Five reasons to switch to digital remittances

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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 trusted online 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 suit 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. Users need not worry about additional fees required as this total carries no hidden charges after the transfer.
  3. Security
    In today’s world, ensuring the online safety and security of customers need 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.

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