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Haxton

Anyone is using bitcoins for depositing into his filipino bank?

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Haxton

Hi!
 

Tired of ridiciolous high fees for using other sources (such as creditcard, bankaccount in my homecountry, ewallets) in order to deposit into my filipino bankaccount, I am wondering if anyone here has experiences with bitcoins into this regard? Heard some good things about them and fee shall be quite low.

 

Regards,

Haxton

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mikewright

Could be wrong, but think a couple of people here got burnt when the value of a bitcoin fell from over $1,000 to under $200 a while back. It sort of made a standard $10 bank fee look reasonable at the time.

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rep1

It's now steady rising... maybe a good investment? value has doubled this year. There are hot money to fuel the demand and price now.

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senseless

Hi!

 

Tired of ridiciolous high fees for using other sources (such as creditcard, bankaccount in my homecountry, ewallets) in order to deposit into my filipino bankaccount, I am wondering if anyone here has experiences with bitcoins into this regard? Heard some good things about them and fee shall be quite low.

 

Regards,

Haxton

 

 

Ya, I've used it before. You can cash out with coins.ph into a local account. I have a few people I've dealt with locally too that buy and sell bitcoin -- I've done some fairly large transactions and as a result trust them. If you'd like an introduction let me know.

 

Problem is more of buying the coins to start with. There aren't many ways to buy with 0 fees in the west. A bit easier to get 0 fees with iban in the EU.

Edited by senseless
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easydrifter

I have a Coinbase account to buy Bitcoin with and my Stateside checking account is attached to it. I send the Bitcoin to my Coins.ph account here in the Philippines where it is converted to Pesos, then send the Pesos to my bank here. The trouble is there are small fees along the way. I did a test sending $100. this way and $100. with Remitly (the slow way with no fee except the slightly lower exchange rate). It actually cost me a tiny bit more to send the Bitcoin so now I usually just use Remitly. I have to admit that the Bitcoin is fun to play with though.

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Lost

Don't know about bitcoin, but western union only charges $3 (plus local tax ~200p) to sent up to $3k from the US. (Not sure where you're from.) Pick up in cash and deposit into local bank. By far the cheapest option I know of.

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SkyMan

If you're just looking for a cheap way to get Euros from Germany to Pesos here, open an HSBC account in Germany and use the HSBC ATM near Ayala to withdraw pesos.  Good exchange rate and no fees.

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mikewright

It's now steady rising... maybe a good investment? value has doubled this year. There are hot money to fuel the demand and price now.

A 100% gain on an 80’% loss still leaves you with a big loss. It was the hot money saying bitcoin would reach $4000, not that long ago.

 

 

Sent from my MotoG3 using Tapatalk

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TheWhiteKnight

Transferwise gives the REAL exchange rate and fees are very low. This solves your problem. BT is a joke for this.

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Haxton

Could be wrong, but think a couple of people here got burnt when the value of a bitcoin fell from over $1,000 to under $200 a while back. It sort of made a standard $10 bank fee look reasonable at the time.

 

for me the fee is more like 100USD for a 2k withdrawl since it is an international wire and there is a correspondent bank-fee involved:(

 

but yeah, have not known that bitcoin-value is so high variance - thought it is kinda stable...

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Haxton

Ya, I've used it before. You can cash out with coins.ph into a local account. I have a few people I've dealt with locally too that buy and sell bitcoin -- I've done some fairly large transactions and as a result trust them. If you'd like an introduction let me know.

 

Problem is more of buying the coins to start with. There aren't many ways to buy with 0 fees in the west. A bit easier to get 0 fees with iban in the EU.

 

Hey, thanks a lot for all the infos and your offer:)

 

Sure an introduction would be great - maybe we can sort it out per pm... I would have ways to buy bitcoins with a small Vig...

 

One total Noob-question question upfront:

I know some international bitcoin-sites like coinbase.com.

With using coins.ph -> would I now face a problem of ef-fees when my BDO account is a USD_currency-account?

Or differently put: Is it adviceable to have a PHP-currency-bank-account when using coin.ph?

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Haxton

I have a Coinbase account to buy Bitcoin with and my Stateside checking account is attached to it. I send the Bitcoin to my Coins.ph account here in the Philippines where it is converted to Pesos, then send the Pesos to my bank here. The trouble is there are small fees along the way. I did a test sending $100. this way and $100. with Remitly (the slow way with no fee except the slightly lower exchange rate). It actually cost me a tiny bit more to send the Bitcoin so now I usually just use Remitly. I have to admit that the Bitcoin is fun to play with though.

 

Alright, so apparently I need to do some more general resaerching bout bitcoins xD

 

Anyways, when it converts into PHP when sending to coins.ph, are there any currency-ex-fees or losses?

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Haxton

Don't know about bitcoin, but western union only charges $3 (plus local tax ~200p) to sent up to $3k from the US. (Not sure where you're from.) Pick up in cash and deposit into local bank. By far the cheapest option I know of.

 

Yeah, I am thinking currently about western union - but I need to check at first if my mastercard does work for it and find out ways to depo into westernunion.

Does paypal -> western union work?

 

Also if you get it from western Union in cash and your western Union is in USD, then I suppose/hope that you get the cash in USD without any currency-exchange-losses?

Then the line would be obviously to go to a moneychanger - likely even better than to deposit into a bank-account, since at least my bank (BDO) does charge a standard 5 usd-fee for every depo... I mean, this is not significant, though...

If you're just looking for a cheap way to get Euros from Germany to Pesos here, open an HSBC account in Germany and use the HSBC ATM near Ayala to withdraw pesos.  Good exchange rate and no fees.

 

Have heard that exchange-rates are kinda high like 3%, but not sure - only have heard it, so cannot vouche for the information being correct or not.

Also I have as well in Germany an usd-bank_account at a different bank-branche and there I get better promos - hence nowadays Im using mostly this one instead of my euro-account.

Edited by Haxton

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A_Simple_Man

 

 

Transferwise gives the REAL exchange rate and fees are very low. This solves your problem. BT is a joke for this.

 

Yep, tried them once and never looked back.  Unbeatable at this point in time.

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Haxton

Transferwise gives the REAL exchange rate and fees are very low. This solves your problem. BT is a joke for this.

 

Very interesting - even have not known this one - does it work like WesternUnion?

Nevermind, I will research myself bout that.

 

So, overall thanks so far for all the comments and finally likely bitcoins does seem for my purpose not the best solution since there seems to be too much variance involved...

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