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Video Credit : Bitquest Club Luno Bitcoin Wallet Guide - Malaysia

Need to send money abroad? Don’t worry about eye-watering fees and follow these useful tips instead.

Globalisation has made individuals and businesses more connected than ever. With this connection, there is a bigger demand for cross-border financial services and cheaper ways to send international transfers.

The golden rule for transferring money overseas if you want to avoid hefty fees is to avoid using traditional bank accounts. Banks are known for charging over the odds to transfer money to an international account, but the good news is there are many alternatives.

 

What Are the Alternatives?

There is a growing trend in people using cryptocurrency to send money abroad. Bitcoin was made as a way to send peer-to-peer payments across the globe, without having to be subject to hefty bank fees or a centralised system.

To make this a reality, all you need is a currency exchange and a reliable Bitcoin wallet. There is no waiting around for long application processes and you can send your money the same day - and be received just as fast.

 

How to Know Which Alternatives to Trust?

When your money is on the line it can be hard to know which transfer companies you can trust or which crypto exchange platforms are secure. To make an informed decision dig out news stories about the companies, read reviews and see if they are also operating internationally. An international company will be complying with multiple national regulations and can display they go the extra mile to keep their users protected.

The Bitcoin wallet from Luno is a prime example of seamless global crypto payments. Luno themselves have a global reputation by operating in 40 different countries, including becoming the first crypto exchange in Malaysia.

For those who do not want to use crypto, there is an array of other options out there. TransferWise is one of the best with low-cost transfers and even the option of owning a multi currency debit card.

 

Monitor the Market

Just because you have found an alternative method to using your bank account, doesn’t mean you can rest there. It is common to send multiple international payments in a single month or have continuing international payments to send throughout the year.

If this sounds familiar, you may want to keep in tune with market rates and time your payments in line with rises in your native currency’s value. The same applies to the crypto market, which requires a little more attention and research.

 

Get the Details Right

When you send money overseas with your bank and type in the incorrect recipient account number, even the bank may struggle to get the funds back for you. One customer of a UK bank, Nationwide, sent £26,000 to the wrong account and only received £800 back.

When using a bitcoin wallet to transfer money internationally, the same applies and you will not get your funds back if you make a mistake. This is why it is paramount that you send money to the right wallet. Care and attention are needed!

Remember that there are alternatives to traditional banking out there - and crypto remains one of the best.

Comments

Rated
7.5
Ronnie
CONNOISSEUR
110 comments
29 December 2019
Luno, the London-headquartered company formerly known as Bitx, has announced that it has been given approval by the Malaysia Securities Commission to operate as a recognized market operator in the Southeast Asian country. Luno is one of only three initial companies that the Malaysian regulator allowed to register when it began the process in June 2019. Luno has now been found by the regulator to have satisfied all the required conditions for approval. “We’ve been working closely with regulators and banks from day one and we’re now excited to be able to provide customers the ability to buy, sell and trade crypto on our platform,” Luno general manager of Southeast Asia, David Low said. “This is a significant achievement and shows the importance of digital assets today and the long-term value of cryptocurrency.” read more here: https://news.bitcoin.com/malaysia-regulator-approves-international-crypto-exchange-luno/
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Rated
7.05
Richard
ELITE
1355 comments
15 December 2019
Need to send money abroad? Don’t worry about eye-watering fees and follow these useful tips instead.
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