Goodbye, Snail Mail! Find Out New and Reliable Remittance Services for OFWs
Did you know that in 2014 Overseas Filipino Workers (OFWs) remitted a total of Php 1.20 trillion to the Philippines? It was an all-time high, with land-based workers sending in a jaw-dropping $18.7 billion while those at sea sending $5.6 billion. 2015 is not disappointing either, with remittances reaching $10.86 billion for the first five months. That’s because many employers are quite happy with Filipino workers and their dedication to their work. It’s the same dedication that drives them to tirelessly send money home to their loved ones.
In the old days, when money transfers were not as popular and only a few people working abroad would send money through banks, OFWs would send their loved ones cash through snail mail. Think that’s absurd? Most people think so as well. However, thanks to technology it’s so easy for relatives working in foreign lands to send money back to the Philippines today. What’s more, there are also banks and financial institutions who offer different kinds of OFW loan. Here are new and safe ways to remit your hard-earned cash:
Many OFWs have been remitting through banks for a long time but it’s only in the recent years that these banks recognize the need to offer specific services for the overseas workers. China Bank Corp., for instance, recently launched their Overseas Kababayan Services that include On-Time Remittance and even OFW loan services such as the OKS HomePlus and OKS AutoPlus. An OFW loan is a type of credit specifically tailored for the needs of OFWs and their beneficiaries. Going to banks to transfer money to your family back in the Philippines comes highly recommended by the Banko Sentral ng Pilipinas. It’s safe, fast and easy – allowing your beneficiary to receive money in seconds.
Money Transfer Companies
Western Union. Xoom. Moneygram. These are just of the money transfer companies that took remittance to the next level by using technology. Xoom offers to assist you with sending money instantly without leaving the comforts of your home. You can use your online bank account, debit or credit card and money can be transferred to the Philippines with options such as cash pickup (some are open 24/7), deposited directly to your beneficiary’s bank account and door to door delivery. If your family is in Metro Manila, the money gets delivered in six hours or less and one to two days in provinces. Now, you can’t call it snail mail anymore, can you?
Western Union came up with a great deal of their own as well. Aside from being able to send money through any of their agent locations around the world, you can also transfer money using their WU® mobile app. So, even if there’s an unexpected call from your family back home asking for money, you can easily transfer using the app to their bank accounts or for pick-up at any of the more than 8,000 locations in the country.
The Bottom Line
Overseas Filipino Workers are lucky these days, and their loved ones even luckier. Courier services don’t offer the same security as banks and money transfer companies do when it comes to remittances to the Philippines. The availability of secure money remittance among other financial services such as OFW loan will ensure that their hard-earned money goes where it should. It’s wonderful for these organizations to recognize the workers’ need for fast and reliable services. It will definitely bring the Filipino families closer than ever before.