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Top 3 Methods for Cross-Border Money Transfer Using Crypto

9 mins
Updated by Artyom G.
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As technology has advanced, the world has grown much smaller. As a result, you probably have loved ones in other countries, do business in other nations, or perhaps like to vacation all over the globe. So, you need a reliable way to send money across borders. Crypto is the best method for cross-border money transfers, offering faster and cheaper services than banks. So, in what ways can you transfer money with crypto? This guide details the three top methods.

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What are the best ways to use crypto for cross-border money transfers?

crypto for cross-border money transfers

Crypto debit or credit cards

There are some great benefits to using crypto cross-border payments rather than traditional fiat for foreign exchange. Primarily, Visa and Mastercard crypto debit and credit cards are accepted anywhere Visa and Mastercard are accepted. Secondly, when you withdraw, they instantly convert to EUR if you open an account in Europe.

Nexo Card

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Who can apply
EEA Residents
Where accepted
Worldwide
Reward
Up to 2% cashback
Annual fee
No

Coinbase Card

Visa Crypto Debit Card
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Who can apply
USA, EU, EEA Residents
Where accepted
Worldwide
Reward
Up to 4% cashback
Annual fee
No

Binance Card

Visa Crypto Debit Card
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Who can apply
EEA Residents
Where accepted
Worldwide
Reward
Up to 8% cashback
Annual fee
No

Crypto exchanges

There is a great benefit to using exchanges rather than banks for international payments. Exchanges that accept fiat make it easy to convert cryptocurrency into cash. Furthermore, you can open an account on an exchange and purchase crypto using a card. You can send crypto from anywhere to an account on an exchange and, in some cases, can even withdraw to any account.

Kraken exchange

CEX exchange
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Availability
100+ countries
Welcome bonus
No
Cryptos
200+
Withdrawal fee
Varies by cryptocurrency

Bybit exchange

CEX exchange
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Availability
100 + countries
Welcome bonus
Up to $30,000
Cryptos
200+
Withdrawal fee
Varies by cryptocurrency

Crypto wallets

Using crypto wallets to send cryptocurrency is a great way to remain sufficiently decentralized. You can instantly send crypto to any other wallet anywhere in the world. Peer-to-peer transactions are always cheaper. Furthermore, some wallets allow you to purchase crypto directly within the app.

ZenGo Wallet

Multi-chain crypto wallet
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Availability
100+ countries
Welcome bonus
No
Cryptos
120+
Transfer fee
Network gas fees

Ledger Wallet

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Availability
100+ countries
Welcome Bonus
No
Cryptos
5,000+
Transfer Fee
Network gas fees

Trezor Wallet

Hardware wallet
www.trezor.com%22 loading="lazy" data-src="https://beincrypto.com/wp-content/uploads/2023/03/Trezor-logo.png">
Availability
200+ countries
Welcome bonus
No
Cryptos
5,000+
Transfer Fee
Network gas fee

Hassles with cross-border money transfers

Making payments to other countries is a nightmare with traditional systems. This is the case for tradesmen, businesses, and banks alike. Cost, security, time, liquidity, and transparency are all problems that affect cross-border transactions.

Global remittances may take days to settle. Not only do banks have to have relationships with each other to facilitate transfers, but they have to resolve their ledgers with each other. Not to mention that nations have to have swap lines to access liquidity for each other’s currencies.

Because this financial system has such a wide surface area, there is a lot of room for fraud, so naturally, anti-money laundering measures must be imposed. This system takes time and has a high overhead. Thankfully, crypto cross-border money transfers solve all of this.

Crypto cross-border money transfer methods compared

Crypto cross border money transfer comparison

Crypto offers an effective solution for reliable cross-border payments

The global monetary system is convoluted. In today’s era of crypto, it makes less sense to use it for money transfers between individuals. Blockchain networks can guarantee faster and more reliable payments. The safeties — or lack thereof — guaranteed by central banks are slowly moving over to decentralized finance. Crypto cross-border money transfers are only the beginning.

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Frequently asked questions

What is a cross border money transfer?

What is the problem with cross border money payments?

How do I transfer money internationally through crypto?

How do crypto cross border payments work?

What is the best crypto for international transfer?

Top crypto platforms | April 2024

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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