Rebit.ph wants to exploit the huge potential that the country has for Bitcoin. The scope widens when the number of the people who don’t have access to credit cards or bank accounts goes higher. The company aims to focus on the 12 million Filipinos who work and live abroad. The company has set PHP 30,000.00 as the maximum amount a person may transfer.
The company believes that an estimated 12 Million of Filipinos who live and work abroad send $23 Billion USD annually back home to their loved ones. Moreover, as a majority of people working abroad are into low paying jobs and send almost every penny they earn back home to support entire families, paying higher remittance fees gives them excruciating pain.
A lot of money transmitting services providers are making an absolute killing from the entire process as people simply don’t have much of a choice. There is huge exploitation in this industry where some financial organizations have formed a monopoly wherein they keep the fees higher and higher without any fear for onslaught or competition.
Rebit.ph Can be the right Option for People Sending Money to the Philippines
Rebit.ph believes that Bitcoin can be a game-changer as it not just cuts down the fees and rates, but also allow sending what would be considered impossibly small amounts of money using traditional methods. A hefty fee is charged from the people who send their hard earned money to their loved ones in Philippines but with Bitcoin, this will end.
For instance, if someone is sending less than $125 USD to the Philippines, he is asked to pay 10% or more in fees and exchange rates. However, when the same amount is sent using Bitcoin there won’t be any such transaction fees. In fact, here anyone can send $50 or even $25 internationally and that too without any charges.
The company claims that it wants to make Bitcoin simple and easy to use for sending money to the Philippines and help millions of Filipinos who are subjected to hefty fees by some greedy companies. The company is also working on future solutions to the fiat conversion on the receiving end, and for that it is entering into partnerships as well with some companies.
Rebit.ph says that it is providing a fully supported infrastructure and looking at a long term and viable remittance solution using Bitcoin in Philippines. The company will not be making money off of the USD to Peso exchange rate and will be using the fairest published rate available in the market.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org