Overseas Filipino workers (OFW) remittances remain one of the lifelines of Filipino families, not to mention the Philippine economy, contributing up to nine percent of our gross domestic product. Just last year, despite the pandemic, OFW remittances mostly coming from the US, Middle East, and the UK amounted to $31.4 billion, according to the Bangko Sentral ng Pilipinas.
But with rising inflation and subsequent cost of living, all the more we need to “maghigpit ng sinturon” or be money-smart with managing our loved ones abroad’s hard-earned padala.
Waste of money and time
Oftentimes, remittances are slashed even before we can get our hands on it, and we’re not just talking about exorbitant fees upon receiving money. We’re losing money—not to mention time—by sticking to traditional and outdated modes of getting padala from remittance centers.
Most of these money transfer hubs are often riddled with long lines and require us to commute to and from their location. Plus, some of these centers are closed on weekends and holidays, making it hard to receive money when we need it instantly.
Imagine the amount of money and time we’d save if we don’t have to go through all this trouble.
What if there was a better way?
The good news is with Visa’s real-time remittance, we don’t have to anymore. With support for 160 transaction (source) currencies and 60 settlement (recipient) currencies, OFWs working and living in Visa’s 170+ serviceable countries can seamlessly send money anywhere in the world.
Most of us already have a Visa card either from affiliated bank accounts or through our payroll accounts because Visa is one of the most recognizable and trusted payment network brands globally. And if you don’t yet have a Visa card, it’s easy to sign up for one. Thereafter, your OFW kin can easily send home money by using your card number and letting Visa do the rest.
Why switch to Visa
Here are just some of the few benefits of getting padala money through Visa:
For starters, from the time your loved ones tell you they’ve deposited money you can see the money reflected on your account within 30 minutes! How efficient is that? You can count that the money they’ve worked hard to send back home is transparently and securely transferred without delay.
And unlike remittance centers and retail locations that are sometimes closed on weekends and holidays, Visa’s real-time remittance is accessible 24/7. This comes in handy especially when families back home need the money immediately for emergencies and unexpected expenses.
OFWs and their families can count on Visa to securely send money without the hassles of physically going out, queuing, and spending more money just to receive padala. That’s valuable money and time savings that we must take advantage of.
To learn more about Visa, visit https://www.visa.com.sg/content_library/modal/visa-direct-partners.html.