13 Aug 2024
Do you know that money transfer to Philippines from UK are growing with the advancement of blockchain technology? Blockchain is a system of ledgers that ensures the permanent record-keeping of remittance data. It stores data in the form of a block, and each block is linked with a chain that cannot be deleted afterward. This helps expats ensure the security of their remittances. Having efficient and reliable ways of money transfers helps secure more remittances as more expats send money to the Philippines.
A country with fewer remittance-receiving opportunities may discourage frequent money transfers from its expats. With the advancement of technology, remittance services are improving and growing. An increase in remittance means the uplifting of an economy. In 2023, the Philippines received 33.5 billion dollars of remittances. The taxes and services charged by this remittance are added to government funds and are used for various purposes. Moreover, remittance-receiving families invest their money in different places, greatly impacting the Philippines economy. Read the blog below to know more about the role of blockchain in facilitating remittance and supporting Philipine’s success:
Remittances play a significant role in Filipino economy. When Filipino expats send money to Philippines from UK, they use it to buy groceries and pay bills, taxes, and academic fees for their children. Remittance can help Filipinos grow their economy because it promotes cash flow. Let's discuss how blockchain technology encourages remittance in the Philippines, but firstly, you need to understand how it works:
The Blockchain system works by verifying data stored in blocks. When a person makes a transaction, the data is verified from the database to ensure user authenticity. A block is created to store transaction information, including time and money. The block is then added to a chain and permanently stored on the device; no one can erase it. It helps users keep a track record of their transactions and detect any unauthorized activity.
There are three general types of blockchain: Public, Private, and Consortium. A public blockchain is available and accessible to everyone, while a private blockchain is limited to a single organization. However, Consortium Blockchain is a hybrid of both.
Cryptocurrency is one of the well-known applications of blockchain. Bitcoin, Binance, and online remittance transfer services are also based on blockchain.
Blockchain technology removes all the barriers to remittances. It allows expats to make instant money transfers to the Philippines worldwide. Using digital and blockchain technology, sending money abroad takes a few minutes and some taps only. Blockchain technology helps users store their information for a long time. It reduces the time consumed on entering the recipient or sender details repeatedly.
Blockchain technology protects the sender's information and guards their remittances by offering efficient ways. Its permanent nature prevents unauthorized access. ACE Money Transfer also uses blockchain technology to protect its user's personal information. It facilitates remittance by adding double security layers such as two-factor authentication, SSL, encryption, and fraud filter detection.
Another benefit of blockchain technology is that it makes remittance affordable. In comparison to physical remittance services, digital remittance services are affordable. They eliminate remittance costs by directing the sender to the receiver account. Traditional methods involve third parties and paper procedures for completing remittances, which makes them expensive.
Expats can enjoy low transaction fees when sending money to the Philippines. Due to its blockchain-based technology, ACE Money Transfer facilitates expats with first fee-free transactions and a clear and affordable fee structure.
Blockchain has made remittance easier because it provides real-time currency conversion to expats. Expats don't need to visit currency exchange institutes but can have real-time and affordable currency exchange rates. ACE Money Transfer allows expats to have an instant exchange rate while they send money to Philippines online.
Blockchain technology has made remittance available to everyone in the Philippines. Usually, banks require a lot of paperwork for sending and receiving money to the Philippines. Blockchain technology has made it easier and highly accessible to everyone. Digital remittance services are available 24/7, and people can easily access them anytime.
It supports digital wallets, which easily, quickly, and reliably maintain the flow of remittance. Many digital remittance services have collaborated with blockchain technology to strengthen their remittance system. ACE Money Transfer is also connected with financial institutes of the Philippines, making the process of remittances easier.
Blockchain provides reliable ways of remittances. More remittance means higher chances of economic elevation. High transaction rates, currency exchange rates, and security issues are the prominent barriers to remittance. Expats worry about sending money abroad because of complex and expensive transactions. Security and currency conversion also impact money transactions, which can now be dealt with the help of blockchain technology.
Digital remittance transfer services that work on blockchain technology have made the money transfer process easier and convenient. Now, expats can also make instant transactions to help their families in need. They can send help to the Philippines whenever they want. Remittance plays a vital role in the development of any country. An efficient way of remittance ensures the progress in the following ways:
Blockchain and remittance services play a significant role in uplifting the economy of the Philippines. Faster methods of remittances provide the Philippines with greater success. Security concerns were initially the main concern for expats who wanted to send money to their families. Blockchain technology has removed all the concerns and has given remittances a secure path.
Now, expats can send money more efficiently, which means the success and uplifting of Filipino industries and businesses. Blockchain technology has facilitated affordable, quick, secure, and highly accessible remittance services. It saves the transaction record permanently, reducing the fear of theft.
The Philippines is a growing economy, and 9% of its GDP depends upon remittance. For growing countries, remittance is necessary because it increases the foreign reserves, which helps uplift a country's currency. Reliable remittance services ensure the progress of the Philippines by providing greater ways of investment in different aspects of life. Blockchain technology has highly supported remittance transactions. The digital remittance market is rapidly growing due to blockchain technology. It is an easy, secure, low-cost, and highly accessible way of sending money abroad. Exchanging currencies is no longer hectic for expats because they can now get it.
The partnership of online remittance services with blockchain technology has improved remittance methods for expats. They can email and send money at any time to support their families. Filipinos can use remittances to bring positive changes in their lives, such as investing in small set-ups or opening small businesses, leading to the success of the Philippines. Blockchain technology is continuously growing; almost 10% of the world's businesses have adopted it for better financial transfers. As a Filipino expat working abroad, you must prioritize your services for making online money transfer to Philippines from UK and work on blockchain technology to guarantee that each penny of your hard-earned money reaches its destination.
Blockchain technology is a system of storing data in blocks that, once added to the chain, cannot be deleted by anyone. It ensures the safety of information and helps maintain the financial record.
Blockchain technology facilitates remittances by providing high security in the form of permanent data records. It eliminates the cost of sending remittances as no third party is involved. Moreover, it makes remittance highly accessible and fast.
Blockchain technology provides a smooth and direct way of sending money abroad. Individuals can save data on apps for a long time. Blockchain technology enables high security and lowers the risk of fraud.
Families who receive remittances use it differently, such as education, paying bills and taxes, and running a home, thus alleviating poverty. It also adds to the foreign reserves and increases Filipino currency, ultimately making its economy powerful.
Remittance services working with blockchain technology are secure. ACE Money Transfer is one of the safest and most reliable methods of sending money. It uses high-security protocols to ensure successful transactions.
Reference Links:
https://www.statista.com/statistics/1242750/remittance-overseas-filipino-workers-to-philippines/
https://www.statista.com/topics/5122/blockchain/#topicOverview
