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Coinpip — A better way to pay remote and international employees
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Joshua Ooi
@ansonzeall Any timeline for making the service available to other countries? I foresee lots of potential for a Malaysia-Singapore pair. Tonnes of Malaysian people in Singapore remit money back to Malaysia.
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@joshuaoxj Hi Joshua thanks for asking. Our system is purely driven by customer demand as countries like Singapore and Malaysia already have the resources that we can leverage on and start operating in. Singapore, our headquarters, is already in operation. Once we see more demand to and from Malaysia, we can definitely get it started as soon as possible. And please sign up on our website as well! :)
@ansonzeall Signed up! Looking forward to it. How will you be judging customer demand? Are you based in Singapore by any chance? Would love to meet up if you are.
@joshuaoxj sure! Our batch finishes in Feb but I'll be flying to and fro Singapore/Hong Kong and San Francisco for a while. When I'm back, I'll let you know.
We all know international remittance sucks. Sucks bad. The team is here to take away all that pain and also make it ridiculously cheap using Bitcoin 'magic' ;) If you have remote employees or freelancers, you SHOULD use them.
@varunkhona Hi Varun. It's very true. Lot's of people I know take Western Union and banks for granted. Today if you transfer $500USD overseas to, say Kenya or Indonesia, you have to pay $32 in wiring fees and exchange fees. It's really a rip off. We can help you transfer as little as $150 and costing you no more $3 in total. Best of all, in 48 hours or less.
@varunkhona @ansonzeall This is seriously a unknown problem for startups until you start to have multiple employees worldwide. 2014 was a nightmare paying staff. Great to see something like this!
@varunkhona Thanks a lot @cedfunches ! Hiring remote workers is becoming a big trend, especially for startups, thus we're here to help!
Part of 500 Startups Batch 11 this company leverages Bitcoin to make it easier and faster to pay remote workers. Payments are sent directly into the recipient's bank account so they don't have to actually touch Bitcoin.
I'm the co-founder of CoinPip. Happy to answer any questions you may have about us. I've faced many problems when making bank wires to remote employees and freelancers. This is a product that solves my own problems too. Love to hear your comments and feedback!
Do you charge anything for currency conversion? I noticed you don't list the currencies for many receiving countries, leaving to an ambiguous exchange rate?
@tarangp This is something we're changing on our website as we have customers (that are piloting our system) asking us what is the total amount the receivers will receive. But I can guarantee you that if our rate is worse than your bank, we will immediately provide a better rate for you. Our costs are minimal as we don't rely on the banking system infrastructure to make the transfers.
@TransferWise @joefarish I wonder about this too. Of it's 0.3% with the "true" exchange rate (the rate you get by Googling) that's really great. If not I guess Transferwise will still be cheaper for most countries (0.5%, true exchange rate).
Excited to see startups using Bitcoin as the backbone for international transfers - this is definitely the future. Keep it up!
