Every time someone sends hard-earned cash back home, there’s always the fear that they’ll lose control over the funds. Intended recipients may never receive the money or may use the funds unwisely.
This is one of the biggest problems overseas Filipino workers (OFWs) face. As most of these overseas workers are breadwinners for their families, they are responsible in sending a decent sum of their money home to their families in the Philippines, only to find out that their funds were squandered for other unintended purposes.
Rebit.ph, the remittance division of Satoshi Citadel Industries, Inc. (SCI), has decided to launch its new targeted remittance service to provide more transparency and security for the OFW market. Satoshi is a ventures company that supports the Bitcoin ecosystem in the Philippines.
With this service, OFWs are now able to play an active role in their family’s finances, as their remittance funds will be strictly allocated to pay for their families’ most important expenses. So OFWs will no longer have to worry about the risks attached to a typical remittance transaction. Aside from cashing out their Bitcoin for their family members, OFWs can now directly pay for their family’s bills and load phones through Bitcoin via Rebit.ph.
“The heart of the struggle with Filipino financial freedom has always been reckless spending. Rebit’s aim with targeted remittances is to eliminate the worries of our OFWs, who are often more financially literate than their families back home.” says John Bailon, CEO and Co-Founder of Satoshi Citadel Industries.
Currently, Rebit.ph’s platform allows users to send money home to the Philippines by using Bitcoin, which is then converted to Philippine peso. With the launch of targeted remittances, Rebit.ph users now have access to 91 bills payment options and 5 e-load providers.
To date, Rebit.ph has the following features on its platform:
- 24 hour turn-around time – The customer’s money is guaranteed to get to the recipient within 24 hours, including the weekends.
- Multiple payout options – Whether the customer prefers a bank deposit, pawnshop pick-up, delivery or office pick-up, Rebit.ph provides such options.
- Sender and recipient notifications – Rebit.ph sends SMS and emails to the customer’s account when the money is sent and the remittance completed.
- Targeted remittances – Customers can now pay their bills and purchase e-load via Rebit.ph.
- Zero per cent processing fees – Rebit.ph charges zero processing fees for all its payout remittance options. However, this does not apply to bills payments and e-load transactions.
- Straight Conversion Rates – As there is great volatility in Bitcoin prices, Rebit.ph converts its customers’ money directly in order to guarantee the customer that their recipient will also be receiving the same amount the customer has allocated for them.
Overall, Rebit.ph provides an easier way of paying utility bills online through the use of Bitcoin.With Rebit.ph, customers benefit from having no transaction fees and having a real-time Bitcoin to Philippine peso exchange rate that gets locked in immediately upon transaction. Revolutionizing the local remittance industry, Rebit.ph provides the lowest rates and efficient services to their customers when they send Bitcoin to the Philippines.
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