(Updated October 2020 2020) In the Philippines, there are a number of ways to buy Bitcoin because there are convenient ways of adding money to your crypto wallet. For example, you can go to 7-eleven to add money to your Abra wallet. You can also deposit via UnionBank to your Coins.ph account. After depositing, simply convert the money on your crypto wallet to Bitcoin.
Bitcoins are often held in mobile wallets so that they can be converted to pesos (fiat money/cash) when necessary. In 2016, Bitcoin started the year at $1,000 to 1 Bitcoin. By December 2017, the value is near $20,000 to 1 Bitcoin. That’s around ₱1 Million. As of October 27, 2020, the value of 1 Bitcoin is around $13,000 (₱650K) after decreasing in value of around $3,200 (₱165K) early in 2019.
Now that the price is lower from the previous all-time high, people tend to buy Bitcoins this time around only to sell it once its value increases. Still, if you wish to sell your Bitcoins today, or you plan to sell it in the future, then this article is for you.
This article is a bit different to our “How to Sell Bitcoin” article we posted before. This article will focus on how to turn your Bitcoin into cold hard cash.
CashOut Via InstaPay, GCash, PayMaya
So far, the easiest way to turn your Bitcoin to cash is to use a service that allows you to cash out through InstaPay. Instapay allows crediting of funds in real time up to Php 50,000 with a minimum transaction fee.
If you go the peer-to-peer (P2P) route, it is possible to get paid and that payment transferred directly to your bank account via InstaPay. Coins.ph also allows transferring via InstaPay. After that, it’s simply withdrawing from your nearest ATM provided you have an ATM card (like GCash Mastercard or PayMaya card, for example)
Transferring to Coins.ph
In this section, we want the Bitcoins to be at Coins.ph, a BSP-licensed company that can legally facilitate crypto to fiat conversions and vice versa. Once the Bitcoin is in Coins.ph, there are many options for you to cash out, including Gcash, UnionBank, and even LBC.
Delivery by Tomorrow
If you choose the methods below to cash out today, expect to receive your cash the next day. Here are some of the options to choose from:
- Remittance Outlets
- Palawan Express
- M Lhuillier Kwarta Padala
- LBC Peso Padala
- RD Pawnshop
- Tambunting Pawnshop
- Cash Cards
- BDO Cash Card
- RCBC My Wallet
- Smart Money Card
Delivery Within 3 Days
- LBC PesoPak
Payout Fees on Coins.ph
Remember that each option above has a minimum amount for you to cash out. Please note: this may change without prior notice. We’re on relying on the data available on the Coins.ph website at the time this article is originally written.
|Coins.ph Cash Out
Free for branch of accounts within Metro Manila
|BDO Cash Card
PHP 15.00 for PHP 100 up to PHP 25,000
|2% of the cash out amount
|LBC Instant Peso Padala
Minimum of PHP 60.00 (rates are calculated based on the cash out amount)
|LBC Pesopak (door-to-door delivery)
Minimum of PHP 35.00 (rates are calculated based on the cash out amount)
|M Lhuillier Kwarta Padala
|1% of the cash out amount
|Palawan Express Pera Padala
Minimum of PHP 3.00 (rates are calculated based on the cash out amount)
|Security Bank eGiveCash
Cashing Out using Rebit
Rebit’s tagline is to send money anywhere in the world to the Philippines using Bitcoin. The idea is that the receive will get cash equal to the amount of Bitcoin you sent. The keyword is “anywhere”, which means you can use the platform to cash out to yourself.
How to cash out using Rebit.ph
The instructions below assume that you already have Bitcoin in a btc wallet somewhere and that you already have an account with Rebit.
- Choose “The Philippines” in the first label so that it will read “Send money to the Philippines from the Philippines with Bitcoin”.
- Click “Get Started”.
- Choose “Cash Pick-up”.
- Enter the amount you wish to send. The minimum is ₱300.00
- Select the type of Delivery. Take note of the following:
- Receive money via remittance centers (Allow 2 – 4 working hours. Delivery Fees may be applied).
- Receive money via a local bank account (Allow 2 – 4 hours).
- Put the receiver’s details (which are your details since you are sending the cash to yourself.
- Click Review (You can also add delivery instructions).
- Click confirm.
- Send the corresponding BTC to the wallet address specified by Rebit.
- After that is confirmed, Rebit will facilitate converting it into pesos and thereby delivering it to the method you chose earlier.
Important note: Make sure the btc addresses are correct! Bitcoin transactions are non-reversible. As always, take advantage of the exchange rate.
Cashing Out Using Abra Via Tambunting Pawnshop Via UnionBank Via other partner banks (please check the Abra app)
Cash Out Using Bitcoin OTC Outlets of Moneybees
(March 2020) Moneybees is partnered with moneychangers to bring Bitcoin over-the-counter services to more locations:
|GF Intrepid Plaza, C5 Corner Eastwood Ave, Libis, QC
|Willyn Villarica Jewelry
|Stalls 335/336, 3rd Floor, Market! Market!
Cash Out Using Bitcoin OTC Outlets of Bloom
Bloom has partnered with multiple remittance outlets to help you buy Bitcoin and sell Bitcoin at safe locations nationwide.
You Can Now Bitcoin at These 10 Palawan Pawnshop Branches
- PSulit and BloomX Partnership Aims to Increase Bitcoin OTC Transactions
- You Can Now Buy Bitcoin at Czarina Foreign Exchange Branches in the Philippines
- Buy Bitcoin at Direct Agent 5 (DA5) Locations Powered by BSP-Licensed Bloom
Cash out from PDAX
New exchange PDAX also has a number of options when it comes to cashing out.
|Cash Out Option
|3% + Php 15*
|UnionBank Fund Transfer
|Interbank Tansfer (PESONet)
Note: Transaction Limit: None but depends on the bank
Availability: Banking Days
Waiting Time: Same-Day
|Instant Bank Transfer (Instapay)
Note: Transaction Limit: Php 50,000
Waiting Time: Almost Real-Time
|SM Bill Payment
|From Php 25**
Cash Out Through UnionBank
If you wish to cash out through a bank, UnionBank is recommended because, for example, if you cash out from Abra, there is no transfer fee if you transfer to your UnionBank account.
Cash Out Via Paylance
Cashout via BDO, BPI, Metrobank, and other major banks or via pickup at Cebuana Lhuillier, MLhuillier, Palawan Express, and other remittance service centers. Check out Paylance in our short summary about it in our crypto exchange list article.
Other ways to cash out your Bitcoins
Apart from the above, another way to cash out your Bitcoins is to sell it personally, or look for someone willing to buy your Bitcoins for cash.
How Bitcoin direct selling normally works
Usually, the seller will transfer the Bitcoin to the buyer’s Bitcoin wallet address. The buyer will then give the cash to the seller. Note: 1 BTC costs a lot of ₱ and it might be very dangerous to do these kinds of transactions out in the open. Make sure you trust the buyer completely before proceeding with such transactions. Alternatively, if you are the buyer, make sure you trust the seller completely.
More Useful Bitcoin Cash Out Tips
Below are some more tips before converting your Bitcoin to fiat currency.
- Convert first to XRP
- XRP is another cryptocurrency like Bitcoin. While it is popular (or unpopular) with members of the cryptocommunity, no one can deny that XRP-XRP transfers are fast and cheap. In this article, read about why we now convert Bitcoin to XRP first before we convert it to PHP and subsequently cash out.
- Use this if there is no possibility to do P2P. In Binance, for example, instead of converting to XRP, you can simply try their P2P options.
- Use LBC to receive cash
- One advantage of LBC is that there’s always one that’s just a jeep away from you. Another one is that transactions are near-instant. Read this article on how we cash out using LBC. Just remember that you do it on a business day and within business hours.
- (Via Bank Transfer) Use UnionBank to cash out
- Do you want the money you converted from crypto be deposited directly to your bank account? Try UnionBank as a cash-out option. The bank is crypto-friendly and has a pretty good relationship with crypto exchange companies in the country. They even have a crypto atm that allows buying and selling of Bitcoin and directly deposit them to a Bitcoin address using a QR code. (They plan to launch more bitcoin atms soon.)
Where to sell Bitcoins directly
Investing in Bitcoin often means you might one day sell it. There should be local Facebook groups where people buy and sell cryptocurrency. Also, check out localBitcoins.com to find sellers in the Philippines. Again, exercise due diligence in this type of activity.
Can I cash out via debit card?
We haven’t tried this, but when we said “withdrawing Bitcoins to cash”, we mean converting Bitcoin into cold hard cash or fiat currency/money that you can use to pay at a nearby sari-sari store.
Cashing out your Bitcoins into cash can be daunting if you do not know the steps, or if you don’t know where and how to do it. It can be very easy if your Bitcoins are already in local apps such as Coins.ph or through InstaPay.
This article is published on BitPinas: How to Withdraw Bitcoin to Cash in the Philippines