xenotrunksx (OP)
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August 18, 2014, 03:03:33 PM |
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A friend of mine was asking me about using bitcoin to transfer a large amount of euros (6 figure range) in an account outside the US to USD in his US bank account. All of this to avoid the large exchange fee from euros to dollars. I was thinking wire transfer the euros to bitstamp, buy bitcoin, sell bitcoin for USD on bitstamp, wire transfer USD to his bank account. Does this sound right? I've only dealt with USD and coinbase myself so I'm not sure, any input would be appreciated.
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NLNico
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August 18, 2014, 03:13:38 PM
Last edit: August 18, 2014, 03:33:37 PM by NLNico |
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Yes, this could work. However, according to my own calculations you will get more bitcoins with euros when you buy at Kraken. This is because BitStamp only works in USD and you actual get their exchange rate: https://www.bitstamp.net/api/eur_usd/ Also currently Kraken charges 0.3% and Stamp 0.5% at the lowest level (will be 0.35% for Kraken from 1st of September.) With a bigger amount, you will pay less fees, so with the fees and exchange rate of Stamp, you should be able to calculate the cheapest way to buy bitcoins with euro. This will be different from time to time, so make your own calculations please. Then for the selling part I guess you could do the same calculations, but I do not have experience with that part (since I am not from US), so not sure which site is reliable and cheap. Obviously if you have to withdraw BTC from 1 exchange to another the BTC price can move too, so you should consider that too. Also consider withdrawal fees. Like BitStamp charges a 0.09% fee (minimum $15.00) on international withdrawals, BitFinex 0.1% (min $20), etc. |
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gmx95
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August 20, 2014, 12:59:19 PM |
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I think it could be done through any European exchange that accepts EUR bank transfers. Bitstamp was mentioned already. I am sure there are a few others. if he is looking to actually trade in EUR (to buy BTC for EUR without converting it to USD first), then I would recommend to use one of the forex brokers who provides margin trading in BTC. They usually provide EUR denominated accounts as well as USD ones. Then he can effectively buy BTC for EUR and then ask for a withdrawal of funds in USD. NovaFXtrading and Forex-Metal come to mind those that provide such service, but I am sure there some others as well.
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Kasandra
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August 21, 2014, 05:18:43 AM |
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I can also recommend Kraken.com. They have very low withdrawal fees.
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itsAj
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August 23, 2014, 07:40:35 AM |
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This should work, but you would need to trust the exchange(s) that you deposit your funds with to not run off with your money and/or get hacked and lose your money. Additionally I would think that someone exchanging $100k+ should be able to get a better deal on exchange rates then people who are only exchanging small amounts.
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hyipworld
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August 23, 2014, 09:06:01 AM |
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Is Kraken.com providing "transfer USD to local bank account " facility in INDIAN accounts . if yes then what I need to do for using this ! any kind of verification on Kraken . clear me so I will earn some money with this calculation its really nice calculation .
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Mirdude
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August 23, 2014, 12:11:54 PM |
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This should work to be honest with you, how much is the transfer?
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joeventyra
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August 23, 2014, 02:07:09 PM |
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A friend of mine was asking me about using bitcoin to transfer a large amount of euros (6 figure range) in an account outside the US to USD in his US bank account. All of this to avoid the large exchange fee from euros to dollars. I was thinking wire transfer the euros to bitstamp, buy bitcoin, sell bitcoin for USD on bitstamp, wire transfer USD to his bank account. Does this sound right? I've only dealt with USD and coinbase myself so I'm not sure, any input would be appreciated.
He can use: http://cryptosea.com/With this link " http://cryptosea.com/index.php?code=CrypZWT " for trading bigger amounts he can get much better price. They also send in USD, contact them first. |
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BTCjust
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August 25, 2014, 02:58:35 AM |
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I can also recommend Kraken.com. They have very low withdrawal fees.
but its authentication,  |
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Serpens66
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August 25, 2014, 10:27:23 AM |
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Im not sure what's the status at the moment, but some months ago Kraken.com offered all $ users to convert it into € or withdraw them, because they do not have a good $ bank. The Fidorbank is only for €. That's why kraken is not a good choice for trading $. You can ask about this in the Krakenthread: https://bitcointalk.org/index.php?topic=290799.0 |
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haploid23
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August 28, 2014, 11:45:00 PM |
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OP, if your end results are Euro to USD, then completely skip out on intermediary BTC. Bitstamp I believe will have their own internal fee for Euros, then you'll have to pay the trading fee, twice. Doesn't sound like you'll save much in the end.
Last month I made a rather large exchange between USD to AUD through a currency exchanger. Fee is tiered, but for my transfer, it was only 0.9% above interbank spot price. This is dirt cheap compared to the rip off that banks charges (3% - 10%) to convert your currencies. PM me if the 0.9% fee is withing your margins and you want more info, I do not want to disclose this publicly. But just a heads up, you'll obviously have to go through AML/KYC verifications because they are a legit company.
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