How to use bitcoin for international money transfer?

[Owasisjim]

I've been holding on to some bitcoin for some time, I never had any practical use for it, because I earn money in fiat and most (all) of the merchants I regularly interact with do not accept bitcoin. I firmly believe in the near future we will see more and more acceptance, and I would like to be part of the solution.

I need to transfer a couple of thousand euro's from europe to Canada. I do have a european bank account, and can make the transfer into my canadian bank account. This will cost me whatever exchange rate the bank charges me from EUR to CAD and another +/- 50 euro transaction costs on top of that. https://btc.cnv.to/usd My money will disappear from my european account and in a snappy 2 weeks, it appears on my canadian bank account, and they send me a paper notice of that in the mail.

In the end, this system works... I was wondering if there are not more efficient systems to do this with bitcoin that are at the same time cheaper too. I can buy BTC via simple bank transfer and an exchange from my european bank account (I am exposed to the EUR/BTC exchange rate the exchange offers). As I need CAD to spend, I need to make the opposite transaction. How do I convert BTC into money on my canadian account? Without being exposed to "bad" exchange rates that would cost me more then doing a bank transfer. At the moment I can not figure out a cheaper way to transfer money using bitcoin.

Thanks

[diazepam666]

Here is the simple steps to exchange your bitcoin to others in the different countries using localbitcoins.com in this website you have a crazy option like selling your Bitcoin to anywhere in the any country using the bank account and online wallets.
So if you have friend in some other country I can get his bank details and open retreat in that country by searching the location and you can transfer the money easily without any big fees kind of issues.

[GreatArkansas]

There  are some  legit exchange there for sure, but the only problem is their KYC, because for sure they are totally strict when you are from United States.
The best way to do is what diwzepam666 said, find in localbitcoins or any people who want to sell their Bitcoin to you, much less transaction fees and buy/sell spread price for sure. Just be careful on some scammers, much better if you do it personally, meet up.

[AjithBtc]

There  are some  legit exchange there for sure, but the only problem is their KYC, because for sure they are totally strict when you are from United States.
The best way to do is what diwzepam666 said, find in localbitcoins or any people who want to sell their Bitcoin to you, much less transaction fees and buy/sell spread price for sure. Just be careful on some scammers, much better if you do it personally, meet up.

These days localbitcoins.com have stopped the meet up and trade access stating some regulatory issues. Localbitcoins is the best platform to transfer funds to banking accounts, and here Op has got the accounts in both the countries then it is a simple task to sell bitcoin for the respective currency. With localbitcoins you get access to trade with large number of traders with various trust factors. You can contact and make the trade with the one you feel trusted.

[sheenshane]

snip-
How do I convert BTC into money on my canadian account? Without being exposed to "bad" exchange rates that would cost me more then doing a bank transfer. At the moment I can not figure out a cheaper way to transfer money using bitcoin.

As a suggestion above that, you can use Localbitcoin.com to convert your Bitcoin into your local currency but first, you should pass the KYC/AML verification. Once it is converted to your local currency, it is now very easy to transfer via bank to bank transfer. But the question is, are you willing to submit KYC/AML verification on that exchange platform? (Explanation regarding the KYC process, AML/KYC Explained)

I also found an exchange platform that can able to convert your Bitcoin into Canadian currency, try this platform https://www.coinberry.com/ and I'm sure it requires to submit KYC.

[mersal]

There  are some  legit exchange there for sure, but the only problem is their KYC, because for sure they are totally strict when you are from United States.
The best way to do is what diwzepam666 said, find in localbitcoins or any people who want to sell their Bitcoin to you, much less transaction fees and buy/sell spread price for sure. Just be careful on some scammers, much better if you do it personally, meet up.

These days localbitcoins.com have stopped the meet up and trade access stating some regulatory issues. Localbitcoins is the best platform to transfer funds to banking accounts, and here Op has got the accounts in both the countries then it is a simple task to sell bitcoin for the respective currency. With localbitcoins you get access to trade with large number of traders with various trust factors. You can contact and make the trade with the one you feel trusted.

THis could be the best possible solution for OP but as others asked he is willing to give his ID for KYC? Even localbitcoin changed their terms which got updated on 31st OCT since that you have to verify your account for making any transactions or trades and different requirements for different tiers.

You can also try localethereum which is pretty much same as localbitcoin but there is no KYC procedure.

[rijaljun]

There are many ways to do this, but it won't be enough efficient and cheap since Bitcoin is not really stable, it's volatile. Theoritically, your transaction would be easier, faster and has cheaper cost but practically you could face high exchange cost rate and complicated methods.

But you should try to use localbitcoin, but you don't transfer it and just exchange it (EUR to BTC to CAD)

[LeGaulois]

Your European bank account won't be needed unless you have no choice.

What you could do is:
- Sell your btc for euros
- transfer euros to your EU bank
- Transfer to Transferwise>convert to CAD
- transfer to your local bank account in CAD.

Time-consuming and you could end up with paying ~2-3% in fees to do the transactions/conversion

Since you're Canadian what you need to look for are exchanges using Interac e-Transfer

edit:
Found this, see this list https://www.buybitcoinworldwide.com/en/buy-bitcoin-interac-online/

[MURONDI]

many people make exchanges on localbitcoin from various countries, You can try it there, but be careful of con artists, find a reputable trader, or you can trade using Stablecoin Euro.

[mersal]

many people make exchanges on localbitcoin from various countries, You can try it there, but be careful of con artists, find a reputable trader, or you can trade using Stablecoin Euro.

Yes,this is an important point for someone who is new to localbitcoin,at least find a trader with 100 completed trades and also read the feedback history of person,if he don't have any positive feedback in recent times then it could be hacked account so be ware of this issue as well.

[GreatArkansas]

There  are some  legit exchange there for sure, but the only problem is their KYC, because for sure they are totally strict when you are from United States.
The best way to do is what diwzepam666 said, find in localbitcoins or any people who want to sell their Bitcoin to you, much less transaction fees and buy/sell spread price for sure. Just be careful on some scammers, much better if you do it personally, meet up.

These days localbitcoins.com have stopped the meet up and trade access stating some regulatory issues. Localbitcoins is the best platform to transfer funds to banking accounts, and here Op has got the accounts in both the countries then it is a simple task to sell bitcoin for the respective currency.
(...)

Oh, I see, that's sad to hear. There are still lot of ways he/she can convert the fiat to Bitcoin, especially for peer to peer. There are lot of platform nowadays, even non-crypto platform. You can also seek in some social medias or different internet forum where you can find some people who want to sell their Bitcoin.
I also experienced that here in our country, but make sure  to transact on the legit person, and much better to do meet up.