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.
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