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How Traveling On Crypto Could Save You Money?

May 14, 2019

Not only the crypto market is warming up, but also the weather. With the holidays season just around the corner, it’s time to sit down and think of that long-awaited well-deserved vacation.

Whether you are going for the low-cost weekend getaway or a two-week all-inclusive trip, traveling is a financial burden and saving money is something that is on everyone’s mind.

Believe or not, digital currencies can help you stay on budget when traveling abroad. And considering the odds of winning the lotto are slim to none, here is why cryptocurrencies might be your best choice the next visit to Disneyland (or anywhere else really).

 

Sending money internationally

Even if you do your best to set everything up before going on a trip, there is a high chance you would forget to cross something off your to-do list. Paying an electricity bill, your kid’s kung fu class or giving your mother a birthday present (good luck with that one).

Relying on a bank or a remittance service to send money internationally is both time-consuming and expensive. In most cases, these institutions would take from 1 to 5 business days to process a single transaction and ask for a substantial fee to do it.

With cryptocurrencies, it’s a different story. Blockchain technology allows them to move instantly across the world at a minimum cost. Unlike traditional money transfers, fees aren’t related to the amount sent but to the computer power required to store the data.

Too good to be true? In 2018, cryptocurrency exchange Binance moved 109,000 BTC (~$614 million) from one wallet to another. Guess how much it costed them? $7. Oh, and the transactions was completed in under 8 minutes.

That said, your next question should sound like... “how to send money using cryptocurrencies?” With solutions like Crypterium, you can send money internationally in seconds without any fees.

To get started, all you need to do is download the app and top it up with your favorite crypto (Bitcoin, Ethereum, Litecoin, etc.) and click on “Send”.

One great thing about sending money with Crypterium is that you don’t need to enter a long blockchain address. All you need is the recipient's phone number. If you’re transferring money to your friend and he/she doesn’t have a wallet, we automatically create one for them and notify them via SMS about the incoming transaction.

 

Receiving money from overseas

It happens. Everything goes as planned until it suddenly doesn’t anymore. The airline loses your luggage, your wallet mysteriously vanishes from the hostel or you simply cannot stop spending (oh, those souvenir stores…) For one reason or another, you might find yourself in need for urgent extra cash. So, what do you do? You ask for help, naturally. But the fact that your family and friends are ready to save you, it doesn’t mean Western Union is on board.

Getting money could take some time if you rely on traditional methods. Luckily, you can access fresh funds in seconds when receiving money through the Crypterium Wallet. And nobody pays for commissions. Now that’s what we call ‘convenient’.

 

 

Shopping offline

Nothing like foreign transaction fees to ruin your post-holiday mood. If you’ve ever swiped your bank card outside your home country, then you have already paid foreign transaction (FX) fees.

Foreign transaction fees are applied to each transaction made abroad, payments processed by foreign banks or purchases in other currencies than your base one.

The average foreign transaction fee is 3% of your payment. Typically, this fee is divided in two parts. One that is charged by the card network (Visa, MasterCard, UnionPay) and another taken by the card issuer (the bank or fintech company).

Hopefully, fiat-based cards are no longer the only alternative for you. Instead, you can order a multi-currency Crypterium Card — the first global crypto debit card — and instantly lower that fee to 2%. In the long run, that difference adds up.

 

Withdrawing cash abroad

Digital currencies can also be useful when trying to withdraw cash in foreign territory. Apart from the foreign transaction fee mentioned above, bank cards charge an additional fee each time you withdraw funds in a foreign ATM.

As you could imagine, that doesn’t happen with our card. The Crypterium Card only applies the same 2%. However, some ATM networks might add their own fees. But that is a cruel reality that affects all cards in the market, not just ours.

Alternatively, Crypterium App users can withdraw cryptocurrencies to a regular card using the ‘card payout’ feature. It works with any debit or credit MasterCard account in the world and the transactions are processed instantly. As for the fees, we only take 1% + fixed 1 EUR.

 

Topping up your phone

This one is more about saving your from a headache rather than extra charges. If you run out of phone credit while traveling, you might need to ask someone back home to help you out. Or visit your operator’s website, purchase some credit... A waste of your time. With the Crypterium App, you can use your favorite digital assets to top up your mobile balance instantly in over 100 countries. That, of course, if you want to stay reachable.

 

About Crypterium

Crypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.

Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing by day.

The team is led by former General Manager of Visa Central & Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.

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