Digital technology has made receiving money from Overseas Filipino Workers (OWFs) abroad convenient and widely accessible throughout the Philippines. However, studies continue to show the hesitance of many Filipinos making the switch from traditional brick and mortar money services to digital financial services.
This is in part due to a lack of awareness of online trusted financial service providers and a preference for completing transactions in-person, as cash is still considered essential.
Despite this, digital remittances help Filipinos take control of their finances from the touch of their fingertips, whenever and wherever they want by providing customers with fast, accessible, and secure options to receive money.
With the growth of digital payments expected to remain strong in the coming year, WorldRemit, a digital financial service provider, lists the below five reasons to consider making the switch to an online remittance provider.
1. Convenience
One of the main advantages of using a digital remittance provider is convenience. Unlike traditional methods that require both senders and receivers to be physically present at a branch, digital services enable people to send and receive at a time and place that suits their needs. WorldRemit works with a large group of payout partners across the Philippines, allowing customers to transact through a wide range of options including mobile money, bank transfer, cash pickup and airtime top up.
2. Lower fees
Digital remittance providers recognize the financial barriers that Filipinos are faced with, so lower fees is an important consideration. While rates and fees vary from country to country, WorldRemit’s app shows customers the exact amount their recipient will receive based on real-time exchange rates. This total carries no hidden charges, so users do not have to worry about additional fees required after the transfer.
3. Security
In today’s world, ensuring the online safety and security of customers needs to be top-of-mind.
As a proud member of the FinTech Financial Crime Exchange, WorldRemit regularly reviews its security measures to keep user transactions protected from any external threats. Additionally, WorldRemit uses a leading machine learning algorithm to prevent and block transactions that appear to be the proceeds of crime.
4. Speed and ease of use
New users of digital payment services can get started in minutes and the app is designed to be user-friendly. After completing the registration process and security checks, customers can start sending transfers immediately. 95 percent of transfers are completed within minutes, and users have the added ability to check their transfer status after sending.
5. Benefits
On top of enforcing their core values in their services—namely speed, convenience, and security, WorldRemit offers 24/7 support. As a licensed entity on a global scale, it also provides referral benefits to its customers in the form of money-off vouchers.