We created an Infographic comparing Bitcoins with other services to find out the costs to
send $500 from USA to India. We are here comparing Bitcoin with Western Union,
ICICI Bank (Money2India), MoneyGram and Wells Fargo!
This is Part I in the series “Comparing Bitcoins with other money transfer services”
and this time we are comparing the costs for sending money from USA to India.
You can download Zebpay on the App Store as well on the Play Store.
You can read the Part II (UAE to India) here.
All the mentioned prices now on will be based on the Bitcoin price on 14th Oct 2016.
For this example, we are using Circle to buy Bitcoins from US and Zebpay to Sell Bitcoins in India.
Buying Bitcoins from USA
So, Circle allows you to buy Bitcoins using Debit cards with zero fees.
Price of 1 BTC on Circle: $646.2 (~ $ 43,124.16).
Let us say the user buys for $646.4 so that the few extra bits (~200) from that purchase can be used as the bitcoin network fees.
Total = $646.4 (~₹43,140) Selling Bitcoin in India
After buying the bitcoins, the user sends it to his/her Zebpay bitcoin address.
Selling price of 1 BTC on Zebpay:$ 43,661 (~ $654.22)
Withdrawal fees, $10.
So $ 43,661 — $ 10 = $ 43,651.
Finally, $ 43,651 — $ 43,140 = $ 511.
The user sells the Bitcoins purchased in US for profit of
$ 511 ($7.66) in India.
So by this we can conclude that even if there were some fees associated with buying bitcoins in the US, the user would cover the costs as he’s selling bitcoins for profit in India.
This article was first published on the Zebpay blog. Zebpay is the world’s simplest Bitcoin mobile wallet. You can use Zebpay to send and receive Bitcoins as easily as instant messaging. With Zebpay, there is no need to worry about Bitcoin addresses or wallet backups. You can simply send Bitcoins to contacts using their mobile number. Zebpay was Voted as #1 Best New Company at Coin Agenda, Las Vegas.
