• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Nexo

Rebit.ph: Sending Money has never been easier!

Nigel Dollentas by Nigel Dollentas
8 years ago
in Bitcoin, Bitcoin Businesses, Companies, Interviews, News, Start-Ups
0
Advertisement

About Rebit.ph (taken from their website):

Rebit.ph is a service of Satoshi Citadel Industries, a Philippine-based holding company for Bitcoin-related ventures. It is our mission to further the growth of the Bitcoin network in the Philippines, by providing universal access to otherwise inaccessible financial services, enabling unencumbered participation in the internet economy regardless of the size of your bank account, and fostering innovation without permission from central authorities.

Okay that’s great, but does the Philippines need a Bitcoin based remittance service?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Philippines is the second largest recipient for remittances in Asia, with a total of US$23 billion transferred in 2013. The lion’s share of these remittances is enabled by conventional banks and money transfer agents, which charge hefty fees for international transactions. Rebit aims to provide a comparable service at a significantly lower rate by leveraging the superior process that the Bitcoin platform enables. We strive for total transparency in both our business model and service fees, and do not hide our profit margins within inequitable exchange rates. Our delivery options include forwarding to most local banks, as well as the most popular pawnshops and payment centers.

So again Bitcoin is revolutionizing the industry, potentially putting popular services like Western Union and Xoom bankrupt when Bitcoin really becomes mainstream. In comparison to the aforementioned companies, Rebit charges a 3% fee for remitting, on top of fair exchange rates. That’s it. Take a look at  this graph comparing services.

Untitled

 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The entire process is a breeze as well. The sender just fills out a form deciding how much he/she would like to send and to whom to send. The sender can choose from a wide array of delivery options from the fastest option literally taking minutes to complete and the slowest option taking 36 hours, which is still light years away from what Xoom and Western Union can do for the price.

how_it_works-0c0cc3d75b080cd2a4a4d869ad81349d
For people interested in trying this service, here is a picture that explains in simple steps how the entire process happens.

 

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Today I’m here with Miguel Cuneta, which also answered questions for Bitmarket.ph  and Bitstars.ph as well as Luis Buenaventura, the product lead on the project.

1. History of Development?

We’ve been working on Rebit.ph since May 2014 and released the alpha product in July.

2. How does Rebit.ph tie in with your other ventures, such as Bitmarket.ph?

Rebit.ph has a complementary relationship with everything else in the SCI family of brands. We’re still working on the glue layer that will bring everything together, but for now, suffice to say that Rebit.ph and Bitmarket.ph both bring BTC into the country, but from different sources.

3. How does the Process work?

It’s a very straightforward process. The sender indicates how much they want to send in PhP and to whom they want to send it. We do a real time calculation of how much that is in Bitcoin, and they pay for it with their Bitcoin wallet. Then, on the receiving side we coordinate with the recipient and transfer local currency to them. The turnaround time takes less than 24 hours in most cases.

4. How does the service compare to popular services for money remittance such as Xoom or Western Union?

We spent a lot of time researching prices and fees and we can confidently say that we provide a cheaper service than either WU or Xoom. Many of these traditional remittance providers use inequitable exchange rates in order to increase their profits, and we don’t do that. We follow the exact market rate for the given hour of the day, and are completely transparent with how we charge for our service.

5. Can the ability to pick up money in minutes be achieved with cash? Bitcoin is still a niche market and I’d assume many people would like to stick with what they know.

If the recipient happened to be close to our Makati office, they could literally walk up to our doorstep within 10 minutes of payment confirmation and we would have the cash ready for them. Other delivery methods will take a little longer as we have to manage logistics concerns first.

6. Current Status?

We launched on June 30th and got our first remittance within the hour. The entire team has been closely monitoring every new user and we’ve been working very hard to keep improving our service. We’ve already pushed out two improvements to the user dashboard and exchange rates table within a few days of launching and have a lot more lined up.

7. Future Development plans?

Without going into too much detail, we’re working on ways to incentivise people to spread the word about our service, and build up awareness. Many Filipinos abroad will stumble on to our site while looking for alternatives to traditional remittance providers and they may not initially know what Bitcoin is. It’s our job to explain to them how the technology works,  and help them learn how to leverage it to save money.

Photo Source: Miguel Cuneta

For more information: https://rebit.ph/

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nigel Dollentas

Nigel Dollentas

Born in the Philippines, currently stationed in the USA. The youngest member of our writing team, Nigel is our freelance writer. Learned about Cryptocurrency right after the Mt. Gox crash and has been passionate ever since. @NigelDollentas

Related Posts

Anthony Scaramucci

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

14 hours ago
liquidations

Liquidations Cross $280 Million After Bitcoin Price Falls Below $25,000

20 hours ago
Bitcoin

Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says

1 day ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

2 days ago
Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

2 days ago
UNCTAD, document heading

UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.