5 web-based money transfer services for Filipinos around the world

There are around 10 million Filipinos working outside the country. A lot of those need to send money to families back home in the Philippines, making remittance services an important tool.

Since a lot of services are now moving online, a number of web-based money transfer services have popped up. Overseas workers are a key market for these businesses. So let’s take a look at five of the best online remittance services that could be used by Filipinos abroad – they’re a mix of local startups and big-name services:

1. iRemit

Philippines-based remittance firm iRemit has gone a long way since it IPO’d in 2008. Today, the service is available in countries across Asia-Pacific, Europe, the Middle East, and North America.

Similar to Xoom (see below), it has direct-to-bank, door-to-door, or cash pick-up options for recipients of the money. In addition, it has a service that lets recipients can get money transferred directly to a special debit card. Through the card, recipients can immediately withdraw or make purchases only seconds after the money is transferred, removing the hassle of bank verification. The fees are shouldered by the sender – ranging between SG$3 (US$2.39) to SG$16.95 (US$13.50), depending on the type of service and the location of the recipient.

As wiith Ayannah (below), there’s an emphasis on reaching the ‘unbanked’ people of the Philippines – those who do not have bank accounts.

2. Ayannah

Philippine startup Ayannah has a number of services that cater both to overseas Filipinos and those who are staying in the Philippines. Its newest service, Sendah Prime, lets people from the US and Canada send money to the Philippines through its partner, Trans-Fast. The service permits payments to be taken out from a user’s bank account, debit, or credit card. The recipient in the Philippines can receive the cash through a pick-up, bank deposit, or home delivery. The fees are settled by the sender, and the pay-out usually reaches the recipient in one to four business days, depending on the speed of the bank account verification process and the location of the recipient.

Apart from cash remittances, Ayannah also has the Sendah service wherein US-based people can send gift certificates, mobile credits, and digital goods to their family and friends in the Philippines. Every user is assigned a Sendah wallet which they can top-up via their credit cards or PayPal account.

(See: 10 startups that can beat PayPal in Southeast Asia)

3. Xoom

A global player, Xoom allows people to send money to and from. Apart from direct-to-bank transfers, it offers cash pick-up or door-to-door delivery.

In the Philippines, its partner banks are Banco de Oro (BDO), MetroBank, and PNB, allowing instant deposits the moment the sender has processed the payment through their Xoom accounts. Or payments can be transferred to the Bank of the Philippine Islands where they’lll be received after only a few hours.

4. PayPal

5. Western Union