Understanding how to send money from the United States to Bolivia is a concern that thousands of people ask themselves every day. However, the answer is simple: El Dorado, a new platform that uses peer to peer (P2P) trading and stablecoins such as USDT and USDC.
Although the app is not available in the USA, you can open an account in the Kraken application to send USDT from the United States to Bolivia, and here you can use El Dorado to carry out the operations you require.
Below are more details about how it works and the reasons why it should be used:
How to send money from the United States to Bolivia in just a few steps?
Currently, El Dorado P2P is not available in the United States, so American users can't buy USDT with the app. However, there is a very simple alternative: to use Kraken, a cryptocurrency exchange platform available in the United States, for purchase USDT and then transfer them to others.
To send USDT to your contact in Bolivia you can make your money transfer over the network Arbitrum. Once received, the person in Bolivia will be able to sell those USDT in El Dorado P2P and obtain Bolivianos in their bank account or through other local payment methods.
Here we explain the steps to you:
- Create a Kraken account: download the Kraken app, sign up and complete the identity verification process.
- Deposit dollars into your account: You can transfer money from your bank to Kraken using methods available in the United States.
- Buy USDT: within the Kraken app or website, select USDT (a stable cryptocurrency) and indicate the amount you want to send.
- Send USDT to Bolivia: Transfer the funds to your contact's wallet in Bolivia through the Arbitrum network, so they arrive quickly and with low fees.
- The receiver converts into Bolivians: the person in Bolivia will receive the USDT in their El Dorado P2P account and can easily sell them in the local market, receiving the money in Bolivianos in their bank account or through other available payment methods.
What is El Dorado P2P and how does it work?
El Dorado P2P serves as a link between people who want to exchange USDT or USDC.
The El Dorado app works as a marketplace where people interact with each other to buy or sell.
When they have the stablecoins in their digital wallet, they can send them to any other one for free as long as the recipient also has an account in El Dorado.
In particular, if a user is in the United States and wants to send funds to Bolivia, the first thing they will do is buy stablecoins through the Kraken application. You will do this through a local payment alternative, such as a national or Zelle bank account.
In the case of a receiver in Bolivia, he can sell those obtained stablecoins to another person in the El Dorado network who wants to buy them in that country's currency. To do this, you must transfer to a national bank account and once the transaction is verified, the funds are released.
This stablecoin exchange application freezes the seller's funds as a form of security until payment is confirmed to have been received. It is an innovative mechanism that preserves the integrity of both the receiver and the sender.
Requirements for sending money from the United States to Bolivia
Create and verify your Kraken account:
- Go to the Kraken website and click “Create Account”.
- Complete the form with your email, a username and a secure password.
- Verify your email through the link they send you.
- To be able to deposit and buy cryptocurrency, you must complete the identity verification (KYC) process. This involves providing personal information and uploading identification documents, such as your identity card or passport. The level of verification you choose (Starter, Intermediate, Pro) will determine the deposit and withdrawal limits you will have.
Depositing funds to your Kraken account:
- Once your account is verified, sign in.
- In the main menu, look for the “Deposit” or “Funding” option.
- Select the fiat currency (e.g. USD, EUR) that you want to deposit. It's important to review the available deposit methods and associated fees. The most common options are bank transfers.
- Follow the instructions provided by Kraken to make the transfer from your bank. Make sure to include the correct reference or deposit code so that the funds are credited to your account.
Buy USDT:
- Once the trust funds are in your Kraken account, go to the “Buy Crypto” or “Trade” section.
- In the currency pair, select the fiat currency you deposited (e.g. USD) and search for the trading pair “USDT/USD” or “USDT/EUR”.
- Choose the type of order you want to place:
- Market Order: Executed at the current market price instantly. It's the fastest, but the final price may vary slightly.
- Limit Order: Allows you to set the price at which you want to buy. The order will only be executed when the price of USDT reaches that value or a better one.
- Enter the amount of USDT you want to buy or the amount in your fiat currency that you want to spend.
- Review the order details, including commissions, and confirm the purchase.
Confirmation and management:
- Once the order is executed, the USDT will appear on your Kraken balance.
- You can keep them in your account for trading, sending them to another external wallet, or using them for any other purpose.
Steps to make your first transfer with El Dorado
- Download and register in the app. You have to download the El Dorado P2P app and create a profile to start operating, for this you will need to have a level 2 of KYC verification.
- Buy stablecoins. In the change tab, the user must press where it says to buy USDT. This is where you will have to select one of the available sellers who accept payments from a payment method in the United States through the Arbitrum network for El Dorado.
- Make the payment. The app shows the details of the person who sells, so you can pay the exact amount. Then, you have to show the payment receipt and press the Paid button. This way the seller will release the stablecoins.
- Send the USDT to Bolivia. Once you have obtained the USDT, to send them by Arbitrum to El Dorado.
- Receive in Bolivia. The receiver located in Bolivia receives the USDT and will have to sell them through P2P commerce in El Dorado to someone who pays in Bolivians, the methods can be Yape, Banco Ganadero, Banco Unión, etc.
How much money can you send from the United States to Bolivia?
The amount of USDT that can be sent from the United States to Bolivia through Kraken depends primarily on your account's level of verification. The limits are not directly tied to the destination country, but to the platform policy for your specific account.
Kraken has different levels of verification, such as “Intermediate” and “Pro”, which set daily and monthly limits for both deposits and withdrawals.
For example:
- An account with Intermediate-level verification has a cryptocurrency sending limit of up to $500,000 USDT per day and up to $15,000,000 USD per month (these limits are in cryptocurrency, not cash).
- An account with Pro-level verification has much higher withdrawal limits, which can reach $10,000,000 USDT per day and are unlimited on a monthly basis.
How long does a transfer from United States to Bolivia take?
The time is shorter compared to traditional banks. For example, buying or selling stablecoins in the United States and Bolivia only takes a few minutes.
This is usually almost instantaneous, but for security reasons, if you're a new user, or if you change your password or two-factor authentication settings, Kraken may apply a temporary hold (usually 24 to 72 hours) before allowing the withdrawal of cryptocurrency.
Comparison with banks and other traditional services
While some banks and money transfer services abroad, such as MoneyGram or Western Union, take hours or even days, in El Dorado they can be completed in minutes.
Also, a traditional bank has less profitable exchange rates and its fees are higher. For its part, the El Dorado app uses P2P commerce, so it offers more attractive changes and with lower commissions.
The most important fee is the blockchain network fee, which is very low.
Which option is better: Western Union or El Dorado?
Western Union is an established and widely recognized platform, ideal for those who prefer traditional shipping methods. El Dorado P2P, on the other hand, is a more modern option that uses cryptocurrency (USDT) for fast transfers and between users.
It's a good alternative for those who are comfortable with financial technology and are looking for a digital process, but the person receiving the money must be familiar with the application in order to convert USDT into local currency.
Fees, speed and ease of use
Western Union has commissions that depend on the amount, payment option and method of receipt, and they are also higher than in El Dorado P2P. The exchange rate also has a profit margin, which reduces the final amount that reaches the receiver.
Cash withdrawal operations are done instantly, while a bank transfer takes up to 24 hours. Using the platform is simple, it also has several offices in Bolivia and an online app.
For its part, El Dorado has low commissions and its shipments are free between users of the same app.
The only fees that apply are those of the market maker (0.25% per trade). There are also those of the blockchain network, which range from 0.5 to 4.5 USDT for withdrawing cryptocurrencies.
The speed of operations through El Dorado Pay is instantaneous and usability will depend on how well users know about stablecoins and mobile apps. However, the user interface is intuitive.
Why is El Dorado more convenient?
- Attractive exchange rates. The exchange rate is determined by the market and users, making it more profitable compared to other alternatives.
- Low commissions. The cost structure is lower and completely transparent, ensuring that the money sent reaches the receiver almost in its entirety.
- Quickness. Payments are effective almost immediately, ideal for crucial moments.
- Flexibility. There are several payment alternatives compatible with Bolivia, making it easy to send money from the United States or any other country.
What's the cheapest and safest way to send money?
It is through platforms that use the blockchain network and the P2P market, such as El Dorado. As it is a decentralized system, there are no intermediary fees.
Also, in these shipping methods, each operation is backed by a protection mechanism called escrow.
This is a process where funds are only released once it is verified that the operation has been legally carried out.
Can you send money internationally for free?
Although there is no completely free or fee-free option, El Dorado is one of the closest thanks to El Dorado Pay. Well, it allows you to send stablecoins between users of the same platform at no cost and in a few seconds.
The only commission you have to assume is that of the blockchain network, the platform and the operation carried out in the P2P market, which are very low.
How do you receive money sent from the United States to Bolivia with El Dorado?
Receiving money in Bolivia sent from the United States through the Arbitrum network to El Dorado involves a person-to-person (P2P) exchange process.
The person sending from the United States must first have USDT in an Arbitrum network wallet. Then, you must send those USDT to the person's wallet in Bolivia, who must have a verified account in El Dorado.
Once the USDT reaches a person's wallet in Bolivia within the El Dorado platform, they can sell them on the application's P2P market.
To do this, look for a local merchant who offers to buy your USDT in exchange for Bolivianos (BOB) through a bank transfer or a QR code (such as the one from the Central Bank of Bolivia).
The person in Bolivia must confirm the sale, the merchant will transfer the agreed amount in Bolivianos to their bank account, and once they receive the funds, they must confirm the receipt in the El Dorado application to release the USDT to the merchant, thus completing the process.
How to save when choosing the right medium
To increase savings, it is key to look for payment methods that reduce commissions and favor the exchange rate.
Normally, platforms don't include their profits in the exchange rate, reducing the amount of money that reaches the receiver.
In the case of El Dorado, these rates are visible in real time to the different available advertisers. In this way, the user can choose the alternative that seems best to him and to the person who is going to receive the money.
Send money easily, quickly and securely with El Dorado P2P
El Dorado is an app that proved to be an effective solution for learning how to send money from the United States to Bolivia, leaving behind traditional banks and wallets. The use of the P2P market allows you to operate without limitations and high commissions.
In addition, as its service is almost immediate and offers control over funds to its users, the El Dorado app is a secure alternative. Well, it makes it easier for friends and family to send remittances without problems.
