I understand sending PHP home, but why as base currency or even… why a PHP balance? can “parents” actually send PHP here? is it legal to have PHP currency accounts outside the Philippines? notice INR was (silently) removed recently for that reason
Always fun in the Philippines .
That is a rather unlikely number ;).
I will provide an example, the highest number of Philippine OSW reside in Saudi Arabia, at approx. 24%. Of the 2.2million worldwide, that equates to approx. 500,000.
In Saudi Arabia all salaries must, by law, be paid electronically into a bank account. However despite this approx. 70% of Filipino OSW use the services of one company called Enjaz (rather like Western Union but with better exchange rates than WU and retail banks etc).
The OSW use Enjaz to send their remittances back to the Philippines. It’s a pain, withdraw money from bank take to remittance shop, but they do because every penny counts. So in Saudi Arabia over 350,000 Filipino expats use the services of just one company. If Revolut was available in Saudi, I am confident there would be a large switch from Enjaz to Revolut as it would be easier to use and would provide a better deal. I am sure the same would be true within Europe.
The PHP account would be used to send remittances back to the Philippines, which with a Revolut account is currently not possible.
$33 billion worldwide remittances were sent back to the Philippines in 2017.
I agree with Sal. There are a lot of Filipinos working in the EU as well. Some use Transferwise to send money to the Philippines, some still use the traditional remittance centres. Imagine if all will be using Revolut to remit money. I don’t know how good of a business opportunity this would be for Revolut but the more users and transactions, the better I guess?
Adding other new currencies before adding all EU/EEA ones it will be ridiculous…
local currencies with local collection accounts for all “supported” countries is a basic but still neglected by and should be addressed before any further expansion imo