Bitcoin Loophole: How Indian Expats Bypass Greece's Capital Controls

In recent years, Indian expats in Greece have found creative ways to send money back home. One method that's raised eyebrows is the use of Bitcoin to bypass Greece’s strict capital controls. While this may sound smart at first glance, it's not without risks.

If you're an Indian expat in Greece, looking to send money to India from Greece —or trying to understand this trend—this article will explain what’s going on, what the risks are, and why using regulated remittance services like ACE Money Transfer is the better and safer choice.

Understanding Greece’s Capital Controls

Capital controls are restrictions set by a country to limit the flow of money in and out of the economy. Greece introduced strict capital controls during its financial crisis in 2015 to stabilize its banking system.

What Capital Controls in Greece Include

• Limits on daily or weekly cash withdrawals
• Restrictions on transferring large sums abroad
• Monitoring of foreign transactions
• Approval requirements for foreign remittances above certain thresholds

These measures were relaxed somewhat in recent years, but some limitations still exist, particularly for non-EU residents like many Indian expats.

Why Indian Expats Turn to Bitcoin

With the rise of digital currencies, Bitcoin became a popular way to bypass these restrictions. Cryptocurrency offers a decentralized system where users can move funds without relying on traditional banking.

How the Loophole Works

1. Buying Bitcoin in Greece: Expats buy Bitcoin using their local bank accounts or cash.
2. Transferring Bitcoin Internationally: They send Bitcoin to a wallet owned by a family member or a broker in India.
3. Converting Bitcoin to INR: The recipient sells the Bitcoin on a local Indian exchange for rupees.

This seems like an efficient solution, but it’s not as safe as it sounds.

Risks of Using Bitcoin for Remittance

Although the Bitcoin method might seem modern and smart, it carries significant risks and downsides.

Key Concerns

• Volatility: Bitcoin prices can change dramatically in minutes, reducing the actual amount received in INR.
• Regulatory Uncertainty: India has fluctuating policies on cryptocurrency, making it hard to rely on this method long-term.
• Scams and Fraud: Numerous reports highlight people losing funds to fake exchanges or fraudsters.
• No Consumer Protection: Unlike regulated services, there’s no help if your transaction fails or gets hacked.

A Safer Alternative: ACE 

Instead of taking risks with cryptocurrencies, Indian expats—and Pakistani expats in the UK—can benefit from a reliable, transparent, and secure way to send money home: ACE Money Transfer.

Why Choose ACE Money Transfer?

Benefits of Using ACE for Remittance

If you’re looking to send money to India online from Greece, ACE Money Transfer offers unmatched benefits.

Key Advantages

• Low Transfer Fees: More money reaches your loved ones.
• Real-Time Tracking: Know exactly where your money is.
• Fast Delivery: Same-day or instant transfers to major Indian banks.
• Global Reach: Available in over 100 countries, including the UK and Greece.
• Trusted by Millions: Rated excellent with 4.8+ ratings on Trustpilot.

Tips for Secure Online Transactions to India

Sending money online is convenient, but make sure you do it safely.

Best Practices

• Use only licensed providers like ACE Money Transfer.
• Avoid peer-to-peer crypto brokers with no reputation.
• Track your transaction via SMS or app notifications.
• Double-check recipient details before confirming the transfer.

Stats You Should Know

• According to the World Bank, India received $125 billion in remittances in 2023, the highest in the world.
• Over 3 million Indians and Pakistanis reside across Europe, including thousands in Greece and the UK.
• Cryptocurrency-related scams rose by over 50% in the EU in 2023, making regulated transfers more important than ever.
   

While the Bitcoin loophole might look appealing to some, it’s a risky and unreliable way to manage your hard-earned money. For expats—whether Indian in Greece or Pakistani in the UK—choosing a regulated service like ACE Money Transfer ensures peace of mind, security, and the best exchange rates.

Start Your Transfer Today

Skip the risks and go for reliability.  Download the ACE Money Transfer app or visit the website to experience secure and affordable money transfers in just a few clicks.

FAQs

Is it legal to use Bitcoin to send money from Greece to India?

While owning Bitcoin is legal in many countries, using it to bypass capital controls or for remittances without proper licensing can violate financial regulations. It’s safer to use regulated platforms like ACE Money Transfer.

How can I send money to India from Greece safely?

The safest method is using a licensed money transfer service like ACE Money Transfer, which ensures legal compliance, security, and fast delivery.

What are the fees for online money transfer to India from Greece with ACE?

ACE offers low, transparent fees and competitive exchange rates. You can check the exact charges before confirming your transfer.

How long does it take for money to reach India using ACE?

Most transfers are completed instantly or within the same day, depending on the destination bank and payment method used.

Can Pakistani expats in the UK also use ACE to send money home?

Absolutely! ACE Money Transfer is a top choice for Pakistani expats in the UK to send money quickly and securely to their families in Pakistan and beyond.