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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: October 07, 2012, 02:02:53 AM
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The 40-50 pesos for 1000 pesos for phone transfers, was that a flat rate or actually a 4-5% rate?
Smart charges a transaction fee, 2%; a receiving fee, 1%; and a sending fee, 5 pesos, which is a flat rate. The agent charges 10-15 pesos, which is also a flat rate and probably has been increased recently.
I want our friend to receive about 11000-12500 pesos, so how many BTC would I need to send for that? Is 23.4 enough?
If you want our friend to get 12500 pesos, you will need to send bitcoins worth 12907.20 pesos*. At my current rate of 504.73 pesos/BTC, that's 25.572 BTC. * (0.97 x total) - 20 = 12500 |
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42
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: October 06, 2012, 02:23:41 AM
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Hi Sweeney, are you still the only BTC guy in all of Manilla?
I'm not the only one. One other guy, at least, is Dabs. How do you get Pesos for your Bitcoins if everyone is only sending money into the country?
I take loans in a kind of line-of-credit way from someone I know personally, and I pay him back mostly in bitcoins. There are also a few local buyers of bitcoins. Anyway if a friend of my wife has a Smart brand normal SIM card, can you send money to that, given just her phone number and can she then cash out somewhere?
Yes. |
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43
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: September 21, 2012, 02:29:22 AM
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I have reduced my rates against MtGox last price while there is big demand by sellers and there is a price rally.
Can you explain your terminology? Normally sellers are a source of supply not demand. And sellers of what? PHP or BTC? With the best will in the world I can't figure out what your sentence might mean, as it contains two ambiguities. Actually, I was about to write "there is much higher supply of BTC". [Edited] |
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50
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Local / Pamilihan / [CLOSED] Palitan ni Mang Sweeney BTC/PHP (Filipino)
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on: September 02, 2012, 09:39:20 PM
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA256 Nasa Pilipinas at kailangang bumili ng bitcoins? O kaya'y magpapalit ng bitcoins sa piso? Magpapalit kay Mang Sweeney. Pinadali na ang pagbili at pagpapapalit ng bitcoins. Magdeposito lamang ng bayad sa bangko kung bibili. Tumanggap naman ng cash sa iyong bank account kung magpapapalit. Maaari ring makipagkita kay Mang Sweeney para iabot ang cash, kung ikaw ay nasa Metro Manila. Mag-iwan ng mensahe sa https://privacybox.de/mangsweeney.msg. Kung gumagamit ng GnuPG, heto ang aking public key. -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.10 (GNU/Linux) iF4EAREIAAYFAlEo2aIACgkQKRC3tjXYCHnsEQD/cAkGKahmD+xFj8NSaRta3Ya5 izjj1vlp6XQV3lH1ZGEA/iuMtl9IB/Dzl3vO4WXjOmgDy0im+UW4wVRyzMjMf/L3 =3sBg -----END PGP SIGNATURE----- |
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55
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: August 27, 2012, 04:39:14 PM
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Without I studying this whole post.. if I wanted to send 50 dollars
as a birthday gift to Phil...
How much would it cost and how much of that USD would end up in
their hands?
So what is your cut plus any fees of that 50 USD?
Basically I am trying to figure out is small amounts are now feasible
while in the past small amounts were a bad way to go.
thanks.
At, say, 11.6 USD/BTC, you will send 4.3103 BTC to me. Deduct my fixed-rate fee of 0.1 BTC from that, and we now have 4.2103 BTC. My current rate is 485 PHP. I'll then buy your 4.2103 BTC for 2,042 PHP. Out of this peso amount, I will further take fees to pay for the service charges of the transfer agency. Having asked your friend what way she'll receive the money, you would instruct me to have it transferred through, say, SmartMoney, which would charge 100 PHP for the transfer. She should receive 1,942 PHP. At 42.1039 PHP/USD, she would have received an equivalent of 45.70 USD. This can be expressed as: TOTAL TO BE RECEIVED = BTC SOLD - INTERMEDIARY FEES BTC SOLD = BTC SENT - FIXED FEE My current rate in Php can be looked up in https://localbitcoins.com/accounts/profile/mangsweeney/. I set it at 3% below MtGox 24-hour average usually--sometimes I use MtGox last price during accelerated price movements or take 4% cut to cover increased costs. There's also an additional 0.1 BTC fixed-rate fee, as I mentioned before. [Edited for reference] |
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56
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: August 27, 2012, 02:30:50 PM
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my wife and i use western union or something like that. she is filipino.
so often we have to rush around and send her family money. since they
are "poor" asking them to provide a bank account info is prob not going
to work.
so they go pick up cash at a local place in their neighborhood. i think it is
western union. i will have to check.
so unless this can be made pretty darn simple like that i am not sure i can use it.
i have heard of gcash but i am not sure if they use it. they live in quezon city
so having them go any far distance to pick up money is also not an option.
Hi fcmatt, You may tell me the particular money transfer service your wife's family prefers to use and I can send payment there. I recommend, however, that they look for a nearby store with Smart Money service. http://www1.smart.com.ph/moneyThis may be one of the most convenient ways for them to receive money. Smart Money is a mobile payment service by Smart Communications, the telecom company with the largest share of subscribers in my country. A friend tells me her brother can send her money through Smart Money even if she is a subscriber to Globe, which is the other telecom company. She picks up the money from a Smart Money outlet by simply showing the SMS message of the transaction and her ID. But whatever non-bank money service the family wants to use, I'm pretty sure I can send payment to them. All you need to do is sell me your bitcoins and tell me whom to send my payment to or whatever necessary codes and where your recipient will pick the money up. [Edited] ~MadSweeney |
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: August 24, 2012, 04:38:37 AM
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I see that sarcasm doesn't come across very well on the internet. Otherwise, touche. Please continue ignoring it; it's counter-productive, anyway. You should realize, however, that it doesn't take a genius to come up with this idea and that others can well have thought of it independently even long before you did.
I was reluctant to do this exchange business, and I was hoping somebody else would do this. But when I realized that I would have to wait much longer for someone else to do it, I went ahead and started it. Hell, I might as well make money out of it. There definitely is a need for an exchange where Filipinos can acquire and cash out bitcoins more easily and at less cost. I know I need one. And there must be something useful you can do with this newfangled thing. Remittance is a no-brainer.
I prefer to keep things simple so I can do other things that I'd like to do. If you want to buy or sell bitcoins with pesos, you can do so at Mang Sweeney's.
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59
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Economy / Currency exchange / Re: Mang Sweeney's: send money to the Philippines through bitcoin
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on: August 23, 2012, 01:51:13 AM
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I'm having trouble with GCash, and I have to close this payment option indefinitely. I'll look into its competing mobile wallet, SmartMoney. Hopefully, they will have better service.
Oh, that's too bad. That was looking like it could become very useful. I'd like mobile phone payments to work as well. As soon as I set up SmartMoney, it would be as useful as GCash would have been. |
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