Expat life is an interesting experience. You’re far away from home. This can bring quite a few challenges. One is that you can have expenses in more than one currency. Dealing with banks is not the answer. They’re slow and expensive. Crypto, on the other hand, is fast and cheap. That’s where Binance can make expat life more convenient.
Crypto is a relief when you need to move funds around. So, let’s have a look at how Binance fits into this.
— Binance (@binance) September 7, 2022
How Does Crypto Help With Moving Funds Around?
Crypto is built for moving funds around internationally. When you are used to working with banks, you will know the difference. Banks are cumbersome for international transactions. They charge a high fee, and it takes them around five working days to get your funds to their destination. Let’s not even start with the exchange rates.
There are alternatives available. For instance, Wise has made a name for itself. They are faster and cheaper than banks. However, in emerging markets, you can only receive money, but you can’t send it. For expats that live, for instance, in Asia or South America, that’s an issue. There are similar services available. For example, Remitly or Western Union. PayPal is another option. Most of these services that do a good job have limitations like Wise does with only moving money in one direction.
Crypto Steps Up
So, let’s look into crypto. Paxful used to be a suitable alternative. They are one of the biggest independent P2P trading firms. However, they started charging a fee. They also have issues with reliability. Too many times, people try to scam you on Paxful. The consequent fight with moderators to prove that you’re in the right is nerve-racking.
Crypto offers fast transactions and low fees. Transaction fees vary per coin or token. Different blockchains also have different speeds. For instance, sending XRP from Asia to Europe costs you 0.25 XRP, which is currently less than $0.09. Sending USDT, the costs vary, pending on which chain you use. However, they are less than a dollar. The cheapest I had was $0.29. BUSD is even cheaper to send on the BNB chain. And the beauty is, that it takes no more than 15 minutes between starting and completing a transaction.
New to #Binance P2P?
Here's everything you need to know 👇https://t.co/e8qhepnAMQ
— Binance (@binance) September 5, 2022
The Binance P2P Feature
On the other hand, the Binance P2P feature is a good place to get local currency. They support over 85 fiat currencies. Furthermore, over 300 flexible payment methods are available. With P2P, you trade directly with another Binance user. There’s no middleman involved. It’s a great way to turn your Euro or USD-based salary into the local currency. You can exchange whatever amount you need to pay for local costs. You get good local rates, and it works fast. Binance started this service in 2019 and created a secure environment. We already wrote an article how to trade P2P on Binance.
P2P is a great feature, and it saves you enough money, as an expat, to look into it. The picture below shows how the Binance P2P page looks. I highlighted a few features for you.
- The yellow box, on top, is where you can find the P2P platform. Click on it and the dropdown menu leads you to it.
- The cryptocurrencies available to you. They can vary between countries. They vary by market but ALL markets offer BTC, ETH, USDT, BUSD, and BNB
- Fiat currencies available to you.
- A user guide. Here you can find a beginner’s guide, a tutorial video, and P2P trading FAQs.
When you open the page, there’s a disclaimer that you need to click on. Immediately thereafter, you see two tutorial videos that you can watch. How to buy or sell crypto. It’s all set up in a user-friendly way.
Source: Binance P2P
We showed how expats can take advantage of crypto payments and P2P to manage their funds or salaries. Often, expats have many currencies to deal with. Crypto makes it easy, fast, and cheap to transfer it between countries.
P2P helps you with changing crypto into the local currency. This allows you to pay your local bills and expenses. When you start using the Binance P2P feature, you will cut down on your costs, and it works fast.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Binance. Copyright Altcoin Buzz Pte Ltd.