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WorldRemit waives fees on money transfer to the Philippines

WorldRemit waives fees on money transfer to the Philippines

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WorldRemit has waived fees on money transfer to the Philippines between 4th and 10th November 2020. The waiver is its contribution to the Filipinos after a tropical storm hit the country.   

WorldRemit waives fee on money transfers to the Philippines

WorldRemit, a global digital payments company, has indicated that it will not charge any fees for money transfers to the Philippines. The announcement comes after the country experienced a severe tropical storm. In its press release, WorldRemit states that the waiver will be active between 4th and 10th November 2020. To enjoy the discount, clients should use the promo code ‘PHRolly’.

WorldRemit is one of the leading digital payment companies across the globe. Individuals are able to send money fast and affordably to different countries. Currently, it has over 150 receive countries. Besides, one can send money via this platform from over 50 countries.

The Philippines is one of the countries that customers can send money to/from via the WorldRemit app or website. Sadly, the nation experienced a severe tropical storm dubbed Rolly. This natural disaster has resulted in deaths, destruction of properties, and the displacement of over 370,000 individuals. Besides, the residents of Quezon, Bicol, and Virac no longer have access to clean water, electricity, and communication lines.

WorldRemit has seen the need to support the people that make up a significant portion of its customers. While speaking about WorldRemit’s decision, the firm’s Country Director in the Philippines, Earl Melivo said, “Like the entire global community, the Philippines have been adversely affected by the COVID-19 pandemic but must now also deal with the devastation caused by this natural disaster. Waiving our fees on transactions to the Philippines is our way of showing solidarity and support to the global Philippine community.”   

The Philippines: The new target market for digital payment firms

The Philippines is one of WorldRemit’s top receive countries. The significance of the Philippine market to WorldRemit explains its decision to waiver money transfer fees to the country during the ongoing challenges.  

Notably, Philippines’ remittance-related numbers have positioned it as the new frontier in the digital payments market. For instance, as of 2013, there were over 10 million Filipinos residing overseas. The World Bank indicted that in 2018, the Filipinos living abroad sent over $34 billion back home. The figure represented 10% of Philippines’ GDP and put it at the 3rd position after China and Mexico’s $67 billion and $36 billion respectively.  

WorldRemit is not the only leading digital payments company that has increased its presence in the Philippines. Western Union has expanded its reach in the nation via partnerships such as the one with TrueMoney. Similarly, in October 2020, MoneyGram partnered with PayMaya to enable real-time payments to the country.    

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Crispus Nyaga
Crispus Nyaga
Crispus is a financial analyst with over 9 years in the industry. He covers the stock market, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.