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How to Make International Transactions with Crypto Payments?14 min read

How to Make International Transactions with Crypto Payments?14 min read

Reading Time: 5 minutes

Nowadays, with the increasing popularity of cryptocurrencies, many companies crypto payments to cover the company’s income and expenses. One of the methods preferred by companies doing business with each other, especially in two different countries, is crypto payment.

While in the past years, the parties were able to make the payment to each other at the end of the completed work through interbank swaps or various methods, the commissions paid by these methods to companies, bank commissions, or intermediary institutions, and the amount of commission they paid increased depending on the size of the amount to be paid. 

Therefore, in this case, it created an extra cost burden for companies.

All you need to select a crypto wallet that supports the currencies you want to make payments. Transmissions are generally made with more well-known cryptos such as Bitcoin (BTC) and Ethereum (ETH). 

However, payment can also be made with other cryptocurrencies. This may depend on your agreement with the person or institution you will make the payment to.

Can You Use Crypto to Transfer Money Internationally?

Before making your transactions, you should consider that cryptocurrencies may have a more dynamic structure, that is, more suitable for currency than other local currencies. You should also know that the cryptocurrency you choose may rise or fall until your transaction is completed. 

If the recipient person or member’s currency is different from yours, it is possible to convert it to their currency. 

Using a reliable and known platform to convert your local currency into the cryptocurrency you want to send is very important in terms of minimizing any problems that may occur and the continuity of trade. 

You can easily open an account through the simple and user-friendly The Guardian Bank and convert your local currency into the cryptocurrency of your choice, and you can easily make your payment through the The Guardian Bank mobile application or web platform.

It is very important to ensure that the wallet address of the person or institution is correct during the payment process, as well as the security and storage of the transaction. Once you are sure of the recipient information you have entered, you can track your transaction via the blockchain. 

crypto payments

How to Do Crypto Payments Worldwide?

In the traditional banking system, the amount of money that individuals or institutions can send during the day is limited to a certain amount. Since there is no such limit in cryptocurrencies, you can send unlimited amounts. First of all, in order to send money, get yourself a reliable and well-known crypto wallet account and buy the amount of crypto you will send from the cryptocurrency you will send through this wallet with your local currency. 

Make sure that you transfer the cryptocurrencies you have purchased to your wallet and protect the cryptocurrencies you have with a private and complex key encryption to ensure that they are safe. You should find out whether the buyer of the product you will pay for receives payment in cryptocurrency. Before paying, you must ensure that the recipient’s wallet address is correct. 

Otherwise, the transaction will be refunded if it does not match the address, but if you send it to the wrong wallet address, this transaction will not be refunded.

You can manually enter the recipient’s wallet information or make the payment by scanning the wallet QR code sent to you by the recipient. 

Remember that you may need to keep the transaction information on record after the transaction is completed, to track your payments and to record entries and exits into your account on the accounting side. Legal and tax regulations may differ from region to region. Make sure you comply with these regulations.

Best Crypto Payments for Cross Border Payments

It is important to remember that the cryptocurrency market depends on technological developments and market trends of the day. It is recommended that you keep yourself updated with the latest developments in the crypto market. You should definitely do preliminary research about the cryptocurrency you are considering choosing or have chosen. 

If you think your level of knowledge is lacking and you have limited time to do research, you should definitely consult a legal advisor in your region and someone who is an expert in financial matters.

Among cross-border transactions, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT) are preferred in the market with their reliability, value and low transaction costs.

With The Guardian Bank‘s mobile application, you can send crypto money to recipients living anywhere in the world, regardless of your region, extremely quickly and securely, with affordable transaction fees, during the day or outside working hours. You will be able to follow your payments instantly on crypto-friendly The Guardian Bank platforms.

You can ask questions to the highly equipped The Guardian Bank employees about the issues you are wondering about, or you can access content that will enlighten you on this subject from The Guardian Bank platforms.

Can You Transfer Money Through Crypto?

You can buy and send cryptocurrencies just like digital currencies that we use in local currencies and banking systems. The difference between cryptocurrencies and the currency used in your region is that they are decentralized. 

A physical equivalent of the money in your bank account, even in digital form, is known and kept by the bank. 

This is the difference between cryptocurrencies and your local currency. Shipping can be done with various cryptocurrencies. This may reflect transaction speed and different transaction fees depending on the cryptocurrency you prefer.

crypto payments

How to Grow your Business with Crypto Payments?

When you integrate the crypto payment system into your company’s payment area, it will be more affordable compared to the cost of a swap transaction with your local currency or a different currency. Since international crypto payments are decentralized, they will hide both your and your customer’s financial information from third parties. Thus, you will be able to move your customer base from local to global.

Once you understand how crypto markets work and evaluate the potential benefits and harms that may arise for you, you will soon realize that the business development process between you and your customers happens much faster.

By adding the payment option with crypto on your company’s or personal blog, you will be able to create a new potential customer base with special incentives and discounts for your customers who want to pay this way, and you will see that your customers’ loyalty to you will increase.

You should not hesitate to take strong security measures to reduce possible risks associated with crypto transactions. The secure wallet you offer to your customers, two-factor authentication, and periodic security auditing of the system are very important for the financial security of your institution and your customers.

After all, since it is a payment system that is not fully widespread around the world, providing full support to customers who want to pay you with crypto in case of questions and potential errors will strengthen the trust between the seller and the customer.

Following crypto payment technologies closely and integrating new developments into your system will contribute to the growth of your company.

Transaction Examples That Can Be Made with Crypto Payments

Crypto payments can be made both online and offline. You can inform your customers on the payment page that you can receive payment with cryptocurrency for the products you sell/offer through your web platform or mobile application.

People working independently of an institution can receive the service fee for the services they provide with crypto payment and convert it into currencies in their region. Thus, freelancers can safely provide services to institutions or companies located elsewhere in the world, independently of the institution. 

Although it is a product preferred by many investors as a personal preference and as an investment tool, payment for many products and items that can be sold over the internet, such as online gaming platforms, real estate trading, fundraising charities (NFT), and purchasing unique items such as digital artworks and collectibles, can be made with crypto payments.

Create your account at The Guardian Bank now to adapt to the crypto payments method, carry out financial transactions in your business with your crypto account and be informed about the markets.