Azimo, the digital money transfer service, announced that customers can now send money to the Philippines for instant cash pick-up at over 5,000 locations as new research showed that more and more customers are opting to receive cash over bank transfers.
According to The World Bank, The Philippines is the fourth largest recipient of official remittances after China, India and Mexico, with Filipinos abroad sending home over $25bn in 2013. Today, there are an estimated 14m Filipinos living abroad with Overseas Filipino Worker (OFW) remittances representing nearly 13.5% of the country’s GDP.
Azimo’s research of transfer trends over the past 3 years shows that transfers for cash collection have risen from 65% to 76% as migrants continue to favour receiving cash over payments to bank accounts.
The new Azimo service provides an instant, safe, easy and low-cost way to transfer money across borders, offering rates up to 85% cheaper than high street banks and traditional money transfer providers.
The service is available across the UK and Eurozone, including Italy, Ireland and Germany. Funds are delivered instantly for cash pick-up at over 5000 Banco de Oro, Cebuana Lhuillier, MLhuillier and Palawan pawnshop branches, with many open 24 hours a day.
Registering to use Azimo is free and takes just a few seconds from a smartphone or PC using your email address or Facebook profile.
Michael Kent, CEO said: “It is important to offer the hard working Filipino community what they want: a convenient and good value cash based service. While we also offer bank account funding and home delivery in the Philippines, with our new instant cash service our customers know that their padala will be waiting for their loved ones as soon as they click the Send button”.