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ACE Money Transfer Supporting its Filipino Customers to Make Instant and Secure Money Transfers to the Philippines

ACE Money Transfer Supporting its Filipino Customers to Make Instant and Secure Money Transfers to the Philippines

21 Dec 2022


Almost 12 million Filipinos live outside the Philippines, including nearly 2 million overseas Filipino Workers (OFWs). These expatriates make up roughly 10% of the entire Philippines population. Most people have strong ties to their families and frequently send money to Philippines for them. According to the Bangko Sentral ng Pilipinas (BSP), total remittances reached a record $34 billion in 2021, accounting for a sizable portion of the nation's foreign exchange earnings.

Remittances hold key importance for the people of the Philippines, like many other developing countries. Maintained growth in the remittance inflows can add significant value to strengthened foreign reserves and a progressive economy. ACE Money Transfer is a trusted remittance provider that supports global expatriates in sending money home from abroad using low-cost, secure, and reliable services.

Let’s look at ACE Money Transfer’s efforts to help increase remittance inflows to the Philippines and how customers can benefit from its services.

Role of ACE Money Transfer in Boosting Remittance Inflows to the Philippines

ACE Money Transfer is renowned for its exceptional solutions with the lowest transfer fees and the highest exchange rates, besides the convenience, security, and 24x7 availability. Many overseas Filipinos trust ACE’s services to transfer funds to their loved ones back home, which plays a vital role in increasing remittance inflows to the country.

ACE Money Transfer has offered free money transfers to the Philippines from across the UK, Europe, Canada, Australia, and Switzerland to enhance the inflows of money received in the country. Undoubtedly transfer cost is one of the most critical concerns for overseas workers since they typically consume a lot of money in paying for the fees for conventional transaction methods.

Let’s glance at the importance of remittances to the Philippines and understand better why ACE Money Transfer takes initiatives to boost remittance inflows.

Stats about Remittances to the Philippines

The Philippines became the fourth-highest recipient of remittances in the world in 2021 after receiving a record-breaking $34 billion in remittances. The nation (population: 110 million) has continuously ranked fourth among countries that receive remittances, following only Mexico, China, and India.

According to a UN estimate, non-resident Indians (NRIs) sent home $87 billion in 2021, yet India (1.38 billion people) has approximately 13 times the population of the Philippines.

One-third of the nation's overall export receipts come from remittances. Personal money transfers between families totalled $34.88 billion in 2021, up 5.1% from $33.19 billion in 2020, according to the BSP, the central bank of the Philippines. Every money transfer to Philippines from abroad plays its role in ensuring a massive volume of remittances, which help run several households in the country alongside boosting its economic strength.

Importance of Remittances in the Philippines

Remittances are recognised as a lifeline for many struggling families and communities in underdeveloped nations by the Sustainable Development Goals (SDGs) of the United Nations. Family food needs, access to healthcare, a good education, and access to clean water and sanitation are all directly met through remittances. In contrast to foreign aid, remittances are sent from one home to another, making them a crucial and effective tool for hastening poverty alleviation. Indeed, the claim that remittances reduce poverty in developing nations is backed by substantial and unequivocal evidence.

Beyond the short-term impact of remittances on poverty reduction, they can increase the level of physical and human capital, factors that support long-term growth, when used to finance small companies, education, or health. Be aware that inclusive growth encouraged by remittances has the potential to increase employment in the Philippines. As a result, remittances have the potential to both drive macroeconomic growth and aid in the microeconomic eradication of poverty.

Forex Conversions and Remittance Sending Fees to the Philippines

Some banks and remittance businesses advertise "zero cost" or "no commission" deals to lure customers, but they ultimately charge them at the marked-up exchange rate.

The exchange rate affects how much one currency is worth to another, depending on the money transfer provider you use and the quantity of money you send.


 

For instance, according to the BSP Reference Exchange Rate Bulletin, at the current time, the peso-pound exchange rate was Php 68 to 1 GBP. Even a slight rate variation could greatly impact sending large sums of money.

According to an IMF report, efforts have been made to lower global average remittance rates to under 3%.

Typically, cheaper remittance fees are linked to (or made possible by) lower risks because of the stability of fixed exchange rates and the use of the Internet for payment as compared to cash.

Currently, two variables contribute to increased remittance fees: greater transaction expenses imposed due to the sending country's more rural population and lower scale (lower amounts sent). The IMF highlighted that remittance corridors dominated by banks and a small number of players typically have higher rates. Fees would undoubtedly decrease further if internet payments become prevalent for transfers.

ACE Money Transfer has stepped up to foster enhanced remittance inflows to the Philippines by offering ZERO transfer costs. You can also benefit from this exceptional initiative by the firm and make an instant, secure, and easy online money transfer to Philippines via its services at any time.

How to send Remittances to the Philippines for Free?

If you are an OFW and depend on bank transfers to send remittances back home, there is a good chance that you are under financial stress. With ACE Money Transfer, you may accomplish it right now for nothing at all.

ACE Waives Fees for Money Transfers to the Philippines

By waiving the fee, ACE encourages remittance inflows to the Philippines. Since 2002, ACE Money Transfer has been the top remittance-sending provider on a global network. Millions of people use it frequently worldwide. ACE rewards its users with several special incentives throughout the year.

The good news for Filipino expats is that ACE provides remittance transfers to the Philippines from several countries free of charge. This implies that the recipient will receive your complete payment without any deductions. ACE also enables you to ensure maximum funds transfer with the highest exchange rates in the market because the firm doesn’t offer static or fixed rates. Customers can check the updated exchange rates live on ACE’s website or mobile app, which are linked with the updated interbank exchange rates.

ACE Provides the Most Reasonable Currency Conversion Rates for Php

A sizable portion of the amount is typically lowered during currency conversion from a foreign currency to Php due to low or fixed exchange rates. ACE does not plan to profit from currency exchange and provides market-competitive exchange rates. This implies that you can purchase currency at a rate that works for you after observing the market for some time.

The exchange rates provided by banks, financial institutions, and other money transfer services can be very low and static. ACE offers the best exchange rates due to its goal of enhancing remittance inflows to the Philippines.

Who can Benefit from ACE Money Transfer’s Fee Free Transactions?


ACE Money Transfer supports and encourages remittance inflows to the Philippines where every overseas Filipino worker (OFW), expatriate, or diaspora from the country can benefit from the offer. Now is the time to take advantage of the complete fee waiver offer for money transfers to the Philippines. Sign up on ACE Money Transfer and send money to Philippines online without any fee yet at the highest exchange rates and complete security of your funds transfers.


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