While Bitcoin is a global currency with worldwide interest, there are a few local hubs when it comes to Bitcoin activity and Hong Kong is certainly a Bitcoin hotspot. There are many ways in Hong Kong to buy and cash out Bitcoin, and in this post we will focus on the latter.
Cash out Bitcoin at Cali-Mex
A collaboration with Bitspark and Californian/Mexican restaurant Cali-Mex has introduced Hong Kong to a completely new way to buy and sell Bitcoin using cash. Cali-Mex is now a Bitspark Cash Point, which means anyone with the Bitspark app can go to Cali-Mex to buy and sell crypto with cash.
Cashing out Bitcoin in Hong Kong has now become considerably easier. With the app, find the nearest Cali-Mex restaurant that has joined the Cash Point network, and go to that restaurant. Inside, you need to scan the QR code and make the cash out transaction with one of the Cali-Mex staff.
Not only is this a very simple way to cash out Bitcoin, it’s also one of the best rates you can get in Hong Kong with fees as low as 1.5% per cash transaction. Plus, while you’re there you can immediately put that cash to work and enjoy a delicious burrito served up by Cali-Mex. Find out more about Cali-Mex Cash Points.
Cashing out Bitcoin at ATMs
Using Bitcoin ATMs to cash out your BTC is also quite convenient in Hong Kong. There are many Bitcoin ATMs located throughout the city with most of them in Central, Causeway Bay, Wan Chai, Tsim Sha Tsui and Mong Kok.
Most ATMs only support the buy Bitcoin function, but some also give you the option to cash out Bitcoin. To do this, you need to send your BTC to the specific machine you want to use, and you will get an SMS with a verification code that you can use to cash out HKD.
While this is a convenient option, you should be aware that Bitcoin ATMs typically charge around 7% for cash in, cash out fees. These rates are usually built into the exchange rate so make sure you are aware of the HKD to BTC rate before you go ahead with the transaction.
Cash out using P2P platforms
You can also cash out Bitcoin by transacting directly with another person that has BTC and wants to sell it for cash. The most popular and trusted peer to peer platform to do this is LocalBitcoins. While the platform has recently banned cash trades, you can still cash out Bitcoin through bank transfers.
The platform serves as the custodian in the middle of the transaction that makes sure both parties receive their end of the trade.
When you go to LocalBitcoins, you will see ads placed by members that are advertising buy and sell rates for the BTC/HKD market. Choose the rate and provider that meets your requirements and make the transaction.
If you prefer to deal in cash only to get HKD bills for your Bitcoin, then the 2 options mentioned above are more suitable for you.
Crypto exchanges in Hong Kong
Hong Kong is home to many crypto exchanges that serve the local market, and while most focus on buying Bitcoin (for some this can only be done through credit cards), there are few exchanges that give you a way to cash out Bitcoin in HKD.
Cashing out BTC through an exchange is almost exclusively done through bank transfers and the fees differ greatly between exchanges. Before you send your BTC to your account on one of the Hong Kong crypto exchanges, make sure that bank transfers are supported for your bank.
For example, Bitspark supports bank transfers to any bank account, but Weever only accepts withdrawals to a selection of 10 banks in Hong Kong.
Pro tip: If you have used any of the major global exchanges like Binance to buy Bitcoin and still have the BTC in that address but want to cash out in HKD, you can do so easily by just sending the coins to your Bitspark wallet on your mobile app and cashing it out at Cali-Mex.