April 3, 2019, Coins.ph, the largest and leading crypto wallet providers in the Philippines and Western Union, a global leader in cross-border and cross-currency money movement announced a collaboration to enable Filipinos to conduct a cross-border money transfer. This was announced on the official press release published on Western Union website.
The collaboration will allow more than five million Coins.ph users to receive and hold international money transfers using Western Union's digital network in more than 60 countries, retail network in more 200 countries and its territories into their Coins.ph wallets.
To use the service offered by both company and to comply with the regulations set by the Banko Sentral ng Pilipinas, consumers are required to register for Coins.ph and should fulfill the Know-Your-Customer verification process. After successful verification, user's can conveniently receive Western Union money transfers into their Coins.ph wallets by simply clicking the "Receive" button, choose "Receive WU transfer," fill the required information and inputting the Western Union unique tracking number (MTCN) and expected amount.
Users can receive up to a maximum of Coins.ph wallet capacity of Php 100, 000 per month (approximately USD 1, 919 as of the current value of PHP to USD).
According to the Philstar, the Philippines represent the 3rd top remittance receiving country in the world, with over $33 billion (PHP 1.72 trillion) remittance in inflows.
The release reads that over five million Filipinos hold Coins.ph wallet, while Western Union has been providing money transfer services in the country since 1990 and holds more than 12,000 agent locations in the country.