According to the 2018 Study on International Money Transfers by Statistics Canada, Filipino remitted over $1.1 billion from Canada alone in 2017, averaging to $2,855 yearly per person.
This is expected to grow as Filipinos remain the top source of immigrants to Canada.
As the leading remitters, Filipinos know the ins and outs of sending money, including the challenges and inconveniences that sometimes come with it, such as high fees, tedious processing procedures and long lines for customer service. This is why the leading mobile payment company WorldRemit seeks to provide an alternative for Filipinos to send money back to the Philippines not only with competitive rates but also with utmost convenience.
“We provide a low-cost, safe and very convenient way to send money from Canada to the Philippines.
We‘ve got more cash pick up locations than any other providers, we also transfer money to bank accounts, mobile wallets and airtime top-up,” said Corey Myckan, Country Director for Canada at WorldRemit. “The reality is that it has taken a long time to build a great network and we have what I think is an awesome network that allows people to send money easily.”
WorldRemit founder Ismail Ahmed sent money back to his family in Africa and wanted to provide a totally transparent product offering. The process of sending money with WorldRemit is 100% digital at pay in, and the fees and exchange rates are disclosed up front. Users can remit money from their computers, cell phones and tablets either on the WorldRemit website or download the WorldRemit app on iPhone and Android.
WorldRemit recently moved their operations from Montreal to Toronto and are focusing on growing and marketing their services throughout Canada. Investment in their marketing initiatives will focus on Filipino markets in Toronto and will be looking at ways to engage the community across the country.
In an interview for the Filipino Journal with WorldRemit’s Corey Myckan, he mentioned that they do not have specific plans yet for Winnipeg, but they recognise that there’s a huge population of Filipinos in Peg city. “There’s a significant chunk of our business already in Winnipeg and we are happy to listen and partner where we can.”
Filipino families are very entrepreneurial and with very large family networks, it’s not uncommon that family and relatives will refer and recommend products and services.
“We have initiatives on referral incentive marketing. We also have an interesting “Refer a friend” program. When you refer a friend to WorldRemit, we give you up to $30 off your next remittance,” shared Myckan. The full details of the program are on the WorldRemit website.
Setting up an account is straightforward and easy. All you need is a credit or debit card to send money. If you use a credit card, please check your credit card policy as WorldRemit transactions may be classified as cash advances.
In addition to providing a low-cost, easily accessible service, WorldRemit follows a very strict compliance and regulation process with Canadian financial institutions. WorldRemit is licensed by FINTRAC (Government of Canada).