Help your helper, with $20 and making her life easier
Lucy is a mobile banking app for entrepreneurial women. The two groups we are actively working with in Singapore are women with a small business - who want to separate their business finances from their personal ones - and helpers, who can send money back home more cheaply and easily, and save for the future.
How does Lucy help my helper?
The financial services that helpers have access to are generally more expensive and less useful than the ones you or I have - just take a look at the the comparison to the right to see what we mean! And so we decided to decided to do something about this imbalance, and built a number of unique features into the Lucy app.
For Filipino and Indonesian helpers, they can send money home directly from the app - for sending to banks there is a fixed $1.50 fee, to cash agents a $3 fee, and the forex rates are better than all alternatives. By way of comparison, if a Filipino helper sends $500 home her family will receive $4.50 more than they do with DBS and $2.60 more than they do with Dash! And it’s a lot cheaper and quicker than going to the remittance agents in the shopping malls.
Your helper can also get a free debit Mastercard that she can use in physical stores, use on public transport, or buy things online on any website that accepts Mastercard. This debit card can also be used to save money for helpers who use Western Union - they just have to set up a Western Union account online and “pay” using their Lucy card. This is $4 cheaper (and a lot faster) than going to the agent.
How can I pay my helper with Lucy?
Getting started with Lucy is quick and easy, and can be done entirely through your phones.
- You both download the WeLucy app
- Each go through the ID verification (where you take a picture of yourself and also your Singapore ID).
- Add your helper as an employee and set up automated salary payment for her. Use the "+" button on your homescreen and select "Set up a Salary for my employee"
- On the Lucy side menu, select Settings>Promotions and enter the code FDWEMP.
- We send your helper an extra $20 so she can test sending money home and be reassured that it works.
You can add funds into your Lucy account from your bank, using FAST or PayNow - you can also create a separate “groceries account” if you want, and order a debit Mastercard which you can give to your helper for the shopping. One less thing to think about!
What are all the things I can do with Lucy?
Can I share this promotion with my friends?
Absolutely you can!.
Is there a risk that money I put into Lucy is lost?
Any money you put into Lucy is held at a secure account in DBS in Singapore. We can’t lend it to anyone or use it in any other way. This is in accordance with Monetary Authority of Singapore regulations.