TOP > Cryptocurrency > How to Withdraw Bitcoin to Cash in the Philippines
July 30, 2018 Updated

What if you want to cash out your bitcoins? Find out the banks and remittance centers that let you withdraw your bitcoins to cash, plus the payout fees.



In the Philippines there are a number of ways to buy bitcoin. You can go to 7-eleven or you can go to the bank or pawnshop.

Bitcoins are often held in mobile wallets in hope that its value will increase in due time. Last year, bitcoin started the year at $1,000 to 1 bitcoin. By December, the value is $20,000 to 1 bitcoin. That’s around ₱1 Million!

At the time I wrote this, bitcoin’s value has decreased to around $13,000. So now that the price is lower, people tend to buy bitcoins this time around and sell when its value is higher. So you can say the timing of this article is a bit off. 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 convert your bitcoins into cold hard cash. Meaning paper bills, something you can touch and use to pay at SM or at your suking tindahan.

How to Withdraw Bitcoin to Cash in the Philippines

How to convert bitcoin to Php using Coins.ph

Coins.ph has 3 recommended ways to cash out:

CoinsXpress

  • Via Cebuana Llulier
  • Using Security Bank eGive Cash
  • Via Gcash

The three options above are same-day processing. This means if you wish to cash out and receive the money today, the options above are for you.

Delivery by Tomorrow

If you choose the methods below to cash out today, expect to receive your cash the next day.

  • Banks
  • 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 be guided accordingly (note: this may change without prior notice. We’re on relying on the data available on the Coins.ph website).

Amount and Payout Fees per Cashout Method
Method Minimum Amount Payout Fee
Cebuana ₱15 Starts at ₱7
Security Bank ₱500
GCash ₱15 Starts at ₱0.30
Banks Usually ₱50 or above Varies
LBC Peso Padala ₱100 Starts at ₱6
M Lhuillier ₱15 Starts at ₱3
Palawan Express ₱15 Starts at ₱3
RD Pawnshop ₱15 ₱120
Tambunting ₱15 ₱120
BDO Cash Card ₱100 ₱15
RCBC My Wallet ₱15 ₱20
Smart Money Card ₱15 ₱50
LBC Peso Pak ₱100 Starts at ₱35
Coins Cash Card ₱15 ₱20

Cashing Out on BitBit

The last time we checked, cashing out on Bitbit is disabled by its company – SCI Ventures. The company recommended cashing out using its Rebit Platform. So please proceed to the next paragraph.

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 assumes that you already have bitcoin in a btc wallet somewhere and that you already have an account with Rebit.

  1. Choose “The Philippines” in the first label so that it will read “Send money to the Philippines from the Philippines with Bitcoin”.
  2. Click “Get Started”.
  3. Choose “Cash Pick-up”.
  4. Put the amount you wish to send. The minimum is ₱300.00
  5. Select the type of Delivery. Take note of the following:
    1. Receive money via remittance centers (Allow 2 – 4 working hours. Delivery Fees may be applied).
    2. Receive money via a local bank account (Allow 2 – 4 hours).
  6. Put the recipient’s details (which are your details since you are sending the cash to yourself.
  7. Click Review (You can also add delivery instructions).
  8. Click confirm.
  9. Send the corresponding BTC to the wallet address specified by Rebit.
  10. After that is confirmed, Rebit will facilitate converting it into pesos and thereby delivering it to the method your chose earlier.

Important note: Make sure the btc addresses are correct! Bitcoin transactions are non-reversible.

Cashing Out Using Abra

  • Via Tambunting Pawnshop
  • Via partner banks (please check the Abra app)

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.

Where to sell bitcoins directly

There should be local Facebook groups where people buy and sell cryptocurrency. Also, check out localbitcoins.com to find sellers in the Philippines. Again, we stress that extreme caution must be exercised in such transactions.

Overall

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. If you have it from a wallet somewhere, we recommend transferring it to Coins.ph first or you can use SCI’s Rebit App. Lastly, test this with small amounts first to be sure that you know what you are doing.

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  • This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.



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