In the list of the countries which are highly benefited due to money transfer service, the Philippines comes in the third position. In recent years, this state has made significant changes to help its economy by the remittances sent by overseas migrants. When the financial crisis hit the Asian Market in 1997 and 2007, it was the remittance industry which saved Philippines from going into an economic crash. People send money to Philippines on a daily basis, because a considerable population is working abroad.
More than 10 million Filipinos are currently working abroad, to earn for their families and loved ones. A total of 34$ billion were sent to this state, which concludes that almost 3400$ were sent by each migrant to their home country, on average. A flat 10% of the country’s gross domestic product. Moreover, the amount sent by Filipinos also contributed to a huge consumption in the private sector.
What are the Top-Destinations for Filipinos to Work and Earn Money?
The migrants of this state find most of the work opportunities in the Middle East Region. They often send money online to fulfill the needs of their loved ones. Almost 60% of the workers are employed in Saudi Arabia, United Arab Emirates, Qatar and Kuwait. After these, the Asian Countries including Singapore and Hong Kong have the most significant number of working Filipinos. These migrants usually send money to Philippines online, on a regular basis, which contributes significantly to the nation’s GNI.
What are the Benefits to the Economy with Online Money Transfers?
There is a multitude of underlying benefits, behind a single money transfer to Philippines and other developing countries. The remittance industry is one of the major earning sectors in the developing states. The major benefits which Philippine’s economy is receiving due to foreign cash transfers are listed below.
- International Remittance flow has a direct and positive relationship with the poverty line of the state. Cash Transfers help people in fulfilling their daily expenses, which allows alleviating the poverty in the people.
- Almost 60–70% of the household expense is met by utilizing the money received by a migrant who is working abroad. This highlights the fact that international remittances are helping Filipinos in fulfilling their daily household needs.
- It has a long-term and positive impact on the other aspects of state such as education, living style and national growth.
- It is helping in improving the national GDP, and it has the greatest contribution in foreign exchange of the state. These factors are leading to economic stability, which has enabled the Government to make better strategies for the welfare of its people.
What are the Benefits to Other Industries with Remittances?
Many other industries such as Tourism, Money Transfer Providers and Foreign Investments have been significantly benefited due to foreign cash exchange. The need to send money online has given birth to many money transfer companies in South-Asia Region. Several emerging platforms, such as ACE Money Transfer is helping people in transferring payments online with optimized exchange rates and credible services. Their online services allow people to transfer money to Philippines with simple steps, without going an extra mile!
International money transfer is not a new concept. People from all around the world have been sending money abroad for many years. However, the methods to transfer money to Philippines have evolved dramatically over the last couple of years.
The use of digital mediums and online money transfer service providers have made the process extremely simple, hassle-free and convenient. One of the major advantages of online money transfer is the fact that the process is the quickest way of sending money to any country around the world. All reliable service providers like ACE money transfer make use of online channels for money transfer to Philippines because it is:
- Safe and reliable
- Convenient and easy to execute
Is There a Need for Quick Money Transfer?
The main reason due to which the majority of people have to send money internationally is because they have loved ones and need to support them. Most families require funds so that they can use the money for domestic purposes such as paying bills, doing groceries and educational expenses etc. Most of these expenses are the ones that need to be handled within a deadline. Therefore, the speed of the transaction matters a lot.
Another reason why speed is an essential factor is the fact that exchange rates for international currencies deviate and vary at an alarming rate. A lot of delay in sending money abroad can lead to an increase in the exchange rates and thus reduce the value of the international money transfer for the receiver.
Can You Use Mobile Apps to Send Money to Philippines Online?
These days, money transfer is barely a problem or issue any more. It is a process that can also be performed via mobile applications. The process to send money to Philippines online is not only quick but is easy to carry out as well. Mobile apps are an easier way to send money online.
The mobile apps are connected with the bank accounts of the users. They can enter the information of the recipients, enter the amount of the money that is to be sent, schedule the payment and confirm the payment through the One Time Generated Password.
How to Send Money Abroad Via Websites?
A number of money transfer service providers have websites. The users can go online, visit the website and register for an account. As soon as the process of user registration is completed, the customers can log in to their accounts and carry out the transaction.
The use of websites is an excellent way of sending money online because other important information such as exchange rates, transfer fee and the different channels of available for sending the money to the desired country is also mentioned on the websites. These websites can also be used to track the payment and ensure that it reaches the destination in time.
All in all, it can be rightfully stated that online money transfer mediums have made the process very easy and convenient. Whether it is websites or apps, the customers can follow of the process themselves and send the money whenever they want to.