Using BTC to send funds cross-border (in current day)

[SnowMonkey_CG]

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

[OmegaStarScream]

It depends on the amount we're talking about here but the recipient (If he's simply not willing to have his name related to crypto) could always open a Skrill or PayPal account where you send him the funds and then he could withdraw to his bank account. If you don't mention anything on the transaction's description, no one would know the reason behind the transaction.!

ATMs are out of the question, especially If the amount is big but he could find local traders where he meet up and trades face to face using cash.

[bitbunnny]

It largely depends on the amount of money you want to send but again few smaller transactions are always an option.
There are some instant payment services available online but I don't know if they are applicable in both countries. There is also a possibility to send money on one of prepaid cards but like I say much is depending on amount, currencies, local regulations etc.

[figmentofmyass]

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

given the conversion fees (to buy and sell bitcoin on each side) wouldn't it just cheaper to use a bank wire transfer? unless the banks are really screwing you on the exchange rate. this plan might make more sense if you already had bitcoins (or the recipient wanted them) but otherwise, i'm not so sure.

[Pursuer]

But the recipient is unwilling to <...> Or must I wait for the industry to mature further?

I have faced the same problems both in paying others and wanting to be paid by others and I have to say this has nothing to do with "industry maturing" or anything, the problem you are facing is with the other party and their unwillingness to accept the payment method you are offering them.
for example PayPal has been around for many years and it is mature but if you were to offer PayPal to many people around the world they will not accept it because they don't want to and you can't change that not with time nor with anything else.

[Remainder]

You cannot send that money if the recipient is unwilling to accept bitcoin as payment.
I did some research and I think Malaysia is a crypto friendly country, found this Meet the 56 Cryptocurrency Exchanges in Malaysia Registered with BNM.

It's easy to send BTC for you to one of the exchanges listed if your sender will create a wallet but if he has no idea about crypto, transaction would be hard.

[princeyeboah]

Of course, Bitcoin has been my number means of sending funds across countries especially to family and friends in just some few clicks. With Bitcoin, I feel a master of my own transactions without having to walk to the bank, join the long queue and fill any lengthy forms. Sending funds with Bitcoin has no boundaries because you can send any amount without having to be questioned or penalized.

[AGD]

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

He could use Bisq to sell BTC in Malaysia face to face or any bank account or whatever.

[partysaurus]

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

if we are talking large sums and you dont want to spend a fortune btc is a good option but if your friend dont want to open a btc acount the bank transfers is one of your options or using other payment providers that send money cross borders but htey cost alot.

[Pixyoxx]

Sending funds globally using BTC is a good idea.

1. I am from India but I study in Ukraine so if I want my loved ones to send me funds through net banking to my Ukrainian bank account the bank from both countries and taxes etc charge upto 10$ extra but btc are directly transferred to websites like localbitcoins.com then I can save upto 6-7 $.

[magneto]

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

Since he is unwilling to open any crypto related accounts, then you essentially have to perform both the buying and selling for him.

I still think that selling for MYR through p2p trading will make the most sense, although you can buy through a licensed exchange at a better rate.

I highly doubt that you're going to be flagged by sending it to a p2p exchange like LBC, and then putting in the recipient's bank details directly. Most of the time, the account holder information is completely irrelevant anyways if you're on the receiving end.

In fact, you don't even need to get verified to sell to most ads on LBC. I'm not sure about the current state of Paxful, however.

[squatter]

He could use Bisq to sell BTC in Malaysia face to face or any bank account or whatever.

I don't think Bisq has a market for BTC/MYR. It's not listed here under their active markets. Hodl Hodl also has no listings in Malaysia. P2P liquidity is hard enough to find in the United States and Europe. I don't think there are many options in Malaysia outside of Localbitcoins and Paxful.

Paxful is possible without KYC for under $1,500 in trade volume. I'm not sure how much the OP is trying to send, but maybe the recipient could do it in increments through different accounts. I'm sure that's a violation of Paxful's terms, though.

[Reid]

But the recipient is unwilling to open any crypto related accounts currently and, due to AML,

Since there is AML already then I am guessing this are large amount converted vice versa.
Paypal could be one of your answers if he wont really try to create a wallet whatever reason he could have.

Now, you could just create a Paypal account and then put it all there. Give him the account name or log in details.
Worse case scenario will be, he doesnt know how to use the internet. 

[nemey]

Do you know the reasons for the recipients not receiving the Bitcoin as the payment method? Sometimes, it may be influenced by the understanding of the recipient about Bitcoin. However, if he is really not willing, you must follow him and cannot force to use BTC because it may give you some problems in the future. You may use PayPal or other payment methods that probably he will accept and you can do it.

[LeGaulois]

He can opt for Transferwise and maybe Uphold. Basically, both open an account, @OP top up his account in GBP and send to his friend. Then his friend credit his bank account. There are so many solutions that @OP doesn't even need to use a cryptocurrency (since his friend don't want to be related with an exchange)

[Youghoor]

The best option is to convinced the person you are sending the funds to get a bitcoin wallet and generate an address to receive the funds. It will be easier that way than any other options available.  This will even cut down the fees needed for cross border transactions....

[kerneal]

My personal opinion is that the current Credits platform is still in alpha phase, but it looks fast, really fast. I have been impressed with the marketing of the coin and am hopeful they can get listed on a big exchange. They released a pre-Beta in March which is downloadable and testable. The full beta which will have smart contract ability will be released soon. Generally, I think Credits has been one of the most transparent crypto team on the planet.

[Upgrade00]

This will even cut down the fees needed for cross border transactions....

It would not really... The sender would have to buy bitcoins on an exchange, and pay conversion fees, send the Bitcoin and the receiver would also buy cash using bitcoins, as he/she isn't interested in owning BTC. This would increase the cost of transaction.
If he's going to convince the receiver to transact using bitcoins, they could as well learn about the utility and applications of cryptocurrency, this would make them aware of it's worth. But if it's an emergency and Bitcoin can not be used as a form of payment for the product or service. Then the conventional means of transfer would be more convenient

[serjent05]

I believe you should wait until the recepient aggrees to open a crypto related account.  Else, you will be forced to use Bank to bank transaction.  Or you can use the services listed on this site : https://www.buybitcoinworldwide.com/malaysia/ and send the cash to the recepients bank account or thru remittance.

[bozo333]

Hi all,

I have money in a UK bank account and I would like to send it to somebody in Malaysia.

It seems simple enough to go GBP -> BTC then BTC -> MYR.

But the recipient is unwilling to open any crypto related accounts currently and, due to AML, I cant use, for example, Local Bitcoins combined with their local bank account (as it's in a different name and would fail verifiation).

Is there any other way currently?  Or must I wait for the industry to mature further?

actually not all the users and localbitcoins asking for your personal information and KYC verified details to open the trade. There are some traders still available without any bars like that.
So you directly take your friend to your lbc wallet and open a trade for Malaysian ringgit and search for bank transfer or cash deposit for your client who is there. It will be helpful to avoid the double time conversion.