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

[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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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...