The post is not an advertisement for the service, but joy for the gradual integration of cryptocurrencies into life. I recently wondered if it was possible to convert Bitcoin to cash quickly and conveniently in Thailand. And there was a service that does this at good rates and within literally a couple of hours, and you can get cash at any Blue Bank ATM without any card, just using a code. I am sharing with you instructions and a photo report.
We go to bitcoin.co.th/en and immediately see the “Sell BTC” form. The service operates from 6 am to 8 pm local Thai time.
The ATM withdrawal fee is 30 baht, and the amount is rounded up to 100 baht (probably due to the lack of small bills at ATMs), so I enter 5030 THB to get exactly 5000.
We fill out the application. I'm taking a screenshot, this is the second time I've done this, so I'm right under my account. For new users, simple registration occurs. In the application form, select “Cash at KTB ATM” and where to send the notification with the code.
According to current Thai laws, they also want a photo or scan of your ID. I don’t know how thoroughly they check this information, but I just took a photo of my Thai motorcycle licenses on my phone.
We receive an address for transferring the required amount in bitcoins. The transfer must be made within 15 minutes, otherwise the application will be cancelled. This is due to possible changes in market rates; the exchanger constantly adapts to the current market situation and does not want to be in the red, of course.
The address of this page is the permanent address of our application, where you can see the payment status and the REF#1 code we need.
Let me explain about the codes. At the Krung Thai Bank ATM you will need to enter two codes: REF#1 and REF#2. The service sends us a notification by email with the code REF#1 and also displays it on our application page. Code REF#2 is sent to us by Krung Thai Bank itself to the specified email or telephone number. This time I decided to request it on my phone - they sent me an SMS.
We make a payment.
We refresh the page and see that the service has seen our payment (you don’t have to wait for confirmation of the transaction, they see the transfer immediately).
All. Now we are waiting for the application to be processed and the codes sent to us. Usually it takes from one to several hours. Two hours later I received this letter from the service with code REF#1:
I received an SMS from the bank with code REF#2:
Everything is ready! Now let's go look for an ATM. Krung Thai Bank (KTB) is a so-called “blue bank”. In Thailand there are a number of main banks, distinguished primarily by their corporate color, by which everyone is accustomed to identifying them. Found a bank with an ATM:
You can also find the same lonely ATM, for example, near some 7-Eleven stores.
We press the lower right button, where it says that we want to work without a card:
It turned out that if you film the process on a phone, holding it in your left hand, it is very difficult to get unblurred photos. That's why I changed hands
Enter REF#1 and REF#2, which were sent to us by the service and the bank:
Check. 5000 baht, that's right, that's what I asked for. Confirm:
That's it, the ATM is counting out the bills:
Done!
Just like that, simply, quickly and almost anywhere in the country. There are KTB ATMs in almost every small town in Thailand (I’ve traveled around the country and I’m convinced). You can send these codes to your poor family or performer in Thailand, without bothering them with Bitcoin at all. Or, if you're in Thailand like me, you can conveniently accept payment for your work in Bitcoin and cash out that way.
The losses are approximately as follows. Rates on the website at the time of writing: 7641 baht for sale, 8222 for purchase. The difference is 7.6%, that is, the sale is 3-4% below the market. Plus 30 baht commission for withdrawal through an ATM. Total: 30 baht + 3-4%.
You can compare it with withdrawing money from odesk: 10% odesk commission + $30 for one SWIFT transfer operation. And also hold money in Odessa for about a week plus a few business days until SWIFT arrives.
I am now hesitating between taking payment from clients through odesk, losing a lot on commissions, but pumping up my profile history, and taking payment from them in bitcoins, which I will incomparably faster and cheaper withdraw into cash baht.
PS: well, in fairness, we must not forget to mention localbitcoins.com - you can probably find better conditions there if you wish, but most likely the process will take longer.
We go to bitcoin.co.th/en and immediately see the “Sell BTC” form. The service operates from 6 am to 8 pm local Thai time.
The ATM withdrawal fee is 30 baht, and the amount is rounded up to 100 baht (probably due to the lack of small bills at ATMs), so I enter 5030 THB to get exactly 5000.
We fill out the application. I'm taking a screenshot, this is the second time I've done this, so I'm right under my account. For new users, simple registration occurs. In the application form, select “Cash at KTB ATM” and where to send the notification with the code.
According to current Thai laws, they also want a photo or scan of your ID. I don’t know how thoroughly they check this information, but I just took a photo of my Thai motorcycle licenses on my phone.
We receive an address for transferring the required amount in bitcoins. The transfer must be made within 15 minutes, otherwise the application will be cancelled. This is due to possible changes in market rates; the exchanger constantly adapts to the current market situation and does not want to be in the red, of course.
The address of this page is the permanent address of our application, where you can see the payment status and the REF#1 code we need.
Let me explain about the codes. At the Krung Thai Bank ATM you will need to enter two codes: REF#1 and REF#2. The service sends us a notification by email with the code REF#1 and also displays it on our application page. Code REF#2 is sent to us by Krung Thai Bank itself to the specified email or telephone number. This time I decided to request it on my phone - they sent me an SMS.
We make a payment.
We refresh the page and see that the service has seen our payment (you don’t have to wait for confirmation of the transaction, they see the transfer immediately).
All. Now we are waiting for the application to be processed and the codes sent to us. Usually it takes from one to several hours. Two hours later I received this letter from the service with code REF#1:
I received an SMS from the bank with code REF#2:
Everything is ready! Now let's go look for an ATM. Krung Thai Bank (KTB) is a so-called “blue bank”. In Thailand there are a number of main banks, distinguished primarily by their corporate color, by which everyone is accustomed to identifying them. Found a bank with an ATM:
You can also find the same lonely ATM, for example, near some 7-Eleven stores.
We press the lower right button, where it says that we want to work without a card:
It turned out that if you film the process on a phone, holding it in your left hand, it is very difficult to get unblurred photos. That's why I changed hands
Enter REF#1 and REF#2, which were sent to us by the service and the bank:
Check. 5000 baht, that's right, that's what I asked for. Confirm:
That's it, the ATM is counting out the bills:
Done!
Just like that, simply, quickly and almost anywhere in the country. There are KTB ATMs in almost every small town in Thailand (I’ve traveled around the country and I’m convinced). You can send these codes to your poor family or performer in Thailand, without bothering them with Bitcoin at all. Or, if you're in Thailand like me, you can conveniently accept payment for your work in Bitcoin and cash out that way.
The losses are approximately as follows. Rates on the website at the time of writing: 7641 baht for sale, 8222 for purchase. The difference is 7.6%, that is, the sale is 3-4% below the market. Plus 30 baht commission for withdrawal through an ATM. Total: 30 baht + 3-4%.
You can compare it with withdrawing money from odesk: 10% odesk commission + $30 for one SWIFT transfer operation. And also hold money in Odessa for about a week plus a few business days until SWIFT arrives.
I am now hesitating between taking payment from clients through odesk, losing a lot on commissions, but pumping up my profile history, and taking payment from them in bitcoins, which I will incomparably faster and cheaper withdraw into cash baht.
PS: well, in fairness, we must not forget to mention localbitcoins.com - you can probably find better conditions there if you wish, but most likely the process will take longer.
