WorldRemit allows OFWs to send their loved ones 'extra gift' this Christmas
MANILA, Philippines — New research from leading digital remittance service, WorldRemit, reveals that high cost of international remittance services could mean OFWs are losing up to $5 every time they send money home through traditional channels this festive season.
Last year, Filipinos living abroad sent home $33 billion, with the run up to Christmas always one of the busiest times to send money.
New data from WorldRemit also reveals that by switching from traditional offline money transfer services to lower-cost digital channels, tens of thousands of Filipinos could receive an extra Christmas present this year.
The savings were highest when sending from the United Kingdom to the Philippines, with an average saving of $5 on a single transfer—enough to buy a box of chocolates.
WorldRemit data suggests that their customers sending to Philippines make around three to four transfers a month, on average. Travelling from locations like Polillo to Real (Quezon Province) could take as long as three to four hours and costs around $4 to $5 each way.
WorldRemit is reducing the cost of travelling to collect money by enabling customers to send money directly to their recipients’ bank or mobile money accounts.
With over 15,000 cash pickup locations in urban and rural areas in the Philippines, there’s no need to make a long journey to collect remittances. This means that the savings on travel alone during the festive season could be enough to buy a meal for the whole family.
A recent poll by WorldRemit revealed that over 80 per cent of people have found that switching to digital channels has made money transfer simpler for their recipients. However, the majority of global remittance flows are still going through informal channels.
Companies like WorldRemit are working hard to help more people move to more cost-effective and convenient money transfer methods. The incentives offered for existing customers who refer friends to WorldRemit could be enough to buy a mini family salu-salo.
“For people spending Christmas abroad, sending money is an important way to connect with their loved ones. This lets them play a part in the festivities back home. Yet, taking time out of work to travel to agents to send and receive money can make Christmas time stressful,” said Earl Melivo, business development manager for WorldRemit Philippines.
“By enabling our customers to send money abroad with a few taps from their phones, we can ensure that more of their hard-earned cash goes straight into the hands of friends and family this Christmas, freeing up time for both senders and recipients to relax and enjoy the festive period,” he added.
For more information, visit www.worldremit.com/en/
