With the fast pace of technology today, transferring of money to far-flung areas in the Philippines is now like saying hi to your neighbor. Technology made it easier for us to send money across the region or abroad with lower money transfer fees especially for business transactions. Here are the valuable things about money transfer as Bangko Sentral ng Pilipinas (BSP) explains.

money transfer photo
Photo by Richard Allaway

1. Due to the stiff competition among banks and companies that offer money transfer and remittance services, for a businessman from Mindanao who would pay orders via money transfer could enjoy lower transfer fees as low as P30 for every P500 money transfer to Baguio or in any destination in the country. Companies are forced to lower their fees since money transfer businesses and mobile banking emerge like mushrooms.

2. Some banks lowered their interest rates on micro-finance loans for clients who use text-a-payment platform by 50 points on monthly rates.

3. Money transfer has higher efficiency and is trustworthy. Your P500 is sure to reach on the palm of your receiver. Compare to traditional padala system, one fears the money might get lost along the way.

4. Because of technology, E-money is a big thing to overseas Filipino workers (OFW) especially on business transactions, payments for goods and services and for money they sent home.

5. E-money extends services to even the farthest and remotest area in the Philippines at any time of the day as many banks served more places in the country today. Even if you are on relaxing mode in Batanes or having a safari dinner in South Cotabato, you are assured that transfer of money is just like a snap of a hand.