Cash-to-account remittances a savings option for OFWs

The latest Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP) reports that OFW households primarily allocated remittances they received for food and household needs, followed by education, medical expenses, debt payments, and then savings.

While savings remained the fifth priority among OFW households in the first quarter of 2014, this reflected an increase in the savings rate from the previous quarter from 41.6 percent to 45.4 percent. However, many OFW households still continue to experience financial challenges despite the steady flow of remittances.

Global money transfer brand Xpress Money continuously offers programs and services to help improve the financial wellness of the OFW community as it aims to strengthen its cash-to-account service by establishing more bank partnerships this year.

“Sending remittances directly to a bank account is not only convenient and secure, but it also fosters a habit of saving,” said Xpress Money Regional Vice President for Asia Pacific Joel Candy in a recent visit to the Philippines.

Through the cash-to-account service, remittances are transferred directly to the beneficiary's bank account, which makes the money accessible through banks and ATMs. At the same time, money remains in the bank account, prompting recipients to withdraw the money only when necessary. This also enables them to withdraw their remittances in small amounts, which is less risky and reduces the fear of getting robbed.

“The cash-to-account service helps OFWs and their beneficiaries monitor and regulate how they spend their remittances. If the money goes directly to a bank account, they will only withdraw it out of necessity. This also allows them to more easily direct remittances to a savings account, or to other investments.”

Xpress Money customers can send remittances from any of its partner agents across the globe to bank accounts of their beneficiaries in partner banks BDO, Metrobank and China Bank, as well as Enterprise Bank, Card Bank and One Network Bank.

Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 170,000 agent locations. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money through innovative technology, superior customer service and its extensive worldwide network. For more information, visit www.xpressmoney.com.