Sending money abroad can be an expensive and time-consuming process. In this guide, we’ll look at how to use crypto to send money abroad for free by using Binance P2P.
Traditional methods like wire transfers or Western Union often come with high fees and slow processing times, making it difficult for people to send money quickly and affordably. However, with the rise of cryptocurrencies like Bitcoin and Ethereum, there is now a new and innovative way to send money abroad for free.
So let’s dive in and explore how to buy and use crypto to send money abroad by using Binance Peer to Peer, transferring your crypto and selling it for FIAT. Plus, we’ll also take a look at what Binance P2P is, traditional vs crypto money transfers and their pros and cons.
How to Use Crypto To Send Money Abroad For Free
The process of using crypto to send money abroad for free is pretty simple. First, you’ll need to have an exchange account such as Binance. With that account, you can buy crypto with fiat (traditional currency) such as EUR, USD, GBP or IND at zero fees. Then transfer to another Binance user anywhere in the world with zero fees. If the wallet holder wants fiat currency instead, they can sell this for fiat.
By following our below step-by-step guide, you can use crypto to send money abroad for free.
How to Buy Crypto with Fiat on Binance P2P
If you want to send money abroad using crypto, you must first buy some crypto. The process of buying crypto with fiat (i.e., government-issued currency) on a P2P exchange will vary depending on the exchange you use.
Time needed: 15 minutes.
Below we have created a beginner’s guide on how to buy USDT with GBP using Binance P2P.
- Create a Binance Account
The first step is to create an account on Binance if you haven’t done so already. You can do this by visiting the Binance website and clicking on the “Register” button. Follow the prompts to create your account.
- Navigate to the Binance P2P
From the main dashboard, choose “Buy Crypto” from the top of the screen. Then select “P2P Trading”.
- Set-up Payment Method
To buy crypto with fiat on Binance P2P, you need to have a payment method set up. This can be done by choosing “More” under the P2P page.
- Link Bank or Payment Provider
When you choose to “Add Payment Method,” you’ll then be prompted to link your bank account or by using a payment provider such as PayPal, Skrill, or Neteller.
- Select the Cryptocurrency to Buy
Once you have set up your payment method, you can select the cryptocurrency you want to buy. Binance P2P supports a wide range of cryptocurrencies, including Bitcoin and Ethereum.
- Find a Seller
Once you have selected the cryptocurrency you want to buy, you need to find a seller who is willing to sell the cryptocurrency for fiat. You can do this by browsing the available listings on Binance P2P.
- Initiate the Trade
Once you have found a seller, you can initiate the trade by clicking on the green “Buy” button. You will be taken to a page where you can enter the amount of fiat you want to spend and confirm the trade.
- Complete the Payment
After you have confirmed the trade, you need to make the payment to the seller. You can do this by following the payment instructions provided.
- Receive the Cryptocurrency
Once the seller has received the payment, they will release the cryptocurrency to your Binance P2P wallet. You can then send the cryptocurrency to another wallet or hold it in Binance.
Congratulations! You have now purchased your crypto fee-free.
How to Transfer Crypto to Someone Else
Once you have purchased the cryptocurrency of your choice, you can transfer it to someone else using their wallet address.
To transfer crypto to another person on Binance, you will need to follow the below steps:
Step 1: Log into Binance
The first step is to log in to your Binance account. You can do this by visiting the Binance website and entering your email and password.
Step 2: Navigate to “Wallet”
Once you are logged in, navigate to the “Wallet” section on the top menu and click on “Fiat & Spot”. Here, you will see all your cryptocurrencies available in your Binance wallet.
Step 3: Select Cryptocurrency to Send
Select the cryptocurrency you want to send from your Binance wallet. Click on the “Withdraw” button for that cryptocurrency.
Step 4: Send to Binance User
On the withdrawal page, from “Send to”, choose “Binance User”. From here, you can send enter the user’s email address, phone number, PayID or Binance ID fee-free.
Step 5: Enter the Amount to Send
Enter the amount of cryptocurrency you want to send to the recipient. Double-check that the receiver has enabled Pay – Settings – Receive Funds via Email or Phone Number.
Step 6: Review & Confirm Transaction
Review the transaction details and make sure everything is correct. Once you’re sure, click on the “Submit” button to confirm the transaction. The cryptocurrency will be transferred to the recipient’s wallet after transaction processing.
And that’s it! With these simple steps, you can transfer cryptocurrency to another Binance user for free.
How to Convert Crypto for Fiat with Binance P2P
If you want to convert your cryptocurrency back into fiat currency, you must sell it on a crypto exchange. The process of selling crypto for fiat will vary depending on the exchange you use or the method. Again, this can be done using Binance P2P.
Below is a beginner’s guide on how to sell USDT for INR on the Binance P2P.
Step 1: Log into Binance
The first step is to log in to your Binance account. You can do this by visiting the Binance website and entering your email and password.
Step 2: Navigate to “P2P Trading”
Once you are logged in, navigate to the “P2P Trading” section on the top menu and click on “Trade”. Here, you will see the various trading pairs available on Binance P2P.
Step 3: Select the INR currency and choose the payment method
Select the INR currency from the list of available currencies and choose a payment method that is convenient for you. There are many payment options available on Binance P2P, such as UPI, bank transfer, and more.
Step 4: Search USDT Offers
In the search bar, type “USDT”, and you will see all the offers available for selling USDT. Choose an offer that suits your requirements.
What is Binance P2P?
Binance P2P is a crypto platform that enables traders worldwide to purchase and sell digital currencies directly with each other. With over 150 payment options, Binance P2 imposes no trading fees, allowing you to conduct secure crypto transactions in exchange for your local currency. Binance P2P also incorporates an escrow service for every transaction, ensures the safety of traders and promotes confidence.
Express: With Binance P2P Express mode, Binance users can place an order directly by entering the fiat or crypto amount and selecting the preferred payment method. The orders are matched based on the best crypto price available in the P2P markets.
P2P: With Binance P2P, there are more options for users to trade with. Users can filter by amount, fiat, payment method and country to find preferred ads. You can view the advertiser’s details and find trustworthy traders.
Traditional vs Crypto Money Transfers
When it comes to traditional money transfers, the process can be slow and costly. Banks and money transfer operators charge high fees for international transfers, and it can take several days to process the transaction. This can be especially frustrating if you need to send money urgently. In contrast, cryptocurrency transfers are fast and affordable.
While traditional banks and money transfer operators have been the go-to option for many people in the past, peer-to-peer (P2P) crypto exchanges are becoming increasingly popular. P2P crypto exchanges offer several advantages over traditional methods, including:
- Lower Fees: P2P crypto exchanges charge lower fees than traditional banks and money transfer operators, making it more affordable to send money abroad.
- Faster Transactions: Crypto transfers are completed within minutes, whereas traditional transfers can take several days to process.
- More Control: With crypto transfers, you have more control over your money as you are not relying on intermediaries to facilitate the transaction.
- However, there are also some potential drawbacks to using P2P crypto exchanges, including:
- Volatility: Cryptocurrencies are known for their volatility, which means the value of your transfer can fluctuate significantly.
- Limited Acceptance: Not all merchants or individuals may accept cryptocurrency, which could limit your ability to use it for transactions.
Conclusion
Sending money abroad can be a hassle, but using cryptocurrency can make it a lot easier and more affordable. By following the steps we have outlined, you can use crypto to send money abroad for free or at a low cost while also benefiting from faster transaction times and more control over your money.
While there are some potential risks associated with crypto transfers, with proper research and precautions, you can mitigate these risks and take advantage of the benefits of this innovative technology.
