However till date, banks are considered the first known option by many traders and individuals, who want to transfer funds overseas. Yet, with growing awareness of cryptocurrency transfer and management platforms based on blockchain, like the Bitcoin, Ethereum, Ripple, Steem, Bitgo etc, the technology is spreading fast in use, and more and more people are getting inclined towards blockchain based currency transfers.
There are strong reasons to support blockchain than referring to bank transfers.
Cryptocurrency transfers are much faster
If you had ever tried transferring funds overseas through banks, then you know the hurdles. First, not all banks are enabled to do this, and only the SWIFT enabled banks can. Next, it takes really long, and as long as 7 to 10 days for an effective transfer which involves the money from the payer’s account to come to the payee’s account.
But when the same thing s done using blockchain, and using cryptocurrencies, then the transfer is much faster, and hardly takes a few minutes while bypassing the huge bank transfer charges. Although cryptocurrency transfer charges are levied, but the speed of transfer makes this really justified.
Moreover the enormous safety of both the accounts and the amount of money on transaction is the great advantage of such transfers, thus making it much appealing for the new age traders and individuals.
Cheap transfers possible with blockchains
As discussed earlier, transfers with blockchain system incurs some extra charges as for the transaction charges levied on the verifications of the blocks. But when you compare this to the bank charges, you find it quite less, and much affordable. Most blockchain platforms would charge you for sending cryptocurrency, but not to the receiver. But in case of bank transfers, both parties get charged.
Opening a bank account, and enabling foreign money transfer in it, and doing it all from documentation to transfer may be a cumbersome process for many, specially who don’t have a bank branch nearby. But opening a blockchain based account through any of the platforms like Ether or Bitcoin is completely easy and possible in a few minutes. And this is not a lengthy process either. That is why this has opened the doors to international funds transfer at a cheap rate, and a much high speed with much more security and reliability.