Using bitcoin as a cash backup when travelling

Even the smartest traveller can lose their cards or have them blocked or stolen. Traveller’s cheques are an option but they are hard to get and use, and the fees are massive.

In this blog, we’ll go through how you can use CoinJar (or any other bitcoin service) to stay connected with your money back home. With a little know-how you can use bitcoin to access your money as cash, in any local currency, wherever you go.

Why bitcoin?

illu__learndot-single-BTC

Bitcoin is a distributed payment network that allows you to transfer value instantly and globally, with low fees. For this tutorial, we’ve used CoinJar but you can apply this to any bitcoin service that offers currency conversion and a wallet.

Step 1 – Set up your CoinJar

Set up is free and instant, you can use a CoinJar to hold cash, bitcoin, or hedge against major currencies.

Open a CoinJar

Step 2 – Deposit Cash

We accept deposits via BPAY. BPAY deposits can take 1 – 3 business days so make sure you complete yours before you head off.

Step 3 – Access your cash

There are a few options for accessing the funds in your CoinJar abroad:

illu__account__external__bank-alternateFind a bitcoin ATM

How do bitcoin ATMs work?

  • The ATM checks the current exchange rate for bitcoin in the local currency.
  • It then creates a quote, based on this exchange rate.
  • It displays a  QR code that says how much to pay, and where to pay to.
  • Your CoinJar then converts your money to bitcoin for the quoted amount and sends.
  • That value gets transferred and converted to the local currency instantly.

To note

  • This is still a new technology, don’t build all your travel plans around bitcoin just yet, we recommend this as a powerful option, and a good back up in case of emergencies.
  • You don’t even have to buy bitcoin, you just have to have a CoinJar (or similar service) with money in the account.

illu__account__aeroplaneOur users already use CoinJar to stay connected to their money, wherever they are. Read the about how one of our customers used CoinJar to access her Australian dollars in Japan when her cards were cancelled on a business trip. 

Stuck? Get help.

Next: Learn how to use bitcoin for remittance.