MANILA, Philippines - For some 10 million Filipinos living and working abroad, it is always important to find a reliable and fast money transfer service where they can send money to their families back home.
These remittances have helped prop up the Philippine economy, even during times of global financial crises. In 2010, remittances hit a record $18.76 billion, making the Philippines the fourth top recipient of remittances worldwide.
In the first 7 months of 2011, money sent home by overseas Filipinos reached $11.35 billion. The Bangko Sentral ng Pilipinas (BSP) said growth in remittances was supported by the steady demand for Filipino manpower overseas and the increase in easy money transfer schemes.
Many of these easy money transfer services have encouraged Filipinos, from the US, Canada, Middle East, Europe and other parts of Asia, to send money more often.
As expected, the strong demand for remittance services from overseas Filipinos has helped fuel fierce competition among companies.
In the past, Filipinos had to send money through Philippine banks that established offices and remittance partnerships overseas. However, these banks usually imposed high charges on fund transfers.
But in recent years, many Filipino companies such as courier and cargo firms, licensed non-bank money transfer agencies and even stores, have started offering money transfer services with low transfer rates.
Xoom.com it online
One of these leading money transfer companies is Xoom.com. Xoom offers fast, reliable money transfers at a great price. One can send money to the Philippines for as low as $5.99.
Customers can transfer money online - whether on a computer, a tablet PC or a smartphone, 24 hours a day, 7 days a week.
Xoom has partnered with trusted financial institutions and companies in the Philippines to ensure the best possible money transfer experience.
These include Philippine National Bank (PNB), Bank of the Philippine Island (BPI), Banco de Oro (BDO), Metrobank, SM, Cebuana Lhuillier, Globe GCash and MLhuillier.
The service also offers cash pickup at 9,129 locations, home delivery and direct deposit to any bank account. Now, 24 hour cash pickup is also available at many locations in the Philippines.
Xoom also offers deposits in just minutes to PNB and BDO accounts. One can also choose between peso or US dollar payouts.