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I'm looking for a reliable, low cost, transparent and efficient way to make monthly loan repayments from Asia to the US each month. Are there any banks in the US that will accept bitcoins?
So, I'm wondering: A) whether it is possible to translate Bitcoin to US dollars and B) whether any of the banks in the US accept and use them (yet)?
Are there any other apparent options to solve my problem?
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"Translating" a Bitcoin to a US dollar is selling it. There are plenty of services that will sell your Bitcoins, including Coinbase, Kraken, and Bitstamp. You just need to find one that will do what you want with the US dollars after they've sold them.
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There are a number of services that allow you to pay bills via Bitcoin, such as for example BillPayForCoins*, which sounds like a possible solution to your problem: They claim to allow you to "Pay any bill with bitcoin!" up to $9,000 per payment, although they charge a 2% [$2.49 – $75] fee, so there might be cheaper options.
*I have not used this service, nor do I endorse it in any way. I'm just making you aware of its existence: please exercise due diligence before settling for any service.
1I think this is extremely unlikely. I've never heard of a US bank that wanted to have anything to do with Bitcoin, and I think it would have been big news if one had announced that they would. There are many exchanges where you can trade bitcoins for US dollars, and some will let you transfer your dollars to a US bank account, so that might be your best bet. – Nate Eldredge – 2015-04-28T05:36:23.870
1Hi Daniel, Welcome to Bitcoin.SE. I've condensed your question to the essential parts as we like to keep everything as concise as possible here. I hope that you find my changes preserving the meaning of your original question, otherwise please feel free to edit or augment the question to your liking. – Murch – 2015-04-28T13:58:12.630