Peripheral oxygen saturation (SpO2) monitoring is critical during surgery and in intensive care units (ICS). Over the last decades, several studies have addressed the noncontact monitoring of vital signs, but few reports have focused on SpO2. This paper presents an SpO2 monitoring method without physical contact with the patient using imaging photoplethysmography (iPPG). Eulerian video magnification (EVM) was employed in the proposed solution to amplify the changes in skin color due to the heart cycle. The developed software operates on a widely available, low-cost hardware platform. Experiments were performed with nine healthy individuals. When comparing the experimental SpO2 results to those obtained with a reference pulse oximeter, the proposed solution showed good accuracy, with differences of less than 2%.