Remittance and banking for overseas Filipinos

I-Remit Pyypl

Posted at Feb 17 2023 04:01 PM

Photo source: Pexels [LINK OUT “Pexels”:
Photo source: Pexels

With over two million Filipino expats having made their home in Middle East and North Africa (MENA), it is no surprise that remittances from the region to the Philippines exceeded $3-B last year. Being among the largest expat communities in the region, Filipinos contribute 9.6% to the country's total GDP through their remittances. 

According to a recent study by EON Group, about 64% of the OFWs work in five key industries, with the majority being in construction and engineering (17%), followed by hospitality and tourism (16%), customer services (13%), medical (10%), and advertising and marketing (8%).

Filipino expats have not only been serving as part of MENA's economic backbone for decades, but they also support the country's development, accounting for over 7% of MENA's total annual outward personal remittances. Most Filipino workers send a significant part of their monthly income back home, contributing to the well-being of family members and loved ones.

However, not all Filipinos are able to send money to the Philippines easily. Many of them struggle with remittances as they are unable to open bank accounts due to the minimum salary requirements or other eligibility criteria in the foreign land. Most banks require several documents to open an account, which makes the process tedious, and leaves many people with limited access to financial services. 

Pyypl – pronounced as "people", is a digital app that gives everyone access to a financial system through a smartphone. 

By partnering with I-Remit, Pyypl provides OFWs who find it difficult to open a bank account in another country to conduct online transactions and send money to the Philippines, all through a mobile application.

Pyypl also enables its users to get their own internationally accepted virtual prepaid payment card in minutes with their application, which they can use to shop and pay across millions of global merchants. 

Pyypl's goal is to help the unbanked and underserved take control of their financial life. The application empowers the underrepresented communities and helps them gain access to essential services they otherwise would not be able to enjoy.

Filipinos gather at the Pyypl booth in UAE. Photo source: Pyypl
Filipinos gather at the Pyypl booth in UAE. Photo source: Pyypl

Overseas Filipinos who are interested to sign up may take advantage of the quick, simple, and free processing. 

All they have to do is:
● Download the Pyypl app on the App Store or Google Play store
● Register using a valid ID or passport
● Create a passcode to keep your app secure
● Take a quick selfie for face ID verification

No bank account needed, no minimum salary, no minimum balance, no post-dated cheques, no paperwork, and no branch visits.

Once you have registered your account, the next step is to top up your account. Pyypl offers several top-up options including loading through debit cards, bank account transfers, or depositing cash using one of the 2,000+ kiosks.
Whether you want to pay for your subscriptions, shop online, or send GCash to the Philippines. Use your virtual Pyypl payment card from the comfort of your home. 

You may even request a physical card through the app, which will be delivered to your home. You may use the card across millions of stores worldwide to shop, dine, and enjoy the privileges of owning your very own prepaid payment card.

To send money to the Philippines using the Pyypl app, follow the steps below:
1. Open the Pyypl app and tap send on the home screen.
2. Select International Transfer and choose Philippines from the list of countries.
3. Select your transfer method. You can choose between a bank account, cash payout, or mobile wallet.
4. Enter the amount in PHP or your local currency.
5. Tap next and enter the recipient's details.
6. Tap send.

Now, you can sit back and relax while Pyypl takes care of your transfer.

The platform is regulated by the ADGM Financial Services Regulatory Authority, so ensure that your hard-earned money is in safe hands. Plus, to add another layer of security, Pyypl notifies users of their app usage through push, email, and text notifications so you are always informed of your transactions. 

Ready to get started? Download Pyypl and start banking today. For more information, visit this website.

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