Overseas Filipinos can now pay for families’ bills back home using Bitcoin

Rebit, the Bitcoin remittance vertical of Philippine startup Satoshi Citadel Industries (SCI), has launched a new service that allows overseas Filipinos workers (OFWs) to play an active role in managing the finances of their families back home.

Aside from sending remittances, Filipinos abroad can now directly pay for their families’ bills and load their mobile phones with prepaid credit using Bitcoin via Rebit.

Rebit has over 91 bill payment options and five “e-load” providers on its network.

SCI CEO and co-founder John Bailon says this targeted remittance service will safeguard against possible misuse of remittances, a common problem encountered by OFWs who are breadwinners of their families.

“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,” he explains.

Remittances worth about US$30 billion flow into the Philippines via banks and third-party cash pick-up services annually, according to Rebit.

These have been a crucial lifeline for Filipino families who spend the funds largely for basic needs.

A survey by the Philippine central bank shows most OFW families allocate the remittances for food and other household needs, followed by school tuition, medical expenses, and debt payments.

Bitcoin remittance services such as Rebit have been targeting OFWs by providing them an easy and cheap money transfer scheme. Because the Bitcoin blockchain eliminates the numerous hops in the global transfer of money, it is able to offer a significant discount compared to traditional remittance services like Western Union and banks.

The savings generated by OFWs in sending money home mean additional funds for their families to spend daily.

Weeks ago, Rebit announced it brought its remittance fees to zero for major payout options. Families may opt to receive remittances from Rebit through bank deposits, pick-up at partner retail centers, or door-to-door delivery.