You may send money from Japan to the Philippines frequently, but not many people have done the opposite.
I think there are times when you want to send money to Japan while you are in the Philippines.
However, if you try to do it at a bank, the fee is very high, it takes time, and it takes more time than you think.
Therefore, I would like you to try the method of sending money to Japan using Bitcoin.
You can send money much faster and cheaper than sending money from a bank.
And it’s easy!
Cryptocurrencies are more prevalent in the Philippines than in Japan.
This is because overseas migrant workers (OFW) are actively sending money to the Philippines, and the fees can be significantly reduced.
Also, you can work anytime with just one smartphone without going anywhere, and it is attractive that you can deposit money quickly.
Now let’s take a look at how to transfer money from the Philippines to Japan using Bitcoin.
◯Install “coins.ph” on your smartphone.
coins.ph is a major cryptocurrency exchange widely used in the Philippines.
The app exists on both iPhone and Android, so install it.
After installation, you will be required to register as a member, but you will need your passport and other identification documents and some documents.
It’s a bit of a hassle, but it’s indispensable for sending money with Bitcoin, so let’s get it done quickly!
Also, it will take some time for approval after registration.
◯Deposit pesos to the app.
Once your registration is approved, let’s deposit your peso to coins.ph.
The easiest way to make a deposit is at 7-Eleven.
First, select the item “Cash in” in the app, take the barcode issued there to the 7-Eleven cash register, have it read, and pay the money.
Please note that this will charge a 2% commission.
For example, if you want to deposit 100,000 pesos, you actually pay 102,000 pesos.
After making the deposit in this way, it will be reflected in the app.
After confirming the reflection, I will finally buy Bitcoin.
It’s a little exciting for the first time!
But it’s easy to do.
On the Bitcoin Wallet page, do an operation called Covert.
At first, it is Bitcoin → Peso, so let’s change this to Peso → Bitcoin.
Just tap the arrow.
All you have to do is enter the amount and slide “Slide to Convert”.
You can now buy Bitcoin.
◯Send money to a Japanese cryptocurrency exchange.
If you can do so far, all you have to do is send money to the Japanese cryptocurrency exchange.
Create your favorite account in advance, whether it’s BitFlyer or Coincheck.
To send money, go to the Bitcoin Wallet page in the app and press “Send”.
Select your preferred remittance method and enter the amount and purpose.
The purpose can be anything.
You can choose from three types of fees: low, medium, and high, but you can also send money properly with low.
By the way, the commission rate fluctuates, so it depends on the time.
After entering and selecting all, slide “Slide to confirm” at the end.
Then, the verification code will be sent to the registered e-mail address.
Enter it at the end and the transfer is complete.
It takes about 15 minutes to 1 hour to reflect.
◯Convert Bitcoin to Japanese Yen.
If you can do so far, it seems that you have already sent money, but if you want to use the sent bitcoin, you need to exchange it for cash (yen).
To cash, just sell Bitcoin.
Fees vary depending on the exchange and the rate at that time.
After selling, the next step is to apply for withdrawal at the Japanese cryptocurrency exchange.
Register your bank account on the exchange in advance.
It will be transferred to the account within 1-2 business days after you apply.
◯Fast and easy Bitcoin transfer.
Despite the steps of peso → bitcoin → yen, most of the process can be completed with one smartphone, which is much smoother than the procedure at a crowded bank in the Philippines.
If you’ve had a hard time sending money from a bank, please try sending with Bitcoin.
Also, isn’t there a risk because the price of Bitcoin fluctuates every day? You might think that, but it doesn’t fluctuate sharply in a day or two.
If it is a short period before remittance, I think that there is no problem.
Bitcoin that can be sent from the Philippines to Japan without stress.
It’s an easier and faster tool than you really think.
If it becomes more popular in Japan, it may be possible to use the store as it is without converting it to Japanese Yen.