Need advise for transferring money overseas to buy BTC from the US

[Xeavier]

Hi everyone. I am new to cryptocurrency and I love it. I am buying btc online and there are many reputable sellers overseas offering a cheap price. Their only payment method is Moneygram and Western Union. However, the stores always ask for my ID to verify when sending money like that and it's impossible to do that on the phone. As far as I know, there's a limit of transferring money like that.

I am not a US citizen so I am not sure about the hassle it will cause for doing that. I just did a little under $1k over the last few day. I don't think it's gonna be that simple; otherwise, people will all buy btc from overseas and send money like that. What's your opinion about this?

[paxmao]

I do not advise anyone to ever any of those money transfer methods. There is absolutely no defense against a fraud.

[MoparMiningLLC]

why not just buy from a reputable exchange online? if they are "selling" BTC for cheap, do you mean below market value? If so, that makes zero sense and reeks of a scam. I would be wary if I were you.

[OmegaStarScream]

1. Use Bitcoin ATMs. Fees could be high compared to using an exchange though.
2. Trade with individuals in P2P platforms such as Paxful, Localbitcoins using PayPal, Skrill etc. (beware of chargebacks) or face-to-face.
3. If you're European, try to use Bitstamp, Bitfinex, Coinbase, Coinmama, BitPanda etc.

[electronicash]

localbitcoins should be a good place to start. at least this one is much safer than getting scammed online. so long as you pay on banks or probably meet up in the public place i don't think a scam will ever happen.  the best option would be to do it on exchanges. its not difficult to do it there. there are just people who find it hard to learn how to work it on exchange site.

[Xeavier]

I've tried coinbase but it takes too long for the fund to available, 2 weeks and even more if you keep depositing the money. Coinmama declines my cards 10/10 times although I tried different cards and called the bank each time. Their support couldn't do anything further but advised me to use different cards. LMAO

Localbitcoins is the only site I'm buying btc right now and I just did a few hundreds for each trade with experienced sellers. There are many sellers that offer below market value with more than 1000 positive feedbacks. However, I don't feel comfortable when the store employees check my information each time I use Moneygram. In addition, the sellers always use different names to receive cash for every transaction.

I'm really confused about this as people can always keep using Moneygram to buy btc at the cheap price and then flip it. Is there anything behind those Moneygram transfers? I am just cautious

[jossiel]

I wouldn't trust an exchange that requires an ID and the only payment method is through remittance centers e.g WU & Moneygram.

If you have PayPal, there are exchanges where you can conveniently trade without worries.

1. Use Bitcoin ATMs. Fees could be high compared to using an exchange though.
2. Trade with individuals in P2P platforms such as Paxful, Localbitcoins using PayPal, Skrill etc. (beware of chargebacks) or face-to-face.
3. If you're European, try to use Bitstamp, Bitfinex, Coinbase, Coinmama, BitPanda etc.

Virwox can be his option too for using PayPal.

I'm really confused about this as people can always keep using Moneygram to buy btc at the cheap price and then flip it. Is there anything behind those Moneygram transfers? I am just cautious

How much is that cheap btc?

When you send money to them, you don't have any guarantee that they'll send you back the BTC you purchased.

[Xeavier]

Most sellers offer me more than 10% if I do Paypal. Even if I were a trader, it'd be also hard for me to do it because scammers can accumulate the payment up to 6 months for chargeback. I guess other escrow service is better

On localbitcoins, there are a few experienced overseas sellers (based on his ratings and transactions) with price listed as low as 6000.

[Theb]

You won't be saving anything at all as using Moneygram and WesterUnion will kill you with their high fees and as a remittance businesses they won't be liable on anything if you get scammed with your transaction, you are better off with what they are suggesting you as alternative. Fees will depend on what country you are sending and it could go as high as 100$ or 10% of what you are sending. I really wish you could take advantage of their prices but the payment methods they are only accepting will not give you the deal you are hoping for.

[MoparMiningLLC]

Most sellers offer me more than 10% if I do Paypal. Even if I were a trader, it'd be also hard for me to do it because scammers can accumulate the payment up to 6 months for chargeback. I guess other escrow service is better

On localbitcoins, there are a few experienced overseas sellers (based on his ratings and transactions) with price listed as low as 6000.

why would they sell for 6k if they can very easily sell for more on an exchange? I dont get the point of selling for less. Is it to avoid having the transaction documented in an exchange?

[Xeavier]

I guess, sometimes, people need emergency cash. That's why they were selling it for cheap. However, there is no one selling at a low price at the moment.

Moneygram limits 3k/month, in one year, it'll be 36k. Combining with other services, the total balance can go up to 100k. Will the government keep an eye on you as you send a large amount like that every month? Who knows if that seller is using the money for doing bad things. The point is doing that legit and staying out of trouble.

[gembirdprivate]

Positive. Buying bitcoin abroad and selling it more expensive from us is great.
I am sure that the problem with the confirmation of payment will disappear very soon.

[darkangel11]

Avoid those private money transferrers. What may look like a bargain if you compare your local prices with the ones in the US will turn to be exactly the opposite when you weigh in the risk of having your transfer delayed or blocked and the fees that they'll charge you. Note that some of these companies treat people who send money from one part of the world to an Bitcoin exchange in another part of the world. This looks to them like money laundering, terrorist activity or some other illegal thing. Best case scenario you'll get on some government watchlist. Not worth it! Choose a p2p European exchange that accepts direct bank transfers, like bitcoin.de.

[OmegaStarScream]

Most sellers offer me more than 10% if I do Paypal. Even if I were a trader, it'd be also hard for me to do it because scammers can accumulate the payment up to 6 months for chargeback. I guess other escrow service is better

On localbitcoins, there are a few experienced overseas sellers (based on his ratings and transactions) with price listed as low as 6000.

An escrow service is pretty much useless when it comes to reversible transactions such as PayPal, Skrill, Neteller etc.

Virwox can be his option too for using PayPal.

Virwox is not really worth it, the fees are too high and even though there is no verification needed, you will need to have an old account If you want to buy any significant amount.

[cryptothief]

I've tried coinbase but it takes too long for the fund to available, 2 weeks and even more if you keep depositing the money.

Is there a reason why a two week delay is a concern? I wouldn't have thought it to be that relevant. Just transfer the money in and wait until you're comfortable with the price before buying. No point rushing to buy, just transfer the funds in as and when you have them. That would be my plan of action anyway.

[jossiel]

Virwox can be his option too for using PayPal.

Virwox is not really worth it, the fees are too high and even though there is no verification needed, you will need to have an old account If you want to buy any significant amount.

Yeah that's one concern for Virwox and that is just an option but if there's some other place that has cheaper, faster and more convenient way of buying BTC, put Virwox at the least priority.

[DanieIssac]

In my opinion, buying a bitcoin abroad seems risky, no one is sure you will not encounter fake online sales, you can lose money and it's hard to get back.