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The Role Of Digital Technology In Making Remittances To The Philippines Easier And More Affordable

17 Jul 2023

The impact of technology on finance in all its forms is more profound than it is on other aspects of life. Not only has it altered how you manage money and funds, but technology has also changed the ways in which you think about finance.

You can witness the biggest impact of technology on the global remittance market. Migrants from developing countries such as the Philippines travel abroad to earn a living and send money to Philippines using methods rooted in the latest technologies to support their families and those dependent on them financially.

And had it not been for the tech-driven channels to move funds across borders, the Philippines would have lagged far behind other countries enjoying somewhat similar economic health in terms of receiving remittances from Filipino workers abroad.

To fully appreciate and understand how digital technology has impacted the ways of transferring funds, you need to understand its background.

A Brief Background About Global Money Transfers And The Factors Necessitating The Role Of Digital Technology

Migration has existed since antiquity. The details of the purpose could depend on which era and area’s migration you wish to talk about.

But the core of it comprised of the need for better opportunities for work, food and security. Initially, families as a whole moved from one place to another, but with time some members would go far away to earn a living and find a better and friendly living environment.

But in those days, the risks and threats to life while carrying life essentials were great.

Based on the principle that necessity is the mother of invention, newer ways were conceived to move valuables, whose top slot has always been occupied by money since its inception without involving physical efforts.

Remember that banks were already operating by this time, but their services were mostly confined to record-keeping and the safekeeping of funds.

The following few factors lay at the heart of digitising financial matters.

Huge Time The Process Took Was The Biggest Challenge

For money to reach from one place to another not too far away, it would take several days. It slowed down the pace of life as a whole.

Security Risks Ran High

These risks, including fraud and theft, etc., in their different and varying manifestations, still run high but have become more virtual than physical owing to digital technology.

Extra Costs Were Another Challenge

Paying extra is still a challenge, like in the days of yore, for the migrants. They have to pay fees and settle with whatever exchange rates they are offered against may be what they wish to get.

These were the challenges then and more or less remain the same even now but wear different titles and colours.

Fast forward to today, and let’s see how digital technology is helping Filipino workers send money to Philippines online.

But first, let’s take a look at some quick facts about the economy of the Philippines.

Quick Facts About The Economy Of The Philippines And The Filipino Migrants

  • In 2021, the nominal Gross Domestic Product (GDP) of the Philippines was $394.09, according to a World Bank report.
  • The Philippines had a GDP per capita income of $3,460.5 in 2021, according to another report by the World Bank.
  • Another report stated that the Philippines’ labour diaspora comprising 9 million workers or loosely 10 per cent of the total global overseas population, is one of the largest worldwide.
  • In 2019, this Filipino diaspora contributed a hefty $33.5 billion to the Philippines’ economy.

Now let’s see in what ways digital technology is helping migrants move funds easily across borders. 

How Is Digital Technology Making Money Transfers To The Philippines Convenient And Cost-Effective?

Well, the following few ways that have come with digital technology have revamped the ways of sending money from one place to another.

Low Transaction Costs

With technology regulating money transfers, the costs of sending money from one place to another have been reduced substantially. It has now become simple to initiate a transaction on your smartphone without having to pay any expenses.

The Need For Commuting Is Eliminated

You no longer need to visit the concerned institution’s office to do the needful. It is unlike before when banks largely catered to financial needs, and you had to commute to the institution to initiate a transaction. Even to check up on the status of the transaction, a physical visit was a must. It incurred costs.

But now this cost is eliminated with the need to commute non-existent.

Swift Transfer Of Funds

Many service providers deliver funds within 24 hours. But a handful of companies, including, but not confined to, ACE Money Transfer, take between a few minutes to a few seconds for a money transfer to Philippines from abroad to reach its destination.

The fee Is Either Low Or Non-Existent.

Some of the service providers keep their fees low and proportionate to the amount being sent. But a few companies, such as ACE Money Transfer, apply fees only if the amount exceeds a certain limit.

For example, your money transfer to the Philippines from the UK will be fee-free should you send GBP100 or GBP200, for that matter.

Click the link below to learn more about a low-fee or fee-free money transfer to the Philippines:

Your Guide To A Low-fee Or Fee-Free Transaction To The Philippines.

Safety Of Transactions

Nowadays, transactions are tightly secured and safe through multi-layered safety protocols.

Live Currency Exchange Rates

Live currency exchange rates are competitive and allow you to initiate a transaction when these rates are most in your favour.


ACE Money Transfer – The Money Transfer Solution

Your online money transfer to Philippines from anywhere with ACE Money Transfer will get you safety, speed, live exchange rates, wider service access in over 100 countries, and the convenience to initiate, track and complete a transaction right from the middle of your comfort zone or on the go in exchange for a zero- to low fees. 



How has digital technology improved the process of sending remittances to the Philippines?

Digital technology has revolutionised remittances by introducing online money transfer services that are faster, cheaper, and more convenient than traditional methods. Users can send money from anywhere at any time using a mobile device or computer, reducing the need for physical visits to money transfer agents.

Does digital technology offer a cheaper way to send money to the Philippines?

Yes, digital platforms typically offer lower fees and better exchange rates compared to traditional money transfer services. They also provide transparency on fees and rates before transactions are completed, allowing users to make cost-effective decisions.

Is it safe to use digital technology to send remittances to the Philippines?

Yes, reputable digital remittance platforms like ACE Money Transfer employ robust security measures, including encryption, two-factor authentication, and fraud detection systems. However, users must still exercise caution by using strong, unique passwords and keeping their devices secure.


What impact has digital technology had on the remittance industry in the Philippines?

Digital technology has significantly increased financial inclusion in the Philippines, allowing even those in remote areas to receive remittances directly into their bank accounts or digital wallets. It's also made the process quicker, typically delivering remittances within minutes or hours as opposed to days.


How can the recipient in the Philippines access the money sent through digital technology?

Depending on the service, recipients can access the money through their bank accounts, digital wallets, or local payout locations. Some platforms even offer home delivery services. Digital technology also enables direct bill payments and mobile top-ups.



  • Philippines GDP

(GDP (current US$) - Philippines | Data (

  • Philippines GDP per capita

(GDP per capita (current US$) - Philippines | Data (

  • Filipino migrants

(Filipino migrants are agents of change | Lowy Institute)

  • Remittances to the Philippines

(Filipino migrants are agents of change | Lowy Institute)

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