How many % fee do you pay to convert to fiat?

[kykc221]

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 They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.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?

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[Gendange Cak Mat]

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.

[Leonard2016]

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.

[MingLee]

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?

[Kakmakr]

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^

 

[jcojci]

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.

[sportis]

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).

[Mometaskers]

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.

[Yakamoto]

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.

[DannyHamilton]

How much does it cost for you guys to convert to fiat,

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.

and is the converting process convenient for you?

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.

[Rahar02]

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?

I'm convert at local exchange and consider as my friend (friends of my friend ).
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.

[traderethereum]

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?

I'm convert at local exchange and consider as my friend (friends of my friend ).
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.

[NEWGOODOUBLE]

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.

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 its more profitable lol

[Xester]

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.

[pinoycash]

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.

[xuan87]

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

[Amph]

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

[talkbitcoin]

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?

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.

[Dudeperfect]

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.

[iTradeChips]

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.