What Do I Need to Know About Macroeconomics of Remittance in the Philippines? Complete Guide

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Week after week, hundreds of individuals like every ex-pat send money to Philippines. With over ten million Filipinos living abroad, they all need a simple and affordable way to send money back home to help their families, friends, and others. The Philippines is one of the world’s largest recipients of money transfers from developed nations.

What is International Money transfer in the Philippines, and Why Is It Important for Economic Development?

In September, online money transfers to Philippines from abroad increased by 9.3%, compared to a forecast of -4.3 per cent. This increase comes after a 4.1 per cent drop in August, owing to a rise in migrants sending savings before repatriation and the partial reinstating of economies following the lockdown.

In December, remittances totalled USD 2.9 billion, a 0.4 per cent decrease from the previous year and a contrast to November’s 0.3 per cent increase. Remittances totalled USD 29.9 billion in the 12 months leading up to December, unchanged from November. Overall, remittances fell to 0.8 per cent in 2020, marking the first drop since 2001. Nonetheless, the reading for 2020 was higher than the Central Bank’s estimate of a 2.0 per cent drop.

Ex-pats money transfer to Philippines is an essential resource for many Filipino families and a primary driver of private consumption, accounting for roughly 9% of the Gross domestic product in 2020.

ING’s senior Economy in Asia, Prakash Sakpal, stated.

How Do You Get The Best Exchange Rates For Money Transfer To Philipines?

You can safely transfer large amounts of money without the inconvenience or fees, whether you need to purchase property abroad, repatriate cash, reimburse overseas workers, or even pay overseas suppliers.

An advanced online marketplace is perfect for getting the best deals on foreign transactions and a comprehensive, well-organized range of options. Businesses and individuals who need to move funds electronically (in supported currencies) can submit a quote and lock in a transfer at rates up to 85% cheaper than what they’d pay at the bank with ACE Money Transfer.

Evaluate online money transfer to Philippines service providers to meet your needs by comparing costs and currency exchange rate against personal gratification:

Transfer restrictions are in place. The maximum amount you can submit varies by agency, and various amounts can result in higher or lower fees.

Rates of exchange. Since the PHP–PKR exchange rate is pretty stable whether you go to online service or bank transfer, providers can provide similar mid-market rate rates. Consider moving the company somewhere if they don’t.

Transfer fees. Costs are almost always charged while sending money abroad, but they can be concealed in the foreign exchange rate. When sending large sums of money, it might be more cost-effective to pay a flat fee to obtain a better exchange rate.