Sending remittances to Latin America is often complicated; high commissions and unfriendly systems are some difficulties faced by those who want to send money from other countries to their loved ones. Fortunately, El Dorado has arrived to make sending and receiving remittances as easy as sending a text message.
Below we will tell you, step by step, what you must do to send remittances safely and quickly to countries such as Venezuela, Mexico, Argentina, Colombia, and others in Latin America.
Add funds to your wallet
No matter where you are, in El Dorado, multiple payment methods allow you to recharge your wallet securely and quickly to acquire different stablecoins that can be exchanged for fiat currencies such as Bolivares, Mexican, Chilean, Argentinean pesos, etc.
Therefore, after registering and verifying 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 are going to pay with a debit card with a balance in dollars, the best option is to buy Celo dollars (cUSD) since this way, you avoid losing money due to disparities in the exchange rate.
After proceeding with the payment, your balance becomes effective almost immediately; You can check it by directly accessing your El Dorado wallet in the “Accounts” section.
Upon completing this step, two options exist to proceed with the money exchange. The first consists of accessing the P2P (peer-to-peer) market to send remittances using local currencies, while through the second option, you can directly send digital dollars or euros. Each alternative has various benefits, so we will explain how to proceed with any of the methods below.
Accessing the P2P market
Suppose you are in the United States and want to send money to your family to receive bolivares directly in their bank account. The best alternative for you is to access our P2P marketplace, where you connect with another user who sends your bank account the agreed amount for the stablecoin you are trading.
When you enter the P2P marketplace, 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 fits your needs. But if none of the available orders looks like what you are looking for, don't worry! You can create a new order with the conditions you want, including the payment method and the exchange rate between the stablecoin and fiat currency.
For example, if a user wants to exchange cUSD for bolivars to send remittances to Venezuela, he only needs to create a new order, select the payment method and the price. In a short time, another user will decide to buy those cUSDs, and your family will receive the money directly in their bank account.
Send remittances using stablecoins
This option is perfect for users who want to send remittances in a stable currency that is more resistant to devaluation and more robust than local currencies, allowing recipients to save or manage the money in a way that is most convenient for them.
To use this alternative, you only have to select the stablecoin wallet and click on "Send" here; you can send the money to an external wallet or a user in El Dorado. The best option is to send the money to a user in our app because there are no commissions for this transaction, allowing the receiver to exchange the money using our P2P.
In this case, the person who receives the dollars or euros would be in charge of trading in the P2P to receive pesos, bolivars, or other Latin American fiat currency.
Use this option to let your family enjoy the benefits of stable and safe money!
Benefits 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 will tell you below!
- Operations protected by an escrow and reputation system: This mechanism guarantees that P2P transactions are more secure, allowing you to save money without paying high commissions.
- Immediacy: In just 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 to allow anyone quickly learns how to use it, so it doesn't matter if the recipient is 20 or 60 years old. Anyone can enjoy the application without hassle!
- Multiple payment methods: Traditional exchange houses usually have limitations with payment methods. El Dorado is the marketplace for dollars, euros, and Bitcoins in Latin America, so you can find various payment methods.
Ready to send hassle-free remittances from the comfort of your phone? Sign up in El Dorado and start enjoying the benefits of the Latin American marketplace.