Digital technology has made receiving money from our loved ones abroad convenient and widely accessible. However, studies continue to show that many Filipinos are still hesitant to make 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.
As the growth of digital payments is expected to remain strong in the coming years, WorldRemit, a digital financial service provider, lists five reasons to consider making the switch to an online remittance provider.
- 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.
- 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.
- Security. 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.
- 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. Ninety-five percent of transfers are completed within minutes, and users have the added ability to check their transfer status after sending.
- 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.