When using Coins.ph for cashing out funds, it's essential to be aware of the associated fees. These fees vary depending on the cash-out method you choose and the amount you wish to withdraw.
Types of Cash-Out Fees
1. Remittance Centers (OTC Cash Pickup via Dragonpay)
- For amounts below ₱10,000: A fixed fee of ₱105.00.
- For amounts over ₱10,000: A fee of 1.6% of the total withdrawal amount.
2. InstaPay
- A fixed fee of ₱10.00 for each cash-out transaction.
3. PESONet
- Individuals: No fee (FREE).
- Corporate Accounts: A fee of ₱5.00.
Why Are There Fees?
The fees charged for cashing out are primarily to cover handling and transfer costs incurred when processing payouts through third-party services.
Tips for Minimizing Cash-Out Fees
- Choose the Right Method: If you frequently cash out amounts below ₱10,000, consider using InstaPay, as it may save you on fees compared to remittance centers.
- Utilize PESONet for Larger Transfers: For corporate transactions or larger amounts, PESONet offers a lower fee structure.
- Plan Your Withdrawals: Be aware of the transaction limits and processing times for each method to avoid unnecessary delays or costs.
Frequently Asked Questions
How can I check my available cash-out options and their respective fees?
You can view your available cash-out options and their associated fees directly within the Coins.ph app or website under the Cash out section.
Which cash-out method is most cost-effective?
The most cost-effective method depends on your transaction size and preferred outlet.