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Author Topic: Bitcoin as wire transfer alternative from CNY to EUR  (Read 740 times)
Thib
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December 27, 2014, 02:45:06 PM
 #1

Hi guys,


Every 3 months I send 12 000 CNY from my Chinese bank account to my French bank account. Everytimes I do that, I have to pay around 50 EUR fees for the transfer.
I started reading more about BTC I would like to know if that would be a good alternative to transfer that amount of money on a regular basis, while saving money on transfer fees.

I created a wallet on blockchain.info as I've seen a lot of good reviews, but it seems I cannot convert my CNY to BTC from it. I then created another wallet on btcchina.com as it seems to be the main platform to convert CNY to BTC.
My plan is : CNY to BTC via btcchina.com; BTC transfer from btcchina.com to blockchain.info; BTC to EUR via blockchain.info to my French bank account.

How does it sound ?
If you think other solutions would be a better alternative, please let me know why.

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LiteCoinGuy
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December 27, 2014, 03:08:48 PM
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"BTC to EUR via blockchain.info to my French bank account" will not work because blockchain.info does not convert your BTC to euros.
you need an european exchange to do the BTC -> euro. that could be bitstamp (UK) or paymium.com (france)

so i would buy BTC in china. sent the BTC to bitstamp or paymium. cash out in euro. save 98% fees  Tongue




for storing large amounts of BTC take a look at a hardware-wallet for secure BTC storing:

https://bitcointalk.org/index.php?topic=899253.0

Fluppen
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December 27, 2014, 03:27:57 PM
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My plan is : CNY to BTC via btcchina.com; BTC transfer from btcchina.com to blockchain.info; BTC to EUR via blockchain.info to my French bank account

I don't think you can use blockchain as en exchange, but you should be able to go from CNY to BTC via btcchina. Then maybe you can transfer the BTC to Bitstamp and get them from BTC to EUR and then to your french bank account with a SEPA transfer. Ive done that to another european country and the fee was very low.
sumantso
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December 27, 2014, 08:51:17 PM
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I am not sure how much profitable it will be with fees on both ends. In addition, you have to be careful that you are not breaking and foreign exchange rules.

LiteCoinGuy
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December 27, 2014, 11:10:04 PM
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I am not sure how much profitable it will be with fees on both ends. In addition, you have to be careful that you are not breaking and foreign exchange rules.

i guarantee less than 50 Euro each trade  Lips sealed

EnterReturn
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December 29, 2014, 01:59:17 PM
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In addition, you have to be careful that you are not breaking and foreign exchange rules.

That's what you should care about first of all. 50 euro might be worth it
HeroCat
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December 29, 2014, 04:44:12 PM
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I would suggest to use multi - currency account ( with CNY ) in any foreign bank, in that way you can avoid transfer fees to another currency.
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