How to Send Remittances to India Using Crypto
Spotlight | DC Correspondent
With all the developments in the industry, we are finding cryptocurrencies to be much more accessible
Bitcoin and cryptocurrencies in general are decentralized.
In the time of a pandemic, the global remittance flows are proving themselves to be resilient. A 2021 report by the Indian Express shares that $83 billion USD in remittances was received by India, proving itself to be the world's largest recipient of remittances. This makes it all the more important that the remittances are fast, safe, and at the lowest possible fee.
That said, it’s time to consider cryptocurrencies as an option for sending remittances. With all the developments in the industry, we are finding cryptocurrencies to be much more accessible and their transaction fees cheaper than ever. If you’re looking for a quicker and cheaper way to transfer money to India, cryptocurrency could be the answer.
Advantages of using crypto
With cryptocurrencies, people who need to send money to India have access to benefits that make it faster and cheaper to send money. We can generalize these advantages under the following:
With all the advancements in technology, it’s become easy to have access to the Internet. Our phones and laptops would act as our wallets instead which would mean that we wouldn’t have to carry anything in our pocket.
These digital wallets will exist over the Internet giving you access to your money 24/7. With your wallet, you can receive, transfer, and store your cryptocurrencies. The best part is, this makes it easier to keep track of all your transactions.
Bitcoin and cryptocurrencies in general are decentralized. While this may just seem like a buzzword to some, this is what makes it possible to send money to India anytime at all—no holidays, breaks, or weekends.
Because cryptocurrencies are digital, you can send and receive money to India as you please, as long as you have access to the Internet.
When it comes to money transfers, we’re often unsurprised when the fees end up being very expensive. Often, this makes it a huge factor when it comes to people’s transferring behavior.
Cryptocurrencies offer people a new way to transfer money, one that is proving to be much cheaper than traditional methods. For example, you can buy Ethereum either from cryptocurrency exchanges or peer-to-peer (P2P) marketplaces, some with no fees. This is because there are no intermediaries, meaning you can send money without the fees of any third parties.
How to send money to India using crypto
Now, let’s talk about what you need to do to be able to transfer money using cryptocurrencies. Paxful is a P2P platform that has no fees for buying cryptocurrencies, making it a great option.
Step 1: Create an account with Paxful and buy BTC
First, both the sender and the receiver will need to create an account on Paxful. You will facilitate the conversion of fiat money and the transfer of cryptocurrencies through this platform.
The advantage here is that Paxful gives you a free crypto wallet when you first sign up. More perks are unlocked if you choose to first verify your account. Another benefit is that there are almost 400 accepted payment methods available on Paxful. This makes it easy to find an offer that fits your requirements.
Step 2: Recipient sends their Bitcoin address to the sender
The receiver will need to find out what their wallet address is. This will look like a series of jumbled-up letters and numbers. You can expect them to look something like this:
Alternatively, you can use your wallet’s QR code. You can use the QR code publicly if you wish, say if you are expecting Bitcoin from multiple sources. Let the sender know once you’ve found your address and/or QR code. Send this address and make sure that you’ve inputted it correctly.
Step 3: Sender transfers crypto to the recipient
As the sender, copy the recipient's address as it is stated or use the QR code they provided. It should be noted that it is almost impossible to reverse a cryptocurrency transaction. Double-check the amount you want to send as well as the address. Once you’re sure, transfer the crypto to their wallet.
Step 4: Recipient sells BTC for INR or USD
As the recipient, your job now is to convert the cryptocurrency into fiat money by selling it on the market. Now, just like with buying crypto, you have the advantage of almost 400 payment methods which makes it a lot more convenient, helping you convert your crypto into money you can use, be it INR, USD, or online credit.
Let’s face it, cryptocurrencies are undeniably a practical option. With so many points of access and approachable prices, it makes it easy to send money anytime and anywhere. You can even choose to start trading your crypto by keeping extra money in coins that could quickly gain value. You can do a lot of things with crypto at this point, what helps is keeping yourself updated with the latest crypto news.
Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.