10 Sep 2024
Did you know the Philippines posted a record-high personal money transfer from Italy to Philippines with a figure of US$37.2 billion, a 3.0% rise from US$36.1 billion in 2022 alone? These financial remittals are lifelines for families back home in the Philippines to finance education, basic needs, and lots more. However, how these transfers are done may significantly influence your transaction's cost, time, and security.
In today's world, which is characterized by advanced technology, many wonder if they should continue applying the traditional approach or fertilize the new technological approaches needed for innovations. In this article, you will compare the two options to decide what option is better for money transfer. Don’t allow the outdated methods to hold you back and unlock the more significant potential of your remittances!
According to 2023 reports, more than 155,533 thousand Filipinos work and invest in the country’s economy. Hospitals, households, and restaurants are among the most common sectors in which Filipinos are engaged in Italy, and they remit a large proportion of their wages to their families back home. Economic Contributions Migrants from the Philippines working in Italy help the Italian economy, but their contribution is not limited to Italy. They send money to Philippines from Italy to families and provide help in areas such as education and sometimes act as a source of business capital back in the Philippines.
Aid is not just in cash, no – it is in keeping a line of existence going. For many families, these funds constitute their necessary minimum to survive, to feed and shelter themselves, and to have access to education. Hence, the need to seek the right mode of making the transaction is very crucial.
Most of them do this hard work to earn a living. However, Filipinos struggle with the financial management aspect. This can mean that banks are not easily available and dealing with such matters as exchange rates can cause more complications.
Many Filipinos prefer to avoid the convenience of actually having a bank or other financial services account in Italy. Therefore, transferring money takes a lot of work. They cannot visit banks within conventional bankers' working days.
Sometimes, the exchange rates differ. According to exchange rate reports, it was 3.03% in 2023, and the expected average in 2024 is 3.04% from Euro to Peso. So, Filipinos who lack knowledge risk losing a lot of money in the conversion from Euros to Pesos.
Knowing the different varieties of technology, different ways of transferring funds across various countries have emerged. The choice between digital and conventional send money online to Philippines from Italy will influence your money and the speed and security of your operations.
Digital money transfers also involve the use of online platforms with a view of transacting money with other people from different parts of the world. They are selling fast because of the convenience and efficiency that goes with using them.
Following are the key features and advantages of digital money transfer:
The digital transfer typically lasts a few minutes and enables the recipient to use the money as soon as possible. This is especially true in cases of disaster or if one has an unexpected cash-related contingency to attend to.
Most of such available online services, for instance, ACE Money Transfer, are cheaper than traditional practices because they have adopted better charges and foreign exchange rates.
Conventional money transfer methods include bank transfers and Money transfer operators (MTO), which are representatives of banks and include Western Union and MoneyGram, among others.
Here is the list of traditional methods:
Bank transfers, on the other hand, are secure, but they are usually more costly, so they take time to complete when it comes to cross-border transactions.
Traditional service providers such as MTOs have long been in place, such as Western Union, but they are likely to charge high fees and have less competitive exchange rates than digital platforms.
Using traditional ways to send money to Philippines from Italy may be quite effective. But, they have their downsides which make one end up losing a lot of cash.
The conventional approaches can however attract higher charges which are usually deducted from the money that you are taking home.
Traditional methods of transfer may take several days to complete, which may not be convenient in case the recipient and his/her family are very much in need of the money.
Thus, when comparing money transfers between a digital currency and the traditional methods, cost, convenience, and security should be considered. Digital transfers are usually cheaper because the charges are lower, so your family gets more money. On the other hand, conventional modes of transferring money are costly, with charges being determined based on a percentage of the amount to be transferred. Moreover, other charges not factored in, especially the exchange rate, come in to cut down the amount received even more.
Here are the reasons why ACE Money Transfer is the preferred method by Filipinos in Italy. It is a Bridge between Italy and the Philippines. Ace Money Transfer is an organization and service and a strong link between Filipinos in Italy and their loved ones back in the Philippines. ACE Money Transfer knows the needs of the Filipinos in Italy, and to send money online to Philippines from Italy back home, they have attempted to make the process as smooth as possible.
There are several reasons why ACE Money Transfer is outstanding among online companies for international money transfer.
ACE Money Transfer has low charges and competitive exchange rates to ensure more remittance is delivered to your family.
As for the exchange rate, it is one of the highest among similarly functioning platforms and ensures the maximum receipt per euro transferred.
With the help of ACE Money Transfer, we aim to provide as fast a solution as possible for transferring your money and doing this in the safest possible manner so that your money gets to where it needs to be.
That will allow you to monitor your transfer in real-time, something that should reassure you and give you full control over your money transactions.
To minimize fraud, ACE Money Transfer employs secure payment gateways to safeguard your financial details.
Choosing ACE Money Transfer as your preferred mobile banking system allows one to transfer money directly from their smartphone at any time possible since the procedure has been simplified to suit the user.
The method you use for online money transfer from Italy to Philippines has a direct influence on your financial condition and the assistance that your dear ones receive. As much as the conventional transfer has its advantages in some ways, the transfer through the ACE Money Transfer is more efficient in cost, time, and security. In ACE, you get the flexibility of ‘anytime, anywhere’ transfer, improved security from fraud, and best-in-class encryption. Do not compromise; switch to ACE Money Transfer and give your income a wise destination – through reliable and fast money transfers to your loved ones.
Digital transfers have their advantages: they can be made faster, the cost is lower, and can be done via the Internet. Traditional techniques such as the use of a bank transfer as a payment method is slow, expensive and inconvenient as it sometimes involves physical contact.
ACE provides low fees, great exchange rates, safe & efficient, and culturally & demographically suitable transfers for Filipinos in Italy.
Yes, ACE Money Transfer provides security with secure payment facilities, track facility as well as there is very high encryption.
ACE offers more efficiency and less cost than traditional methods of payment with ease to perform operation with your mobile devices and better exchange rates than many methods of payment.
