Any Filipino Bitcoiners here?

[MaryKris]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

[BigGameCAsino]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

Post was viewed 73 times, maybe those 73 were filipinos.

[Newar]

Thread here: https://bitcointalk.org/index.php?topic=27736.0

Rebit has already been posted.

[caga]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

Isn't coins.ph an already existing platform for this ?
Heard good things about it, and they are now expanding into new countries.

[thebenjamincode]

Madami na po pinoy dito

[pawel7777]

Isn't coins.ph an already existing platform for this ?
Heard good things about it, and they are now expanding into new countries.

Yup, coins.ph not only do remittance but also exchange and provide online wallet.

I wonder how these 2 compare against each other in terms of fees etc.

[Newar]

Isn't coins.ph an already existing platform for this ?
Heard good things about it, and they are now expanding into new countries.

Yup, coins.ph not only do remittance but also exchange and provide online wallet.

I wonder how these 2 compare against each other in terms of fees etc.

Both claim to be free for the end users (apart from fees the third party provider is asking, but bank transfers seem free for example). My guess is both are making their money via the BTC exchange rate. I.e. they display a rate to you, but they are actually able to get a better price from their partners.

[pawel7777]

OK, I've just checked the "Compare us against other remittance providers" section on Rebit:

https://rebit.ph/compare

They're not charging any service or exchange fees (total fees: zero). Anyone know how do they make money? Is this info misleading?

"How it work" shows this:

Depending on how you want to receive your money, additional service fees may also apply. These fees are paid directly to the provider you select. For example, Cebuana Lhuillier cash pickup will charge an additional PhP240 for a PhP10,000 transfer. Meanwhile, a bank account deposit within Metro Manila is free. As you fill in the rebittance form, the pricing display on the sidebar changes to show you what the total cost of the transfer will be.

So fees (if any) are payable to 3rd party providers. But what's in it for Rebit? Are they getting % of fees (affiliate system)?

Edit: @Newar - thanks for the answer

[Kaizen83]

Coins.ph BUY price is actually $9-$10 more per BTC so I guess that's how they make money

[NLNico]

Rebit.ph does really not charge anything since a few weeks. I could come up with multiple reasons:

1) site owners are just rich filipinos trying to buy bitcoins without fees on other exchanges (or/and think price is relatively low ATM)
2) site has some big buyers of bitcoin (OTC) and they charge them
3) site just wants to get popular first, has losses now to become "market leader" in PH to earn more in the future

Either way, it's good for Filipinos and ppl who send money there I certainly benefit from using their service


Also best to post things related to PH in the PH thread: https://bitcointalk.org/index.php?topic=27736.0

[dsly]

Coins.ph BUY price is actually $9-$10 more per BTC so I guess that's how they make money

But their fees is zero for sending money. However they benefit from the 9-10$ like you said.
They should just charge a small fees instead.

[pawel7777]

Coins.ph BUY price is actually $9-$10 more per BTC so I guess that's how they make money

But their fees is zero for sending money. However they benefit from the 9-10$ like you said.
They should just charge a small fees instead.

You cannot say they're overcharging $9-$10 for 1 BTC. The buy price, displayed on their website is PHP 10,037 (~$225.85, compared to $222 at BitStamp), sell price is 9,840. So the difference is PHP 197 (~$4.43). If that's all they're charging for the transfer, I'd say it's pretty good deal.

[NLNico]

Actually they have an "extra" 1% buy fee too. So currently:

Buy: PHP 10,017 | Sell: PHP 9,821

Stamp: $221.16

Buy: PHP 10,117 = $228.09
Sell: PHP 9,821 = $221.42

So in theory, compared to Stamp you would actually profit when you sell on coins.ph and a 3% "fee" when buying.

Actually Rebit is still slightly better with 9,841. But it does look like coins.ph is really cheap too and still competing with them on sell-price (obviously from time to time they could be cheaper too, depending on price etc.)

$9-10 seems not the case though (unless you compared when price was just going up/down.)

[dsly]

Coins.ph BUY price is actually $9-$10 more per BTC so I guess that's how they make money

But their fees is zero for sending money. However they benefit from the 9-10$ like you said.
They should just charge a small fees instead.

You cannot say they're overcharging $9-$10 for 1 BTC. The buy price, displayed on their website is PHP 10,037 (~$225.85, compared to $222 at BitStamp), sell price is 9,840. So the difference is PHP 197 (~$4.43). If that's all they're charging for the transfer, I'd say it's pretty good deal.

Yes, agreed, definitely a good work done by them to keep the fees almost zero .

[BigGameCAsino]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

Wow Rebit and Palarin. Cool!

[Newar]

One more explanation by Bitspark (offers same service as rebit and coins.ph) https://www.reddit.com/r/Bitcoin/comments/2vacxz/the_huge_smiles_on_these_migrant_workers_faces/cogl1pl

At Bitspark, we charge a $15 HKD flat fee at the FX spot rate. This compares with the competition at $20-25 HKD and anywhere from 0-2.8% spread over the FX rate. Hope that helps!

[Itsumo]

One more explanation by Bitspark (offers same service as rebit and coins.ph) https://www.reddit.com/r/Bitcoin/comments/2vacxz/the_huge_smiles_on_these_migrant_workers_faces/cogl1pl

At Bitspark, we charge a $15 HKD flat fee at the FX spot rate. This compares with the competition at $20-25 HKD and anywhere from 0-2.8% spread over the FX rate. Hope that helps!

What about Palarin?

[Newar]

One more explanation by Bitspark (offers same service as rebit and coins.ph) https://www.reddit.com/r/Bitcoin/comments/2vacxz/the_huge_smiles_on_these_migrant_workers_faces/cogl1pl

At Bitspark, we charge a $15 HKD flat fee at the FX spot rate. This compares with the competition at $20-25 HKD and anywhere from 0-2.8% spread over the FX rate. Hope that helps!

What about Palarin?

Don't know about them, you'll have to google yourself. I suspect it's very similar to the other three.

[altcoinlady]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

Yeah.. Same as Palarin
http://bitforum.info/t/palarin-a-philippine-based-coinbase-like-bitcoin-exchange/245/1

[cubanos]

Have you heard the news?

Filipinos Can Now Send Money Back Home Through Rebit http://bit.ly/1zfzYLR

That is kinda cool right? With every remitance service fcking us, I think its time for this to emerge.
Surely this will be a big help for OFW who wants to help their family back home.

If the company could follow through and maintain the feature, that will surely be a helpful tool for OFW.