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OFW News: How to Send Money to the Philippines

We, Filipinos, are fun-loving people. We are known for hospitality and very close family ties. But because of financial problems within the family due to lack of employment options and/or family circumstances like being a single parent, people are driven overseas to find greener pastures. Overseas Filipino Workers (OFWs) sacrifice being together with their family to work abroad, earn, and send a good sum of money to the Philippines to support their family’s needs.

Besides providing for their families back home, these remittances are a crucial component of the Philippines economy according to World Bank estimates. The Philippines is the world’s third-largest recipient of remittances. Remittances, which accounted for approximately 9.8% of GDP in 2015, are an important source of income for many Filipino families and thus a main driver of private consumption. Remittances came mainly from the United States, Saudi Arabia, the United Arab Emirates and Singapore.

But despite the fact that there are already a lot of ways to send money to Philippines, some OFWs are still not aware of these options and choose to send money based on the recommendation of their friends or colleagues. It is already a pain to be away from the family, so risking their hard-earned money by sending it through another remittance center, which they haven’t tried or known before, is very much less of an option.

So to help you know them, here’s a list of the top remittance centers that OFWs can use to send money to the Philippines, proven to be secure and accessible for both them and their families:

moneygram

  1. Moneygram

MoneyGram is located in more than 190 countries and can deliver both pesos and dollars through three ways. They can send the money directly to the receiver’s residence, make the money available for pick-up at their branches nationwide, or have it retrievable by the use of LBC ATM cards at over 6,800 ATMs in the country.

 

xoom

  1. Xoom Money Transfer

It is a tried and trusted option for many Filipinos and with more than 10,500 pick-up locations in the country. It definitely has a wide reach and a solid customer base and network partners like M Lhuillier and Cebuana Lhuillier, as well as bank deposits thru BDO, BPI, and Metrobank among others. Plus, Xoom offers a money-back guarantee for your peace of mind.

 

03 mlrp_ml_logo

  1. M Lhuillier

Powered by M Lhuillier Financial’s expansive network of branches in the Philippines, an equally strong partner network abroad and an extremely reliable technology-based system, Kwarta Padala is delivered whenever and wherever it is needed. Money can be then received through any of the 1,850 branches of M Lhuillier all over the Philippines.  Pick-up your money anytime at any of the 150 branches operating 24/7 in the key cities of the country, or as late as 10:00 p.m. in most other branches.

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  1. Cebuana Lhuillier

Cebuana Lhuillier’s Pera Padala service is an easy, quick, and safe way to send and receive money. With more than 1,800 branches nationwide and accredited international partners, this money transfer service is made available to clients within and outside the Philippines. All transactions are real time, which enables clients to claim the money as soon as the sender completes the sending process in the branch.

sbiremit

  1. SBI Remit

SBI Remit works with MoneyGram, who’s a global network of more than 350,000 agent locations in 200 countries and territories. The SBI Group has extensive knowledge and experience of the internet and the financial markets. This service can be accessed from both the website and mobile site. This is widely used by OFWs in Japan.

palawan-express

  1. Palawan Express

With over 1000 branches nationwide and growing numbers of remittance partners and agents, including LBC and SM Malls, Palawan Express Pera Padala is one of the country’s leading money remittance companies today. Being a local company, Palawan has partnered with international money transfer companies like Xoom and MoneyGram to serve OFWs around the world.

LBC

  1. LBC

With over 3,000 branches nationwide and partner agents nationwide, they also make money transfer easier. With partners internationally, like Xoom and Zenje, money remittance is much more possible and safe.

Sigue

  1. Sigue Money Transfer

Internationally, Sigue’s global arm is headquartered in London and is a UK payment institution duly authorized to do business in 30 European Economic Area Member States, in order to provide money remittance services pursuant to Directive 2007/64/EC (PSD). Sigue agents, offices and support centers are available all around the globe in over one hundred countries and is partnered with local money remittance centers in the Philippines like M Lhuillier and Cebuana Lhuillier.

Logo MoneyExpress

  1. Money Express

Money Express is a subsidiary of Groupe Chaka born in 2002 to meet a need for reliable electronic money transfer, fast and secure. Money Express has quickly established itself as a money transfer solution on the African space.

Doing research will help OFWs feel at peace when sending their hard-earned money. Hope this list helped! You can click on each Remittance Center in the list to know more about them. Take care!

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Credits: FocusEconomics and CNBC

 

 

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