BUSINESS | MONEY

Make your remittance dollars work harder: SendMoneyAsia

An Australian government backed comparison website gives Filipinos living in Australia a way to compare the cost of sending money back to the Philippines.

Remittance payments or padala in Filipino is a time-honoured tradition among Filipino migrants in Australia. And with more than 180,000 Philippine-born people currently living in the country, that is a lot of padala dollars during special holidays such as Easter or Christmas, and on family occasions.

According to the World Bank, remittances from Australia to the Philippines topped US$860 million in one year alone (2012).

This amount of money represents some of the largest remittance flows from the country. However, the costs involved with sending money from here to 'home' in general are still very high.

With this in mind, a price comparison website, SendMoneyAsia - www.sendmoneyasia.org - was launched last year.

Money
Money saved means more money sent

What is SendMoneyAsia.org?

Funded by the Australian Government (DFAT), SendMoneyAsia (SMA) was launched in early 2013 and has been developed to help people sending money from Australia to the Philippines (and China, India, Indonesia, Vietnam).

Simple to use, this website gives users the opportunity to compare costs before they send by looking at the fees and foreign exchange charged by banks and money transfer operators (MTOs) in Australia.

These costs can vary widely between providers. Taking the information collected in March as an example, the difference in payout in the Philippines between the least expensive company and the most expensive company listed is a huge 1,585 pesos - when sending an amount of just AUD$200. 

This increases to a difference of 2,261 pesos if you send AUD$500.  Everyone would no doubt prefer to see that money ending up in the hands of family and friends in the Philippines rather than with the service providers.

The information on SendMoneyAsia is published for free so people sending their loved ones money can make sure they obtain the best deal possible for their needs. SendMoneyAsia is also certified by the World Bank.

Find out more on http://vimeo.com/user24140873/sendmoneyasia

Source: Press Release

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