- May 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking Advice on Converting THB to EUR Using Stellar Network
Hello,
I currently reside in Thailand and I am interested in converting my THB into EUR and transferring them to my Wise account through the Stellar network. I have heard that this method is one of the most cost-effective ways to exchange money.
As someone who is new to the world of cryptocurrency, I am not yet fully aware of all the benefits it offers.
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The AI Legalese Decoder can assist you in understanding the complex legal terms and conditions associated with various crypto platforms. It can provide a simplified explanation of the processes involved in converting THB to EUR and transferring funds through the Stellar network.
## Exploring Crypto Platforms for Buying/Selling
I would appreciate if someone could clarify the process of converting THB to EUR and recommend the best crypto platforms for buying and selling. While I am aware that Bitkub allows purchases using THB, I am unsure about other platforms such as Bybit, Binance, Okx, and Coinbase.
### Potential Steps to Convert THB to EUR
Here is a breakdown of the potential steps involved in converting THB to EUR using Stellar:
1) Purchase XLM on a crypto platform using THB
2) Convert XLM to EUR – Is this done on the same platform where I bought the XLM or through a Stellar wallet like Lobstr?
3) Transfer the EUR to Wise – Which platform facilitates this transfer and what fees are involved?
## Comparison with Traditional Methods
To give you a comparison with traditional methods, if I were to convert 100,000 THB to Euro through online platform “Deemoney,” I would incur a fee of 133THB and receive 2,506 EUR. Alternatively, using Bangkok Bank would result in a 300THB fee and 2,502 EUR. Both methods offer the same exchange rate of 1THB = 0.0251EUR, with fixed fees regardless of the amount.
### Estimating Exchange Using Stellar
Based on my current understanding, I have attempted to estimate the exchange process using Stellar:
1) Purchasing XLM with THB on a crypto platform, factoring in a 0.1% purchasing fee
– 1THB = 3.97 XLM, fee = 0.1% * 100,000 = 100THB –> 251,637 XLM
2) Buying EUR with XLM, assuming a 0.1% purchase fee
– 1XLM = 0.1006 EUR, fee = 0.1% * 251,637 = 25.1 XLM –> 2,528.9 EUR
3) Transfer EUR to Wise account – I am unsure about the specifics of this step
## Verification of Calculations
I would appreciate feedback on my calculations to ensure their accuracy. Thank you for your assistance in navigating this process.
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****** just grabbed a
Wise tells me that if I want to change 100.000 THB they gives me 2.528 EUR. You can’t do it through wise ?
I say 3. Wise.
The most liquid pair will be USDT/THB and USDT/EUR and the easiest venue for this is probably Binance since it supports THB (p2p) and EUR (spot).
1. Buy USDT with THB on [Binance P2P ](https://p2p.binance.com/en/trade/buy/USDT?fiat=THB&payment=all-payments)(no fees).
2. Move USDT from Binance funding wallet to Binance exchange wallet.
3. Sell USDT for EUR on [Binance spot](https://www.binance.com/en/trade/EUR_USDT) (0.1% fees).
4. Withdraw EUR via SEPA from Binance to your bank account (1 EUR fee).
However, you have to calculate yourself if the exchange rate at the time is better than simply buying EUR cash on a traditional currency exchange like [SuperRich](https://www.superrichthailand.com/#!/en), they are pretty competitive. I usually do the opposite direction (I have USDT and need THB) and the rate is around 0.5% in my favor vs buying THB with USD cash at SuperRich).
I send THB to EUR every month and I use deemoney.
Make sure the check the rates at different times using deemoney, it can change quite a bit during the day. I never use them after ~4 PM and on weekends.
I don’t want to use crypto because
1/you have less or no regulations, so you will be in big trouble in case of scam, error, bankrupt, etc
2/when you want to transfer to your bank afterwards, many banks in the EU will ask you for documents justifying how did you get that money, etc
I would switch to Wise as soon as they allow THB to EUR, they almost always have the best rates. I’ve been waiting more than 5 years now!