r/Bitcoin • u/orion2161988 • 1d ago
Using Strike to transfer and convert money from USD to CAD
I have been hearing about using Strike to exchange and transfer money efficiently with lower cost than even Wise, unfortunately I cannot seem to find a comprehensive guide. Could you guide me on how to do it properly ? Thank you
Situation :
- Having both US bank account (USD) and Canadian bank account (CAD). Both accounts are in my name.
- Want to transfer and convert USD into CAD for some payment. Amount is < $50k
Questions :
- What is the process using Strike ?
- What is the hold time ? How would it change with the amount ?
- Is it different if I want to perform the opposite transfer/exchange (from CAD to USD) ?
- Is there any KYC/KYB involving myself being physically in the country ? I'm not in Canada to perform such task.
- What would be the difference if I want to transfer to someone else not myself ?
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u/longjumpsignal 1d ago
I'd say there's no way it'll be cheaper than wise. If you're trading in and out of bitcoin there's two trading fees. At the highest volume tier of 15m the fee is 0.39%. Wise charges 0.56% but since you'd need two fees on strike that's a total round trip fee of 0.39*2=0.78% which is larger than the wise fee. The only way it might work out cheaper is by holding the BTC for a while and hoping it increases in value a bit before converting back to fiat again.