I have to buy the bitcoins locally but then what's the next step?
The sell part and getting the fiat deposited in a bank account in the US is where I am lost.
I prefer to buy and sell quick so I am not so exposed to price fluctuation.

Anyone please guide the newbee here.
Thanks to everyone who took the time to read my post.

You need a bitcoin ATM to get fiat. Otherwise, you need to signed up into poloniex exchange but they will never confirm your ID before months.

You are in luck, sending money is the only thing bitcoin can do. However if you want to switch back and forth between bitcoin and fiat then you are going to pay for that. Fiat currencies come with lots of rules that you must obey to use. Bitcoin does not have these rules, but if you must involve fiat you gain little.
A much better plan is to use the bitcoin to directly buy things when you get back to Viet Nam. You many find only placed on the net, but you will save money this way.   In the future you may find more places to spend.

I doubt whether it will be profitable for you, but here is an option:

1. Purchase Bitcoins using Vietnamese Dong, through exchanges such as Localbitcoins (not possible if Bitcoins are banned in Vietnam)
2. Convert the Bitcoins to US Dollar using the same exchange (i.e sell your BTC for USD)
3. Give the US bank account details for the 2nd trade.
4. US Dollar will be deposited in the bank account, and your trade is complete.

Ok! So you know how to buy bitcoin. So once you own bitcoins in Vietnam you simply has to send them to the wallet of other party at remuneration in US.
Once that party own bitcoins, it can sell them locally as you bought in Vietnam. Just a reciprocal process and get saved from banks.

Buy BTC for FIAT in Vietnam --> send BTC to US --> sell BTC for USD in local market

You buy BTC using USD in America, you transfer them using any wallet you use (blockchain.info, Electrum etc...) to the address provided from the receiver wallet, After receiving the funds the seller sells the BTC for the local currency using and exchange.
BTC doesn't directly send USD but BTC that are exchanged later for the specific currency, Vietnam should have an exchange I think so the process should almost be automated.

Hello and thank you for your replies. I am not looking to make money just to transfer funds.
So the next step once I have the coins in my wallet is to transfer to an exchange like poloniex or kraken and sell them there and withdraw to a bank account in the US.
Is this the way to go?
fiat held at exchanges like poloniex or kraken can be withdrawn to a US bank account only or any account in the world?

Can you just clarify something... are you wanting to send money to another person? or are you trying to transfer money that you hold in Vietnam and have it end up in your own US Bank Account?

Thank you. I have money in Vietnam and I want it to end up in my own US bank account.

That is correct.
1. Buy BTC with VND.
2. Send it to a U.S. exchange.
3. Sell it for USD.
4. Withdraw to a U.S. bank account.

Thank you Odolvlobo,

So from kraken or Polienex I could easily withdraw cash to my US account once the BTC is sold? Sounds pretty easy.

I doubt you can sell BTC at poloniex for $ and wirthdraw it, you will have to send bitcoins from Poloniex to another service which will transfer USD to your bank account.
You are trying to save some money, but you should keep in mind you will have to pay BTC fees for every transaction too. And you should be very careful if you are doing for the first time.

https://vbtc.exchange/

As of now, the legal status of Bitcoins in Vietnam is still unclear. It is not regulated by the government. But I heard that the government is currently developing a legal framework to deal with Bitcoin transactions. But it won't be ready before 2018.

You must have the wallet address first in blockchain or myetherwallet if you have lots of smart token altcoin ETH,
And can buy and sell at your local state exchange in the trust and the value of his transfer was berpariasi and relative, but with ease you transact on altcoin with your easy money in an instant move wallet

go to, localbitcoins.com ,
find someone in your area with bitcoins and with lowest rate, buy bitcoins from him.
send to your guy using any online wallet.

there are better exchanges for USA, like Coinbase

You buy bitcoins in Vietnam, then send them to exchange in USA for example bitstamp/gemini and there sell them and sent from exchange USD to anyone you want

Agreed. Coinbase is a good, user friendly platform for those new to cryptocurrency.

If the core part of 'user friendly platform' is going down every so often due to not building up enough of a good framework to be able to support the influx of people on the site. And shutting down every time the price goes up a good amount. Plus, taking a ton of time to get the account confirmed and having one of the shittiest customer supports in all of history.
If all of this is part of your 'user friendly platform' then yes, I'd love to use coinbase.

You buy BTC using USD in America, you transfer them using any wallet you use (blockchain.info, Electrum etc...) to the address provided from the receiver wallet :-X

ill try to help this would be easy. steps are below

1. install btc wallet app just like coins.ph ( you and the person who you are sending money )
2. send your btc there at your app. btc address will be given there at the app.
3. ask the btc address to whom you are sending the money.
4. then send

thanks

i think there are wallets that allow you to send/transfer btc from one another.
in our case in the philippines we use coins.ph
however, i'm not sure if this is applicable when transferring from another place to another place.

It's not much critical issue at all. There so many options you can convert your fiat to digital Bitcoin currency simply. Here, localbitcoin can be recommended as well you can buy Bitcoin from your area. Search Facebook buy-sell group or find out trusted seller.