An estimated 200,000 Filipinos live and work in Singapore. Approximately 60% of Filipinos in Singapore are professionals and skilled workers, while the rest are working as household service workers. (Source)
From 2014 to 2020, overseas Filipino workers (OFWs) based in Singapore sent home a total of USD $2.15 billion, so it is important that they are supported by a fast, secure, and low-cost way of remitting money home.
Here are 3 ways Revolut is supporting OFWs in their remittance needs.
Skip the weekend queue ⏩
The COVID pandemic has made it challenging for many OFWs to visit physical remittance counters. Revolut makes it easy for anyone to remit money with our app. Customers can access our services all day, every day. It is free to download our app and set up a Standard account. Registering an account takes minutes and requires only your proofs of identification and residency in Singapore.
Once you're set up, you can transfer money from the Revolut app to a bank account in the Philippines. Here's how to add a family member's bank account as a payee in your Revolut app.
Avoid weekend markups 💲
With many providers, FX rates are locked in for the weekend to protect against fluctuations. There is often a markup applied as well. Revolut applies a 1% markup on all currencies except THB and UAH, which get a 2% markup. In short, you want to avoid exchanging currencies on weekends.
If you use the Revolut app to send money home, you don't have to wait for the weekend to do so. Revolut lets customers exchange currencies at the interbank rate Monday - Friday so you can get more PHP with your SGD.
Competitive and transparent fees 🔎
Revolut charges a fixed percentage fee of 0.3%, pegged to a minimum of SGD 0.30 and a maximum of SGD 9. So, if you are looking to send SGD 300 home, you'll pay just SGD 0.90 in fees — SGD 300.90 in total.
Before you confirm the transfer, Revolut will tell you:
- The amount your recipient gets
- The exchange rate for this particular transaction
- The amount in SGD exchanged
- The fees charged
- The total amount you pay
- The estimated time it takes your money to reach your recipient
Remember that even if a remittance service provider says it charges $0 to send money to the Philippines, you should still compare exchange rates and take the total cost into consideration.
A fair usage fee will apply under certain conditions. Click here for more details.
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