July 23, 2019 – There are different ways to cash out your Bitcoins (and other cryptocurrencies) in the Philippines. From Over-The-Counters to pawnshops and banks, every option has different processes as well as different sets of requirements.
Last week, I tried converting my Bitcoins to cash and then cashing out through LBC for the first time. This is part of our goal to try out every cash in and cash out option available in the Philippines when it comes to crypto transactions.
LBC has over 1,250 branches in the Philippines and over 60 branches outside the Philippines. If sending money in the Philippines through Bitcoin is something you consider, then this can be a good option for you.
Cash Out Your Bitcoins Through LBC
Depending on where your Bitcoins are, whether it is in an exchange or a Bitcoin wallet, you need to transfer your Bitcoins to Coins.ph. Coins.ph is a regulated virtual currency exchange license in the Philippines and LBC is one of their cashout partners.
- Transfer your Bitcoins from your current Bitcoin Wallet into your Coins.ph Bitcoin Wallet.*
- Convert your Bitcoins into Pesos.
- You can choose not to convert and proceed to the next step.
- Click Cash Out.
- Click LBC.
- Enter the amount to cash out.
- Enter your details such as your name, contact number, and address.
- “Slide to confirm.”
You will receive a text message that contains the tracking number and other details that will be required by the LBC when you fill in their remittance form.
How long does it take for the transaction to proceed?
Usually around 10 – 20 minutes based on our experience with this cash out option.
What are the Requirements to Receive the Cash?
- Two valid IDs
- For peace of mind, make sure these are government-issued IDs. Passport is accepted but I personally wouldn’t want to take my passport with me for small-time transactions.
- The tracking number
If you have the LBC Express Card, the process of verification on LBC’s end will be faster because the Express Card is also a form of verification for them. Also, browsing on Pinoy Crypto FB and Telegram Groups, it appears that sometimes LBC will only request one valid ID if you have an Express Card already.
LBC Cash Out Fees
I tried putting numbers on Coins.ph to find out the transaction fees:
|Amount to Cash Out
|Cash Out Fee
|Php 100 – Php 2,000
|Php 2,001 – Php 10,000
|Php 10,001 – Php 50,000
|More than Php 50,000
|varies per amount
Why Should I Use LBC to cash out my Bitcoins?
- Payout is faster vs cashing out via banks, which can take a day or two.
- If you have the LBC Express Card, verifying your identity might be faster.
- Because there’s a chance that there’s a branch near you.
Tip: When Transferring Bitcoins to Coins.ph from an Exchange or External Wallet (Use XRP)
While not always a problem, sometimes network fee for Bitcoin transactions are ridiculously high. If there’s an option to convert your Bitcoins to XRP first, do it. After that, transfer your XRP to Coins.ph, convert it to PHP, then follow the steps above. XRP transactions have low transaction fees.
This article is first published on BitPinas: How To Cash Out Your Bitcoins Through LBC in the Philippines