[CLOSED] Mang Sweeney's: send money to the Philippines through bitcoin

[MadSweeney]

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Are you looking to send money to the Philippines?

At Mang Sweeney's exchange, you can sell your bitcoins and have the proceeds go to someone else. Put your bitcoins to use as a convenient and cheap way to transfer money to the Philippines.

Remittance
Your beneficiary does not need to know about bitcoin to receive money using this service. Simply sell your bitcoins to me and I will remit the payment in pesos to your designated recipient through a bank or remittance center.

Banks are the cheaper option. The unbanked can go to remittance centers such as M Lhuillier and LBC.

Rates
My buying rate is usually 3% below Bitstamp spot price. But I may adjust it during wild price movements.

You can make a trade request through my Localbitcoins ad. The price shown there is updated automatically every few minutes with the last price of trades made on the Bitstamp exchange's USD market. I recommend using Localbitcoins.com for its up-to-date price quotes and built-in escrow.

How much will your recipient get in total? Fees charged by intermediary transfer services will be deducted from the sale proceeds. So the total amount your recipient will get can be expressed in this formula:

TOTAL TO BE RECEIVED = BTC SOLD - TOTAL FEES

See this for a sample calculation.
 
Privacy
I shall do my best to protect customer data entrusted to me. I also encourage everyone to encrypt and sign their messages. You can copy my public key from here or run 'gpg --recv-keys B798A5A5910D04B9' on the command line. Do not forget to send your public key.

Feedback
Read some feedback of customers further down this thread. Also please post your own comments and feedback.

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[evoorhees]

This is fantastic of course, but how will you market it? 

[MadSweeney]

This will be a modest venture for now. So I've started by contacting people who have expressed interest in this service in the forum. I'll also post on social media sites and local forums. Later, I should talk to my Filipino friends and relatives who work abroad and are new to bitcoin. From there I hope the service spreads by word-of-mouth.

[cbeast]

I have friends in CDO and Zamboanga that I will be introducing to Bitcoin soon. They will be making private loans in PHP and offering their clients to have overseas family and friends send Bitcoin much cheaper and more convenient than money remittance services. They will also use their operating capital to exchange Bitcoin locally. I am told that private lenders are much less regulated than pawn shops.

I am trying to find out if they are familiar with Hawala in Zambo and Sulu.

[spreaders]

Do you have a site yet, or code for the exchange? If not Intersango has open source code for an exchange on github.

[MadSweeney]

I won't be putting up an exchange site like intersango just yet. Philippine demand today, or even in the next few years, for bitcoins is so small for that. Operating as a p2p exchange, I believe, is a good idea. But I would have to automate processes and scale on demand. So I might make a Sinatra app next if things get more exciting.

[sunnankar]

Do you have a site yet, or code for the exchange? If not Intersango has open source code for an exchange on github.

Why not list on LocalBitcoins.com?

I know quite a few of us probably have virtual assistants over there and it would be great to be able to pay them via BTC instead of Xoom, WU or Paypal due to the fees.

[MadSweeney]

localbitcoins.com is down right now. But I'm probably the first to post an ad there in my locality.

[MadSweeney]

I have friends in CDO and Zamboanga that I will be introducing to Bitcoin soon. They will be making private loans in PHP and offering their clients to have overseas family and friends send Bitcoin much cheaper and more convenient than money remittance services.

I'm looking forward to networking with your friends. With the rising price of bitcoin lately, I would rather be more inclined to make a 0% loan from senbonzakura ;-)

[xxaudioxx]

Very good service fellow kababayan..

[Bimmerhead]

Great to see you're doing this, MS.

Perhaps advertising on this Filipino-Canadian forum might generate some business for you: http://www.filipino.ca/forum/category-view.asp

[MadSweeney]

Thanks for the link, Blimmerhead. Will keep that forum in mind.

[MadSweeney]

Next week, I'll be doing a pilot transaction with someone new to bitcoin. Let's see if this bitcoin thingamajig is what it's cracked up to be for remittances.

[MaxSan]

Ok im interested in this. What rates are involved?

[MadSweeney]

Rates

Negotiable rates start at mtgoxUSD last price converted to PH Peso as returned by google.com.

You can also check the up-to-the-minute rate here. Note the "10 btc" is just a placeholder. This is the market price at 1:1 (no % markup). No additional fees from my end, but you pay the bank fees if any.

[MadSweeney]

Updated the OP with details on rates and email address.

[bitdragon]

Thanks for the PM about this.
Can you detail the minimum account information needed to deposit Pesos to an account?
I owe at least $150 to someone there and am willing to give this a try soon.

[MadSweeney]

Can you detail the minimum account information needed to deposit Pesos to an account?

1. Name of bank
2. Account name
3. Account number

[yesbtc]

I wonder what are the risks involved?
Not that I have any reason not to trust MadSweeney but aside from the obvious that you risk losing your btc - isn't there also a risk associated with giving someone else your account number?
Alternatives like Mlhuiller's kwarta padala has crazy rates though...

[MadSweeney]

I wonder what are the risks involved?
Not that I have any reason not to trust MadSweeney but aside from the obvious that you risk losing your btc - isn't there also a risk associated with giving someone else your account number?
Alternatives like Mlhuiller's kwarta padala has crazy rates though...

If you're worried about transactions being snooped on or spoofed there are enough indications that my service is GPG-ready. If you haven't used GnuPG before to encrypt and sign text or files, I'm willing to help you learn how to use it.

If you're worried about how I secure my wallet, I use Electrum offline wallet on a Linux host for Mang Sweeney's transactions.

If you're worried about what I will do with bank account numbers, I'll admit to my ignorance of the nefarious ways such information can be of use to anybody. I don't know, for instance, how to take money out of someone's bank account using the account number and account name only.

Will I give account information to someone else? I can only assure you that I won't volunteer to give it to anyone nor will I disclose it if she asks nicely.

Your questions make me think that maybe I should destroy all such information after the completion of transaction. That way I wouldn't even be forced to give them up. (But it might be problematic if a dispute arises and I have no records.)

If I were subject to AML regulations, as the established remittance shops have to be, I couldn't do that for KYC compliance. Discussions of whether I should subject myself to such regulations or not, however, are for another thread.

If you're worried that I'll scam you, then keep on being observant and asking questions. And I'll do my best not to get annoyed.

[MadSweeney]

I have added GCASH mobile phone transaction as payment and remitance option. Suggestions and comments are welcome to improve my service.

[John (John K.)]

Awesome service. I wish you were in business when I visited Philippines last time. 

[John (John K.)]

Please note that your BitcoinAdvertisers ad does not work. It points to: https//bitcointalk.org/index.php?topic=88320.0

You apparently forgot the colon.

[MadSweeney]

Please note that your BitcoinAdvertisers ad does not work. It points to: https//bitcointalk.org/index.php?topic=88320.0

You apparently forgot the colon.

Thanks for catching that, John! Will launch the ad campaign in earnest on Monday.

[John (John K.)]

Please note that your BitcoinAdvertisers ad does not work. It points to: https//bitcointalk.org/index.php?topic=88320.0

You apparently forgot the colon.

Thanks for catching that, John! Will launch the ad campaign in earnest on Monday.

Glad to have helped. Just make sure there's no errors this time. 

[MadSweeney]

In the first month of operation, Mang Sweeney's had a few transactions--a couple remittance, a client introduced to bitcoin, and a local trade. The customers might not have bitcointalk account to post feedback here. I got a couple more ratings in #bitcoin-otc though. So the thread had been awfully quiet. However, Mang Sweeney's exchange and remittance is still at your service.

[xxaudioxx]

Sold some coins to MadSweeney today, Transaction is painless.. Will definitely do it again.. tnx

[MadSweeney]

Sold some coins to MadSweeney today, Transaction is painless.. Will definitely do it again.. tnx

xxaudioxx, thank you for the feedback. I hope you found your card.

[Stephen Gornick]

I have added GCASH mobile phone transaction as payment and remitance option. Suggestions and comments are welcome to improve my service.

Are you saying that a person can buy bitcoins from you through GCASH?

If so, then can I send that money to you through Remitly?
 - https://www.remitly.com/help/view/38

Remitly allows me to use a credit card when sending funds, so that's why it is interesting.

[MadSweeney]

I have added GCASH mobile phone transaction as payment and remitance option. Suggestions and comments are welcome to improve my service.

Are you saying that a person can buy bitcoins from you through GCASH?

If so, then can I send that money to you through Remitly?
 - https://www.remitly.com/help/view/38

Remitly allows me to use a credit card when sending funds, so that's why it is interesting.

Yes, you can buy bitcoins from me through GCASH. I haven't had a transaction through this mode, though, and I'd like to try it out.

[Stephen Gornick]

Added to the Bitcoin wiki:

 - http://en.bitcoin.it/wiki/Mang_Sweeney

[MadSweeney]

Added to the Bitcoin wiki:

 - http://en.bitcoin.it/wiki/Mang_Sweeney

I owe you a beer and more for this, Stephen. If you happen to come over Manila, buzz me. Maraming salamat!

[Stephen Gornick]

I owe you a beer and more for this, Stephen. If you happen to come over Manila, buzz me. Maraming salamat!

Heh, some day perhaps, thanks!

I'm curious to see when you do get a GCash transfer where you know the customer is from the U.S. and sent the funds using credit card (or bank transfer) through Remitly.

What I want to caution you on is to make sure you know what will happen in the case where the transaction on the Remitly side gets charged back by the cardholder or the bank transfer (ACH) gets reversed.  

Could you then be exposed to seeing a charge to your GCash (i.e., a reversal of a previous payment) as a result?

[finkleshnorts]

I owe you a beer and more for this, Stephen. If you happen to come over Manila, buzz me. Maraming salamat!

Heh, some day perhaps, thanks!

I'm curious to see when you do get a GCash transfer where you know the customer is from the U.S. and sent the funds using credit card (or bank transfer) through Remitly.

What I want to caution you on is to make sure you know what will happen in the case where the transaction on the Remitly side gets charged back by the cardholder or the bank transfer (ACH) gets reversed. 

Could you then be exposed to a charge through GCash as a result?

Yes, we don't want you to go TradeHill on us!

[MoneyIsDebt]

Good service! I'm doing similar for a couple of people remitting to Malaysia / Kuala Lumpur.

[MadSweeney]

What I want to caution you on is to make sure you know what will happen in the case where the transaction on the Remitly side gets charged back by the cardholder or the bank transfer (ACH) gets reversed.  

Could you then be exposed to seeing a charge to your GCash (i.e., a reversal of a previous payment) as a result?

I'm curious about this too. I'll limit my exposure to this by accepting only small offers through this channel.

[xxaudioxx]

Another successful transaction with MadSweeney,  i sold him 100 coins.. thanks.

[MadSweeney]

I am lowering my rates for the time being, as the market price of bitcoins keep rising. Also, I have hit my monthly limit for my buying side. So unless you're a regular customer, it will be next month when you can sell to me again. But buyers can now buy at discount.

For up-to-date price quotes,

BUY: https://localbitcoins.com/ad/96
SELL: https://localbitcoins.com/ad/95

[MadSweeney]

The market price corrected itself sooner than I expected. So I re-adjusted to regular rates, which is now lower than the previously adjusted rates. This is already reflected on my localbitcoins.com ads.

To the sellers, I may have reached the limit of my peso fund for the month, but I may be able to have my buyers pick up your offer. So do go on and make your offer.

[Stephen Gornick]

Yes, you can buy bitcoins from me through GCASH. I haven't had a transaction through this mode, though, and I'd like to try it out.

[Update: GCash no longer supported.]

I happened to notice that there are GCash Send-out locations in each of the countries listed below:

[removed]



So, ... to transfer money to a GCash mobile wallet, visit a Globe GCash Send-out location (after coordinating with Mang Sweeney):

 - http://gcash.globe.com.ph/remit-paano-maghanap-intl.php  (scroll down and click on your country)

[MadSweeney]

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.

[Stephen Gornick]

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.

[MadSweeney]

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.

[Dabs]

Hey...... seems you got the idea to make it work. Just to let everyone else know, I bought BTC from MadSweeney a couple months ago, and posted this idea of a local exchange.

[MadSweeney]

Hey...... seems you got the idea to make it work. Just to let everyone else know, I bought BTC from MadSweeney a couple months ago, and posted this idea of a local exchange.

Your brilliant idea could not have possibly occurred to me, dear sir, had you not told us. Good job!

[Dabs]

Oh thanks! In that case, do I get a royalty? hahahaha. Joke only. I'll let you know when I've got more money to invest in this venture so you can add me as part of the exchange group or something like that. Ideally you would like to centralize the transactions so everyone in the group will benefit, but bitcoin by its nature is decentralized and anyone with enough BTC or PHP can be his or her own exchange.

But forming a Cooperative, or a Partnership or some sort of pseudo-Corporation (and not a real one because we will not be making enough money yet and we'd be competing against cash money changers) will enhance the "brand" and "trust".

Just another idea for you to think about. Since you started it already.

Or here's an idea for implementation. People can join this and someone takes notes on how invested each member is. All the money then goes to (or is consolidated to) the "treasurer" who does the transactions when customers want BTC or PHP or whatever service we will offer (I thought of bills payments.) Of course, everyone will have to trust the one person, because potentially, that person could disappear with all the money.

I have yet to think of a simple way to make this work decentralized, but another idea is a server or website or something that does all the computing and just forwards instructions to each member, and the computer decides based on how much each member says he has available, sort of like the other bitcoin exchanges but only for members of the group, not open to the public, otherwise you'd need the infrastructure of a real exchange (like MtGox) and ... ... the banks get involved and it's no fun anymore.

We want to be as low profile as possible so government doesn't get involved. Banks could care less because we are merely using them as they are meant to be used.

[MadSweeney]

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.

[Dabs]

Ok. Got it. I just had another idea though. You could keep track of who has how much money (or bitcoin) and refer those amounts you can't handle to someone else, but we all use the same rate you do.

For example, you have up to 20,000 pesos to deposit to someone's account in exchange for bitcoin, I have up to 5000 pesos ready to deposit to someone's bank account.

What happens is we all vouch for each other, sort of a combined trust rating, and we all agree on a common rate (which is based on the market anyway), so any one of us in the group who is able to can do the transaction requested. This way, we aren't really competing and everyone can help in their own little way whether it's 1000 or 20,000. The pool of funds for bank deposits is essentially larger.

If this is too hard to implement, the basic equivalent is I will simply use the same rate you are using and offer my services the same as you (but with a much smaller capital investment, I can't do 20,000 just yet.)

Just like this:
1. Someone sends me BTC.
2. I deposit PHP to their bank account.

I don't have much BTC to do the reverse transaction as I've only got what I've bought from you before. And I've got other hobbies too, so turn around time is at least 1 to 2 days for me.

[fcmatt]

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.

hmmm

[Dabs]

@fcmatt, you could ask the family to open one of those low maintaining balance accounts? or a reloadable cash card (BDO, BPI), they should only cost about PHP 500.00. You could also use LBC or Cebuanna Lhullier (or Western Union) to have cash sent locally. From you to the here using BTC, then from here to the family, adding of course the cost of the local fee. You save on the international transfer fee. Or you save on the exchange rate difference.

These are the rates for some of them:
http://www.perapadala.com/rates-and-charges.aspx
http://www.lbcexpress.com/PH/Calculator

Understandably, poor families can't open up bank accounts. But if you send often enough, you could also cover the cost of opening an account just for this purpose, then all they need to do is go to the bank every time you send money so long as they do not close the account (or withdraw the minimum maintaining balance.)

[MadSweeney]

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/money

This 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

[fcmatt]

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.

[MadSweeney]

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]

[MadSweeney]

This article shows how naive my estimate of fees were for sending money through cellphones http://www.malaya.com.ph/index.php/business/business-news/8408-billions-sent-thru-phones

According to this you'll probably pay 40-50 pesos for every 1,000 pesos sent. They are cheaper than pawnshops and other remittance centers, but LBC, Cebuana Lhuiller, and Western Union have more branches.

I should prioritize setting up and learning more of these payment modes so that I can also reach the unbanked.

[MadSweeney]

Mang Sweeney's service is mentioned in Bitcoin Money blog

http://www.bitcoinmoney.com/post/30706441112/august-2012-results

[MadSweeney]

SmartMoney is now activated. I can now remit payments to someone with a cellphone and access to a SmartMoney store.

[paraipan]

SmartMoney is now activated. I can now remit payments to someone with a cellphone and access to a SmartMoney store.

Nice  

Will recommend your service everywhere I can.

[MadSweeney]

Thank you, paraipan. The bitcoin community continues to be amazing!

[zebedee]

I sold 30-odd coins to Mang Sweeney; the service was excellent and the PHP were delivered into the bank a/c as promised.

[MadSweeney]

I have reduced my rates against MtGox last price while there is big demand by sellers and there is a price rally.

[zebedee]

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.

[MadSweeney]

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]

[Realpra]

Hi Sweeney, are you still the only BTC guy in all of Manilla?

How do you get Pesos for your Bitcoins if everyone is only sending money into the country?

I'm just curious as I will likely use your service.

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?

[MadSweeney]

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.

[Realpra]

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.

The 40-50 pesos for 1000 pesos for phone transfers, was that a flat rate or actually a 4-5% rate?

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?

[MadSweeney]

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

[MadSweeney]

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

I'm surprised you'd pay more with SmartMoney (407.20 pesos) than MLhuillier, where you can send tha same amount for a service charge of only 225 pesos.

[Realpra]

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

I'm surprised you'd pay more with SmartMoney (407.20 pesos) than MLhuillier, where you can send tha same amount for a service charge of only 225 pesos.

I'm just not very experienced with transfers and thought Smart money was easier.

I just sent you an email with a one-time key/addr. pair with 25.4 BTC on it so just use that. Its fine if the final amount is above 11500.

[Realpra]

I just did a successful trade with MadSweeney of 25 btc. You can trust him I think

Anyway Sweeney; are you really charging enough? You got what 2-500 pesos (12$) tops out of our 12K pesos trade?

I appreciate it of course, but I think you need to raise your fee by ~1 percent point and use that money to expand and advertise BTC usage/your service - which could be a huge boon to your country/you.
Honestly your fee was so low I thought you might run with the money instead of continuing the service

The exchange costs in Denmark are minimum 13$ + mtgox buy-in/trading-costs or a flat 9% through BTCNordic, so you are definitely not the bottleneck here.

I think even with the costs on my side and an increase in your rates the total cost is less than when using Western Union or the same so you know, you really could have a big business here - especially if the danish rates drop in the future.

I think at least its a must you inform everyone you send money to that their money came through Bitcoin.

[MadSweeney]

Anyway Sweeney; are you really charging enough? You got what 2-500 pesos (12$) tops out of our 12K pesos trade?

I appreciate it of course, but I think you need to raise your fee by ~1 percent point and use that money to expand and advertise BTC usage/your service - which could be a huge boon to your country/you.
Honestly your fee was so low I thought you might run with the money instead of continuing the service

I've been thinking about raising my fee or spread for some time now. Your nudge helps :-)

[MadSweeney]

The transfer service and my buying of bitcoins will be closed for now while I look for new source of funds and hedging method. I was affected by the closing of Cryptoxchange which is the main exchange of my lending partner. The service may possibly be back next year. Sorry for this.

However, I still continue selling bitcoins locally.

[MadSweeney]

Mang Sweeney's services are back this year. Please note that there is now an additional fixed-rate fee of [EDITED]0.1 BTC for remittances; there's NO additional fee when you're only selling btc.

[MadSweeney]

I am experimenting with Bitmessage, a bitcoin-like messaging system https://bitmessage.org/. If anybody is interested in trying it out too, you can send a message to me at BM-or73ye64QJTQzzRVVUHympbqvhpPcZu2h

[ccl]

I am experimenting with Bitmessage, a bitcoin-like messaging system https://bitmessage.org/. If anybody is interested in trying it out too, you can send a message to me at BM-or73ye64QJTQzzRVVUHympbqvhpPcZu2h

am new to bitcoins and am interested in trying this remittance thing.  Can u give me more info..like to contact you

[MadSweeney]

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Hash: SHA1

- -----BEGIN PGP SIGNED MESSAGE-----
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I have a new key only for signing messages. Please update your keyring to verify my posts, email, and such.

  gpg --refresh-keys B798A5A5910D04B9

Thanks.

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[ccl]

transaction was awesome...very fast too....thanks again! Till nxt tym 

[DPony13]

Do you Sell BTC as well?

I'd like to buy some from you someday

[ccl]

Do you Sell BTC as well?

I'd like to buy some from you someday

i think he does too...check this link: https://localbitcoins.com/accounts/profile/mangsweeney/

[fimp]

I used Mang Sweeney to send money to a Phillipines bank account. No problems, fast, good service.

[ccl]

I used Mang Sweeney to send money to a Phillipines bank account. No problems, fast, good service.

+1 and am looking forward to my nxt transaction...

[ColdHardMetal]

Glad to see this has some activity here. I was in the Philippines for a vacation in February and I was a bit shocked by the number of WU/Moneypak/etc outlets there were all over the place. Definitely looks like a demand there. Especially when I learned just how many Filipinos there are living outside of the country and presumably repatriating funds.

[ccl]

I can say this is one breakthrough for bitcoins.  Most Filipinos are working overseas and this will really help hard earned money without those high transaction fees.  Am promoting use of bitcoins to my relatives across the globe.  For me Bitcoins is connecting lives

[MadSweeney]

CordHardMetal, fimp, ccl, thank you for your comments and feedback. They are much appreciated.

It may be time for Mang Sweeney's to move to the next phase. I wanted to give bitcoin more time before telling more people about it, to let the scams be aired out, weaknesses exposed, and supports built up. I had it easy starting up this service. I just used the forums, preached to the converted, and tried to make good on my promises. Now the hard part follows, selling to the uninitiated. This is challenging because I am hardly a salesman. Well, let's just see what I can do about it. Besides, a few people have expressed their willingness to help spread the word. My approach may be slow, and it may be quiet. It's all right. I am here to build a cottage. Let others build their empire.

[ccl]

Building a cottage is a good way to start.  Encouraging the people to bitcoins is not easy but look at it ryt now.  Am still learning more about bitcoins and telling it to my friends, family and colleagues.  Your service means alot to hardworking OFW's and their families.  Am sure in time with all these buzz bout Bitcoins your cottage will help build a community where honest trade exist and not abusive.

Thank you again for another successful transaction! )

[Dabs]

Bro, you build your cottage, someone else builds an empire, I'm building a "nipa hut". I think the major obstacle in this kind of business is the same as in regular money remittance services: we need liquid cash, the more the merrier.

[MadSweeney]

Regardless of the price bubble, I still offer this money transfer service. Price does not matter. Sell your bitcoins as soon as you buy them if using bitcoin to send money.

[Dabs]

Bought BTC from Mang Sweeney. Smooth Transaction.

[iTradeChips]

hi mga kabayang bitcoiners! paano ba maglagay ng comment o rating sa localbitcoins?

[alephi]

This topic caught my attention and it's what brought me to this forum initially and spurred my interest in bitcoin.

I've been observing bitcoin for a long time but it looked a bit too volatile and kind of geeky to be of real use to me.  My humble apologies to all bitcoiners for that, as reading through many posts on this forum and looking around with fresh eyes has altered my view quite significantly and the more I study it, the more sense it makes (at least until the power goes off anyway).  There's still some way to go before it becomes truly accessible for many UK persons, but it's getting there and it's mature enough for me.  There's a conflict between having an interest as a speculator and using it for sundry everyday stuff where sudden changes in exchange rates can be extremely inconvenient.  That risk will scare away the average person IMHO.

I've been quite literally fighting a running battle with Western Union, Xoom, Moneygram and Paypal for a long time over the simple act of sending money to the Philippines from the UK.  For some reason they all have a major problem with it, specifically on the US part of the operation.  I do actually resent having to supply quite personal details on the individuals I am sending to, what the money is for, where it came from, what my relationship to them is and so forth and then when I get blocked, being given no justification whatsoever, and no recourse to appeal.  That's not an issue with the UK end, it's the US end and I am a non-US person sending money to non-US persons in non-US currencies, with a home and a partner in the destination non-US country so WTF? 

I've come to the view that in essence, these companies along with Visa, Mastercard etc are operating a cartel to all intents and purposes.  If you have an interest in extending the availability of financial security, cheap money and access to global markets to the very poor, as I do, then this "cartel" is poison.  The idea that with a relatively cheap phone, you can make these things available via bitcoin to just about anybody on the social spectrum has immense appeal and it's sound logic going forward into an age where most people out of the 10 billion who will live on this planet soon will fall into the lower part of that spectrum. 

The Philippines is a case in point.  I deal with people in some of the poorest regions there and I do my utmost to keep young women and single mothers in education, provide funds for health care and other support, which would otherwise be cripplingly expensive for them.  To my mind, the "cartel" actively discriminates against these people (and any poor person) and is just one more obstacle to overcome in an already terribly difficult life.  However, there is a real possibility that the financial instruments such as bank accounts and Visa etc, along with their attendant demands and charges can be sidestepped with bitcoin and a mobile wallet. That's got to be a good thing.

That's where Mang Sweeney caught my interest...

[lophie]

Mang Sweeney, I think it is about time we take this idea to the next level. Lets talk more about this.

[MadSweeney]

I have changed for now the reference for my price quotes. I am using Bitstamp now instead of MtGox. So my quotes would be lower by roughly 400 pesos than it would have been if based on Mtgox price. I changed because I may have to sell the bitcoins at an exchange and Gox is having issues with USD withdrawal. 

[Newar]

I have changed for now the reference for my price quotes. I am using Bitstamp now instead of MtGox. So my quotes would be lower by roughly 400 pesos than it would have been if based on Mtgox price. I changed because I may have to sell the bitcoins at an exchange and Gox is having issues with USD withdrawal. 

You probably already know, but here goes anyway: http://bitcoinaverage.com/

[bitwarrior]

I have changed for now the reference for my price quotes. I am using Bitstamp now instead of MtGox. So my quotes would be lower by roughly 400 pesos than it would have been if based on Mtgox price. I changed because I may have to sell the bitcoins at an exchange and Gox is having issues with USD withdrawal. 

Hi MangSweeney,

Normally how many days before you receive the money in the Philippines if your using bitstamp?
Have you tried btc-e.com before when withdrawing money?

Thanks.

[Dabs]

@bitwarrior, I think MangSweeney means he is using the exchange rate displayed by Bitstamp. He has the actual fiat or bitcoins when you do a local trade with him.

[bitwarrior]

Thanks for this Dabs..

I am assuming that he is using bitstamp as well on cashing out some of his BTC, so I am asking if he has a good experience on using bitstamp service.

Well I am trying to sell some of my BTC , if anyone is interested just send me a pm... thanks

[MadSweeney]

Thanks for this Dabs..

I am assuming that he is using bitstamp as well on cashing out some of his BTC, so I am asking if he has a good experience on using bitstamp service.

I have been reluctant to use the large exchanges as I have been able to trade locally. So it might only be soon that I will find out how to actually withdraw funds from Bitstamp through bank wire.

[benzxi]

boss, nakikipag meet kayo sa manila if exchanging BTC?

[MadSweeney]

It's been a long while since I updated the OP. I find transacting through Localbitcoins.com as a more efficient way of running this service. There is automatic updating of the price. You get price quote immediately. Anxious new clients can use escrow right on the website.

Please go to my ad to make a transaction. If it says that trader is on vacation or out of bitcoins, try another day.

Also, would anybody be interested in trading Bitstamp ripple USD for pesos?

[tagbond]

I am heading to a Bitcoin meetup tonight (https://www.facebook.com/events/537512599665182/), and will be buying Bitcoins if I get a good rate.....

Just to let you know, I will be creating an exchange this week (using Bter.com as software), with linked balances to Tagcash.com and TagBond.com - I am also launching a new PoS/PoW Coin that will be traded and used as a universal rewards currency. For regulation, I am going through the process of being Bangko Sentral Licensed as an EMI (same as GCash and Smartmoney), which needs 100m Pesos ($2.5m USD) in paid up capital, and takes a month or so...

We will be able to take in multiple currencies, including USD in wire transfer format, but need to do KYC before transfer made - Picture, name, DOB, government ID and utility bill in the name.

Be nice to meet anyone who wants to chat more on this.. I will be the guy with the Tagbond Tshirt..

[Dabs]

I am heading to a Bitcoin meetup tonight (https://www.facebook.com/events/537512599665182/), and will be buying Bitcoins if I get a good rate.....

Just to let you know, I will be creating an exchange this week (using Bter.com as software), with linked balances to Tagcash.com and TagBond.com - I am also launching a new PoS/PoW Coin that will be traded and used as a universal rewards currency. For regulation, I am going through the process of being Bangko Sentral Licensed as an EMI (same as GCash and Smartmoney), which needs 100m Pesos ($2.5m USD) in paid up capital, and takes a month or so...

We will be able to take in multiple currencies, including USD in wire transfer format, but need to do KYC before transfer made - Picture, name, DOB, government ID and utility bill in the name.

Be nice to meet anyone who wants to chat more on this.. I will be the guy with the Tagbond Tshirt..

Hi Mark,

I won't be able to make the meetup, but do start a thread on your new exchange. I'd like to test it. And I'm still hoping your other company gets sold, but if not, I can dream huh...

[kimitsugroup]

Would be cool if this service was still open...however NO website and NO way to contact....if anyone knows how to contact or if still operating...I'd love to use it pm me here

[lophie]

He is still operational and his contacts are everywhere, You can easily google his pages on twitter and faceook and he responses here and on localbitcoin.

I have his personal phone number but I don't know if I am allowed to share it with you without his consent.

[Abdi Shakur]

Are you still providing this service? Really like the great feedback you got so far from other members.

Would be interested in using it if still operational.

[cbeast]

I'm interested to know if there are many participants in Mindanao.

[fimp]

I've used Mang Sweeney in the past and he has provided an excellent service.

And I don't mean to hijack the thread, but since Mang Sweeney is no longer responding here I will suggest others looking to sell bitcoins to a PH bank account to use https://buybitcoin.ph

[tagbond]

or you can use tagcash.com - same thing,  based in Makati, Philippines...and I personally am buying bitcoins for PHP...

[lophie]

I love competition <3, Compete on prices guys

[Dabs]

Lower Lower! hehe.

[ecoinocity]

I google "send bitcoin from USA to Philippines" and this thread comes up number one on google.com and I was wondering have any of you tried sending bitcoin via text message from USA to Philippines using http://www.37coins ? The cost per transaction is very low and because no smart phone is required on the Philippines or USA ends (a dumb cell phone can be used) this opens up all kinds of possible users to bitcoin. These users have no smart phone or internet but can still accept bitcoin from USA.

[Ayakashi]

http://www.coinxchange.ph is a leading bitcoin exchange in the Philippines (https://bitcointalk.org/index.php?topic=563687.msg6145229#msg6145229).

We buy and sell bitcoin, and provide same-day deposit to local banks.  Dabs is a director in the exchange.  Please post in the Announce thread above if you have questions or PM me.

[Stephen Gornick]

From a Reddit post on Bitcoin in the Philippines:

- http://www.bitmarket.ph
- http://www.coinxchange.ph
- http://www.buybitcoin.ph
- http://www.coins.ph

Five weeks since we launched our first venture here in the Philippines called Bitmarket.ph
 - http://www.reddit.com/r/Bitcoin/comments/27ougl