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

[lambdaE]

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.

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[Darker45]

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. 

[Juggy777]

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 They are converted to btc on Poloniex, moved to Gemini, then converted to USD and withdrawn to my bank.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

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.

[digaran]

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.

[lionheart78]

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.

[GMPoison]

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

[ACAB]

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

[royalfestus]

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).

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.

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?

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.

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

[SvenBomvolen]

   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.

[n0ne]

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.

[TheLateGuy]

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.

[bryant.coleman]

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.

[severaldetails]

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.

[Tanic]

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.

[BeGoods]

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.

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%

[Zaget]

Around seven percent.

[Marvell1]

Around seven percent.

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

[mastica]

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.

[BossMacko]

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.

[The_Dark_Knight]

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?

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.