How to Transfer Crypto Across Borders Seamlessly with Uphold

Cross-border transfer continues to rise, projected to reach $250 trillion by 2027. However, the transfer of value across borders, with each jurisdiction having its own systems and regulations, comes at the cost of high fees, slow speed, exchange rate fluctuations, and lack of transparency.

This is where international crypto transfers can change the game completely by reducing friction, fees, and time. Cryptocurrencies’ borderless nature makes them the perfect option to facilitate transfers worldwide.

Among international crypto remittance options, Uphold offers a trusted platform for seamless global cryptocurrency transactions.

Step-by-Step Guide to Transferring Crypto Across Borders with Uphold

One can easily move funds across borders using Uphold. Here’s how to transfer crypto to an external wallet (i.e., any wallet other than the Uphold crypto wallet):

• Step 1: Log in to your Uphold account.
• Step 2: On the homepage, click ‘Withdraw.’
• Step 3: Select the account to withdraw from.
• Step 4: Choose ‘Crypto’ as your preferred mode.
• Step 5: Select the asset and the supported network.
• Step 6: Enter the address you want to send crypto to.
• Step 7: Input the amount you wish to withdraw.
• Step 8: Review your transaction details.
• Step 9: Confirm the withdrawal.

Make sure to check and accurately pick the network for your crypto, as one asset can exist on multiple networks. For instance, ETH is supported on Ethereum, Arbitrum, Optimism, and several other blockchain networks.

Top Features for International Crypto Transactions

Uphold comes packed with elements that make cross-border crypto transfer a hassle-free experience. If you’re wondering how to send crypto internationally, Uphold’s multi-network crypto support ensures you have various options to choose from based on your availability and cost preference. This includes ETH, BTC, Arbitrum, and more.

Additionally, Uphold supports native SegWit addresses for Bitcoin and Litecoin. These addresses offer the benefits of faster transaction speed, lower fees, more efficiency, and enhanced security.

Uphold further supports destination tags/memos for Hedera Network (HBAR), Stellar Network (XLM, USDC, and VELO), XRPL Network (XRP, SOLO, COREUM, and RLUSD), and TON Network  (TON, USDT). The purpose of this tag is to provide additional information to direct the funds to the specific user within a shared wallet. This unique identifier, which is used only for certain cryptos, ensures successful deposits.

Common Challenges and How Uphold Resolves Them

While Uphold enables low-cost, high-speed crypto transfers to anyone, anywhere, anytime, there are still some things you must keep in mind when dealing with cryptocurrencies in general.

One of the most common and costly mistakes is entering the wrong wallet address, which can irreversibly send your funds to a destination. Then, there’s the issue of sending a token to an incompatible network, which can again result in a total loss of funds. One should also always account for network fees, which vary based on traffic, as not doing so can result in either extra charges or failed transfers.

The good thing about using Uphold to make crypto transfers is that the platform actively helps you avoid making these mistakes. This includes maintaining complete fee transparency so that you can optimize your costs. Uphold’s mission is to reduce the transaction costs for its users and fees associated with currency exchange.

The platform further utilizes measures to protect against fraud, such as additional verification for large withdrawals, publishing assets and liabilities in real time, regular audits, 2FA, and a bug bounty program.

Practical Use Cases for Cross-Border Crypto Transfers

Utilizing crypto to move value across borders has great use cases. First off, crypto is a new asset class that offers a delectable investment opportunity. This way, you can diversify your investment in global digital assets. 

In addition to using it as an investment, you can use crypto such as Bitcoin and stablecoins like USDT to send international crypto remittances to family or friends while having to pay a fraction of the cost you’d otherwise pay with traditional services. The rapid speed of crypto transfers also makes them suitable for emergencies. 

Crypto can also be utilized to make payments to international suppliers or freelancers without delay. You can even spend crypto as a fiat currency to pay for goods and services. For this specific use case, Uphold has a crypto-enabled debit card that is accepted at over 50 million merchants worldwide, has zero foreign transaction fees, and enables ATM withdrawals. 

Uphold’s Commitment to Security and User Support

While crypto has amazing benefits, it also comes with its unique security risks. But worry not. Uphold has implemented several crypto security measures to ensure smooth, secure transactions and protect your data and funds.

Uphold has a Fraud and Security Hub that offers extensive information about everything that you need to know when dealing with crypto and Uphold. Knowledge, after all, is the first step to security. 

As for specific measures in place, the FCA, FinCEN, and FINTRAC-regulated Uphold utilize email verification, biometrics authentication, third-party due diligence checks, 24/7 monitoring, and mandatory privacy training. For data protection, Uphold has secured a SOC 2 Type 2 Certification and is also ISO 27001 Certified. 

Getting Started with Uphold: A Quick Overview

Now, let’s see how to sign up on Uphold, which won’t take you more than ten minutes:

1. Download the Uphold app and then open it
2. Click on ‘Sign up’ and start providing your personal details
3. Once you’ve reviewed your email ID, phone number, physical address, and country of residence and citizenship, agree to the terms of use to successfully set up your account.
4. Next, verify your identity by providing a photo of a government-issued ID, such as a passport or driver’s license, and uploading a selfie.

Now, you are all set and can start transferring crypto today.

Conclusion: Empowering Borderless Financial Transactions

Uphold is a multi-asset platform that supports a wide range of crypto assets, including FX and commodities. With its global support, transparent fee, and robust security features, Uphold aims to simplify crypto transfers anywhere across the world.

Start transferring crypto across borders with Uphold today!

FAQs

Backlinks

• Unlocking Interoperability: Overcoming Regulatory Frictions in Cross-Border Payments (World Economic Forum)
• Financial Transparency Report (Uphold)

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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