How to Use Bitcoin for International Remittances?

16. How to Use Bitcoin for International Remittances?

Send Money Globally Without Borders

International remittances, such as sending money to family in another country, are often expensive and slow due to banks and services like Western Union, which charge 5–10% fees and take days to process. Bitcoin offers a fast, cheap, and unrestricted alternative, especially with Lightning Network. Here’s how to use Bitcoin for remittances:

Basic Process

  1. Buy Bitcoin on an exchange or P2P platform in your country.
  2. Transfer the Bitcoin to a wallet (mobile or Lightning).
  3. Send the Bitcoin to the recipient’s wallet by scanning their QR code or copying their address.
  4. The recipient converts the Bitcoin to local currency via an exchange or ATM.

Advantages of Using Bitcoin

  • Low Fees: Lightning transactions cost pennies, compared to 10–20 euros for bank transfers.
  • Speed: Payments arrive in minutes (or seconds with Lightning), not days.
  • Accessibility: No bank account needed—just a phone with internet.
  • No Restrictions: Send money to any country, even those with capital controls.

Recommended Tools

  • Apps like Strike or Bitnob simplify remittances by automatically converting Bitcoin to fiat.
  • Lightning wallets like Phoenix or Muun are ideal for instant payments.
  • P2P platforms like Paxful allow recipients to sell Bitcoin for local currency.

Practical Example

Suppose you want to send 500 euros from Spain to a family member in Mexico. You buy 0.01 BTC on Binance, send it to their wallet via Lightning (fee: 0.01 euros), and they convert it to pesos on Bitso. The process takes less than an hour and costs under 1 euro—compared to 30 euros for a traditional bank transfer.

Why Use Bitcoin for Remittances

  • Save money on exorbitant fees.
  • Empower unbanked communities in developing countries.
  • Bypass restrictions in controlled or unstable financial systems.

In our courses, we’ll guide you step-by-step on using Bitcoin for remittances, from purchasing to conversion, ensuring your transfers are fast and secure.

Ready to send money without borders?
Stay tuned for information about our upcoming courses and learn how to use Bitcoin for international remittances.