An interesting topic was raised on Reddit, as one user was wondering if there is a quick and convenient solution to convert an online check to Bitcoin. while there seems to be no intent to avoid paying taxes on cashing in the check itself, banks simply take a long time before the funds are cleared. Unfortunately, there does not seem to be an easy way to convert international checks to Bitcoin without going through a bank, at last not in the US.
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Check Conversion to Bitcoin Is A Pain
When one wants to deal with international checks, there are very few options available to convert funds to anything else. In most cases, the ban will have to be called in to clear the funds, leading to a painstaking process that can take anywhere from three business days to several months.
There are some issues that arise when dealing with these checks, especially if they are issued in a different country. Banks have to go through a particular procedure to verify the piece of paper is a genuine intent to transfer funds, and if the sender has given their consent for issuing the check itself. As we all know, communication between banks on an international level is not a speedy process.
A check is very inconvenient way to transfer funds, as they have to be mailed through the postal service. This leaves a check open to getting lost in the mail, damage due to various circumstances, or even being stolen. Wire transfers seem to make a lot more sense, as they are faster – although more expensive – and can be executed on any device these days.
Alas, some companies prefer to deal with a check when paying out gambling earnings, which can put the recipient in an awkward position. Especially if that person wants to buy Bitcoin and not wait for the check to clear, as there are no available services to convert from one medium to a different one.
There does not seem to be a significant demand for such a service either, as very few people deal with a check these days. Situations like these paint an interesting picture of why the banking sector is so prone to disruption, as archaic payment methods take far too long to be called remotely convenient.
For the recipient of an international check, the best way to go about things is simply depositing the paper at the bank and asking them to process it as soon as possible. Do not hesitate to annoy the bank staff every few days until you have received the funds, as it might speed up the process a bit. Once the funds has cleared, buying Bitcoin is just a step away.