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Hey guys, this is my first post here although I have interacted with a lot of you in comments. I am in the crypto space since 2017 and I am passionate about cryptocurrency and blockchain. I am writing this post to share my knowledge and experience with some good off-ramp options available for India without bank freeze issues along with pros and cons of each method. This is going to be a long post and I will share the most convenient method in the end (saving best for the last).
Method 1: P2P via CDM (Cash Deposit Machine) using a reputed escrow:
I have used this method for almost a year now and found no bank freeze issues. It is better to use escrow platforms like localcoinswap, noones, etc and use CDM option. Only give bank's name and account number (don't give other details like IFSC and others to avoid them doing an IMPS transfer)
Pros: You get cash in your bank account that you can spend anywhere. You are safe from fake notes as CDM handles it. Source of cash cannot be classified as dirty money or clean money and nobody can freeze your account for receiving dirty money. You are safe from any attacks from goons posed as buyers.
Cons: You need to handle the hassle of P2P trade. Money that lands on your bank account becomes accountable.
Method 2: Buying gift cards from Bitrefill, SpendCrypto etc:
Most of you may be familiar with this already. SpendCrypto is far cheaper and provides best rates than Bitrefill. You can use amazon pay cards for mobile phone recharges, paying utility bills, spending for purchases etc.
Pros: Privacy friendly. You can avoid the hassle of a P2P trade and handling the scammers.
Cons: Amazon flags and suspends accounts if we use only gift cards (especially new accounts). Compatibility issues (If you buy card intended for other country, it may not work in your country).
Method 3: Virtual Visa cards loaded with crypto:
This is the most convenient method by far I have seen. Unlike myprepaidcenter and other old players, Redotpay is a gamechanger. Some of you were asking me to write a post about it (here it is). You can download Redotpay app from App store or Play store and complete your KYC, apply for a virtual visa card for $10 fee (DM me and I will tell you how to get it for $4). They also offer a physical card for $100 (you can get it for $70). You can also get a $5 free first time credit. SO basically you are getting the virtual card for free. But note that you cannot use this one time free credit for applying the card.
Pros: This card is powered by visa and is supported in many merchants like Amazon, Uber, Swiggy, Zomato, Blinkit, Zepto, etc (except Paytm). I have bought from these platforms and even international purchases on NameCheap, Hetzner etc. If your device supports NFC, you can add your virtual card to Gpay and pay in NFC supported POS machines. The physical card can be used to withdraw cash in ATMs. Beware of the charges though.
Cons: Nothing much to complain about them. KYC is one (but to get a Visa card it is a obvious). ATM withdrawal fees for physical cards. It also takes a lot of time for them to deliver the physical card (about a month sometimes).
Other methods: I am currently researching about withdrawing USDC via Moneygram outlets. Will update once I have enough experience.
Please feel free to ask any questions you may have or any criticism about the above methods. I'm open to discussion. Take care guys! Have fun.
Method 1: P2P via CDM (Cash Deposit Machine) using a reputed escrow:
I have used this method for almost a year now and found no bank freeze issues. It is better to use escrow platforms like localcoinswap, noones, etc and use CDM option. Only give bank's name and account number (don't give other details like IFSC and others to avoid them doing an IMPS transfer)
Pros: You get cash in your bank account that you can spend anywhere. You are safe from fake notes as CDM handles it. Source of cash cannot be classified as dirty money or clean money and nobody can freeze your account for receiving dirty money. You are safe from any attacks from goons posed as buyers.
Cons: You need to handle the hassle of P2P trade. Money that lands on your bank account becomes accountable.
Method 2: Buying gift cards from Bitrefill, SpendCrypto etc:
Most of you may be familiar with this already. SpendCrypto is far cheaper and provides best rates than Bitrefill. You can use amazon pay cards for mobile phone recharges, paying utility bills, spending for purchases etc.
Pros: Privacy friendly. You can avoid the hassle of a P2P trade and handling the scammers.
Cons: Amazon flags and suspends accounts if we use only gift cards (especially new accounts). Compatibility issues (If you buy card intended for other country, it may not work in your country).
Method 3: Virtual Visa cards loaded with crypto:
This is the most convenient method by far I have seen. Unlike myprepaidcenter and other old players, Redotpay is a gamechanger. Some of you were asking me to write a post about it (here it is). You can download Redotpay app from App store or Play store and complete your KYC, apply for a virtual visa card for $10 fee (DM me and I will tell you how to get it for $4). They also offer a physical card for $100 (you can get it for $70). You can also get a $5 free first time credit. SO basically you are getting the virtual card for free. But note that you cannot use this one time free credit for applying the card.
Pros: This card is powered by visa and is supported in many merchants like Amazon, Uber, Swiggy, Zomato, Blinkit, Zepto, etc (except Paytm). I have bought from these platforms and even international purchases on NameCheap, Hetzner etc. If your device supports NFC, you can add your virtual card to Gpay and pay in NFC supported POS machines. The physical card can be used to withdraw cash in ATMs. Beware of the charges though.
Cons: Nothing much to complain about them. KYC is one (but to get a Visa card it is a obvious). ATM withdrawal fees for physical cards. It also takes a lot of time for them to deliver the physical card (about a month sometimes).
Other methods: I am currently researching about withdrawing USDC via Moneygram outlets. Will update once I have enough experience.
Please feel free to ask any questions you may have or any criticism about the above methods. I'm open to discussion. Take care guys! Have fun.
