Sending remittances to Latin America is often complicated; high fees and unfriendly systems are some of the difficulties faced by those who want to send money from other countries to their loved ones. Luckily, El Dorado has arrived to make the process of sending and receiving remittances a as easy as sending a text message.
Below we will tell you step by step, what you need to do to send remittances safely and quickly to countries such as Venezuela, Mexico, Argentina, Colombia and others in Latin America.
Reload your wallet
No matter what country you are in, in El Dorado you have it available multiple payment methods that allow you to recharge your wallet safely and quickly to acquire various stablecoins that can then be exchanged for fiat currencies such as bolivars, Peruvian soles, Colombian and Argentine pesos, among others.
Therefore, after having registered and verified yourself on the platform, you must choose the stablecoin you want to purchase to recharge your wallet. It is recommended that you choose one that is associated with the currency linked to your payment method. For example, if you're paying with a debit card with a dollar balance, the best option is to purchase Celo dollars (cUSD), since this way you avoid losing money due to disparities in the exchange rate.
After proceeding with the payment, your balance is effective almost immediately; you can check it by directly accessing your El Dorado wallet in the “Accounts” section.
Upon completing this step, there are 2 options to proceed with the exchange of money. The first consists of accessing the P2P (peer-to-peer) market to send remittances using local currencies, while through the second option you can send digital dollars or euros directly. Each alternative has different benefits, so below we explain how to proceed with any of the methods.
Access the P2P market
Let's say you're in the United States and Do you want to send money to your relatives so that they can directly receive bolivars in their national bank. The best alternative for you is to access our P2P market, where you connect with another user who sends the agreed amount to your bank account for the stablecoin you are trading.
When you enter the P2P market you can see all the orders created by other El Dorado users, this allows you to choose the payment method and exchange rate that best suits your needs. But, if none of the available orders look like what you're looking for, don't worry! You can create an order with whatever conditions you want, including the payment method and the exchange rate between the stablecoin and fiat currency.
For example, if a user wants exchange cUSD for bolivars to send remittances to Venezuela, you just need to create a new order, select the payment method and the price. Soon, another user will decide to buy those cUSD and in this way your family members will receive the money directly in their bank account.
Send remittances using stablecoins
This option is perfect for users who want send remittances in a stable currency which is resistant to devaluation and stronger than local currencies, this allows those who receive the money to save or manage the money in the way that is most convenient for them.
To use this alternative you just have to select the stablecoin wallet and click on “Send”, here you can send the money to an external wallet or to a user of El Dorado. The best option is to send the money to another user within our app, because there are no fees for this transaction and allows the receiver to exchange the money through our P2P.
In this case, whoever receives the dollars or euros would be responsible for operating on the P2P to receive pesos, bolivars, or any other Latin American fiat currency.
Use this option to let your loved ones enjoy the benefits of accessing stable and secure money!
Advantages of sending remittances from El Dorado
Do you want to know the benefits you will enjoy when choosing El Dorado to send remittances to your loved ones? We'll tell you about them below!
- Operations protected by an escrow and reputation system: Through this mechanism, we guarantee that P2P transactions are more secure, allowing you to have your money safe without paying high fees. :
- Immediacy: In just a few minutes, you can complete the necessary transactions to send money to Latin America from anywhere in the world.
- Easy-to-use interface: The application is designed so that anyone can quickly learn how to use it, so it doesn't matter if the person receiving the money is 20 or 60 years old, anyone can enjoy the application without complications!
- Multiple payment methods: In traditional exchange offices there are usually limitations with payment methods. El Dorado is the marketplace for dollars, euros and Bitcoins in Latin America, so you can find a wide variety of payment methods.
Are you ready to send hassle-free remittances from the comfort of your phone? Sign up for El Dorado and start enjoying the benefits of the Latin American euro and dollar marketplace.
