Many of you might have been waiting for some light in regards to the post I made two days ago...
Converting Cryptocurrency to New Zealand Dollars!
(image source - unfortunately we do not have yet ATM's that can convert crypto to NZD)
Well, let me try to give you some of the possible ways (please beware that what I am talking is subject to change at any moment depending on the intermediaries selected). But usually the system works like this:
- Move your selected Crypto to an Exchange that supports it's conversion to Bitcoin (BTC) or Ether (ETH).
- Convert the selected Crypto to BTC (or ETH).
Then you have 4 options (I have done all of them already):
- Convert at that Exchange to NZD and then back as a national/international bank transfer to your bank account.
- Move BTC/ETH to another third party that can convert back to FIAT (usually these have only BTC or ETH, hence the need to convert to those first). Then move that NZD as a national/international bank transfer to your bank account.
- Move BTC/ETH to a wallet supported by a VISA card! - This one is my favorite.
- Directly exchange on person with other people accepting it (I DO!). I was speaking literally but you can also use something like an NZ based LocalBitcoins.com person.
Option #1 - Convert to NZD at Exchanges
Some exchanges can convert several Cryptocurrencies back to FIAT (US$, EUR, etc), but in New Zealand there is only one (/two) Exchange(s), both based on Christchurch: (NZBCX) that does not yet have the necessary volume to transact on a daily basis (but it might soon change) and BitPrime (through direct exchange or via LocalBitcoins.com).
Then from them to your own bank account in NZD. This is a process that usually requires you to provide proof of your identity (read carefully the terms and conditions so you are aware of the legal stuff). After you go through that bit, you may need to do a second step (sometimes), which involves connecting your bank account to the login account of the selected trader. This is usually done by a small bank transfer, on which bank and the trader establish some trust (or not) as a anti money laundry method.
Option #2 - Move Cryptocurrency to a 3rd Party in order to convert to your desired FIAT currency.
Because New Zealand government is still trying to catch up with blockchain technology, it's sometimes hard to convert large amounts of money inside the country. Luckily there is an alternative, by using a 3rd party! There are several out there, but essentially you will be depending on an international bank transfer afterwards.
The one I have used is The Independent Reserve, which supports receiving BTC via XBT (CounterParty wallets) and now also ETH! Then you can trade that for USD, NZD or AUD and make an international transfer to an NZ bank. There is also a verification process involving you and the bank account you wish to connect to (the best banks in NZ for this are ASB or ANZ). All very simple and takes 1 to 2 days for the transfer to happen once you are all set.
Option #3 - Move Cryptocurrency to a VISA card!
This is my favorite! I am currently using BitPay, but there are a couple others arriving soon (including the one I have announced some weeks ago, Monaco VISA Card).
Using this method, you need to install a wallet (at your PC or Phone) that holds back your transferred BTC or ETH you sent over (BitPay only supports BTC), and then you get to choose when to load your VISA card with the amount of you choice at that moment prices. Then you just use it as any other Debit or "Credit" card!
The exception here is for the Credit method, to which you are only using the process to execute the debit authorization and not getting a loan amount of money as it happens usually on Credit cards). The setup process takes a week or two (including ordering the card) and then once you have BTC on your wallet and the VISA card associated with it, it's literally a few seconds to load it! Fricking AMAZING! Note that BitPay card is in USD, so they will charge you a fee (3%) to convert it to other FIAT's, but it's free to use in USD currency.
Option #4 - The usual way!
The last option you don't really need any explanation. This is basically what's already supported by all coins. You even have multi-cryptocurrency wallets that can convert currencies on fly (like Jaxx). Multiple out there... maybe on another post.
To complete the loop you can also Buy Cryptocurrency on one of the two (currently) Bitcoin ATM's in New Zealand, one in Auckland and another in Dunedin. It would be nice for someone to check them out, and maybe post a photo here?
Hehe...
Cheers!
Produce quality SteemCATAPOOM and VOTE for Witnesses!
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Get your POWERVoice! - until 2017-07-05 23:15:42