Saturday, 20 November 2010

PHILIPPINES: More OFWs using online remittance systems

By Anna Valmero,
For Yahoo! Southeast Asia

MAKATI CITY, METRO MANILA – From the door-to-door money transfers highly common during the 1980s and 1990s, more overseas Filipino workers nowadays are sending remittances using the Internet.

A Web-based remittance service is designed to cater to busy, Internet-savvy OFWs who prefer the convenience of sending money quickly and safely from the comfort of their homes abroad without going to money transfer centers.

Up to this day, the remittance delivery market is “highly fragmented” with a lot of players but charges per transaction remain high and there are limited options how beneficiaries will get the money, according to said Timothy Fanning, chief operating officer of Ria Financial Services.

Traditionally, families of OFWs get the money through door-to-door services or by going to a remittance center such as a local bank or pawnshop. Read more

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