Can we transfer USDT to a bank account in Bolivia?
No, this is because USDT is a type of digital currency known as a stablecoin. Stablecoins can only be held in digital wallets, while bank accounts can only store traditional currencies; an example of a virtual wallet is El Dorado.
USD Tether (USDT) tokens are digital assets linked to the US dollar with a 1-to-1 ratio that move through the blockchain. It is considered a stablecoin because it has price stability.
USDT maintains its stability and 1 to 1 relationship with the American dollar through the reserves of the Tether platform, which is responsible for managing and maintaining all USDT tokens.
However, bank accounts are not made to store cryptocurrency, but currencies issued by governments (or fiat). That's why, to switch from USDT to fiat, you need to go through an exchange process.
Keep reading to learn how you can change your USDT to fiat and transfer that money to your bank account.
How to transfer USDT to a bank account: step by step
Choosing a secure platform like El Dorado P2P
There are several virtual platforms where you can buy and sell USDT: El Dorado P2P, Binance, Bybit, AirTM, Merú and Takenos are the most used.
When choosing the platform you want to use, you should keep in mind that each of them has its own fees, withdrawal limits, supported fiat currencies, processing times, compliance rates and account verification processes.
Although each of them has its advantages and disadvantages, El Dorado is characterized as one of the best options. El Dorado is a virtual platform oriented towards the stablecoin market in Latin America, so it has support for different payment methods, such as Nequi, Pix, MercadoPago, Yape, Paypal, and others.
Thanks to our KYC (Know Your Customer) identity verification method and rating system, you can take advantage of our P2P (peer-to-peer, or person-to-person) marketplace services, to buy USDT with your preferred fiat currency, and El Dorado Pay to send USDT without fees to other users.
To learn how to sign up for our platform and all the steps you need to follow to verify your account, see the Guide section on our page.
Sell USDT and get paid in Bolivianos
- Go to the “Change” section and choose “I have USDT” and “I want BOB”.
- Select the Bolivian bank where you want to receive the money (BCP, Banco Unión, Banco Económico, etc.).
- Select the advertisement of a merchant that is online, select the amount in USDT you want to sell for Bolivians and press “Exchange USDT for BOB”.
- Wait for the merchant to deposit in your bank account. Check that everything is in order and check “Payment received” to release the USDT.
- Of course, before you can sell your USDT, you must first have USDT in your El Dorado virtual wallet.
- You can use the P2P market, enter the “Change” section, choose “I have BOB” and “I want USDT”. Then, you filter according to the payment method you want to use (for example: Yape, Banco Unión, BCP Bolivia, Banco Ganadero, etc.) and select an available merchant. Enter the desired amount of USDT and select “Exchange BOB for USDT”.
- Once the money transfer has been made, upload the payment slip and mark “payment made”. A few minutes later, you'll receive your USDT in your wallet. You can also receive USDT through El Dorado Pay.
Verify the receipt in your bank account
One of the most important steps when making any USDT sale transaction, regardless of the amount, is to verify that the money has been correctly deposited in your bank account. This ensures that you can continue with the transaction in a fair and secure manner.
If you're selling USDT and the buyer doesn't pay, what can you do? Here are a few steps to take in that case:
- Do not release USDT.
- Wait for the stipulated time indicated in the app.
- If the buyer doesn't respond or doesn't pay, open a dispute right from the order.
- Our team will review the case and help you cancel the order without losing your funds.
How to receive USDT in Bolivia and then transfer it?
Methods for receiving USDT from abroad
One of the best options for receiving USDT from abroad is El Dorado P2P, a modern alternative that allows you to receive money from Brazil, Argentina, Colombia and Peru. El Dorado works like a digital exchange and is a cheaper alternative to other popular exchange options.
The platform allows you to buy and sell USDT with your local currency and then exchange those funds for Bolivianos directly from your cell phone.
El Dorado differs from traditional exchange offices in Bolivia in that it operates 100% online, has no queues or paperwork, and is ideal for those looking for speed, 24/7 availability and lower commissions.
To receive USDT from abroad, both those who send the money and those who receive it need a verified El Dorado account. To do this, first download the app, register and verify your account. If you need more information regarding these first points, check out the “Guide” section of our website.
Once your account is established in El Dorado, you can receive USDT from Brazil, Argentina, Colombia or Peru through El Dorado Pay. In that case, the issuer must select “Send” in the Home section and choose to transfer funds to another user through El Dorado Pay.
If you do it from another country, you must use the Kraken exchange, which allows users to buy, sell and exchange cryptocurrencies. It is available in Spain and the rest of Latin America (except Cuba).
Shipping from other wallets or exchanges
If you already have USDT in another wallet, you don't need to carry out the process of changing USDT to fiat from that wallet and then from fiat to USDT in El Dorado.
Instead, the most popular wallets already allow you to trade directly through networks such as TRON:
- You must first open the El Dorado app. Then, select the “Reload” option and click on “From another crypto wallet”.
- At that point, the address of your USDT wallet will appear on the screen. Copy that address.
- Then, go to the application of the other wallet, where you should have already started the USDT transfer process. This process may vary slightly from wallet to wallet.
- Once there, paste the address you copied into the El Dorado app.
- Select the network through which you want to make the transfer. In this case, you must select the TRON network.
- Enter the amount of USDT you want to transfer.
- Check that all the details are correct and confirm the order.
After a few minutes, you will have your USDT in your El Dorado wallet so you can take advantage of all the benefits in speed, security and payment methods that we offer you on our platform.
Tips for transferring USDT to your bank risk-free
Avoid unnecessary fees
Trading USDT to Fiat involves fees. These fees may be due to the network used during the operation or to commissions from the P2P platform itself.
At El Dorado, we are totally transparent about our fees. Therefore, here we show you what our commissions are.
If you are a merchant (Market Maker) or user (Market Taker), USDT withdrawals have the same fees depending on the network you use:
- USDT (TRON) withdrawal: No commission from El Dorado + Network fee (between 0.5 and 4.5 USDT, based on TRON network congestion).
- USDT (Arbitrum) withdrawal: Network fee (between 0.3 and 0.4).
Now, the fees for using the P2P marketplace do vary based on whether you're a merchant or a user. If you're a merchant, the commission for P2P ads is 0.25% of the total amount of each completed order.
If you are a user, the commission for each P2P order varies depending on the amount of USDT:
- Between 1 USDT and 39.99 USDT: Fixed commission of $0.49.
- Between 40 USDT and 99.99 USDT: 1.23% commission.
- Between 100 USDT and 999.99 USDT: 0.99% commission.
- Between 1,000 USDT and 9,999.99 USDT: 0.39% commission.
- Over 10,000 USDT: 0.24% commission.
In addition to that, if you are a user, you can receive money through El Dorado Pay totally free of charge.
Avoid unnecessary fees on other platforms and exchange your USDT from El Dorado today.
Use fast and inexpensive networks like TRON
At El Dorado, we use the TRON network to carry out our operations in USDT, which helps us to ensure fast and economic operations on our platform.
TRON is a blockchain used to create decentralized applications. Its native token is the TRX and can be used by developers. Unlike other similar blockchain projects, TRX is not used on-chain to pay transaction fees.
In El Dorado, fees for USDT deposits using the TRON network are free and fees for USDT withdrawals range from 0.5 USDT to 4.5 USDT, based on the congestion of the TRON network at the time.
Using the TRON network on the El Dorado platform ensures that your operations are carried out quickly and cheaply.
Fast and secure USDT transfers with El Dorado P2P
El Dorado is the right app for carrying out all your USDT operations. Whether it's depositing, withdrawing or simply storing your USDT, on our platform designed for Latin America, we have the most popular payment methods and the most convenient transfer options between digital wallets.
Create and verify your El Dorado account today and make all your USDT transfers securely in an instant.
