Cash pick-up or bank deposit next time you send money to The Philippines?
By looking at money transfer trends we know that majority of people send one transfer each month and, typically, the first and last weeks of the month are the busiest periods.
Our research also shows that 80% of Small World customers choose to use bank deposit when they send money to The Philippines, leaving 20% still favouring the more traditional method of cash pick-up.
For some people, in particular those without bank accounts, it makes sense for cash pick-up to remain their preferred option. And, with just under 12,000 locations across The Philippines Small World has you covered.
Despite this, it has never been easier to open a bank account, bringing with it many advantages such as the ability to send and receive money as a bank deposit.
Why is cash pick-up still a popular option in The Philippines?
It is understandable that people want to continue collecting money in person if that is what they have always done. Habits can be hard to break and, if cash pick-up is part of your beneficiary’s routine, they should only change if the alternative works for them.
Plus, if your recipient in The Philippines doesn’t have a bank account then cash pick-up remains the best alternative. However, perhaps now is the time for them to consider opening their first account and making that change.
Banking in The Philippines
As of 2019, 51.2m adults in The Philippines were unbanked. Now though, with banks such as Small World partner BDO, committed to financial inclusion, it is possible for anyone to open an account and it is hoped that this figure will steadily decrease.
Owning a bank account brings with it many possibilities – helping simplify day-to-day life and providing many more options when it comes medium and long-term financial planning. Owning a debit card, the ability to pay for bill by direct debit and access to ATM machines are just a few of the many benefits.
Having a bank account also means that the holder can receive international money transfer via bank deposit.
What are the benefits of bank deposit to The Philippines?
Key reasons which make bank deposit the best way to send money to The Philippines, include:
1. Fast service: by using bank deposit as your method of transfer your beneficiary can receive Philippine Pesos or USD directly into their bank account in minutes.
2. Easy: Whether through the Small World website or app, the sender can deposit money into a bank account in The Philippines in just a few easy steps.
3. Efficient: as well as being a fast way to receive money, bank deposit will also save your friends and family from having to take time out of their day to collect their money in person.
4. Safe: by using a regulated money transfer company such as Small World for your bank deposit your recipient is ensuring the safety of their money through formal banking channels.
5. Social distancing: With the world’s population still dealing with the impact of the Covid-19 pandemic, it is also a method of money transfer which will not bring you or your recipient in The Philippines in physical contact with anyone and also does not require anyone who is self-isolating to leave their home.
Why should you send money internationally with Small World?
We’ve discussed the general advantages or sending money as a bank deposit rather than cash pick-up, there are also some specific advantages of using Small World.
- Your first online transfer with us is fee-free
- We are constantly checking our rates with other money transfer companies and the banks to ensure we are offering value for me.
- With over 15m customers you can reassured by our experience and reputation.
Taking all these factors into consideration, we would encourage you to make your next money transfer as a bank deposit, providing you and your recipient in The Philippines with the many benefits that can be enjoyed.
Ways to send money to The Philippines:
- Bank deposit
- Cash pick-up
- New cash card
- Cash card reload
- Home delivery
Our main partners in The Philippines are BDO, BPI, Filremit, Metrobank, PNB, LANDBANK, EastWest