The Philippines is one of the world’s top recipients of remittances, with millions of overseas Filipino workers (OFWs) sending money back home to support their families. The remittance industry plays a crucial role in the country’s economy, and various companies have emerged to offer efficient, secure, and affordable money transfer services. Below is a detailed list of 31 prominent remittance companies operating in the Philippines, outlining their features and services.
Remittance Companies in the Philippines
| No. | Company Name | Description |
|---|---|---|
| 1 | Abra | A cryptocurrency-based remittance platform that enables users to send and receive money globally using Bitcoin and other digital currencies. |
| 2 | Airwallex | A global payments platform that provides fast and secure remittance services for businesses and individuals. |
| 3 | Beam&Go | An innovative remittance service that allows overseas workers to send remittances directly as goods or services to their families, instead of cash. |
| 4 | Cebuana Lhuillier | A leading pawnshop and remittance service in the Philippines, offering both domestic and international money transfers. |
| 5 | coins.ph | A popular mobile wallet that offers both cryptocurrency and fiat remittance services, enabling users to send money internationally or domestically. |
| 6 | Denarii Cash | A remittance app focused on providing affordable money transfers for OFWs, offering competitive rates and fast delivery times. |
| 7 | GCash | One of the most widely used mobile wallets in the Philippines, offering domestic remittance services and international transfers through partner networks. |
| 8 | iRemit | The largest non-bank remittance service provider in the Philippines, with a strong presence in international markets, especially in countries with a large OFW population. |
| 9 | JustPay.to | A digital platform that facilitates remittances by enabling users to send money to the Philippines from various countries with low fees. |
| 10 | LBC Express | A trusted logistics company that also provides money remittance services, focusing on both domestic and international transfers. |
| 11 | M Lhuillier | Known for its pawnshop services, M Lhuillier also offers reliable remittance services, particularly for OFWs and their families. |
| 12 | Maya | A digital banking platform that offers remittance services both through its app and at partner locations, allowing users to send and receive money easily. |
| 13 | MoneyGram | One of the largest international money transfer services, allowing users to send money quickly to and from the Philippines through its vast global network. |
| 14 | mynt | The parent company of GCash, which facilitates international and domestic remittance services via its digital wallet and network of partners. |
| 15 | PalawanPay | A remittance service offered by Palawan Pawnshop, one of the leading pawnshop and money transfer companies in the Philippines, known for its wide reach in rural areas. |
| 16 | PayPal | A global payment platform that offers international remittance services, allowing users to send money to the Philippines easily using their PayPal accounts. |
| 17 | PayRemit | An OFW-focused remittance service that allows users to send money to their families in the Philippines with minimal fees and fast processing times. |
| 18 | PaySend | An international money transfer platform that enables users to send money to the Philippines from over 100 countries, with low fees and competitive exchange rates. |
| 19 | PeraHub | A remittance service provider in the Philippines offering both domestic and international money transfer services, in collaboration with Western Union and other partners. |
| 20 | Remitly | A digital remittance service that specializes in fast, secure, and affordable money transfers, particularly catering to OFWs sending money back to the Philippines. |
| 21 | Sendah | A digital platform offering remittance services, as well as the ability to send goods or gift vouchers to the Philippines. |
| 22 | Skrill | An online money transfer service that enables users to send money to the Philippines using a variety of payment methods, including bank transfers and credit cards. |
| 23 | Transfast | A global remittance company that provides money transfer services to the Philippines with low fees and competitive exchange rates. |
| 24 | TransferMate | An international money transfer company that allows users to send money to the Philippines with real-time tracking and transparent fees. |
| 25 | TrueMoney | A Southeast Asian fintech company that provides remittance services through its agent network in the Philippines, focusing on rural and underserved areas. |
| 26 | Wise (formerly TransferWise) | A popular global money transfer service that offers low-cost international remittances to the Philippines, with transparent fees and mid-market exchange rates. |
| 27 | Western Union | One of the most well-known international money transfer services, allowing users to send money to the Philippines from almost anywhere in the world. |
| 28 | WorldRemit | A digital remittance service that enables users to send money to the Philippines from a variety of countries, offering multiple payout options including bank deposits and mobile wallets. |
| 29 | Xoom (A PayPal Service) | A fast and reliable remittance service that allows users to send money to the Philippines from the U.S., Canada, and Europe, with options for bank deposits, cash pickups, and mobile wallet transfers. |
| 30 | Pomelo | A fintech company offering a digital platform for sending remittances to the Philippines, focusing on seamless transactions and competitive fees. |
| 31 | WIBS (Philippine International Remittance Service) | A remittance service provider focusing on OFWs, offering fast and affordable money transfers to the Philippines with multiple payout options. |
Detailed Descriptions of Key Remittance Companies
- Abra:
- Abra leverages cryptocurrency for remittances, enabling users to send money globally using Bitcoin and other cryptocurrencies. Abra’s platform offers a low-cost, efficient alternative to traditional remittance services.
- Airwallex:
- Airwallex provides a comprehensive remittance solution for businesses and individuals, focusing on cross-border payments with fast processing times and low fees. It’s a popular choice for companies needing to transfer funds internationally.
- Beam&Go:
- Beam&Go allows OFWs to send remittances in the form of goods and services instead of cash, giving them greater control over how their hard-earned money is used. Recipients can redeem vouchers for groceries, healthcare, and more.
- Cebuana Lhuillier:
- One of the largest remittance providers in the Philippines, Cebuana Lhuillier offers both domestic and international money transfer services. The company is known for its extensive network of branches across the country.
- coins.ph:
- Known for its versatility, coins.ph allows users to send money both domestically and internationally using either fiat currency or cryptocurrencies. It also offers bill payment services, mobile recharges, and e-wallet functionalities.
- Denarii Cash:
- Denarii Cash caters primarily to OFWs, offering affordable and efficient remittance services. The platform emphasizes low fees and rapid delivery times, making it a popular choice for those sending money to the Philippines.
- GCash:
- GCash is a widely used mobile wallet in the Philippines, providing both domestic remittance services and international money transfers in partnership with global remittance networks. GCash is known for its accessibility and ease of use.
- iRemit:
- iRemit is the largest non-bank remittance provider in the Philippines, offering international remittance services through a wide network of partners. The company is particularly popular among OFWs in countries like Hong Kong and Saudi Arabia.
- JustPay.to:
- JustPay.to is a digital platform focused on enabling fast, secure, and low-cost remittances to the Philippines. Users can send money from various countries with minimal transaction fees.
- LBC Express:
- LBC Express offers both logistics and remittance services, with a strong presence in both domestic and international money transfer markets. Its extensive network of branches makes it a reliable option for sending money to rural areas.
- M Lhuillier:
- Like Cebuana Lhuillier, M Lhuillier is a leading provider of remittance services in the Philippines, known for its convenience and wide network of branches, particularly in underserved areas.
- Maya:
- Maya, formerly known as PayMaya, offers remittance services through its digital banking app. It allows users to send and receive money easily and is integrated with numerous international remittance networks.
- MoneyGram:
- MoneyGram is a trusted name in international remittances, providing fast and secure money transfers to the Philippines from virtually any country. It offers multiple payout options, including cash pickups and bank deposits.
- mynt:
- Mynt, the parent company of GCash, facilitates domestic and international remittance services through its extensive network of partners. Mynt’s solutions are tailored to the needs of both OFWs and local users.
- PalawanPay:
- Palawan Pawnshop is known for its accessible remittance services, particularly in rural areas. PalawanPay is its digital remittance solution, allowing users to send and receive money with ease.
Conclusion
The remittance sector in the Philippines is vital to the country’s economy, driven largely by the contributions of OFWs. The 31 companies listed above represent the diversity and innovation within the remittance landscape, offering various solutions that cater to the needs of Filipino families.
These remittance services are not only crucial for financial support but also for promoting financial inclusion, particularly in rural and underserved areas. With technology driving down costs and improving accessibility, the future of remittances in the Philippines looks promising, providing more efficient, secure, and affordable options for millions of Filipinos.
