Last weekend , I went to the Singapore Shopping Heaven- Orchard Road. And as expected I saw long queue at one of the shopping mall- Lucky Plaza , was full of crowd (Mainly Philippines maid who work in Singapore) wanting either to go into the mall or do the remittance service.
There are many foreign workers in Singapore, for maid services, most of them consist of Philippino, For other sector like construction sector - mainly consist of Indian or Bangladesh workers . Other sectors mainly Malaysian or Chinese workers.
Even though foreign workers come from many different countries, they have a common goal- remit their hard-earned salary here in Singapore for better live of their family back in home country.
So during weekend, it's a common scene in some favourable gathering spots and mall of certain workers. E.g foreign workers from Philippines like to gather in Orchard Road's Lucky Plaza. Burmese - Peninsula Plaza. These foreign workers gather here and do their remittance normally at these places.
When I passed-by the Lucky Plaza, I was thinking - if these foreign workers know to utilize Bitcoin Cash to remit their salary, not only they have lower remittance fee, but can reach to their loved one faster.
Bitcoin cash is very good and fast in sending and receiving. I just did the research last weekend :
Bitcoin cash among the lowest in transfer fee
It will only cost roughly USD0.23 to send to any country you want and receive the cash in less than 5 minutes! This I personally tested when I transferred from 1 BCH to another BCH wallet.
As such, I feel BCH just serves the best media for this area of need - foreign remittance !
I will share again how does it be done in Singapore in next post. Basically as sender, you will need 2 accounts and get them verified (doing the KYC with IC uploaded)
1 is Xfers https://www.xfers.com/sg/ (Free to transfer in fiat, Singapore Dollar , SGD)
1 is crypto.com or binance.com.sg
good article