Filipinos send money to Philippines are increasing day by day, making it among the top five remittance-receiving countries in the world. India received $79 billion in remittances, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), in that order. Remittances to low- and middle-income economies are forecast to hit $550 billion in2019, making them their most important source of external financing. Overseas Filipino Workers (OFW) remittances increased to USD 2.9 billion in December, up from USD 2.4 billion in November 2020. This represented a 1.9 percent rise year over year, down from the 2.0 percent increase seen in November of 2020.
Overall, online money transfers to Philippines hit an all-time high of USD 30.1 billion in 2019, up from USD 28.9 billion the previous year. Significant inflows from the United Kingdom, which account for more than a third of all remittances, were followed by Australia and European countries in 2019. For many Filipino families, remittances, which accounted for nearly 9% of GDP in 2019, are a vital source of income. However, economic slowdowns in the United Kingdom and many European countries, and Australia, can stifle remittances in the coming quarters.
What Is The Average Cost For International Money Transfer To Home Countries From Host Country?
According to the World Bank’s Remittance Prices Worldwide database, the global average cost of $200 money transfer to Philippines stayed high in the first quarter of 2019, at around 7%. Remittance costs across the many Asian corridors and small islands in the Pacific remain above 10%, despite a global aim of reducing them to 3% by 2030 under Sustainable Development Goal (SDG) 10.7.
Banks were the most expensive remittance outlets in the first quarter of 2019, with an average fee of 11%. Post offices were the second most expensive, costing more than 7% of the total. Where national post offices have an exclusive relationship with a money transfer provider, remittance fees usually include a premium. In the fourth quarter of 2018, this premium was 1.5 percent worldwide and as high as 4% in some countries. Online money transfer service providers were the best service providers due to the high exchange rate and low fee for international money transactions.
The Bottom Line:
ACE money transfer is the customer’s recommended best service provider, according to Trustpilot. ACE money transfer is providing services to more than 100+ receiving countries and 23+ sending countries worldwide. So if you want to send money to Philippines online, mail your payments through the ACE money transfer mobile application with peace of mind.