The UK is home to a distinct number of foreign expats from all around the globe. One can find a diverse range of cultures flourishing in the UK with abundant foreign expatriates. There are an estimated 200,000 Filipinos in the UK, as per the reports shared by the Philippines Embassy in London. These expats work in different sectors to earn their gross revenue income. So, they can send money to Philippines and keep supporting their loved ones back in their homeland. While transferring funds to the motherland, many expats come across a series of blockers. Let’s look at all the essential aspects one should be well aware of while making international remittances from overseas.
International Remittance Service Provider
You must be familiar with the role of an international remittance service provider. Even if you are not, let’s have a quick run through the general definition and purpose of a remittance service provider. A remittance service provider is a financial institution responsible for managing the transfer of funds across borders, such as bank deposits, cash pickup, mobile wallet transfers, bill payments, and much more.
Remittance Services Providers VS Banking Corporations
Remittance service providers are an alternate yet beneficial way to transfer funds from overseas. The digital era is revolutionising business operations efficiently, helping millions accomplish various tasks in the shortest possible time. Similarly, the infusion of digital trends has boosted the money transfer process. Time is a critical constraint for almost everyone out there. A remittance service provider specialises in cutting out additional time frames and offering instant funds transfers overseas.
Banks have been a good source of money transfers in the past. But now, there are many better alternatives available in the remittance industry. If you are a Filipino expat residing in the UK, you can always pick from an extensive range of well-suited options for international funds transfer. Significant downsides of using the banking sector for remittance services are:
● List of restrictions & compliance policies
● Poor exchange rates
● High transactional & processing charges
● Limited transfer of funds
● Limited range of VAS
● Extensive transactions processing time
● Lack of operational zones
Benefits of Money Transfer with ACE- International Remittance Service Provider
ACE Money Transfer is a leading international remittance service provider, enabling worldwide digital remittances. So, expats can send money to Philippines online and enjoy swift cross-border payments.
Let’s quickly overview the benefits you can enjoy with ACE Money Transfer.
Direct Bank Account Transfers
In fast-paced development, instant payments are drastically revolutionising the business and technology sectors. ACE Money Transfer offers Filipino expats to send money directly into the bank account of beneficiaries in the Philippines. This ultimately saves all the extra effort and hustle from both the sender and the beneficiary.
Cash Pickup & Wallet Transfers
When you choose ACE Money Transfer for the international transfer of funds, there are other options to transfer money overseas than a bank transfer, such as the ‘Cash Pickup’ & ‘Wallet Transfers’.
● Cash Pickup
Cash pickup is the exclusive facility that allows beneficiaries to collect funds directly. The extensive associations of ACE assist beneficiaries in collecting funds from the affiliated local remittance service providers worldwide, such as banks or other financial remittance service providers in the Philippines & other countries. Isn’t it amazing that you can send money to your loved ones directly without the requirement of having a bank account? After quick identity verification, they must reach the nearest facilitator’s outlet and collect the funds.
● Wallet Transfers
A digital wallet is an electronic storage for funds. Filipino expats can make an online money transfer to Philippines for their loved ones directly into the digital ACE wallet. Later on, beneficiaries in the country can also transfer funds, withdraw cash, pay bills, and much more with the ACE digital wallet.
Competitive Exchange Rates & Transactional Costs
Every penny counts, especially when you have earned it with hard work and dedication. ACE believes in providing beyond the quality of service. With ACE, Filipino expats can enjoy competitive exchange rates with the help of a ‘Live Exchange Calculator’ available on their website. Visit acemoneytransfer.com today and check out the latest live exchange rates for your money transfers.
In addition, you can send money to Philippines from the UK, but there is an extensive list of overseas countries covered under the ACE network. Also, when you are making a money transfer from overseas, transactional costs matter a lot! But don’t worry at all if you are about to make an online money transfer with ACE, as it’s the only leading remittance service provider with minimal transactional costs.
Conclusion
The era of international remittance is evolving, and an immense increase in the last decade is evident. Undoubtedly, 2020 and 2021 have been the decisive years for controlling worldwide remittances from overseas. The projection chart of overseas remittances to the Philippines demonstrates a progressive indication for 2022. It is possible, but with the proper selection of an ideal remittance partner such as ACE Money Transfer. Indeed, a perfect spot for managing the online transfer of funds. Signup for ACE Money Transfer today or visit acemoneytransfer.com and explore your journey of cashless cross-border transactions to transfer money to Philippines safely and securely.
