[Buy Bitcoin] 2% of Google Price?

[vek.m1234]

Is it possible to buy BTC at 2% of the international-exchange price? Sellers here want 5%+ which is pretty steep. I want 50K INR worth of BTC in 4 transactions (live in Bangalore and can pay IMPS, Bank Transfer, or cash - Indiranagar area).

[1715140637]

1715140637

[1715140637]

1715140637

[1715140637]

1715140637

[bitcoinisbest]

No , I dont think so in India that price of what you require is applicable here. India have its own price though its exchanges or sites. So really doubtful if people in India will sell @ International rate because I think they themselves do not buy from International exchanges.

[Sahyadri]

Is it possible to buy BTC at 2% of the international-exchange price? Sellers here want 5%+ which is pretty steep. I want 50K INR worth of BTC in 4 transactions (live in Bangalore and can pay IMPS, Bank Transfer, or cash - Indiranagar area).

The luxury of buying at international rates or 2 to 3% higher is not available to us Indians. In India the prices are 5 to 10% higher than International rates.

[vek.m1234]

ah well.. not entirely true.. India doesn't mine BTC all that much so there's a net inflow of BTC and a net outflow of INR. But you are correct, since it's a different market. However, the bank charges $10 for every $2000 sent out so 0.5-1% is the actual cost. The guys here are charging 5% so there's plenty of room to reduce rates. Using netbanking I can buy $2K worth of BTC online (and this is from the State Bank of India which charges a bit more) actually if some of you are interested maybe we could pool funds and buy. (There may be hidden costs that I have not factored in like correspondent bank charges for SWIFT etc but might be doable)

[Sahyadri]

From what I have researched the resulting cost is not below 7%

If the exchange rate of USD is Rs.67/$ bank will sell you USD at Rs.70/$. Here itself we loose upto 5%. Most exchanges won't accept Wire transfer from India so we have to route the money through some transacting agency which would charge 2% for their service.

[nizamcc]

From what I have researched the resulting cost is not below 7%

If the exchange rate of USD is Rs.67/$ bank will sell you USD at Rs.70/$. Here itself we loose upto 5%. Most exchanges won't accept Wire transfer from India so we have to route the money through some transacting agency which would charge 2% for their service.

It is still not profitable as I have calculated the costs before trying this, I already had such idea in my mind and have a friend too in USA, but he said that it is not possible to make profits and wire transfer charges as well as buying fees will make you nothing unless you have some huge volume of BTC to be bought there.

[IGCGamers]

From what I have researched the resulting cost is not below 7%

If the exchange rate of USD is Rs.67/$ bank will sell you USD at Rs.70/$. Here itself we loose upto 5%. Most exchanges won't accept Wire transfer from India so we have to route the money through some transacting agency which would charge 2% for their service.

So what do you think is the best solution?

[legendster]

From what I have researched the resulting cost is not below 7%

If the exchange rate of USD is Rs.67/$ bank will sell you USD at Rs.70/$. Here itself we loose upto 5%. Most exchanges won't accept Wire transfer from India so we have to route the money through some transacting agency which would charge 2% for their service.

So what do you think is the best solution?

Buy with fees and stop being frugal? Indians default at this mentality.

Also, buy a miner and get free Coins.

[vek.m1234]

guys the whole point of Bitcoin is to replace the existing currency setup - therefore it's got to be less than debit card fees which is <5% Transacting using BTC costs more time and money than card fees

[newinbtc]

From what I have researched the resulting cost is not below 7%

If the exchange rate of USD is Rs.67/$ bank will sell you USD at Rs.70/$. Here itself we loose upto 5%. Most exchanges won't accept Wire transfer from India so we have to route the money through some transacting agency which would charge 2% for their service.

minimum percent,  i have seen is 5-6% on localbitcoins as compare to Google rate

Current google rate - 77193 Rs.
Localbitcoins rate - 81350.00 INR to buy bitcoins via IMPS

So Basically - 77193*0.05  = 3860 rs here 0.05 is 5 Percent margin

and their is rate difference is about 4200 rs . Minimum rate you will get 6% From google rate This happens only due to Indian Bank charges.

[vek.m1234]

Nope - bank rates are very nominal. Consider the options:
SWIFT - SBI/HDFC charge rs:500/transaction
DD - Rs:100 (does not involve SWIFT - though the banks try to hoodwink you)

Basically no exchange will trade with you - they've formed a cartel as far as i can tell - all that money laundering stuff is a lame excuse since we go through the existing banking system.