How do I convert pesos from a.philippine savings account into Australian dollars in an Australian savings account using Bitcoin? Is thia feasible and is this method cheaper than wire transfer using a bank?
Do I need to use the same exchange for buying bitcoins in pesos and cashing in Australian dollars? Can I use any wallet to do this?
Using Bitcoins to convert currencies indeed can be cheaper than wire transfer. You just need to find the right exchange, which accepts both pesos and AUD. You can use different exchanges as well, in that case you will have to pay the transaction fee to transfer the Bitcoins from one exchange to another. Any wallets will suffice, you can read more about the different types with pros and cons here.
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