International Remittance Philippines
People say that the Philippines is a third world country, or one of the poorest countries in the world. This may be true, but what people don’t see is how well developed technology is and how most of the things are integrated with many things. The Philippines is the 3rds largest remittance market in the world receiving around $29 billion USD in 2014. Following that is China with $65 billion USD being remitted and India receiving over $70 billion USD in international remittances.
According to this article on CNN Philippines most of the adults sending or receiving international remittances reported that they are most likely to use a money transfer operator rather than banks. In 2014 this study shows that 69% of Filipinos do not have a bank account. In the Philippines, more people have Facebook accounts than a bank accounts. The money Transfer service options are limited so customers funnel into the few accessible locations which are most likely control by a Money Transfer Operator like Western Union.
With this said, Philippines has some of the highest average transfer cost in the Asia as a remittance market. As of 2014 there are over 10 million Filipinos living outside the Philippines with the average Filipino remittance amount of $250 and with a average fee of 5-40% depending on where their remitting to and Money Transfer Operator they use they loose of $13 – $50 of all that hard earned money. Monthly average income can range from $150-$300 USD per month..As one of the world’s largest recipients of remittances, the Philippines received remittances roughly 12% of its gross domestic product in 2008. Remittances have become the single most important source of foreign exchange to the economy and a significant source of income for recipient families. As a result Remittances thus may help in fighting poverty in the Philippines but not in re-balancing growth, especially in the long run.
With Bitcoin’s low or no transaction fee the poorest people in the world can benefit from using this technology. Not only can they benefit from saving money with low or no transaction fees, they can participate in World eCommerce. They can purchase almost anything with Bitcoin. Since Bitcoin is still in its infancy most places do not accept it at this time Hnthere are companies that can exchange normal fiat currencies to Bitcoin no problem. For the Philippines this is very easy. An estimated $2 million to $3 million are being transacted via bitcoin exchanges in a month, Furthermore that makes the Philippines the world’s third-largest bitcoin market.
In the Philippines there are several ways to get bitcoin, you don’t even need to have a bank account to do so.
Heres a few ways you can do just that.
You can cash out or cash in bitcoins in variety of ways. With Coins.ph First of all one of many ways you can cash out using Security Bank ATMs, The Cardless ATM eGiveCash Payout.. its one of the best, quickest ways to cash out your Bitcoins instantly and its FREE! Don’t need a bank account to use this app its completely free. Furthermore You can also buy Bitcoins at any 7-11 via Coins.ph just have to initiate the transfer. You are also able to cash out with some of the Money Transfer Operators. Coins.ph makes it very easy to use Bitcoin in the Philippines. With over 450 ATMs that are now open to this service, Coins.ph offers more than 5,000 other cash pickup locations with 24 different banks. If the customer wants to pick up the money, the service is free, but the service also offers a delivery option, for a small fee.
They provide a convenient way to convert your Philippine Pesos into Bitcoin. They have partnerships with DragonPay, so you can now pay through online banking using your BDO, BPI or Metrobank to buy bitcoins at the ease of your fingertips.
Bitcoin ATMs in Philippines
Theres a Bitcoin ATM in Metro Makati area in Manila the fees are decent. With buying around 3% and Selling around 5%. Although this ATM does has limits daily on withdrawing. The ATM is located in Durban st, Makati. They have a sign and is very easy to see. I do see some people using the ATM.
The Philippines is so easy to use Bitcoin even if there aren’t too many merchants that accept its still so easy to cash it to fiat currency at any time.
Bitcoin Accepting Merchants Philippines
is a Bitcoin Merchant service provider for business who are looking to accept Bitcoin.. They have a variety of Merchants using their platform, here is just a few that accept it. I actually go to a sports bar to eat, they accept Bitcoins via Bitmarket.ph.
CashCashPinoy is one of the Flash Sales pioneer in the SEA Market; launching more than 300 Top Brand Sale Events every month at up to 90% OFF, exclusively available to CCP members! At any given time, customers can choose from over 3,000 offers they have on site. They also propose selected offers for Discounted Services (Restaurants, Spa, Salons…) and exclusive Travel deals on hand-picked hotels and resorts. As a result, You can see in the FAQs they accept Bitcoin here.
You can buy Bitoins via coins.ph just initiate the order with the app.
Just to name a few
To Square it Away…
Bitcoin is helping many people in the poorest countries in the world such as the Philippines. Not only with international remittances also participating in the world or eCommerce. They are now able to buy things online, sell things online to earn extra money. As a result Bitcoin is removing the need for third party intermediaries therefor the senders and receivers are saving a huge amount of money to keep for themselves. With around $10 a day for a average Filipino family needs for food, they can save for themselves and provide more food, more education and more. That is the Power of Bitcoin but most of all its clearly is helping everyone in this world.