send money to philippines

Growth of the Remittance Market

Trends In Money Transferring

send money to philippinesRemittances represent a crucial service for those who need to send money online to family members in other countries. By transmitting funds in this matter, you can help loved ones receive money quickly and safely while avoiding excessive fees and travel.

Individuals who frequently use money transfer services to send money overseas should know about critical, recent, changes that have led to growth in the remittance industry. Senders and recipients alike can benefit from these developments, such as:

  • Higher overall use. According to the World Bank Group, the amount of remittances will increase from $404 million in 2013 to $436 million in 2014, a 7.8 percent increase.
  • Reduced fees. Thanks to competition and innovation from several major financial companies, fees should (fingers crossed) continue to slide downwards. Remittance providers have been forced by competition to lower the cost to send money to India and other countries. This is good news for a few reasons. First, the transactions are more cost-effective for people who don’t have tons of money to spend. Second, major banks are either innovating/improving their services or exiting the remittance business.
  • Better technology. Easy and inexpensive mobile transfers are fast becoming a reality — customers can enjoy global access via smartphones and mobile data plans.
  • Better regulation. More stringent regulations should build trust in the industry and prevent fraud and other money crimes from endangering transactions.

Transfer Money Online Today!

At Lucky Money, we understand the subtleties of the remittances industry, and we can provide amazing rates and high quality service for you and your family. Call us now for assistance with your international money transfer needs: 1-888-826-4427.