Banks say remittances to China are surging

FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo

SINGAPORE: Chinese migrant workers are using Singapore banks to send money home after a crackdown by Beijing last year affected transfers handled by some remittance firms here.

DBS Bank and OCBC Bank say remittances to China surged around 60% or more in the first two months of the year, compared with the same period in 2023.