USDT (erc20) to USD

[Maus0728]

Greetings,

Is there any alternative way to exchange USDT(erc 20) to USD and then transfer it to Paypal?

I have a client who is paying me USDT(erc20) token for a graphic design service and I decided to receive it using Trust Wallet. Is trustwallet a good idea to receive and exchange this token in the first place? Because according to Binance, trustwallet is their official cryptocurrency wallet making me believe that i can exchange it to fiat immediately. The problem is, I can't see USDT/USD pair.

Note: I chose to post it in here because I think I can't get any useful response in Altcoin Discussion. If there is any suggestion for a more appropriate section, I will be more than happy to move it. Thank you.

Additional readings about stablecoin:
[1] https://bitcointalk.org/index.php?topic=5204055.0 - tried searching for USDT in bitcointalk and I accidentally landed here in this useful thread, so I think it is worth mentioning.

[BIT-BENDER]

Since it's a payment for your services you want to render to the client why not demand/ask to get paid in bitcoin? Well I researched using some key words from your post and got some feedback
https://www.bestchange.com/tether-erc20-to-paypal-usd.html
Do more research I hope you get your answer.

[joniboini]

I usually do this conversion by using my local exchange. If you don't want any KYC and stuff then I suggest to do P2P on this forum or any other dex. Because you're touching fiat to crypto here, I bet you can't use centralized services easily. And Trustwallet is indeed not supporting any fiat conversion.

[OmegaStarScream]

The exchanges from BestChange tend to charge high fees. I'd go with P2P as suggested by joniboini, LocalCryptos is a good one.

If you're eventually planning to withdraw your PayPal funds to your bank account then why not use a local exchange instead? If you're from Philipines as I think you are (by looking at your post history) then you should look into Coins.ph[1] or PDAX[2]. Not entirely sure whether they support USDT, but that shouldn't be problematic, since you can always exchange it for BTC.

[1] https://bitcointalk.org/index.php?topic=5185559.0
[2] https://support.coins.ph/hc/en-us/articles/202398194-Which-cash-out-methods-are-available-

[pakhitheboss]

The only exchange where you will find USDT/USD pair is Bitfinex. That is the only exchange I know. Payment processor Payoneer converts Bitcoin to USD but the charges are on the higher side.

I would recommend a local exchange where generally USD is paired with the local currency. For example, in my country India, WazirX exchange has USDT/INR pair. Which basically becomes easy if clients pays in USDT to me.

It is better to always accept Bitcoin because it is very easy to convert it into Fiat.

[Maus0728]

The exchanges from BestChange tend to charge high fees. I'd go with P2P as suggested by joniboini, LocalCryptos is a good one.

I usually do this conversion by using my local exchange. If you don't want any KYC and stuff then I suggest to do P2P on this forum or any other dex. Because you're touching fiat to crypto here, I bet you can't use centralized services easily. And Trustwallet is indeed not supporting any fiat conversion.

Thank you! It looks like I don't have any option but to finally try using LocalCryptos and eventually transfer them to Paypal and convert to our local fiat currency. Also, we have a cash app wherein it can be linked with Paypal.

I just thought that it was possible to directly convert them using trust wallet but it's not  . Anyhow, thanks everyone.

[Wenbing]

well, if you don't like any of the above suggestions, why don't you look at one other alternative way, though quite different.
you can receive the payment directly as fiat, then when you get the funds to your paypal account, you can use it to buy coins and wait for it to appreciate before converting to fiat for your use.

I feel that should be another way.

[Darker45]

Thank you! It looks like I don't have any option but to finally try using LocalCryptos and eventually transfer them to Paypal and convert to our local fiat currency. Also, we have a cash app wherein it can be linked with Paypal.

Do you intend to use the money through Paypal? If yes then this is an option. But if no then you don't really have to pass through Paypal in order for you to finally get that money in local fiat.

It looks like you're gonna pay more withdrawal and exchange fees than necessary in doing that.

You could actually withdraw your USDT from your Trust Wallet to Abra or Binance, do the conversion there, and finally withdraw the money through banks or remittance center. Or you could actually save the exchange fee if you just directly sell P2P your USDT in Binance for PHP directly to your bank account.

[Oyarebu]

If your country support Binance exchange then worry no more, you can directly exchange your USDT to USD without any hassle. This has been my operations on Binance exchange and you can try it out. As suggested above,  bestchange is one of the many exchanges that support this means.

[Charles-Tim]

This is not hard, how are you sending to fiat before? Is it through bitcoin, ethereum, ripple or any other coin? You will have to give the person an exchange tether address, telling him to send you the tether through the address. You can use good exchanges like binance or kucoin for that or any exchange you use and like. You can convert easily to any of the coin you do receive fiat, it is as simple as that.
 

[Maus0728]

Do you intend to use the money through Paypal? If yes then this is an option. But if no then you don't really have to pass through Paypal in order for you to finally get that money in local fiat.

It looks like you're gonna pay more withdrawal and exchange fees than necessary in doing that.

There is an option in Paypal wherein you can easily exchange USD to our local currency (PHP) without having to worry about exchange fees that may occur. They also provide free money transfer if you decide to transfer your money from Paypal to our cash app (Gcash)  

Or you could actually save the exchange fee if you just directly sell P2P your USDT in Binance for PHP directly to your bank account.

Thank you for the alternative other than using LocalCryptos, I'll definitely check that out, I forgot they got an update with regards to crypto to PHP exchange.

[Krislaw]

I guess that shouldn't be much of a problem. You can swap your USDT for BTC/ETH and look for someone willing to take your BTC and send you PayPal in return.
Since PayPal is very easy to request refunds, especially during a P2P deal. I would recommend using trusted currency exchange services like this one

[peterurb]

I know P2P exchange LocalCoinSwap, where you can trade also Altcoins and your USDT (but it has extremely huge fees). But if you are worried, that your BTC will lose price though the time of changing it. It takes only few minutes to change it so you will not lose so much money.

[Lordhermes]

It would have been better if the client paid in bitcoin for easy exchanging to fiat currency in your country. USD transfer between exchange needs a high fees of about $5.

The only exchange where you will find USDT/USD pair is Bitfinex. That is the only exchange I know. Payment processor Payoneer converts Bitcoin to USD but the charges are on the higher side.

Thank you Buddy for clarifying op question. If actually you have the enough charge fee, then it's advisable to consider Bitfinex exchange.

[Maus0728]

Payment for graphics design work is typically made through PayPal or Pioneer. the simplest advice I can offer you is to transfer from USDT to PayPal in Binary The exchange fee is far lower here.

I just finished selling my USDT to USD via forum exchange and fortunately it was a smooth trade from @adroitful_one. I also manage my KYC to get verified in Binance for me to be able to use their new P2P platform, I am glad that they have a PHP exchange which means that the exchange rate is much higher than Paypal 

Anyhow, locking this thread now. Thanks everyone for the help.