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Global Wallets: Innovations in Mobile Money Transfers to the Philippines from Italy

Global Wallets: Innovations in Mobile Money Transfers to the Philippines from Italy

25 Oct 2023


As a Filipino migrant living in Italy, you can now send money to Philippines from Italy in an instant and safely. Thanks to the advent of global wallets resulting from the rapid technological advancements in almost every field of life.

You can enjoy fee-free money transfers from Italy to the Philippines should you choose to do so with one of the world’s leading online money transfer service providers, ACE Money Transfer, whose global wallet has revolutionised cross-border payments.

Yes, you, as part of the 16.5-thousand-strong Filipino diaspora, according to Statista, can now enjoy as many fee-free online money transfers to the Philippines from Italy as you wish until the end of the year – Dec 31 2023, with ACE Money Transfer

But have you ever thought about the innovation technology has brought into how money transfers take place now? This is an important question whose answer this blog seeks and understands to get optimal benefits from this practice.

Let’s, therefore, understand the background and the present of it.

Online Money Transfers – A Basic Understanding

As a Filipino migrant working in Italy, if you wish to send financial aid back home, how do you do that? Let’s assume you do not have the option readily available to you, and you have to find one. What happens?

Well, the only viable option you have is an online money transfer from Italy to Philippines. Don’t you think?

Therefore, an online money transfer or an online payment is the transfer of funds electronically or digitally through different means such as digital wallets, mobile payments, e-banking and wire transfers. The basic component of an online money transfer is a working and viable internet, without which you cannot further the proceedings.

Digital Payments – The Brief Beginning

Walking through the entire evolution process is tough and time-consuming. Therefore, the focus here is start-specific alone.

  • Western Union (WU) is credited with the first Electronic Fund Transfer (EFT) in the US in 1871.
  • Since then, it has been an ever-evolving process leading to the launch of the modern-day credit card by the Bank of America in 1958.
  • In the 1960s, the US Advanced Research Projects Agency Network (ARPANET) was launched, laying the foundations of the internet.

This is only a preliminary glimpse into how online money transfers began. With the launch of and blending into the online money transfers of the internet, the entire landscape witnessed a paradigm shift.

Surge in the Use of Online Money Transfers

So, as a Filipino migrant living and working in Italy, you tend to send money from Italy to Philippines to offer financial support back home. Right?

Why online? Have you ever thought about it? Can you not do so using other means?

Well, the simple answer is the ease and convenience these payment methods have created, which is drawing more and more people to these payment modes. It is one of the reasons that, on the one hand, there is a decline in cash payments worldwide and an increasing demand for more online and contactless payments on the other.

According to a report by Statista, there were over 6.4 billion mobile users worldwide, with many people adding up to the total rapidly.

Online money transfers have now been done on your mobile phones, so as the number of smartphone users grows, so will the demand for smartphone-driven online money transfers.

And remember that online money transfers are not only confined to expatriates alone. They are an all-encompassing practice as you can pay bills, shop online, transfer funds within the same city, and so on.

Let’s now understand a global or digital wallet.

Understanding Global or Digital Wallets

When you carry cash, where do you put it? In a physical wallet so that you know where it is, allowing you ready access without having to search for cash. Right?

A digital wallet or global wallet serves the same purpose but virtually.

A digital wallet is a software or an app that you install on your smartphone to manage your finances and access money as and when needed. But remember that in a digital wallet, you store your money in a virtual form instead of a physical form.

Some of the most popular digital (global) wallets include Apple Pay, Google Pay, and Samsung Pay.

Digital wallets serve many purposes, like hotel reservations, ticket purchasing, coupons, and so on.

As a Filipino migrant in Italy, you, at times, would have wondered about how to send money to Philippines from Italy. Right? This question is answered by the launch of the digital wallet of one of the world’s leading remittance transfer service providers, ACE Money Transfer.

Let’s take a look at some of the ACE Money Transfer’s digital wallet’s features.

ACE Money Transfer’s Digital Wallet – Key Features

Remember that you can find several digital wallets nowadays. But not every digital wallet serves every purpose. Certain wallets are meant to serve specific purposes and are thus designed accordingly. The same is the case with ACE Money Transfer’s digital wallet. Take a look below.

Speed and Efficiency

ACE’s digital wallet allows you to send funds across borders within a few hours and within the same day, which is a rarity in most other virtual wallets as they take more time to deliver funds.

Safety of Funds

With multi-layered security protocol around the transactions, coupled with the speed, the safety of your transfers remains intact and unbreakable, which is critically important while sending money through digital wallets.

Learn here all about staying safe online.

Different Payment Methods to Choose From

Some wallets offer just one or two payment methods, thus restricting your options.  But ACE’s digital wallet offers you a host of payment options to choose from, allowing you to choose an option that suits you the best.

Live and Market-Competitive Currency Exchange Rates

Not only do you get the market-competitive rates at the time of transfer, but you can also request the latest rates to see if they are in favour or otherwise. It allows you to either initiate or hold a transaction until rates spike in your favour.

Adding a Country

ACE Money Transfer’s digital wallet allows you to add a country if you do not find one in the given list of options. This digital wallet feature is hardly found elsewhere.

Low Service Charges and Fee-Free Transfers

Your aim as a Filipino migrant in Italy is to earn a living and save money so that you can send back more. Right? In this context, the digital wallet of ACE Money Transfer allows you to pay a small fee only if your amount reaches a certain level, below which a transfer will likely remain fee-free apart from the current offer in which you can send money back to the Philippines without fee until December 31st 2023.

Wrapping Up the Discussion

You can get all of the listed benefits should you choose ACE Money Transfer to send money online to Philippines from Italy and enjoy all the innovative processes online money transfer has ever been subjected to, and the ensuing features ACE’s digital wallet is rooted in.

FAQs

What is a global wallet?

A global wallet is a virtual wallet used to manage finances and keep money. It is almost the same as a typical wallet in which cash is put, allowing quick and easy access to the cash.

Why do I need a global wallet?

As a Filipino migrant, you essentially need to have a global wallet because this helps you transfer funds from across the borders. A global wallet can be easily installed on your smartphone.

What purpose does a global wallet serve?

A global wallet serves many a purpose, including transferring remittances, paying bills, making payments online for shopping, and managing finances efficiently and effectively. 

What is the difference between a digital wallet and a global wallet?

There is no difference between the two except for the titles only. Broadly, a global wallet is so-called because it has an option of multicurrency, but this is a feature not unique to a global wallet. It is one of the core features of every digital wallet there is. 

What are the features of ACE Money Transfer’s digital wallet?

ACE’s digital (global) wallet offers speed, safety, efficiency, options to choose a different payment method, a new country, the latest exchange rates, and so on.

 

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