Philippines can now take money from the bank 450 ATM
The number of overseas workers in Philippines almost more than any other country in the world in 2013, remittances reached 25 billion 100 million U.S. dollars, reached the highest point in history. But in history, sending money home to his family has been very high cost. Because Philippines bitcoin trading institutions and remittance service providers Coins.ph, this situation has changed. The company launched a new service that allows the payee can withdraw money directly from a bank automated teller machine.
The company launched a mobile application, allowing their customers through a bitcoin ATMs, the funds stored anywhere in the world, you can send it to any person in Philippines. They can also put bitcoin storage to a Coins.ph online wallet.
Coin.ph said, there may appear for the first time this type of service, but also not sure. For example, the Wall of Coins allows users to place deposits, out of hundreds of bank automatic teller machine the payee may in the United States and Canada. There is another company plans to launch similar services in Mexico, they plan to release in February 2015. There is a local rival Rebit.ph, they are trying to provide bitcoin services for local residents.
Coins.ph integrated eGiveCash services, their security cooperation with Philippines bank, let 450 ATM opened this service. The payee without a bank account or bank card, you can take those funds. Ron Hose, CEO of the company at a press conference said:
“This process is cumbersome, because there is no specified transaction (other ATM network can only cover the credit card transaction). Every time in Chengdu to spend more than six months, there is a demand problem of various technology and other aspects of the need to deal with. That is to say, the benefits to customers obviously, we are committed to promoting the development of.
“Our priority has been to provide convenience and equal opportunity. We believe that everyone has the right to access to financial services, and as you want to use the money, and don’t worry about the high cost or limited conditions.”
The long-term customers of automatic teller machines may be confused this service even without a bank card or account. In the list, they will provide “ATM /eGive extraction of cash” this option, the user can freely choose the transfer. You can choose where to find the address in the remittance option. Once the money is sent, the recipient will receive a 16 digit serial number by SMS, and a 4 digit PIN code will be sent via email to the sender alone. The sender can find the payee’s mail through the PIN code.
This two level verification is to understand your customers, and abide by the rules of anti money laundering. The rules need to email, also need to ID certification, but do not need the address and telephone number. But this service will also limit the number of transactions. At present, the daily limit in 500PHP to 10000PHP, the highest monthly limit of 100 thousand PHP. When we consider that in Philippines, the average wage of workers a month of only $280, but down conversion, the service to these workers bring about $2400 monthly allowance and welfare, this is undoubtedly a big advantage.
For the civilian population, Philippines is the world’s worst economic, it is difficult for people to save money. With low wages, long working time, natural disaster is homely food. When facing a storm or earthquake, family members need money, in some cases, the services provided by Coins.ph is a life-and-death matter.
In addition to the opening of this service in 450 ATMs, Coins.ph are 24 different banks, with more than 5000 other ATM equipment. If a customer wants to withdraw money, these services are free, but this service will provide a small transaction fee payment option.