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Is bitcoin a good option for sending money to people outside of Switzerland? If I convert Swiss francs to bitcoin, send the bitcoin to someone and then that person converts it into the local currency, does it work out cheaper than using Western Union or Moneygram?
Hi there,
Transfers from one independent Bitcoin wallet to another are free of charge. However, unless you can buy Bitcoin directly from sellers and the person you are sending money to can sell the Bitcoin directly to buyers, you will normally have to work with a broker.
Buying and selling bitcoins through a broker can be expensive. For example, you pay a fee equal to 6% of the amount of Bitcoin you purchase when you buy Bitcoin at SBB / CFF ticket vending machines. Bitcoin Suisse ATMs charge a fee equal to 5% of the amount of Bitcoin you purchase. When the recipient of the Bitcoins exchanges them for local currency, they pay similar brokerage fees.
Additionally, you may lose money on the exchange spread when you convert Swiss francs to Bitcoins, and when the recipient exchanges Bitcoins for local currency.
Unless you are Bitcoin-savvy and can purchase your Bitcoin at minimal cost, you will likely save money by using wire transfers or peer to peer transfers.
Best regards from Moneyguru
More on this topic:
Guide to sending money overseas
Guide to peer to peer money transfers
