Sending funds to families abroad can be a costly and time-consuming process. Conventional remittance methods often come with high fees and long wait times. There are several alternatives to send funds to your family, one of the options is crypto.
What is Crypto?
Crypto is a digital asset commonly used for investment or trading. Bitcoin and Ethereum are two of the most well-known crypto, but many others exist. Interestingly, also can be used to send or receive funds aside from investment or trading. It’s faster and available 24/7 worldwide.
Why Use Crypto for Remittances?
Here are some reasons why using crypto for sending funds can be beneficial:
- Lower fees: Conventional remittance services can charge hefty fees, sometimes up to 5% of the amount sent. The transactions usually have much lower fees, saving you some cost.
- Faster transactions: Transactions can be completed in minutes, unlike conventional services that could take up to 3 business days to process the transaction. This is especially useful if your family needs funds urgently.
- Accessibility: Its 24/7 availability and global reach can ease your transactions, no matter where your family is.
How to Get Started
- Create an account: Both you and your family need an account on a platform to send and receive crypto. You can use Luno as it’s available in more than 40 countries and trusted by 12 million customers. Download the Luno app and follow the instructions to set up your account.
- Choose a type: Bitcoin and Ethereum can be your choices because they are two of the most popular. However, if you want more stability, you can try USDT or USDC, as their value is pegged to the US dollar.
- Buy: Once you have created an account on Luno, you can buy using Indonesian rupiah through the Luno platform.
- Send: After purchasing your chosen, you can send it to your family’s wallet. Open the Luno app, enter the recipient’s wallet address, specify the amount, and confirm the transaction.
- Convert to local currency: Your family just needs to sell the crypto and convert it to the local currency.
Tips for Beginners
- Start small: To make you comfortable, especially if you are new to it, you can begin with a small amount to get a feel for it.
- Double-check receiver address: As crypto transactions are irreversible, make sure that the wallet address you want to send to is correct.
- Use a regulated & reputable crypto platform: Choose a secure and regulated platform for buying, storing, and sending crypto for your convenience.
Crypto Platform for Remittance
Are you ready to start sending or receiving funds with crypto?
With more than 20 type available on Luno, you can easily send or receive crypto from anywhere in the world. Rest assured, if you need assistance while using the Luno app, our customer support team can help you with English and Bahasa Indonesia.
Use the LUNOEZPZ promo code while registering on the Luno app to get free Bitcoin worth Rp100,000.
The Future of Remittances
Currently, crypto is gaining popularity and is used by many people around the world. Not just for investment or trading, but it’s also used for transferring funds, from retail to institutional customers.
Compared to conventional transfer methods, crypto offers a cheaper, faster, and 24/7 available solution for those who want to send funds anywhere in the world. Luno is registered and supervised by the Commodity Futures Trading Regulatory Agency (Bappebti). Trading and investing in crypto assets is a high-risk activity. Read more on our Terms of Use here: www.luno.com.