Sending money abroad has become a vital aspect of both personal and business transactions. With the advancement of technology, traditional methods like SWIFT have been challenged by more modern alternatives, such as USDC. In this article, we’ll explore the differences between USDC and SWIFT, why you should consider USDC for international payments, and how to convert payments to USDC using Grey.

Also read: Receive USDC instantly in your US account with Grey!

Difference between USDC and SWIFT

Speed of transfer

• USDC: Transactions are processed almost instantly, taking just minutes to complete.
• SWIFT: Payments can take anywhere from 1-5 business days to clear, depending on the banks involved.

Transaction fees

• USDC: Low transaction fees, often just a small network fee, making it an affordable option for sending money.
• SWIFT: High fees, including intermediary bank charges, conversion fees, and the receiving bank’s fees.

Accessibility

• USDC: Accessible to anyone with a cryptocurrency wallet, enabling easy transfers without needing a bank account.
• SWIFT: Requires both the sender and receiver to have bank accounts, often limiting accessibility for non-bank users.

Currency conversion

• USDC: Since USDC is pegged to the US dollar, there’s no need for currency conversion when transferring between USD and USDC.
• SWIFT: Currency conversions are often involved, especially if the sending and receiving countries use different currencies, leading to additional costs and exchange rate risks.

Why you should choose USDC for foreign payments

1. Faster transactions: With USDC, money is transferred instantly, making it ideal for urgent payments and business transactions. No waiting for days like with SWIFT.
2. Lower fees: The cost of sending USDC is significantly lower than traditional SWIFT payments, which can incur high transfer and currency conversion fees.
3. Global reach: USDC allows you to send money to anyone, anywhere in the world, without the need for bank intermediaries. This opens up opportunities for people in countries with limited access to banking.
4. Enhanced security: USDC transactions are secured by blockchain technology, providing transparency and reducing the risks associated with traditional bank transfers, like fraud and chargebacks.

Also read: How to manage international payments while living abroad

Steps to sending USDC payments using Grey

Sign up for Grey

Visit the Grey website or download the app and sign up for an account. Complete the necessary identity verification.

Tap “Send via crypto”: Choose the “Send money” option, then select “Send via crypto” to begin sending USDC.

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Transfer your USDC

Once you have USDC, you enter the amount to be sent and can transfer.

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Grey will prompt you to enter your two-factor authentication (2FA) code, adding an extra layer of security.

Also read: How to send and receive USDC directly in your USD account​

Seamless USDC payment with Grey

Grey makes sending and receiving USDC payments easy and fast. Convert traditional foreign payments to USDC in seconds, whether for paying suppliers, receiving client funds, or sending money to loved ones. With minimal fees and instant transfers, Grey offers a seamless, secure, and cost-effective solution for international payments. Sign up for free and choose USDC with Grey for efficient global transactions.

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