The transfer service and my buying of bitcoins will be closed for now while I look for new source of funds and hedging method. I was affected by the closing of Cryptoxchange which is the main exchange of my lending partner. The service may possibly be back next year. Sorry for this.
However, I still continue selling bitcoins locally.
Topic: [CLOSED] Mang Sweeney's: send money to the Philippines through bitcoin - page 3. (Read 25335 times)
November 30, 2012, 11:44:35 PM
October 25, 2012, 09:46:34 PM
Anyway Sweeney; are you really charging enough? You got what 2-500 pesos (12$) tops out of our 12K pesos trade?
I appreciate it of course, but I think you need to raise your fee by ~1 percent point and use that money to expand and advertise BTC usage/your service - which could be a huge boon to your country/you.
Honestly your fee was so low I thought you might run with the money instead of continuing the service
I've been thinking about raising my fee or spread for some time now. Your nudge helps :-)
October 25, 2012, 02:55:07 PM
I just did a successful trade with MadSweeney of 25 btc. You can trust him I think
Anyway Sweeney; are you really charging enough? You got what 2-500 pesos (12$) tops out of our 12K pesos trade?
I appreciate it of course, but I think you need to raise your fee by ~1 percent point and use that money to expand and advertise BTC usage/your service - which could be a huge boon to your country/you.
Honestly your fee was so low I thought you might run with the money instead of continuing the service
The exchange costs in Denmark are minimum 13$ + mtgox buy-in/trading-costs or a flat 9% through BTCNordic, so you are definitely not the bottleneck here.
I think even with the costs on my side and an increase in your rates the total cost is less than when using Western Union or the same so you know, you really could have a big business here - especially if the danish rates drop in the future.
I think at least its a must you inform everyone you send money to that their money came through Bitcoin.
Anyway Sweeney; are you really charging enough? You got what 2-500 pesos (12$) tops out of our 12K pesos trade?
I appreciate it of course, but I think you need to raise your fee by ~1 percent point and use that money to expand and advertise BTC usage/your service - which could be a huge boon to your country/you.
Honestly your fee was so low I thought you might run with the money instead of continuing the service
The exchange costs in Denmark are minimum 13$ + mtgox buy-in/trading-costs or a flat 9% through BTCNordic, so you are definitely not the bottleneck here.
I think even with the costs on my side and an increase in your rates the total cost is less than when using Western Union or the same so you know, you really could have a big business here - especially if the danish rates drop in the future.
I think at least its a must you inform everyone you send money to that their money came through Bitcoin.
October 16, 2012, 02:13:25 PM
If you want our friend to get 12500 pesos, you will need to send bitcoins worth 12907.20 pesos*. At my current rate of 504.73 pesos/BTC, that's 25.572 BTC.
* (0.97 x total) - 20 = 12500
I'm surprised you'd pay more with SmartMoney (407.20 pesos) than MLhuillier, where you can send tha same amount for a service charge of only 225 pesos.
I just sent you an email with a one-time key/addr. pair with 25.4 BTC on it so just use that. Its fine if the final amount is above 11500.
October 15, 2012, 06:11:57 AM
If you want our friend to get 12500 pesos, you will need to send bitcoins worth 12907.20 pesos*. At my current rate of 504.73 pesos/BTC, that's 25.572 BTC.
* (0.97 x total) - 20 = 12500
I'm surprised you'd pay more with SmartMoney (407.20 pesos) than MLhuillier, where you can send tha same amount for a service charge of only 225 pesos.
October 06, 2012, 09:02:53 PM
The 40-50 pesos for 1000 pesos for phone transfers, was that a flat rate or actually a 4-5% rate?
Smart charges a transaction fee, 2%; a receiving fee, 1%; and a sending fee, 5 pesos, which is a flat rate. The agent charges 10-15 pesos, which is also a flat rate and probably has been increased recently.
Quote
I want our friend to receive about 11000-12500 pesos, so how many BTC would I need to send for that? Is 23.4 enough?
If you want our friend to get 12500 pesos, you will need to send bitcoins worth 12907.20 pesos*. At my current rate of 504.73 pesos/BTC, that's 25.572 BTC.
* (0.97 x total) - 20 = 12500
October 06, 2012, 04:06:09 AM
Quote
Anyway if a friend of my wife has a Smart brand normal SIM card, can you send money to that, given just her phone number and can she then cash out somewhere?
Yes.
I want our friend to receive about 11000-12500 pesos, so how many BTC would I need to send for that? Is 23.4 enough?
October 05, 2012, 09:23:41 PM
Hi Sweeney, are you still the only BTC guy in all of Manilla?
I'm not the only one. One other guy, at least, is Dabs.
Quote
How do you get Pesos for your Bitcoins if everyone is only sending money into the country?
I take loans in a kind of line-of-credit way from someone I know personally, and I pay him back mostly in bitcoins. There are also a few local buyers of bitcoins.
Quote
Anyway if a friend of my wife has a Smart brand normal SIM card, can you send money to that, given just her phone number and can she then cash out somewhere?
Yes.
October 05, 2012, 07:04:20 PM
Hi Sweeney, are you still the only BTC guy in all of Manilla?
How do you get Pesos for your Bitcoins if everyone is only sending money into the country?
I'm just curious as I will likely use your service.
Anyway if a friend of my wife has a Smart brand normal SIM card, can you send money to that, given just her phone number and can she then cash out somewhere?
How do you get Pesos for your Bitcoins if everyone is only sending money into the country?
I'm just curious as I will likely use your service.
Anyway if a friend of my wife has a Smart brand normal SIM card, can you send money to that, given just her phone number and can she then cash out somewhere?
September 20, 2012, 09:29:22 PM
I have reduced my rates against MtGox last price while there is big demand by sellers and there is a price rally.
Can you explain your terminology? Normally sellers are a source of supply not demand. And sellers of what? PHP or BTC?
With the best will in the world I can't figure out what your sentence might mean, as it contains two ambiguities.
Actually, I was about to write "there is much higher supply of BTC". [Edited]
September 20, 2012, 07:03:07 PM
I have reduced my rates against MtGox last price while there is big demand by sellers and there is a price rally.
Can you explain your terminology? Normally sellers are a source of supply not demand. And sellers of what? PHP or BTC?
With the best will in the world I can't figure out what your sentence might mean, as it contains two ambiguities.
September 20, 2012, 07:01:12 AM
I have reduced my rates against MtGox last price while there is big demand by sellers and there is a price rally.
September 07, 2012, 07:17:45 AM
I sold 30-odd coins to Mang Sweeney; the service was excellent and the PHP were delivered into the bank a/c as promised.
September 04, 2012, 09:18:55 AM
Thank you, paraipan. The bitcoin community continues to be amazing!
September 04, 2012, 07:35:13 AM
SmartMoney is now activated. I can now remit payments to someone with a cellphone and access to a SmartMoney store.
Nice
Will recommend your service everywhere I can.
September 04, 2012, 05:53:18 AM
SmartMoney is now activated. I can now remit payments to someone with a cellphone and access to a SmartMoney store.
September 02, 2012, 10:43:29 PM
Mang Sweeney's service is mentioned in Bitcoin Money blog 
http://www.bitcoinmoney.com/post/30706441112/august-2012-results
http://www.bitcoinmoney.com/post/30706441112/august-2012-results
August 27, 2012, 07:58:27 PM
This article shows how naive my estimate of fees were for sending money through cellphones http://www.malaya.com.ph/index.php/business/business-news/8408-billions-sent-thru-phones
According to this you'll probably pay 40-50 pesos for every 1,000 pesos sent. They are cheaper than pawnshops and other remittance centers, but LBC, Cebuana Lhuiller, and Western Union have more branches.
I should prioritize setting up and learning more of these payment modes so that I can also reach the unbanked.
According to this you'll probably pay 40-50 pesos for every 1,000 pesos sent. They are cheaper than pawnshops and other remittance centers, but LBC, Cebuana Lhuiller, and Western Union have more branches.
I should prioritize setting up and learning more of these payment modes so that I can also reach the unbanked.
August 27, 2012, 11:39:14 AM
Without I studying this whole post.. if I wanted to send 50 dollars
as a birthday gift to Phil...
How much would it cost and how much of that USD would end up in
their hands?
So what is your cut plus any fees of that 50 USD?
Basically I am trying to figure out is small amounts are now feasible
while in the past small amounts were a bad way to go.
thanks.
as a birthday gift to Phil...
How much would it cost and how much of that USD would end up in
their hands?
So what is your cut plus any fees of that 50 USD?
Basically I am trying to figure out is small amounts are now feasible
while in the past small amounts were a bad way to go.
thanks.
At, say, 11.6 USD/BTC, you will send 4.3103 BTC to me. Deduct my fixed-rate fee of 0.1 BTC from that, and we now have 4.2103 BTC. My current rate is 485 PHP. I'll then buy your 4.2103 BTC for 2,042 PHP. Out of this peso amount, I will further take fees to pay for the service charges of the transfer agency.
Having asked your friend what way she'll receive the money, you would instruct me to have it transferred through, say, SmartMoney, which would charge 100 PHP for the transfer. She should receive 1,942 PHP. At 42.1039 PHP/USD, she would have received an equivalent of 45.70 USD.
This can be expressed as:
TOTAL TO BE RECEIVED = BTC SOLD - INTERMEDIARY FEES
BTC SOLD = BTC SENT - FIXED FEE
My current rate in Php can be looked up in https://localbitcoins.com/accounts/profile/mangsweeney/. I set it at 3% below MtGox 24-hour average usually--sometimes I use MtGox last price during accelerated price movements or take 4% cut to cover increased costs. There's also an additional 0.1 BTC fixed-rate fee, as I mentioned before.
[Edited for reference]
August 27, 2012, 10:03:15 AM
Without I studying this whole post.. if I wanted to send 50 dollars
as a birthday gift to Phil...
How much would it cost and how much of that USD would end up in
their hands?
So what is your cut plus any fees of that 50 USD?
Basically I am trying to figure out is small amounts are now feasible
while in the past small amounts were a bad way to go.
thanks.
as a birthday gift to Phil...
How much would it cost and how much of that USD would end up in
their hands?
So what is your cut plus any fees of that 50 USD?
Basically I am trying to figure out is small amounts are now feasible
while in the past small amounts were a bad way to go.
thanks.
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