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Foreign transaction fees are a real menace for international travelers. Whether you make purchases or withdraw cash from an ATM in a foreign country, you have to accept that a certain amount of money will simply vanish in thin air. While the individual fees may seem trivial, when compounded by percentages, the cumulative effect can be substantial, potentially amounting to the cost of a delightful dinner at an upscale restaurant.
However, fees aren’t the only reason why more and more people look for crypto-friendly destinations when traveling abroad. There’s that constant fear your credit or debit card might be declined for any reason, which could put you in a real pickle. In this digital era, embracing cryptocurrency offers a viable solution to navigate financial transactions seamlessly, providing a piece of mind and flexibility during international journeys.
In this article, we present to you the top 5 crypto destinations around the world.
How to Make Crypto Transactions when Abroad?
You don’t have to be a crypto expert, nor enthusiast, to enjoy seamless transactions when traveling abroad. The essence of crypto lies in its simplicity, and it’s important to trust in that simplicity, regardless of what others may say. Trading crypto, on the other hand, is an entirely different story. Alas, this isn’t the subject of this article.
Purchasing your first cryptocurrency is straightforward. All you need to do is find a respectable and trustworthy crypto exchange and register. Once you do that, you can pick among thousands of cryptocurrencies, though we recommend keeping the price fluctuations in mind. For this reason, we advise you to stick with the top crypto coins.
The best part about registering with some of the robust crypto exchanges is that you can use the card with your local currency to buy Binance Coin (BNB), for example. While buying BNB is our top recommendation, you can explore a variety of other listed cryptocurrencies based on your preferences, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether USDt (USDT)
- Solana (SOL)
- XRP (XRP)
- USDC (USDC)
- Cardano (ADA)
- Avalanche (AVAX)
- Dogecoin (DOGE), etc.
When it comes to purchasing with crypto in a foreign country, international travelers have several options:
- Cryptocurrency debit cards
- Crypto payment processors
- Peer-to-peer transactions
- Mobile payment apps
- Cryptocurrency ATMs
- Gift Cards
- Crypto travel cards
Note that the availability may vary depending on the region and local businesses.
Top 5 Crypto-Friendly Countries
In the following lines, we present you with the top 5 countries that have emerged as beacons for crypto enthusiasts and businesses alike.
Due to clear and well-defined cryptocurrency and blockchain regulations, Switzerland has been established as an extremely crypto-friendly country. We already know this European state offers a robust banking system open for everyone for decades.
However, over the last couple of years, Swiss financial institutions have realized the potential of blockchain and are generally open to working with blockchain-based enterprises.
A good example is the city of Zug, often referred to as “Crypto Valley.” This city has grown to become a global hub for crypto innovations, hosting numerous blockchain startups and serving as a testament to Switzerland’s commitment to fostering technological advancements.
Singapore is another attractive destination for international travelers who use crypto. The Monetary Authority of Singapore (MAS) has implemented a progressive regulatory framework. Moreover, it provides guidelines for operating not only fiat but also digital payment token services and cryptocurrency exchanges.
Its government also supported various blockchain initiatives through multiple programs. For instance, the government-backed Tribe Accelerator works with blockchain startups, providing them with resources and opportunities to accelerate their growth and ultimately collecting $21.5 million thus far.
Perhaps many would be surprised to hear Estonia has a pioneering e-governance system, established in 2002. Its e-Residency program allows individuals to become digital residents of this small Baltic country, granting them access to a wide range of online government services and the ability to start and manage businesses remotely.
Having invested in blockchain research and development, this country hosts several cryptocurrency exchanges and blockchain companies. This holds significant value for international travelers, ensuring a diverse array of cryptocurrency options and multiple payment alternatives are readily available for their use.
The Republic of Malta, or Blockchain Island, if you prefer, earned its reputation as one of the most crypto-friendly countries thanks to its blockchain and crypto-supportive regulatory initiatives and strong government support.
Like in the case of Estonia, Malta also hosts a number of crypto exchanges, allowing travelers to use cryptocurrencies for various transactions, including payments for goods and services at businesses that accept digital currencies.
Also, the tiny island country boasts a number of cryptocurrency ATMs that allow visitors to convert their cryptocurrencies into local currency or withdraw cash conveniently.
Japan legally recognizes cryptocurrencies, particularly Bitcoin, through a clear regulatory framework for crypto exchanges. As a result, many restaurants and retail stores accept payments in crypto.
Also, for those who still prefer cash, it’s good to know Japan boasts many crypto exchanges, allowing travelers to convert their digital currencies into Japanese Yen for a more seamless experience.
Whether for business or pleasure, the joy of travel can be dampened by the inconvenience of foreign transaction fees. Cryptocurrency emerges as an ideal solution, offering simplicity, security, and the convenience of mobile payments, eliminating the risk of carrying cash.
Opting for crypto-friendly destinations, characterized by regulatory support and merchant acceptance, ensures a seamless travel experience. Embracing digital currencies not only helps you avoid hefty bank fees but also brings the peace of mind essential for a more secure and enjoyable journey.