Bitcoin’s potential to transform foreign remittance industry is very well known. It is also one of the services rendered by multiple cryptocurrency startups across the world. The conventional remittance system includes either the Western Union or MoneyGram. While they have a decent reach across the world, its usage by people to send money overseas is seen as a necessity in the absence of other alternatives.
With the introduction of bitcoin and its growing popularity, it has positioned itself as the alternative to the Western Union and MoneyGram. Bitcoin offers an inexpensive and faster alternative to conventional money transfer methods, especially when it comes to cross-border funds transfer. The conventional money transfer methods take anywhere between 2 to 10 days before it reaches the recipient. however, with bitcoin, one can transfer money to any point on the earth in less than an hour. An electronic device with an internet connection is all that is needed to accept and access the received funds. In addition, the transaction fees, also known as miner fee charged by the Bitcoin network is a fraction of what other money transfer services charge.
Bitcoin has led to the emergence of various money transfer services that are powered by bitcoin. Rebit.ph is one such platform that caters to the remittance market in the Philippines. Remittance with bitcoin has also got its own term now. It is known as rebittance! The Philippines is one of the major markets. With a significant population working overseas, Filipinos regularly send money back home to their families. By using services like Rebit.ph they can save a lot of money on the transaction and conversion fees. The speed of transactions combined with savings goes a long way in helping those back home.
Rebit.ph Partners with BTCBOX
As Rebit.ph deals with fund transfer between different nations, strategic partnership with similar cryptocurrency services in other countries are very essential. It helps the platform offer better services to its customers while minimizing their operating costs. Rebit.ph has recently announced its partnership with a Japanese bitcoin exchange platform by the name BTCBOX. Currently, BTCBOX is the largest bitcoin exchange services provider in Japan. With this strategic partnership, Rebit.ph will be offering seamless rebittance services between Philippines and Japan.
Now, those sending money from Japan can exchange Japanese yen with bitcoin and send the bitcoin back home using Rebit.ph platform. Once the bitcoins are accepted by Rebit.ph, it can be converted to Filipino dollars and withdrawn by the recipient in the Philippines.
Rebit.ph has been offering rebittance service since 2014 and it is part of a well-known cryptocurrency product company Satoshi Citadel Industries. Apart from Japan, the platform has also entered into partnerships with bitcoin companies in other countries as well. Funds sent as bitcoin over Rebit.ph platform will be converted to fiat currency and recipients can choose to either receive it as a deposit into their connected banking account or pick it up as cash from designated Rebit.ph centers.