Microinsurance Philippines| Rewire allows Filipino migrants to pay Social Security System with no fees |Amsterdam, 16 June – Rewire allows OFWs – Overseas Filipino Workers – to pay Social Security System with no fees. Among other important financial services provided online such as remittance, a European bank account and a debit card, SSS payments through an app have never been easier for migrants. Rewire has recently partnered with a Philippines government authorized company to offer the needed infrastructure for the deposit.
Paying SSS is now easier than ever before
Other than the payment being extremely secure, it is completed instantly and available 24/7. Filipino customers can pay the SSS payment at 4pm or 4am and the outcome will be the same. The way it works is that this service is only offered to users for whom the SSS payment can be relevant for. It can easily be found on the website or app once logged in to the account. The SSS payments section is found in the menu bar. After that, Filipino migrants only need to tap on the screen and enter information for less than two minutes.
Managing finances in more than one country
Moving to a new country is quite an adventure. Alongside the empowerment and opportunities, there are also some financial challenges to overcome. For example, migrants may need to pay taxes and relevant fees for the new home, as well as for the home in the country of origin. In addition, Filipino migrants need to learn how to manage finances in more than one country until they retire.
Filipino migrants know that they need to pay SSS to prepare for an extra when needed in life. Continuously, making SSS payments will ensure a monthly pension from the SSS. The Filipino migrants will receive retirement funds from the insurance, which will help cover the basics such as utility bills, healthcare and more. Obviously, while the SSS provides financial aid, it is not a substitute for life insurance or any other type of insurance that people may want to have.
“Being able to contribute to the lives of Filipino migrants, to unburden those professionals and to show them that they can lean on us when their lives change drastically, is a privilege. We tend to forget that migrants are not only contributing to the generation of new wealth. They are also pioneers in an informal social movement towards emancipation. Often, migrants wish to improve the quality of life or seek professional development and better living conditions in general. We are proud of our technical offer and infrastructure for the deposit, in order for Rewire to support them in their lives and in giving access to finances that will help their families,” says Meril Weber, Head of Filipino Community at Rewire.
“Many migrants that move from the Philippines to Europe for work rely on Rewire for digital banking. Those OFWs are very much needed in different countries across Europe such as Germany, Ireland and Finland, not just in times of COVID-19, but more on a sustaining basis. Our main mission with Rewire is to make banking stress-free for migrants, which is why enabling SSS payments is important. SSS payments ensure that migrants will be taken care of on happy occasions such as maternity leave or retirement and in cases of illness, disability, or even passing. Rewire is devoted to its customer base and continuously works to develop innovative features that support migrants’ financial stability on their paths to build a better future for themselves and their families.” says Guy Kashtan, CEO Rewire.
Rewire provides an international neobanking platform for migrant workers who transfer most of their earnings to their motherland. Rewire partners with leading banks in the migrants’ countries of origin. Innovative technology enables migrants to deposit money into a digital bank account, which can then be used locally. Also, the technology supports a debit card by Rewire and international money transfer. The company manages global communities of migrants from Asia and Africa, with an emphasis on Nigerians, Filipinos, Indians, Thai and Chinese. Rewire has tens of thousands of returning customers and processes hundreds of millions of dollars a year. The entrepreneurs Guy Kashtan, Saar Yahalom, Adi Ben-Dayan, and Or Ben-Oz founded the company in 2015 and now employ people with diverse backgrounds and from different countries. More information via https://www.rewire.com.
Rewire partners with leading financial investors and banks such as BNP Group and Standard Bank of South Africa (SBSA), the largest bank in Africa which is present in the 20 countries of many of the residents which migrate to Europe with work visas. The banks’ services are integrated to Rewire’s solution and allow the company to provide their European customers global accounts. Rewire is expanding to serve customers from other countries in Asia and Africa.