Via the partnership, Hong Kong-based Bitspark customers can send their HKD funds to one of 20 banks in The Philippines, in addition to other collection spots like the Palawan chain of pawnshops, coindesk.com reports.
Bitspark is monitoring Bitcoin prices in HKD and PHP to find a favourable conversion rate. When it finds a suitable price, it converts the cash it has been handed into Bitcoin and sends it to Rebit which, in turn, converts the coins into PHP for collection.
The funds have to be ready for collection within 24 hours. Bitspark charges a 1% commission from remittances to the local market.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.