I've noticed that more and more people are interested in how to transfer money via cryptocurrency to friends and family abroad. And honestly, it makes sense — traditional banks are just robbing us with fees.

I remember a story from 2010, when a guy bought two pizzas for 10,000 bitcoins, which at the time were worth only $25. No one thought that crypto would become a real alternative for international payments. But now, it’s happening.

I saw a post on Reddit where someone sent money through USDC, paying a fee of just $0.008869, and the transaction went through in two seconds. Compare that to Western Union, where they charge $10-12 for every $200, plus another 1-2% for the exchange rate. PayPal charges about 10%. Now that’s a difference.

Why are traditional transfers so expensive? Because the money passes through a bunch of intermediaries — sender’s banks, recipient’s banks, networks like SWIFT, intermediate banks. Each takes their fee. As a result, for an international transfer of 1,000 pounds, you can lose 10-15 pounds just in fees, and wait several business days.

There are fintech alternatives like Wise and Revolut, which have reduced fees to around £1.50-4.66, but not everyone has access to them. Crypto completely solves this problem.

If you decide to transfer money via cryptocurrency, here’s what you need to know:

First, get familiar with the basics. Learn what BTC, ETH, stablecoins like USDT and USDC are. Understand wallets, exchanges, network fees. Stablecoins are especially useful for transfers because their price is pegged to the dollar.

Choose a wallet — either custodial (easier, but you don’t control the keys) or non-custodial like a hardware wallet (full control, but more responsibility). Find a reliable exchange where you can swap fiat for crypto. Complete KYC — that’s mandatory.

The process is simple: set up your wallet, buy crypto, get the recipient’s address, send the funds. That’s it. The money arrives within minutes.

I saw another example — a guy wanted to send money home for repairs. He tried all fiat channels, and they all charged 3-10% in fees plus 2-5 days of waiting. He used Stellar (XLM) — minimal fees, everything went instantly. Even considering entry and exit from crypto, it was cheaper than any other method.

Crypto is especially helpful in countries with poor banking infrastructure. In Venezuela, people receive transfers in BTC and USDT to avoid hyperinflation. In El Salvador, since 2021, BTC is an official payment method. Refugees in conflict zones receive emergency funds via crypto when banks are down.

When transferring money via cryptocurrency, remember a few things. Double-check addresses — errors are irreversible. Use trusted platforms. Enable two-factor authentication. Consider different network fees — Bitcoin is slower and more expensive than Solana or Polygon. Stablecoins like USDT or USDC protect against volatility.

There are issues that may arise. Network congestion during peak times — solved by paying higher gas fees. Crypto volatility — addressed with stablecoins. Wrong address — fixed by triple-checking or QR codes. Regulatory questions — research your country’s laws.

The recipient can cash out crypto in several ways: sell on an exchange for fiat, use a crypto ATM, or just spend it at stores that accept crypto. On exchanges, watch out for the spread between buy and sell prices — it depends on volatility and liquidity.

Want to know something interesting? The first Bitcoin transaction was on January 12, 2009 — Satoshi sent 10 BTC to Hal Finney. Today, that would be worth over half a million dollars. And Vitalik Buterin donated 50 trillion SHIB tokens to help India during COVID — back then, it was $1.2 billion.

Compare all this to banks. They are expensive, slow, require documents. Fintech is faster but still charges fees. Blockchain is just a different level. Cheap, fast, no intermediaries, works anywhere with internet.

Regarding taxes — it depends on your country. In the US, the IRS considers crypto property, so there may be capital gains tax. In the UK, HMRC taxes it if profits exceed the annual exemption. In Japan — progressive tax. But in Singapore and the UAE, the situation is more favorable. In any case, keep records of all transactions and consult a tax professional.

So if you still don’t know how to transfer money via cryptocurrency — now’s the time to start. It works, it’s cheap, it’s fast. Especially if you’re sending money to people in countries with expensive traditional transfers. Crypto solves all these problems at once.