What is the Best way to Transfer Funds Abroad.

Six months ago, my neighbour came rushing to my door one early morning; calling me out to come to his assistance with urgency in his mannerism and tone. I saw frustration in his demeanour and I could easily read the script of worry written all over his countenance as he asked and begged me to help him”.

“What is it”, I asked in a calm responsive tone in a bid to allay part or maybe all his worries. I had no clue if i could help him or not, but I had to try; isn’t that why he came ruining to me, I figured in my head.

“I beg" he shouted three times….(in our Nigerian slang).

How can I send money abroad to my brother, he is stranded and needs to pay for the accumulated hotel fees he has incurred while waiting for his handler to come pick him up and take him to the training academy he got admitted into, that made him travel abroad. His brother chubby had misplaced his wallet where he had cash already converted into the country’s fiat currency and that was, all he had abroad.

So chubby don go abroad go play ball?(Nigerian slang), was the question I wanted to ask in my head but no; I did not ask, I had to give attention to his urgent needs! we can gist about that later i told my mind to take away the thought of asking from my head.

End of story? NO, I pause my story for now; back to my topic for this scoop.

What methods are there to transfer money from one person to another whether abroad or in the same country?

I will give you the answer in a moment...

Commercial Banks, remittances and International money transfer outfits right?

But here is the thing, the transaction charges they take increases as the overseas distance from you-the sender to the receiver increases.

To send $1000 overseas can cost you as high as up to about $100 in charges depending on which bank transfer option you choose or is readily available to you and which overseas country you’re sending the funds to.

Back to my story with my neighbour Chike…..

I quickly remembered that Chubby had used my referral code: https://accounts.binance.com/en/register?ref=65177765 to create a Binance account, completed KYC and has been receiving the 10% transaction bonus i shared via my referral code.

Chike let’s send him a crypto stable coin i answered in confidence.

He can sell it over there and use the money or use it to pay directly from his Binance crypto wallet if the hotel accepts crypto payments, “I added”.

Crypto? YES, another very effective and efficient way to send money fast and cheap, you never paid attention to….

To send $1000 overseas can cost you as low as from $0.8 to $1 for transaction fee depending on which #cryptocurrency and on what #blockchain network you use. #BSC (Binance Smart Chain) offers the lowest transaction fee of $0.8 to send stable coins like #BUSD( Binance dollars) and #USDT(US Tether)

Back to my story….

So that was how we used my Binance P2P (Peer to peer) link: https://p2p.binance.com/en?ref=65177765 to buy digital USD from Binance Nigeria- the best platform to buy crypto in Africa; where you can also buy bitcoin with naira or debit card.

We bought $1000 and sent it to him. He got $999 after the $1 transaction fee was deducted.

Chubby got the funds in less than 5 mins and cleared his hotel bills and has since paid back chike and he even sent me a Liverpool Jersey last month as he now plays for the club’s feeder team.

End of story

Kindly note: the best method to use when transferring funds is absolutely yours to choose; and this “written piece” is not a financial advice; so make your research and decide.

A undeniable fact remains that sending funds abroad using crypto is one of the safest, fastest and most reliable ways to send money within 5mins to anyone home or abroad whether inside a cavy hole or under water as long as there is an internet connection available to the receiver…

Register an account with Binance today and start sending funds to anyone cheaper and faster.

Get more info on the benefits of crypto and many other useful crypto content from academy.binance.com

#binancenigeria #binance #Binanceafrica #cryptocurrency #bitcoin #moneytransfer #crypto

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Nwankpa Kelechi

I am a crypto currency content creator and also a crypto trading training instructor. Feel free to reach me via email: kaycpompey@gmail.com.