I’m trying two different system to move money overseas. The money is coming from my own Australian Bank account and it will be send it into my Spanish bank.
For this comparison I will use $1000 AUD in each system, starting the process almost at the same time, trying to avoid differences with the exchange rates and detect the fastest way.
AUD to BTC, BTC to EUROS
I’ve use this system before and for my experience I’d say that is more profitable and faster than any other system. Lets see what happens this time, with a total bearish market.
The first step is to buy some Bitcoin in Australia, in order to do it, I’m using COINJAR (https://www.coinjar.com.au/) is an Australian Exchange to buy $1000 AUD in Bitcoin.
I just transfer $1000 AUD (Saturday PM), from my bank to Coinjar, normally I’ll have to wait two or three days for the money to arrive and them buy some BTC.
After buying the BTC, I will need to send it to my BTC wallet in Uphold and then sell it for EUROS and move to my bank.
On Tuesday morning received the confirmation and I just bought 0.1094 BTC after the fees.
On Wednesday morning, I sold the BTC in Uphold and after the fees I received € 669.44, now I'd need to send this money to my Spanish bank account, normally it'd take 5 days.
TRANSFERWISE:
I have to send my money ($1000 AUD) to a local bank account. It will take two or three days to arrive.
On Tuesday morning, received the email from TransferWise saying that my money was received and the day after supposed to be in my Spanish bank account.
On Tuesday afternoon, € 631.80 were in my account.
In conclusion, in this quick experiment Transferwise was quicker and safer than Bitcoin. At the end, using the services of Transferwise I received € 631,80. Whereas, doing all the process with Bitcoin, I received € 669.4, this process has more steps and involve more risk, but it is a very useful way to make some profit in the transaction.