Cross-Border Trading
When you send goods and products abroad, anything of value or value you send has to go through customs, and there may be situations where import taxes have to be paid depending on existing trade agreements, tax, and VAT thresholds.
Thanks to the e-commerce sites that keep up with the developing conditions, making international purchasing transactions more accessible, the sales of goods made abroad have increased considerably in the last two years.
According to statistics, 67% of global consumers shopping abroad prefer cross-border trading because the prices of products on the internet are lower than in their home countries or because they can access products that are not available in their own markets.
However, before you start shipping abroad, you should consider all the processes you may go through while sending your product to your destination country. Each country has its own rules and regulations regarding taxes, customs, and duties, so some goods may be considered restricted while others may be strictly prohibited, you should do this research in advance.
Elements to consider:
- Is your product restricted or prohibited in your target market?
- What import taxes and declarations are there?
Crypto Cross-Border Payments
For example, let’s say you are in England but you want to send cryptocurrency to Turkey. Your first step involves converting the fiat currency into a digital asset of your choice. You can find many websites and platforms that provide on-ramp services where purchases are made using bank transfers and credit cards.
This cryptocurrency should be kept in a secure wallet. When you make a transfer, the person to whom you transfer must give you the address of his wallet.
Once the money reaches the account, the buyer has several options. These are:
- Converting crypto into fiat money,
- Pull back,
- Exchange it with a volatile digital asset.
The world of cryptocurrencies uses blockchain technology to minimize bureaucracy in cross-border payments and import-export processes, reduce waiting time, and eliminate excessive amounts of documents spent. Blockchain technology provides a new generation of commercial period by enabling the transfer of money in crypto after the transaction is completed in product purchase and sale processes via smart contracts.
Learn more about crypto trading.
Learn also: Leverage Trading in Crypto
