How to send money to Taiwan with help of Bitcoin
How to send money to Taiwan with help of Bitcoin
We’ve reached a stage in Bitcoin’s existence where individuals are incorporating it into their daily routines. Thanks to its seamless cross-border capabilities, sending money abroad has emerged as one of its key functionalities.
Therefore, if you’re seeking the most economical method to send money to Taiwan, here’s why opting for Bitcoin is a superior choice.
Better than a bank transfer
Banks and their services have served as valuable tools for an extended period. Nevertheless, with Bitcoin reshaping our perspective on finance, traditional banking services are starting to appear somewhat outdated. Here’s why opting for Bitcoin instead of a bank for transferring money to Taiwan is worth considering.
- Not everyone has the privilege of accessing a bank account.
Establishing a bank account can pose challenges for individuals in certain regions. Whether due to a lack of nearby banks or the cumbersome requirements such as numerous documents, minimum balances, and identification, creating an account can be a formidable task for some.
On Noones, obtaining your free Bitcoin wallet is a breeze—all that’s required is an email address. With this straightforward tool, you have everything you need to facilitate money transfers to Taiwan. - Sending via wallet address or QR code
When sending money to Taiwan through a bank, it’s essential to have your international banking codes and required documents prepared to successfully complete the transaction.
With Bitcoin, all that’s required for sending money is a wallet address or QR code. - Better exchange rates and lower fees
Keep in mind that banks levy fees for their services, including an additional percentage on the amount you’re sending. If you intend to send money to Taiwan in a different currency, necessitating conversion, banks typically provide an exchange rate approximately 2-5% below the market rate.
With Bitcoin, your fees are significantly lower, and the exchange rates available on the Noones marketplace surpass those offered by traditional banks.
- Permissionless transactions
Banks frequently require justification for transferring money to Taiwan before processing, especially for substantial amounts, adding a considerable level of hassle to the process.
With Bitcoin, you gain significantly more control over your money. When coupled with the practice of self-custody, you attain complete control, eliminating the necessity for permissions or justifications. - Bitcoin is faster
Suppose you choose to navigate the complexities and send money to Taiwan via a bank. Even in such a scenario, it could take up to a week for the funds to reach your recipient’s account.
Bitcoin transactions are much faster, taking around an hour at the most.
Superior to conventional money transfer services
Another common choice for sending money to Taiwan is via a traditional money transfer operator. Despite being more accessible than banks, Bitcoin remains a superior alternative, and here’s why:
- Exchange rates are better
Like we mentioned earlier, Bitcoin offers the opportunity for the best exchange rates on the market. Traditional money transfer services offer only mid-market exchange rates—good, but not the best.
With a multitude of reputable traders on Noones, you have everything at your disposal to discover the most favorable exchange rates on the marketplace. Some offers even enable your recipient to receive more than the amount you initially transferred. - Lower fees
Traditional money transfer operators frequently impose fees, which can accumulate significantly, especially when sending larger amounts.
When you purchase Bitcoin on Noones, there are no fees, and cashing out BTC generally incurs only a 1% fee. Additionally, you benefit from $1,000 USD worth of feeless transfers between Noones wallets each month.
For further details on Noones’s fees, refer to this article in our Help Center.
- Cash out using more than 400 methods
The notable advantage of using Noones to send money is that your recipient has access to over 400 methods for cashing out, providing them with ultimate flexibility over the transfer.
Among the most popular cash-out methods for Taiwanese on Noones are GCash, PayPal, and bank transfers. - Convenience
Lack the time to visit the nearest remittance center? With Bitcoin, both you and your recipient can seamlessly send and receive money from the convenience of your homes. Simply visit Noones on your web browser or open the Noones app to facilitate remittances in a matter of minutes.
How to utilize Bitcoin and Noones for sending money to Taiwan
Now that you’re aware of the advantages of using Bitcoin for money transfers to Taiwan, here’s a guide on how to do it on Noones:
- Create your Noones account
Both you and your recipient must create a Noones account to begin the process. Don’t worry; it only takes a few minutes, and you’ll even receive a free Bitcoin wallet. - Buy Bitcoin from a verified Noones user
Navigate to the Buy Bitcoin page, choose your preferred payment method, and initiate a trade with one of our numerous verified sellers.
Pro tip: Prior to starting a trade, ensure to review all the details of the offer, including the price, offer limits, reputation score, and seller availability. - Send the Bitcoin to your recipient’s wallet deposit address
After acquiring Bitcoin in your wallet, proceed to send it to your recipient’s wallet. The recipient’s Bitcoin address can be located by accessing the Wallet.
Ask your recipient to send you their wallet address then head to your wallet. From there, look for Bitcoin (BTC) under Assets and then click Send. Next, paste your recipient’s wallet address and input how much you want to transfer.
- Now, your recipient has the option to convert their Bitcoin.
At this point, your recipient can choose to either retain the funds as Bitcoin or cash out through more than 400 available methods.If they opt to convert it, all they need to do is visit the Sell Bitcoin page and search for an offer that aligns with their preferred payment method. Similar to the Buy page, there are numerous verified buyers available on the marketplace.
Transborder payments made cheaper with Bitcoin
Bitcoin is revolutionizing remittances, particularly for sending money to Taiwan. Embracing these additional steps to transfer money with Bitcoin can not only expedite your transactions but also make them more cost-effective. Give it a try now and witness the future of remittance!