I have recently written a post on Ways to Cash Out Your Crypto. I noticed that on Binance there are no fees for withdrawing Ukraine Hryvnia (UAH) on a Visa or Mastercard.
I have family in Ukraine but because I live in Canada, there is no convenient way via a conventional method (e.g. bank transfer) to send them money. The wire transfer has an expensive fee (around 30 CAD), so it totally defeats the point of sending small amounts like 100$. Western Union too has at least a 5 CAD fee plus a ripoff conversion rate.
Cryptocurrency is the only method I know where you can send money anywhere on the planet, to anyone in the world, even if they don't have a bank account, for less than a cent.
So this is what I did:
- I helped my relatives to open a Binance account
- I deposited the amount I wanted to send to Newton exchange (Canadian crypto exchange) via e-transfer and converted it to LTC (you can also send BTC - Newton covers the fees for withdrawing LTC, BTC and some other crypto)
- I sent LTC to my relative's Binance account
- I guided them on how to convert LTC to UAH (on their Binance account)
Go to Trade -> Spot -> choose crypto pair LTC/UAH -> choose Market -> type the amount -> click Sell LTC
- I guided them on how to withdraw UAH to their debit card
Go to Wallet -> Withdraw Fiat -> Choose UAH -> Choose Visa/MC -> Click Continue
Add card details (the name on the card has to match with the name on the Binance account) -> Continue -> You may be required to enter the address and postal code -> Continue -> Choose the amount -> Confirm the transactions (with authentication code from phone and email address)
Then after a few seconds, they received the amount on their debit card. 😀
At first, it seems like a complicated process, but when you try it, you will realize how much faster and more convenient it is.
The reason why I am telling you my experience is that if you want to send some money to your relatives in Ukraine or anywhere on the planet - this is the option you have - just help them open a Binance account;)
Subscribe to my Youtube channel Subscribe to my Telegram channel
Crypto Dive🥇 is growing to become the number one channel to educate as many people as possible about decentralized technology.
Disclaimer: This post is not financial advice or legal advice. It's for educational purposes only.
#decentralization #decentralized #crypto #cryptocurrency #newtocrypto #beginner #beginnersguide #beginnerguide #welcometocrypto #crypto #leofinance #cryptoexchange#cryptoexchanges #payment #bank #creditcard #debitcard #visa #binance #mastercard #helpukraine #warinukraine