Requesting Guidance to Swap (some) USDC/USDT/BTC into IBAN EUR, CHF, GBP, or USD

[jafo]

Since the post on TrustLinq got my attention, I decided to go down this path and try several other services where I can SWAP Crypto and cash out into my Western IBAN accounts.

I did a small one and the culmination was this:

Sold 580.11 USDC for 500 € 😱
1 USDC ≈ 0.877 €
Crypto amount 570.1254 USDC

fee 7.6967 USDC

Bank transfer fee 2.2805 USDC

Fiat amount 500 €

This seems excessive AF.

What do the experts recommend?

Any other options?

I'm all ears....

PS. I want to link my foreign credit cards/debit cards to my WeChat and Alipay and one way I have been doing is using the bank's debit card (IBAN) and fire away. I just want many options.

 

[JohnnyDoe]

Since the post on TrustLinq got my attention, I decided to go down this path and try several other services where I can SWAP Crypto and cash out into my Western IBAN accounts.

I did a small one and the culmination was this:

Sold 580.11 USDC for 500 € 😱
1 USDC ≈ 0.877 €
Crypto amount 570.1254 USDC

fee 7.6967 USDC

Bank transfer fee 2.2805 USDC

Fiat amount 500 €

This seems excessive AF.

What do the experts recommend?

Any other options?

I'm all ears....

PS. I want to link my foreign credit cards/debit cards to my WeChat and Alipay and one way I have been doing is using the bank's debit card (IBAN) and fire away. I just want many options.

It seems you paid around 1.72% in fees.
The effective fx rate was quite good, depending on the time you might in fact have paid less than 1%.
For a small 500Eur withdrawal it was not cheap but not terrible.

For regular cashouts you should better:

- send USDC to Kraken or Coinbase
- sell USDC for eur on kraken Pro or CB Advanced
- withdraw fiat by SEPA

That should normally cost around 0.4% to 0.7% all-in, and less on larger amounts.

TrustLinq in theory would be more useful when paying someone else’s IBAN directly from crypto. For withdrawing to your own account, you are paying extra for nothing.

For WeChat and Alipay, linking a foreign Visa or Mastercard directly is simpler. Best setup would be two or 3 cards from different banks as backups.

Never use the simple “convert” button on exchanges unless you are completely incapacitated. Use the advanced order book, since the hidden spread is often where they extract the real fee.

 

[jafo]

It seems you paid around 1.72% in fees.
The effective fx rate was quite good, depending on the time you might in fact have paid less than 1%.
For a small 500Eur withdrawal it was not cheap but not terrible.

For regular cashouts you should better:

- send USDC to Kraken or Coinbase
- sell USDC for eur on kraken Pro or CB Advanced
- withdraw fiat by SEPA

That should normally cost around 0.4% to 0.7% all-in, and less on larger amounts.

TrustLinq in theory would be more useful when paying someone else’s IBAN directly from crypto. For withdrawing to your own account, you are paying extra for nothing.

For WeChat and Alipay, linking a foreign Visa or Mastercard directly is simpler. Best setup would be two or 3 cards from different banks as backups.

Never use the simple “convert” button on exchanges unless you are completely incapacitated. Use the advanced order book, since the hidden spread is often where they extract the real fee.

Thank you very much, @JohnnyDoe

This was very helpful! 😉

 

[Filda]

Never use the simple “convert” button on exchanges unless you are completely incapacitated. Use the advanced order book, since the hidden spread is often where they extract the real fee.

This is important for everyone to note, because the default Kraken platform will by default F you over on fees, even on something very simple like USD<>USDT, while you will get relatively good rates on the orderbook in Kraken Pro.

 

[JohnnyDoe]

This is important for everyone to note, because the default Kraken platform will by default F you over on fees, even on something very simple like USD<>USDT, while you will get relatively good rates on the orderbook in Kraken Pro.

Well, they don't really fuck you: you pay an extra for simplicity. For some reason, many people find it difficult to enter an order in the book. Same as those who still buy stocks by calling their bank instead of through IBKR.