What is Moneybees?
Moneybees is the pioneer for over-the-counter cryptocurrency exchange in the Philippines. You can buy and sell crypto over-the-counter at any of their BSP-Licensed outlet partners. Alternatively, you may also transact with them through their online trading desk.
Is Moneybees a legit company and crypto exchange?
Yes! Moneybees is registered with the Bangko Sentral ng Pilipinas (BSP) and with the Anti Money Laundering Council (AMLC) as a Virtual Asset Service Provider (VASP).
What is the difference between Moneybees and other exchanges?
According to Bianca Cruz, Business Development Manager of Moneybees: Think of Moneybees like a forex counter. You go to us to buy USD or EUR. But Instead of foreign currencies, you go to us to buy and sell crypto. We facilitate the exchange.
Moneybees is not a centralized exchange, and we don’t have a custodial wallet. This means we don’t hold our customer’s cyrpto. What we do is facilitate the exchange of crypto to peso and vice versa. We offer customers an easy way to onramp and offramp from any crypto wallet they prefer to use.
With Moneybees, you can buy and sell almost any cryptocurrency in 1 step – even for alt coins like Doge Coin and SLP! There’s no need for you to take a multistep approach to exchange crypto.
What is the daily transaction Limit in Moneybees?
For new users, the daily transaction limit is ₱200,000, but it could be up to ₱5,000,000 per day. The user will be required to submit the documents needed to upgrade their daily transaction limit.
Where are the Moneybees outlet partners located?
Moneybees currently has 19 over-the-counter partner outlets in Metro Manila and a few in key cities including Bataan, Pampanga, Camarines Sur and Davao. You can view the list of locations on their website.
How does the over-the-counter crypto exchange work?
With Moneybees you can easily turn your crypto into cash and your cash into crypto instantly, with no additional fees. Just walk into a Moneybees outlet partner and follow the instructions below:
- Get rates. Inform the teller what crypto and how much you will buy.
- Give payment. Settle the payment for crypto in cash, ShopeePay or GCash.
- Receive crypto. Present your wallet address (QR code) and wait for the crypto to be credited to your wallet.
- Get rates. Inform the teller what crypto and how much you will sell.
- Send crypto. Send the crypto to the Wallet Address (QR code) shown by the teller.
- Receive cash. You will receive a Moneybees SMS to confirm the transaction. The teller will hand over the cash to you.
How does the Moneybees online trading desk work?
When you register online with Moneybees, you’ll be asked to choose your preferred chat application to transact at: Viber, WhatsApp, Telegram. Once you’re done with your registration, the crypto support team will create a group chat with you. From there, you may initiate a trade with them on your chosen chat channel.
Does Moneybees charge a transaction fee?
No, Moneybees does not charge a fee for their transactions. You may check out the rates of the top cryptos in real time here.
What crypto can I buy and sell on Moneybees?
They transact over 200 different cryptocurrencies and altcoins including Bitcoin, Ethereum, USDT, Litecoin, and even SLP. Just ask the tellers at the outlets or the crypto support team online for assistance.
Which crypto wallets does Moneybees support?
Moneybees can support almost any crypto wallet or crypto exchange such as Metamask, Binance, Trust Wallet, Ronin and more.
How do I register an account with Moneybees?
Go to their official website and chat the customer service to register an account – https://www.moneybees.ph
You will need a mobile number, a valid government ID and fill up a standard KYC Form. In some instances, a liveness test will be requested by Moneybees via a selfie holding your government ID or via a quick video call.
Once you’re done with the registration and KYC, you’ll be able to trade up to ₱200,000 daily. If you wish to increase your daily transaction limit, you just need to submit a few additional requirements such as: proof of address and proof of income documents.
That’s it! Just register once and transact up to ₱5,000,000 in a day through Moneybees’ partner outlets or through their online trading desk.
Editor’s Note: This article by The Mega Maxi is not a financial advise.