Bitcoin Forum

How much does it cost for you guys to convert to fiat, and is the converting process convenient for you?


I'm new to mining and over the past 3 months and mined about $500 of various cryptos. They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.
My bank fees are about 8% unfortunately. I'm in Hong Kong and have no easy access to US banks or btc to Amazon gift card services. Any tips on lowering these fees?

in my country it's very easy to convert BTC to Indonesian Rupiah, just sell my btc at vip.bitcoin.co.id with fee only 1%
why you use usd ? why not to sell your bitcoin at local exchanger, i think you will get lower fee.

it is very different from country to country and only depends on the method you use to convert to USD.
for example there are many exchanges you can check out yourself and read their fee rules for withdrawal.

but where i live, since there is no exchange that works with banks in my country, i am forced to sell to individuals (similar to selling on localbitcoins) and receive the money from them. there is no fees there but they mostly give a lower price. although i have found someone who offers me a pretty good deal, so you may want to look around a bit too.

On the exchange that I use I think I only have something like 0.5% fees, might be a bit smaller than that, since I never really paid attention to how much.

If I'm correct, the exchange I use also only taxes buy orders instead of everything, so its even cheaper to move money from Bitcoin to dollars, but what's the fun in that?

I pay a 1% fee on my exchange and they also report all transactions to the IRS, so I have to pay Capital Gain taxes on all my trading profits. I can also buy/sell bitcoins directly to people and then smaller fees are usually worked into the transaction, but that seldom happens. I do not trust these direct person to person deals, because of the trust issues when you work without Escrow services. ^hmmmm^

 

i think its about 1%-1.5% but i think its fine for me, because i only sell my bitcoin with my friends which is receive the exchanges too like other third party.

In my country there is not an exchange from bitcoin to fiat except if any body uses an ATM machine. If anybody wants a more permanent cooperation then uses Kraken and the rest of exchanges. Others they use cards (load in btc and withdraw to fiat). So it's usual most times face to face deal with trusted persons or using banks (SEPA, Web banking).

In our local exchange the fee varies depending on where you cash out (it's available in pawnshops for example). I don't know the actual percentage but I know there are some that charge a fixed fee instead. I've only tried banks, they don't charge anything.

I think I only pay something like 0.3%, I only notice fees whenever I sell something and for a majority of the transactions I make on the exchange (one way $200-ish a few days ago) I paid only something like a dollar on the exchange.

If anything I think they tax buy orders more, likely close to 1-2%. Never been a noticeable issue for me though.

I don't pay a fee.  The fee is paid to me.

I have a valuable thing that other people want (bitcoins). If they want them, I require that they pay me a fee. Then I let them have the bitcoins.


It is convenient for me, but it probably helps that I'm not in a hurry to convert.

I simply put a listing on localbitcoins.com and then wait for someone nearby to want some bitcoins.  They pay me for the bitcoins PLUS the fee that I set when I created the localbitcoins advertisement, and I send them the bitcoins.

I'm convert at local exchange and consider as my friend (friends of my friend ;D).
He give me good price and decent fee just like 0.04% for every transaction as I convert in small amount such as BTC0.05-0.1
Faster and trusted exchange I think, just sometimes he's busy and I have to be patient waiting for transaction.
I suggest to looking for local exchange in Facebook or bitcoin community in HongKong, There must be some of them offered convert services.

yup me too, i am prefer to exchange with my friends too because i know him and he is one of my closest friends so i am believe him, and for the % fee, sometime my friend don't want to take any fees because he make big profit with the other people that withdraw with him. but i think i am pay my fee is about 0.1 % as i don't thinking much with fees.

I think it is the custom fee from your friend, if you were close to him you could ask him to lower the fee to 0.5% as much as I did on my friend :D its more profitable lol

In our country the fee in converting our bitcoins to fiat currency is less than one percent. IF we use remittance centers then the fee is less than 1% but if we send it to the banks there are zero fees at all. Here in the Philippines bitcoin has a big future and has a large market. And since Filipinos are the number one user of social media in the whole world bitcoin has become a second currency.

Usually my online wallet charges 1% upto 2% when converting but its instant and hassle free i cant get my money to ATM or remittance center instantly.

in my country it needs 1% fee to convert it to fiat, to be honest I don't like the procedure to convert it to fiat, because there are so many document that I need to prepare to verify my ID, but because there are no store accepting bitcoin yet, i don't have the choice but to give my ID and pay the 1% fee

i don't convert from fiat to bitcoin, i acquire bitcoin directly, via mining and other way, via minin gyou have basically the fee of the pool which is 1% all the time plus some pool have the fee applyed on the withdrawal

then you have th fee on bittrex/poloniex/etc... to convert your coin to bitcoin, but they are ll very small, if you need then to exchange to fiat i have only 0.9% fee with kraken

your best option is to find an exchange in your own country to exchange bitcoin/altcoins for fiat there because it will be easy and will be much cheaper than any other options.
since you live in Hong Kong you may find the Chinese board here (https://bitcointalk.org/index.php?board=30.0) more helpful to your situation since you can find others there.

I am not lying but when I convert my bitcoins to fiat then I usually make 1% to 10% profit on it sometimes. I live in India and the price of bitcoin is a little bit more than the international price so suppose if you are sending me $100 in bitcoins then I usually receive anything between $101 to $110 when I convert it to fiat currency. However, there is always fluctuation in the price so this is not a sustainable percentage structure.

like someone earlier replied, i know a few people in my locality whom i can have direct trade with at spot prices and thats roughly zero percent. if i cant do it, i will try to look for 0.5% that is what is acceptable for me. i also try to achieve that 0.5% whenever i am moving money from sites. so if the fee is 1coin flat for example, i make it a point to move at least 200 coins or above (how i wish i have that amount in btc lol). if i cant do this, i can tolerate up to 1%. i will only pay more than 1% in fees if i absolutely cannot avoid it. these small numbers can add up especially when you do a lot of moving.

Sometimes I pay around 3-5% fees depending on the need and urgency I need fiat while sometimes if someone asks me to sell bitcoins then I even charge 5-10% of my own :) so its a good business too for me. The problem is that I do not have regular customers and no proper setup for doing the same.

In my country the cheapest is like 3%. That's their conversion rate into local currency and there are possible additional charges depending which do you want to take your cash. 3% is still big for me though as I am usually happy with a 3% gains per crypto trade. 

Why do you have to pay such high fees. There are simpler and better method. Does your country not except paypal. If it does then you would not be required to be paid such high fees. People here convert for free or at a fees. There are many who do it. I think you should look at currency exchange or pm me. I will send you the link, you can check the review and trade, not sure if we are allowed to post direct links. But have a look at the currencies section.

I do this with a local exchange which is automated and I can see the amount of money that I'll receive it even refreshes every 20 seconds and it depends on price of dollar against my country's currency if I'm getting more or less but they always calculate a %2.5 fee in converting dollar to local currency, all I needed first to register with my own credit card and ID verification and the rest happens smooth and easy.

I think the charge when I convert my Bitcoin to Fiat currency is around 3% to 3.5%.  It is quite a hassle because it takes some time to get the money.  Depend on the option we have to choose, it ranges from 30 min. to half a day.  Sometimes the 30 mins. have to wait for 3 to 4 hours.  Kinda frustrating since they do not do what is advertise in their site but this is the easiest way I can conver Bitcoin to Currency.

I think most services charge 1% - 3%, the one I use charges 2.5% so it's not too bad.

I pay 0 fees because im lucky and I have a buyer who buys bitcoin from me regularly who pays me above 3% from spot

I like this thread, this is a real life daily challenge of people staying and dealing bitcoin in some third world countries. If bitcoin need to get global, this must be handled. They cant make exchanges like we do and they need to put it forward as exchange to their daily life. So With the face to face transaction you have advantage of negotiation, however what is the % range of transaction fee.

some exchanges in this area take the advantages that they are few, sometimes some countries do not have more than one exchange, so definitely they exploit those who use bitcoin. Paypal is restricted in some countries to control their fiat value, so dollar get scarce and high in exchange

   I didnt exchange my bitcoina for any fiat yet, I investigate where I can do it and one guy offer to do it for 5 %, that is OK, cause I would need to sell btc for dollars ( exchange will tale fee for that ) then to send dollars and in the end to exchange dollars for my currency. As you can notice process seems a bit hard, so I think 5 % that this guy takes is OK, and all members  here from my country talk good about him.

For the purpose of converting bitcoin to fiat most of the time I prefer to make trade with traders. So only based upon the profit margin I select a particular trader. Only escrow fee is taken additional other than the converted amount of fiat.

I've never been to the only ATM that changes BTC into fiat in my country, but I've been to a country that's close to mine and they offered a 2.6% fee. A few weeks ago the fee was risen up to 3%, which isn't very much for the small sums I'm converting but it's still high compared to the banks' ATMs. I prefer to use the Bitcoin ones with higher fees and be anonymous rather than using the controlled system.

I have used localbitcoins and Bitcoin-based debit cards to convert my BTCs to fiat. Using Localbitcoins is simple, and the fee is usually 2% to 5%. But the problem is that since the cash is credited directly to the bank account, the authorities can track the transaction.

The second option is withdrawing physical cash through bank ATMs, using Bitcoin-based debit cards. This method is more anonymous, but there are multiple fees involved. There is a currency conversion fee, and debit card maintenance fee. Also there is a fixed charge levied for each of the ATM transactions.

I think that I pay about 1.4%
To me that is a very fair price, the site must make a living as well.
Especially because it's based in my home country. So I am supporting economy of my country as well.
That makes me sleep good at night.

I use YoBitc for such kind of transactions and they take 0.2% fee to convert my bitcoins to ruble (Russian currency) and that's it. I almost do not loos anything of my money with such low fee.

if you exchange it to your friend, of course it will be up to you and your friend, it still could be changed according to your negotiations, but most exchanges. provides fee of about 1% -5%

Around seven percent.

lol u guys are paying to convert to fiat? I make a minimun of 3%  fiat side profit selling on paxful

The last time i had exchanged my bitcoin for fiat it cost me nothing, the buyer were a local buyer/seller of bitcoin we do have accounts at the same bank, soo he had paid me the rate of preev without anything up or down the moment of the transaction, i werent lucky because i sold at 700 and bitcoin went into 1100 dollars last year anyway.

Facebook is one of the easiest way to convert bitcoin to our currency or vise versa, I used to have traded several times already we always meet in starbucks and do the trade their. For example he will buy 1 Bitcoin and the current price of Bitcoin is 400$ i will sell 1 Bitcoin to my customer for 390$. You'll only get hassled but 0% scam if you meet up.

About 3 to 4 percent, I have basically the same problem as you since those fees come from my bank, I’m trying to see if other banks have lower fees but, when you talk about bitcoin, they don't even know what I’m talking about, so it has been difficult to know if other banks offer better rates.

I converted my btc to fiat yesterday and it cost me nothing. our local wallet has a feature where you can convert your btc directly to your bank account or any remittance you prefer to get your money, but this is only for verified members. if you use an exchanger well it will cost you around 5% i think.

My exchanger asks me 5% fees if I take e-wallet payments and if I take bank cash he takes 7% fees. Also sometimes when he needs btc he offers me trades with 0% fees and I accept them if I have some btc to sell.

If I need fiat I usualy use localbitcoins because I have trusted trader there who will convert Bitcoins to my local currency and pay it to bank account with very fair and reasonable exchange rate. I think that 5% is acceptable rate, everything above that would be too much to my opinion.

interesting that is very good that you convert your bitcoin into fat without any transacton fee. to me i think i pay 1 percent of total amount while converting bitcoin into fiat currency.and after that i have to pay bank charges for concerting it into my bank account.

i use different exchange and i think that every bitcoin has their price. to me the most reasonable fee is that of Urdu bit they only pay 0.5 percent. tha tis really too much reasonable fee. and that is the reason that i mostly use that exchange.

Base in my caculation with our rates exchanging our bitcoin from that company i think 0.03% base in my own caculation and margin of buy and sell price from their website.. this is cheapest rate i think than the other country..

wow it is a very nice facility dude, in my local exchange, if you want to convert bitcoin  to fiat and withdraw it into your bank. you must verify the data first, then your money will be charged a fee of 1%. but it was not too big

I ever convert bitcoin to fiat with a local exchange, and the fee is 0,8% if I am not mistaken. but when my friend converted it, he sometimes ask for fee around 0-0,5%. he is very kind really. that is why I alwyas convert my bitcoin to him when I need it.