subject: Get the Facts About Overseas Workers Who Send Money to The Philippines [print this page] Get the Facts About Overseas Workers Who Send Money to The Philippines
According to The Wall Street Journal, in June 2009, about $1.5 billion USD was sent to the Philippines, which is an increase of just over three percent compared to 2008. This includes money sent from the U.S., U.K., Japan, Korea, Canada, Italy, Qatar, Germany, and more. Considering that about eight million Filipinos live overseas, it should come as no surprise that remittances to the country make up about ten percent of its gross domestic total.
One of the reasons for this increase is likely the high demand of Filipinos in the workplace in several countries, despite the higher unemployment rate due to the current state of the economy. In fact, many predicted that the amount remitted would fall by at least double digits, but remittances are higher than ever. The easy access that Filipinos have to banks, both overseas and in their home country, has helped drive the increase, as well.
Banks have much to do with those that choose to send money to Philippines, since many expatriates use financial institutions to transfer their money home. Money transfer fees vary greatly, as HSBC charges $30 to $45 to send money to Philippines, while Wells Fargo charges $5 to $7. The prices vary depending on whether the sender is a bank member and whether they choose to send cash or make a transfer from their account. Money transfer companies that are separate from the bank are also an option, and typically charge $4 to $8 per transfer. Money is typically available anywhere from instantly to five business days.
However, banks are not the only option to send money to Philippines. With the popularity of technology, other methods have been developed to send money cheaply and quickly. The prepaid debit card takes advantage of the fact that nearly every developed city has several ATM's, and most shops accept credit and debit cards. Sending a debit card to family in the Philippines and adding money to it at any time has become one way to get funds to family fast. The transfer is instant, and no matter how much money is sent, it costs $5 to $8. Many families can use such a card to survive, either using it to buy necessities or withdraw cash from ATM's.
The slow economy makes it somewhat surprising that remittance to the Philippines has actually increased. If the numbers haven't decreased yet, it is likely they won't anytime soon, especially as worldwide economies gradually recover. Therefore, knowing remittance options will be increasingly important when it comes time for overseas workers to send money home, whether from the United States or myriad other countries.
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