How to Use Crypto To Send Money Abroad For Free
Send Money Abroad from the Comfort of Your Bed
Even though international cash transfers via traditional banks can be effective, it still doesn’t look safe, quick and even cheap as there are problems that can cost so much of your time, money and even energy.
There have been a number of problems that usually occur when sending cash from one country to another via traditional banks such as complicated details and procedures to follow which may lead to error and omission of important details, immense delivery delay which is obviously problematic in case of emergency, problems in converting currency from one to another, gigantic transactions charges and so on.
There is no excuse for sticking to this disturbing methodology in this era when there are several ways out, one of this ways is what this article explains.
Unlike international cash transfers via traditional banks, Binance provides a way for its users to send and receive cash instantly from one country to another from the comfort of anywhere they may happen to be, being it bed, restroom, while walking or doing something else; this process is quick and simple to the extent that it won’t at all disturb your current state of action; the most interesting part of this is that every international transaction performed via this process is totally free with zero fees/charges.
In this article, you will learn about:
- How to send money abroad for free
In order to send money abroad on Binance, there are three sets of activities. Why three? For the benefit of new users who are yet to fund their Binance account, everything will be explained from the beginning. This is because, one cannot send money if there’s no money in their account. So, when you want to send money abroad on Binance, you must have enough money on your Binance spot or funding wallet. Let’s study this process in three steps and in two views as well (as a sender and as a receiver):
As a Sender
1. Buy cryptocurrency on Binance Peer-to-Peer (P2P) Express
2. Convert the cryptocurrency to any currency you’re to send abroad e.g. USD, EURO, NGN, etc (after transferring them from funding wallet to spot wallet)
3. Send money abroad in whatever currency you want using Binance Pay
Let me explain these steps in details:
Activity 1.
Buying Cryptocurrency on Binance P2P Market
P2P Express is a relatively new trading feature on Binance P2P. Users can directly place an order by entering the fiat amount you want to buy or sell. Binance P2P is a secure platform that lets you quickly buy or sell large amounts of Bitcoin and other cryptocurrencies with verified block merchants.
To buy cryptocurrency on this P2P express, follow the steps as explained below:
Step 1.
Login to your Binance account if you have one; sign up here if you have none.
Step 2.
Tap on the ‘p2p’ icon there at the centre of your Home Screen if available. If not available, simply tap on the ‘more’ icon > goto trade category > select p2p option
or
Step 3.
Select your country currency (1), Buy option (2) and the crypto you wish to buy (3) from the options provided; this could be USDT, BNB, BTC, BUSD, etc. everything here depends on where you’re from and what you wish to buy.
Step 4.
Explore the p2p exchange and look for the right seller that matches your buying capacity as every seller has a minimum and maximum selling price. Look for where you are fit in.
Step 5.
Input the amount here and proceed by tapping/clicking on the ‘Buy Crypto’ icon
Step 6.
You will be redirected to a page where you will be required to review your order and proceed to make payment. Watch video here for further guide. Tap on the ‘Make Payment’ icon to proceed.
Step 7.
Copy the seller’s account number directly from this page and take note of their account name and bank name to avoid any form of inconsistency. Minimise the Binance app > open your mobile banking wallet > transfer the exact amount of money you’re willing to buy crypto with; make no reduction and no addition. Avoid narration that states crypto related words if you’re from a crypto restricted country.
Once the transaction is successful, sharply go back to the Binance mobile app and notify the seller that you have made the payment; simply tap on the ‘Transferred, notify seller’ icon to proceed.
Step 8.
Wait for the seller to release your asset within the time allocated. You may chat up the seller while you wait for your asset to be released using the chat box there.
Step 9.
Once your asset is released, simply goto your wallet > Funding Wallet, you’ll see your asset . You can transfer them to spot wallet for future use.
This, perhaps, is how to simply buy cryptocurrency from the Binance P2P express.
Activity 2.
Convert — the cryptocurrency to any currency you’re to send abroad e.g. USD, EURO, NGN, etc (after transferring them from funding wallet to spot wallet)
In order to go through this activity, there’s a particular feature on Binance that works this out. Binance Convert.
You can convert cryptocurrencies and digital fiat currencies on Binance using Binance Convert.
Binance Convert offers an easier and faster method of conversion, with no fees. It also allows you to convert your digital fiat currencies to crypto after deposit and vice versa for withdrawal.
For the visual description of this activity, click here to watch a video that fully explains how to convert cryptocurrencies and fiat currencies form one to another in a few seconds.
Activity 3.
Send money abroad in whatever currency you want using Binance Pay
Use Binance pay feature to send money abroad after conversion instantly (in few seconds).
Binance Pay is a simple, borderless, and secure way to send and receive cryptocurrencies from your mobile devices. You can send crypto to friends and family via email, phone number, Binance ID (UID), or Pay ID with zero gas fees. The term ‘Borderless’ explains all that you need to know about sending money abroad on Binance.
In order to go through this activity, simply click here to watch a video that visually explains how to send money abroad in few seconds.
These are the three activities for a SENDER.
So, what are those for the receiver?
As a receiver, here are the three activities you need to follow if you receive money from abroad so that you can convert whatever crypto or money you receive to fiat — from your Binance account to your Bank account —
1. Receive money (This requires no action if already recieved)
2. Convert to your local currency
3. Sell on Binance P2P express
Let me also explain these three activities in brief. We must have learned (activity 1) about how to receive money and (activity 2) how to convert crypto to fiat after transferring from funding wallet to spot wallet all from the previous videos.
For refreshments over these:
Activity 1.
Click click to watch again and see how to send and receive money from everywhere around the globe
Activity 2.
Click here to watch again and see how to convert what you received to your local currency.
Note that this activity requires no action if you have already received funds. Process it only when you want to request money from someone.
Note: convert to USDT, BUSD, BTC or BNB before proceeding to sell in P2P express.
Activity 3.
Study the following steps to learn how to sell your cryptocurrency on Binance P2P express:
Step 1.
Goto the Binance P2P express after successfully logging into your Binance account.
Step 2.
Select your country currency (1), ‘Sell’ option (2) and the crypto you wish to sell (3). Explore the exchange and find the buyer that suits your selling capacity and proceed to sell to them (4).
Step 3.
Enter the amount of the crypto you’re about to sell and confirm your payment account details then proceed. once you proceed to sell, your crypto will be escrowed until the order is completed or cancelled by the buyer. Release the asset only when you receive the payment from the buyer.
Again, release the asset only when you see a credit alert or when you confirm that the money has been added to your bank account by checking your balance at the moment.
Here comes the end of this, you have so far learned about how to send money abroad for free using Binance account which, as explained, has more reasonable benefits and convincing reasons to use over the traditional banks.
Explore the Binance P2P Market here.
Yet to join Binance?
Not too late, click here to sign up now and share $5,000 in SOL when you complete your KYC verification and trade minimum of $20 on spot or P2P. You will also enjoy a welcome bonusworth $300 in form of Cashback Voucher for completing simple tasks.
Other articles of interest:
Binance registration from start to finish
Five ways to fund your Binance account
Kindly give me a clap 👏 if you find this article interesting and somehow beneficial, for that will support and give me more effort to provide you with more interesting and beneficial articles in the future.
Thank you for reading,
Altaaf The Binancian.
