26 Dec 2022
Did you know that the Overseas Filipino Workers (OFWs), estimated at about 2.1 million temporary workers, are often called “Bagong Bayani” or modern-day heroes? This is because most OFWs have become permanent residents in their adopted country and share a significant portion of their income with the country’s economic stability when they send money to Philippines from overseas. As a result, the Philippines has consistently ranked among the top recipients of remittances.
ACE Money Transfer always stands by its customers by providing them with efficient, secure, and economical remittance solutions. The firm brings exciting offers for overseas Filipinos to help them transfer more funds to the Philippines to support their families. ACE’s promotions benefit expatriates manifold, where the highest exchange rates and phenomenal prizes remain on top. The firm has waived transfer fees for Filipino customers residing in different countries this time. Keep reading to learn how you can benefit from this offer.
Hefty transfer costs and hidden charges are a constant challenge for overseas workers. To cope with these challenges, expats must work overtime and put extra effort into managing living in foreign lands while ensuring better financial support to their families back home. Millions of overseas workers trust ACE Money Transfer because it relieves them from the issue of high transaction fees. The firm typically offers the lowest transfer fees, but for its Filipino customers, it has wholly waived the fees to help them achieve financial stability.
Before you learn about the fascinating fee-free money transfer offer, let’s examine some interesting facts about remittances to the Philippines.
The official count of OFWs is 2.1 million, while the total number of Filipinos living overseas is estimated at 12 million. Most of them keep close ties with their relatives back home and support their loved ones regularly when they make a money transfer to Philippines from abroad. According to the country’s central bank, remittances hit an all-time high at $34 billion in 2021.
With a population of only 110 million, this country has consistently landed on the 4th spot among remittance recipient countries in the last few years. It is just behind India, China, and Mexico. Remittances are significant to the Filipino economy as they equal one-third of the country’s total export receipts.
The money sent by OFWs ends up in households in the country, which leads to a “multiplier effect”. Here are a few ways how remittances help the local Filipino economy.
The data on the Peso exchange rate against major currencies is updated monthly. As of November 2022, the Philippine peso equals 0.014 GBP. This means 1 GBP will get you 68.3 Philippine pesos.
The remittance fee covers the cost of the transaction. It includes the fee charged by the sending agent and the currency conversion fee.
Usually, the average fee cost is equivalent to 4% of the amount being sent. This can be a lot if you are sending a large amount. There are two major reasons associated with higher remittance fees.
If people start using internet payments for remittances, the fees are bound to be reduced further. For instance, every OFW can significantly save money by making a free online money transfer to Philippines via ACE Money Transfer.
How to send money to the Philippines for absolutely free?
Chances are you suffer from a financial strain. Suppose you are an OFW and rely on bank transfers to send remittances back home. Now you can do that for absolutely free with ACE Money Transfer.
ACE Money Transfer is the leading remittance-sending service operating globally since 2002. It has millions of returning users worldwide. ACE offers several promotional offers throughout the year to give back to its users.
The good news for Filipino expats is that ACE is offering absolutely free remittance transfers to the Philippines from several countries. This means that your entire amount will be sent to the recipient without any deductions. The fee is completely waived for any amount sent to the Philippines from the UK, Europe, Canada, Australia, and Switzerland.
A good chunk of the amount is usually reduced during currency exchange due to low exchange rates. ACE offers market-competitive exchange rates with no expectations of generating revenue out of currency exchange. This means you can buy currency at a rate that is suitable for you.
You can compare the exchange rates offered by banks, financial institutions, and other money transfer services. You will find that ACE has the best exchange rates because it aims to improve remittance inflows in the Philippines.
OFWs cannot be physically present with their families in times of need. They can provide financial assistance to be of help. In such a time of urgency, global money transfers can often cause delays. If you are ever in a hurry for the funds to reach your loved ones, rely on ACE. All the transactions made through ACE are completed within hours, if not minutes. You can expect the funds to reach your loved ones on the same day.
Most banks and other financial institutions might ask you for a receiving fee or other hidden charges. ACE is very different in this case. ACE believes in complete transparency. You only have to pay the transfer fee and nothing else. In the case of sending remittances to the Philippines, the transfer is also waived. Hence, you have to pay nothing at all.
If you are worried about the safety of your funds and feel reluctant to trust an online service due to rising digital scams, then rest assured because ACE has a top-notch anti-fraud security system for its customers. The firm has been regulated under FCA’s compliance and anti money laundering policies. It offers a wholly end-to-end encrypted data security that provides the ultimate peace of mind to customers.
ACE Money Transfer has offered a complete dismissal of the transfer fee for any transactions made to the Philippines from the UK, Europe, Canada, Australia, and Switzerland. This is your time to make endless money transfers to help your friends and family in need. So, don’t waste time and send money to Philippines online via ACE’s remittance solutions to benefit from the fascinating promotions and chances to win exciting rewards.