Frequently asked questions
SendYourWay is the remittance cost calculator developed by LocalBitcoins Oy, a Finnish limited liability company (business ID 2855415-2). LocalBitcoins’ registered office and principal place of business is Porkkalankatu 24, 00180 Helsinki, Finland.
The calculations are made based on advertisements listed on the LocalBitcoins trading platform. The calculator takes into account any and all fees charged by LocalBitcoins. Ad creators on LocalBitcoins set their price based on local market conditions.
The calculator then finds ads placed by traders offering the best prices in the selected payment method; those ads are used to calculate the total price of sending remittance. The total price is indicative of any and all fees collected by LocalBitcoins.
This calculator shares in a clear, easy and transparent way the amount the recipient will receive in their local currency, based on the amount transferred by the sender.
LocalBitcoins’ goal is to promote financial inclusion globally through the use of cryptocurrencies. We believe transborder remittance to be the strongest use case for cryptocurrency usage.
With our website currently being used hundreds, or possibly even thousands of times a day for sending remittances, we are now looking to cater to this need. Especially, during times like these, when the narrative surrounding virtual currencies seems to be mainly centered around price.
We are also looking to further understand the demand for the use of this calculator, in order to evaluate the possibility of building an independent product to empower sending funds across borders, in an even faster and easier way.
If our data suggests there is a demand for SendYourWay as an independent calculator, a fully automated remittance solution can be expected during the fall of 2021.
Anyone can use SendYourWay for conducting remittance calculations. At the moment, due to the full dependency of SendYourWay on LocalBitcoins, sending remittances via LocalBitcoins is subject to both LocalBitcoins’ Terms of Service as well as possible geographical restrictions.