Rebit.ph lowers remittance fees to 1% as competition heats up

Rebit.ph, a Philippines-based service that facilitates remittances via bitcoins, has announced that it has lowered its service fees from 3% to 1%. They also claim not to charge an Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fee. According to their website, their new structure makes them the most economical choice for remittances in their market. Following is their comparison:

To put these in perspective, they are more than 60 times cheaper than Western Union on a percentage basis when transferring 1000 pesos.

Recall, however, that one US dollar is currently worth about 43.5 Philippine pesos. 1000 pesos translates to only $23, not typical for a remittance. Western Union charges a fixed service fee in addition to the variable amount-based fees, and hence the high percentage.

For a more typical amount of 20,000 pesos (=$460), the percentages are indeed closer, but rebit.ph still comes out on top and Western Union on the bottom:

SendMoney.ph is another Philippines-based site offering similar service. Consumers will be happy as they become the ultimate winners in a race to offer the lowest rates.

Recently, Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term access in the country was made even easier when BuyBitcoin.ph joined forces with local payment processor Dragonpay to enable bitcoin purchases at over 12,000 locations. BuyBitcoin.ph is a bitcoin exchange, also with a focus on remittance markets.

In a recent interview on Bloomberg, Western Union CEO Hikmet Ersek defended his business when asked about the high fees, noting that his company services thousands of locations and 121 currencies. Customers still find them convenient.

Both Rebit.ph and Sendmoney.ph offer flexible options for recipients to pick up their funds, although some options incur a small fee.