Filipinos 'benefitting from international money transfers'

People from the Philippines are benefitting from international money transfers, it has been suggested.

Registered microfinance-orientated company SeedFinance has claimed that Filipinos working abroad send around $17.3 billion (£11.23 billion) in remittances back to the islands last year.

This represents an estimated ten per cent of the country's GDP, making overseas money transfers one of the country's largest foreign exchange resources.

Workers have long since wired money back to their families from abroad through banks and high street money transfer companies.

However, the online and mobile presence of international money transfer specialists has improved the accessibility of the service.

People can still wire money back to their families even if they live in the countryside without the need to travel to urban areas.

In addition to this, an international money transfer made through an independent foreign exchange broker could offer better foreign exchange rates than a bank.

Click here to make an International Money transfer

Posted by Chris Smith