Among many Filipinos, remittance centers have long served as the customary method of exchanging and receiving payments. Because financial services are less accessible to the typical Filipino, both domestic and foreign remittance services are commonly utilized for transferring and receiving funds. Here’s a thorough guide to remittance centers and monetary transfer options. Keep reading to discover the top ten remittance centers in the Philippines.
What is a Remittance Center?
Remittance services are financial service providers that enable consumers to transfer or receive money remotely, whether abroad or inside their own city or country. All that is required is a valid ID, the sender’s full name, the receiver’s name, cellphone numbers, and the money form. They often ask for a little charge in addition to whatever amount you intend to transfer.
Availability of Remittance Centers in the Philippines
Nearly 20,000 financial remittance facilities exist across the Philippines, notably in small towns with few banks or ATMs. Apart from their convenience, these money-related service firms draw a large number of unbanked Filipinos because of additional financial products like mobile reload, utility payments, and currency exchange.
How do they work?
People can transfer funds to others through remittance centers in the Philippines, while companies can take transactions from clients who do not have a bank card or deposit account.
Services of Remittance Centers
- Fund Transfer
- Bills Payments
- Mobile Reloading
- Pawning
- Money Collection
- Currency Exchange
Consumers can transfer cash to workmates, initiate payments, or collect payments from overseas by visiting a nearby remittance center. Money can frequently be sent and prepared for collection between a few moments or the next day.
How are Remittance Centers Different from Money Transfers?
Because they serve the same objective, remittance and transfer of funds are fairly comparable. However, remittance implies money transferred from a different country or region, whereas money transfers are a digital payment method. Additionally, money transfers can be done anytime using mobile devices.
Examples of Money Transfers
- Wire Transfers
- SWIFT Code Payments
- Bank Transfers
Money Transfers
Ideally, individuals may transmit money by bank transfer or make payments through an authorization (SWIFT Code). A further choice is to move cash from one financial institution to another via a digital transmission.
Finally, a transfer of money via wire is used to instantaneously move funds from a particular bank to another system. Any company that transmits money through monetary order, electronic cash movement, or bank wire is considered a financial transfer service. Some money transfers are also used to pay utility bills, eCommerce purchases, and other payments.
The Top 10
Cebuana Lhuillier Pawnshop
The company is one of the Philippines’ largest and most widely used remittance service providers. Cebuana Lhuillier’s transmission rate is immediate, and all of its locations are open daily. Additionally, it is not only capable of providing both domestic and foreign money transfers.
They possess additional outlets that are open 24 hours a day, seven days a week. Cebuana Lhuillier is famous for its cost-effective 24k Rewards Program, speedier operations via a digital booking structure, and convenience via their 24/7 locations.
Palawan Pawnshop
This center has been in business since 1985 when it first operated as a pawnshop. It has since expanded to turn into one of the most well-known swift money transfer and remittance facilities in the Philippines. Palawan Express is also open daily for their services. In comparison to other money transfer services, Palawan prices range from PHP 2.00 to PHP 345 across their branches.
Western Union
Remittance in the Philippines and international money transfer have both been offering superior solutions to customers for over 145 years. It offers several initiatives to reward its customers, rendering it among the finest remittance options for Overseas Filipino Workers (OFWs).
One of Western Union’s most significant characteristics is the ability for senders and recipients to trace their payments. You may accomplish this by visiting the company’s website and navigating to its financial tracker tool. You may also take advantage of their WU Membership Program, which pays you ten rewards for each remittance submitted or collected. Gathered credits can be redeemed for a 10%, 25%, or 50% reduction on subsequent payment costs.
LBC Express
Many have heard of this company, which is well-known in the country as one of the best courier companies. LBC’s Peso Pak Door-to-Door Delivery service delivers cash directly to the recipient’s home or workplace location. This is an excellent choice for busy professionals and those who are too busy to perform these errands. Such door-to-door service distinguishes them from competitors and provides ease to devoted clients.
M. Lhuillier
The company’s biggest advantage is its accessibility to customers. Several of its offices are open 24 hours a day, seven days a week in major cities. This implies that you could make and receive remittances at any period of the day, regardless of time zone differences.
This is particularly pertinent if the funds are needed for unexpected expenses. Utilizing a functioning cellphone number, you are able to transmit money to any location across the country at any given moment. M. Lhuillier is a consumer favorite for in-demand services that are readily available. Alongside this, they also offer more affordable service fees compared to their competitors.
Money Gram
The firm is at the forefront of the advancement of digital peer-to-peer payments and remittances in the Philippines. They have become a pioneer in global payment technology and blockchain-enabled payment since its inception.
Its remittance service additionally enables individuals to transfer money straight to a recipient’s bank account through all major Philippine banks. With over five years of expertise, the company has serviced over 150 million individuals with the primary purpose of organizing financial mobility.
The firm serves customers by means of its exclusively online method, worldwide commerce system, and integrated financial business for corporations. Through its contemporary, flexible, and API-driven technology, Money Gram is able to partner with world-renowned brands for money transfers.
Optimum Exchange Remit Inc.
Through its many ranges of products, Optimum Exchange Remit functions as the fulfillment arm in the Philippines and globally. They currently provide easy and successful transfer of funds because of their superior technologies. They also provide currency exchange at affordable prices and financial remittance, amongst other services.
The company is also a trusted payment facility of AllBank, AllDay Supermarket, AllDay Convenience Store, and AllDay Mart. While relatively new against its competitors, it is already recognized as a reputable financial remittance and transfer service provider of the Banko Sentral ng Pilipinas.
RD Pawnshop
The company’s pawning services are well-known in its field. They have, however, expanded into services for money transfers, which have been widely regarded by many Filipinos overseas. They also provide money-lending possibilities at varied rates of interest.
A number of their clients also use their competitively priced worldwide and domestic money exchange services. They have more than one thousand branches around the country, rendering them reachable to a wide range of people.
Digital Remittance and Money Transfer Platforms
The electronic transmission of monetary assets from a single individual or entity to another, often beyond borders worldwide, is referred to as digital remittances. Transactions are made using web platforms, smartphone applications, and other digital methods that enable people to transmit and receive money rapidly and reliably.
Payoneer
Payoneer provides a web-based global payment platform with over four million consumers worldwide. It seeks to provide company owners and employees all around the world with versatile, safe, and inexpensive choices. Its numerous advantages include a secure payment channel for corporations and online businesses. Furthermore, the site is used as a payment channel for retail purchases all around the world.
Xoom
The company makes up one of PayPal’s companies, offering reliability to an estimated 250 million users worldwide who conduct electronic transactions daily. For financial operations, it’s possible to choose the option of cash collection, bank deposits, digital wallet, or door-to-door delivery.
The Xoom app makes it simple to transfer money to the Philippines as it has already been tested and is now trusted by countless Filipinos. You can also trace payments because the Xoom mobile app includes biometric authentication and a simple Slide-to-Send innovation unique among the money transfer and remittance centers in the Philippines.
Although most of remittance centers in the Philippines need personal transactions, several are expanding their offerings to include door-to-door and online cash distribution. Evaluate the provider’s prices, availability or mobility, swiftness of transactions, ease, safety, and degree of support services when selecting a money transfer company or remittance center in the Philippines. With all these in mind, you’ll minimize expenditures, whether you’re sending payments or collecting money from consumers for your eCommerce shop.
