Bitcoin makes it easier and faster for your family to receive the money you send when you’re living in another country. Let us go through the steps of how to send remittances using Bitcoin via a mobile phone and compare it with the steps using the traditional money transfer services like Western Union.
Sending Remittance through Western Union to a Mobile Phone
These are the steps you need to do on your end:
- Check if the mobile provider your relatives use is part of the list of providers that Western Union uses. Have your relatives activate the mobile wallet from the smart phone.
- Go to a participating agent and fill out the Send Money form choosing the “Mobile Wallet Deposit” option.
- Fill in your receiving relative’s mobile phone number.
- Give the participating agent the completed form and corresponding funds to send to include applicable transaction fees.
- Pay with cash or a bank-issued debit card.
- Save your receipt that has the tracking number.
- The money will be received within 1-2 days. Money can be en-cashed at designated centers of the mobile phone provider.
Sending Remittance through Bitcoin through a Mobile Phone
These are the steps you need to do from your end:
- Set up your bitcoin wallet. Call your relative and help them set up a bitcoin wallet on their smartphone.
- Purchase bitcoins online, equivalent to the fiat currency you wish to remit. You can opt to use a bank transfer or payment service like PayPal to buy your bitcoins.
- Send the bitcoins from your bitcoin wallet to the bitcoin wallet of your relative using the copy-paste steps of corresponding public and private keys.
- Your relative should receive the bitcoins in their bitcoin wallet within an hour. Your relative can then exchange the bitcoins to local currency at a local bitcoin exchange shop.
Depending on how fast the internet connection is, sending remittance using bitcoins is faster than using the traditional Western Union. Your relative gets the money within the hour and can encash the bitcoins into local currency within the day. What’s more, you don’t have to leave the comforts of your home. You can conclude the transaction from home.