THERE was a time when remittances by Overseas Filipino Workers (OFWs) were done using the “pakiusap” method, where an OFW will ask another OFW going back to the Philippines to help bring the former’s remittance money, usually wrapped inconspicuously, to his loved ones.
Then offline players in brick-and-mortar stores and cash pick up locations emerged and dominated remittances in the country. However, as social distancing came into effect as a result of the COVID-19 pandemic, the market, particularly the recipients shifted towards the realm of digital or online channels, saving users 22 percent more compared to traditional remittance services.
WorldRemit, a pioneer in digital money transfers, committed itself to helping Filipinos with the transition to digital-first. The move allows Filipinos to choose how and when they send their money for cash pickup, bank transfer, mobile money, air-time or prepaid mobile load top up in a safe, fast and efficient way.
To help guide Filipinos overseas on how to send their digital remittances safely back home to their loved ones in a matter of minutes, WorldRemit came up with a guide on what they need to know about digital remittances and how they can get started.
First, users (senders abroad, including Overseas Filipinos) will need to create an account using their email address, and then create a unique 4-digit pin code. Once users have filled in the details and passed initial security checks, they can then explore the app.
At this stage, senders can also opt-in to receive latest offers, services, and exchange rates via SMS.
Overseas Fililpino Workers (OFWs) from more than 50 countries including Australia, the United States and the United Kingdom can send money to the Philippines by clicking “Send New Transactions” from the home page, then choose how much they’d like to transfer.
The app shows users the exact amount their recipient will receive and the cost to transact based on real-time exchange rates and fees. The total carries no hidden charges with full transparency, so users know exactly how much money they are sending every time.
The WorldRemit app will then give users payout options available in the country they would like to transfer to that best fits how the recipient will get the money. The payout options in the Philippines include transfers to mobile wallets and bank accounts, cash pickup and airtime top-ups (prepaid load) – with more than 90 percent of WorldRemit’s transfers made available instantly or in just a few minutes!
WorldRemit has a payout network of more than 25,000 cash pick-up locations in the Philippines (including trusted pawnshops), five of the biggest mobile money services, and 70+ banks (both digital and traditional) to provide accessibility for OFWs’ loved ones back home. Depending on how and where is most convenient for the recipient to receive funds, options may vary based on location and payout partner.
The user will then need to provide all the recipient’s details and ensure everything is correct for a seamless transfer.
Finally, they will be led to the payment microsite, depending on how they would like to pay .
Once the transfer is completed, users will receive a confirmation email with all the details of their transfer and have an ability to make any edits— to update recipient details, change payment details, or request a cancellation.
WorldRemit has also enabled tools to help customers easily track their transfers. “Transfer History” allows users to view all ongoing and completed transfers and download receipts. With “Transfer Status,” users can check where their money is, every step of the way.
For secure transactions, WorldRemit transfers are encrypted through their automated machine learning system for fraud detection. Furthermore, 24/7 support is available at the customer’s comfort and convenience.
WorldRemit’s services can be accessed through desktop and free mobile application platforms, available on both the Apple App Store and the Google Play Store.