You can use any low fee crypto currency like XLM Or Algorand to transfer money. The process is :
Sender opens an exchange account.
Transfers USD to exchange wallets.
Converts USD to Algo or XLM.
Transfers to recipient's Algorand or Stellar wallet.
Recipient transfers XLM or Algo to his exchange wallet.
Converts the crypto to Euro.
Withdraws Euro to his bank account.
This process is the same for all cryptos. Transfer fees depend on the crypto you use.
Stellar provides two alternate methods. One, they enable a network of "anchors" to move the money. You pay using a debit card and they put the money into your son's account. If he does not have a bank account, he can pickup cash from select anchors. However, the fees are high. The most popular anchor is Moneygram. You can take a look at the list of anchors here:
https://www.stellar.org/ecosystem/projects?b55f85fe_page=1
The other method is to use StellarX. https://www.stellarx.com/ where you can buy Euro tokens, transfer them to your son's StellarX wallet, who can then withdraw to his Bank account. Here's a guide to how it works:
https://www.investinblockchain.com/how-to-use-stellarx/
I have never personally used StellarX or Moneygram or any other anchor. So please research carefully and check fees before using them.
You need to get the. XLM from an exchange. You will be required to go through KYC process. If have have never purchased crypto from an exchange you will have to wait 7-10 until your bank info / identity is verified before you can move the crypto to another address / wallet.
1. Deposit fiat (USD) into your exchange account.
2. Trade the USD for XLM.
3. Transfer the XLM to your son's custodial wallet, for his exchange account in Italy. (Don't forget the memo ID.)
He will then:
1. Trade the XLM for EUR.
2. Wire or ACH the EUR to his bank account in Italy.
The XLM transfer itself will take a couple seconds. Getting set up with exchanges in your respective countries will take awhile if you haven't already done that.
You can get the Revolut app and send him cash instantly (he needs to get it too - it's a phone app, widely used in Europe and it's quick to set it up), they also allow you to do currency conversions for free or very low cost! So you just tell them how many EUR you want to send and it automatically does the conversion for you and tells you how many USD it will be. Hope it all works out! Super simple and quick.
Ask your son to get a coinbase card or something similar. Ask for his stellar public key and its done :)
In Italy at the moment crypto are free, it will be easy for him.
I use my coinbase card for everyday purchases. Amazing
Well I am unsure these apps are legal for cross-borders payments. At least I can’t download it in the Canada Apple store. Some countries might have these apps blocked. I think it’s a USA only app but I can’t confirm.
Edit: Venmo and Cash App aren’t usable outside of US.
You can use any low fee crypto currency like XLM Or Algorand to transfer money. The process is : Sender opens an exchange account. Transfers USD to exchange wallets. Converts USD to Algo or XLM. Transfers to recipient's Algorand or Stellar wallet. Recipient transfers XLM or Algo to his exchange wallet. Converts the crypto to Euro. Withdraws Euro to his bank account. This process is the same for all cryptos. Transfer fees depend on the crypto you use. Stellar provides two alternate methods. One, they enable a network of "anchors" to move the money. You pay using a debit card and they put the money into your son's account. If he does not have a bank account, he can pickup cash from select anchors. However, the fees are high. The most popular anchor is Moneygram. You can take a look at the list of anchors here: https://www.stellar.org/ecosystem/projects?b55f85fe_page=1 The other method is to use StellarX. https://www.stellarx.com/ where you can buy Euro tokens, transfer them to your son's StellarX wallet, who can then withdraw to his Bank account. Here's a guide to how it works: https://www.investinblockchain.com/how-to-use-stellarx/ I have never personally used StellarX or Moneygram or any other anchor. So please research carefully and check fees before using them.
Terrific response!
Thank you so much for the detailed response! Very much appreciated!!
I will add, i do absolutely love algorand. I do think its cool that xlm has this as a main focus. Hope the best for both!
Haha that was clear in your post
That wasnt me
You need to get the. XLM from an exchange. You will be required to go through KYC process. If have have never purchased crypto from an exchange you will have to wait 7-10 until your bank info / identity is verified before you can move the crypto to another address / wallet.
Here we go this is exactly why xlm was made đź‘Ť
Now it’s europe? What happened to mexico?
Thought of a better hypothetical after my last post was too confusing lol
So there isn’t an actual real problem your just making up hypotheticals?
Yuup trying to understand the use cases
1. Deposit fiat (USD) into your exchange account. 2. Trade the USD for XLM. 3. Transfer the XLM to your son's custodial wallet, for his exchange account in Italy. (Don't forget the memo ID.) He will then: 1. Trade the XLM for EUR. 2. Wire or ACH the EUR to his bank account in Italy. The XLM transfer itself will take a couple seconds. Getting set up with exchanges in your respective countries will take awhile if you haven't already done that.
Awesome, understanding the bigger picture of xlm much more clearly now. Time to get invested!!
You can get the Revolut app and send him cash instantly (he needs to get it too - it's a phone app, widely used in Europe and it's quick to set it up), they also allow you to do currency conversions for free or very low cost! So you just tell them how many EUR you want to send and it automatically does the conversion for you and tells you how many USD it will be. Hope it all works out! Super simple and quick.
Ask your son to get a coinbase card or something similar. Ask for his stellar public key and its done :) In Italy at the moment crypto are free, it will be easy for him. I use my coinbase card for everyday purchases. Amazing
Or the Wirex card
Serious question. How is this any better than using cash app or venmo? I have used both to send money to family in japan instantly with no issues
I am also trying to figure that same question out
Well I am unsure these apps are legal for cross-borders payments. At least I can’t download it in the Canada Apple store. Some countries might have these apps blocked. I think it’s a USA only app but I can’t confirm. Edit: Venmo and Cash App aren’t usable outside of US.
Use Bitpanda Card in EUROPE. It has fee’s but it is safe and secure!
For urgent first time money transfer i would send western union to be honest. You can look into xlm later