September 18, 2019 – Currently, the most “convenient way” to cash in our favorite crypto websites like Coins.ph is through deposit cash via 7-eleven. It is convenient because it is fast. Especially around the metro, 7-elevens are also everywhere. With Cashing out, the method of choice is through LBC, Palawan, or even Gcash.
An alternative way to cash in and cash out is through UnionBank. With an account at UnionBank, you can cash in and cash out to the following local crypto websites:
If your crypto wallet of choice is Abra, there is no fee when cashing in and cashing out via UnionBank:
What are the fees when using UnionBank to deposit cash to crypto wallet?
|When Depositing 1,000||When Depositing 5,000|
|Coins.ph||Php 10*||Php 40*|
|Buybitcoin||Php 0||Php 0|
|Abra||Php 0||Php 0|
|PDAX||Php 25||Php 25|
|Coexstar||Php 0||Php 0|
Note that according to Coins: Cash In to your peso wallet via UnionBank online or Union Bank cash deposit to get 100% of your cash-in fee back.
How long does it take for the amount to be reflected from the crypto wallet after depositing from UnionBank?
This really depends. For Coins.ph, I experience a same day cash-in. For Abra I once experienced a full 24-hour wait time before the amount is reflected in the app.
What about cash out?
For Coins.ph, it takes a day. For Abra, the longest was almost 2 days for the amount to be reflected back to the UnionBank account.
So why should I use UnionBank when depositing and withdrawing?
- They are a crypto-friendly bank. I have people telling me how their accounts got closed after a certain bank found out they are trading cryptocurrency. I met founders of crypto exchanges in the Philippines who said their accounts were closed by banks once they found out they are a Bitcoin company. UnionBank understands crypto, although you still have to abide by their KYC and AML rules.
- UnionBank services basically every licensed virtual currency exchange in the Philippines. Which means the list above will grow once these licensed exchanges go live.
- They have a cool mobile app. Really, three years ago, their app and basically anything related to UnionBank sucks. Whether going to their branch or even outright depositing takes too much time. They have really up their game and you can see this in how their app looks and even when you visit their branches.
- They have a crypto ATM!
If you use their crypto ATM, you can buy Bitcoin and deposit the BTC directly to any Bitcoin wallet address.
- Cash in and cash out is free for Abra. Abra, more often than not, has the lowest and most competitive rates on their cryptocurrencies. So you can take advantage of this zero fee during transfers to and from Abra.
This article first appeared on BitPinas: Use UnionBank to Cash In and Cash Out to and from Crypto Wallets Like Coins.ph and Abra