International Transfers via fiat

[Card]

Does anyone know about using a fiat currency,such as USDT, to transfer money between say Thailand and UK instead of through Thai banks or DeeMoney etc? It seems easy but is it:

 

1. Legal. 

2. Efficient in terms of transfer and exchange costs.

 

Please stick to facts and preferably experience, rather than uninformed opinion thx.

 

 

[gamb00ler]

I think you need to insert a 0th consideration:  safety

 

Perhaps your funds will go on vacation to Panama without you.

Investopedia says:

"In April 2019, New York Attorney General Letitia James accused iFinex Inc., the parent company of Tether Ltd. and operator of cryptocurrency exchange Bitfinex, of hiding a loss of $850 million dollars of co-mingled client and corporate funds from investors. Court filings say these funds were given to a Panamanian entity called Crypto Capital Corp. without a contract or agreement, to handle customers-withdrawal requests."

Edited March 25, 2022 by gamb00ler

[userabcd]

Try the cryptocurrency news forum section.

 

USDT is not fiat as you state.

 

What Is Tether (USDT)?

Tether (USDT) is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equivalent amount of U.S. dollars, making it a stablecoin with a price pegged to USD $1.00. Stablecoins track traditional fiat currencies, like the dollar, the euro, or the Japanese yen, which are held in a designated bank account.

Tether tokens, which were developed by the crypto exchange BitFinex, are the native tokens of the Tether network and trade under the USDT symbol. As of October 2021, USDT is the fifth-largest cryptocurrency by market capitalization, worth more than $68 billion.1

[Card]

26 minutes ago, userabcd said:

Try the cryptocurrency news forum section.

 

USDT is not fiat as you state.

 

What Is Tether (USDT)?

Tether (USDT) is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equivalent amount of U.S. dollars, making it a stablecoin with a price pegged to USD $1.00. Stablecoins track traditional fiat currencies, like the dollar, the euro, or the Japanese yen, which are held in a designated bank account.

Tether tokens, which were developed by the crypto exchange BitFinex, are the native tokens of the Tether network and trade under the USDT symbol. As of October 2021, USDT is the fifth-largest cryptocurrency by market capitalization, worth more than $68 billion.1

Ok. So I forgot it is tether. Any chance of advice on the main issue?

Edited March 25, 2022 by Card

[userabcd]

1 hour ago, Card said:

Ok. So I forgot it is tether. Any chance of advice on the main issue?

Sorry, I have no idea, I do not invest in or use crypto.

 

From what I understand you could but I may be mistaken:

Join a local exchange (such as bitkub??) open a local fiat bank account and then transfer your USDT to the local exchange somehow and cash out to your fiat bank account.

 

Cash out your USDT in your home country to your home bank account and use your bank or transfer company to transfer the fiat to your local Thai bank account.

Edited March 25, 2022 by userabcd

[Card]

20 minutes ago, userabcd said:

Sorry, I have no idea, I do not invest in or use crypto.

 

From what I understand you could but I may be mistaken:

Join a local exchange (such as bitkub??) open a local fiat bank account and then transfer your USDT to the local exchange somehow and cash out to your fiat bank account.

 

Cash out your USDT in your home country to your home bank account and use your bank or transfer company to transfer the fiat to your local Thai bank account.

I know exactly how to do it but need advice on the 2 points I mentioned.

[fdsa]

4 hours ago, Card said:

is it:

 

1. Legal. 

2. Efficient in terms of transfer and exchange costs.

1) not entirely legal and depends on the amount. If below 1K USD than nobody will care, but it could be a huge PITA to transfer more than 10K USD.

2) it is inefficient in the first transfer as you have to learn how to buy and use USDT, but ongoing transfers will be more efficient.

Exchange costs are minimum 10 USD and up to hundreds per transfer, depending on the amount. As you need to buy it first and your recipient needs to sell it for fiat, both commissions are up to 5%.

[userabcd]

1 hour ago, Card said:

I know exactly how to do it but need advice on the 2 points I mentioned.

Suggest

 

Ask the crypto guys on cryptonews section of aseannow.

 

Join bitkub or other, go through their kyc and then ask them directly.

 

Join reddit and ask on the Thai/Bangkok forum.

 

Go to the Bangkok Satoshi Square meetup on Monday 28th March 2022 and discuss with them.