I’ve noticed an interesting trend lately—more and more people are looking into how to send money in crypto to relatives abroad. Honestly, it makes sense when you understand what’s going on with traditional banks.

The old way—sending money through a bank—is just a nightmare. If you’re in the UK sending 1000 pounds to Los Angeles, the fee can be 10-15 pounds, and you have to wait several business days. Fintech like Wise or Revolut has improved things a bit (fees of 1.50-4.66 pounds, often instantly), but not everyone has access to them.

Why do banks charge so much? Because the money goes through a bunch of intermediaries—intermediary banks, networks like SWIFT, currency conversions. Each one takes their cut. On average, your bank deducts 2-4% just for the fee itself, plus additional hidden charges from other banks.

And crypto? That’s where the magic starts. When you transfer via blockchain, you send money directly, without intermediaries. One guy on Reddit said he sent a payment to an ETH address in USDC and paid a fee of only 0.008869 dollars. Time? Two seconds. Two seconds! That’s not a typo.

There’s another great example with XLM. The guy wanted to send money home for repairs. Western Union charged 10-12 dollars for every 200 sent, plus another 1-2% on exchange rate fluctuations. With MTO and online banking, you wait 2-3 days and lose 3-5%. PayPal—at 10% as well. When he used Stellar for the same amount, the fee was laughable, and everything went through in minutes.

So how do you transfer money into crypto? The process isn’t complicated. First, you need to choose a secure wallet—either custodial (easier, but less control) or non-custodial like a hardware wallet (full control, but the responsibility is on you). Then find a trusted platform that supports your local currency, complete KYC, and you’re good to go.

Next is the algorithm: buy crypto (for example, a stablecoin like USDT or USDC to avoid volatility), get the recipient’s wallet address, double-check it (this is critical—transactions are irreversible), click withdraw, enter the amount, choose the gas fee, and send. That’s it. The funds should arrive within a few minutes.

Why is this especially important? Because cryptocurrency solves real problems. In regions with poor banking infrastructure—in Africa and South America—people simply can’t access traditional services. In Venezuela, people receive transfers in BTC or USDT to escape hyperinflation. El Salvador even officially adopted Bitcoin as a payment method back in 2021.

For refugees and people in conflict zones, it’s a lifeline. When banking systems collapse (as happened in Ukraine or Afghanistan), crypto lets people get money instantly. Even people without documents can use decentralized exchanges when regular platforms require too much paperwork.

Migrants in the UAE or Singapore who send money home to India, the Philippines, or Nigeria can now avoid 10% fees and 2-5 day delays. On Solana, for example, the average fee is around 0.00025 dollars, and the confirmation time is about 5 seconds.

How does the recipient cash out the crypto afterward? There are several options. If they received it on an exchange, they can sell it there for fiat. If they find a crypto ATM nearby, that’s also an option. Or they can simply spend it directly if the merchant accepts crypto (which is becoming increasingly popular).

There are, of course, nuances. You need to understand that different blockchains work differently. Bitcoin is slower and more expensive than newer networks. Volatility is a real issue, so stablecoins like USDT or USDC are your friend for transfers. You must double-check addresses because an error means losing money forever.

Also, don’t forget about security. Enable two-factor authentication, update your wallet software, and use trusted platforms. Gas fees can be adjusted—if you’re in a hurry, you pay more and the transaction goes faster.

There are also tax considerations. In the United States, crypto is considered property, so if the value has increased, you may owe capital gains tax. In the UK, it’s similar. In Japan, taxes are like those on regular income. But in Singapore there’s no capital gains tax, and the UAE doesn’t charge tax on personal income at all. So always check local rules.

In short, if you’ve ever wondered how to transfer money in crypto quickly and cheaply—it really works. Of course, you need to figure out the process a bit, but it’s worth it. Especially if you regularly send money abroad. Traditional systems simply can’t compete on speed and price. This isn’t the future—it’s already here.