Remittances to the Philippines have steadily risen for decades. Filipino workers all over the world, and consequently their steady and regular inflows of remittances to the Philippines, account for our homeland’s growing economy. Billions of dollars are remitted every year and contribute to the resilience of the Filipino economy even in the midst of global financial crises.
So it’s not uncommon to hear Filipinos discuss the ways and means of remitting money. We have our different preferred methods: going to the bank to transfer, sending via established centres, and even trying the usual “paki-abot” when someone goes back home… Different methods have different results though. So we decide on the basis of costs (basic fees) and time (how long the transfer will take effect).
I do, as most Filipinos, send money back to the Philippines on a regular basis for a variety of reasons: to support family, pay for investments, send gifts. And like most of you I’ve tried a lot of remittance services, and in doing so, have experienced a lot of headaches and disappointments: either the money does not get there in time, or the amount received is not as expected. Oh, and not to mention the hassle involved in either going physically to the remittance office or maybe calling some call-centre person to assist you in the transaction.
But have you considered an entirely modern way of remitting money?
Here’s an all-too-familiar scenario:
A loved one from the Philippines rings you and asks for emergency money – you need then to send money right away but unfortunately the remittance office is not open on the weekends. And besides, remitting through them takes days before the amount reaches your recipient. You’re torn between choosing to send it at a later time or paying a premium for a “rush” remittance by the bank or an established money transfer centre. With the rising costs of remittance fees, by the time you send through the money, a big chunk of the amount is already reduced!
Have mobile, will transfer…
Then I found this new service – a mobile-centric system that takes away all the middle-person transactions. I control the whole transaction using my own mobile! And guess what – my recipient receives the amount instantly. Yup, that’s right – instantly!
mHits (pronounced em-hits) a pioneering developer and operator of mobile payment services, lets you send money from your Australian mobile phone to Globe and Smart mobile phones anywhere in the Philippines at a very low cost – instantly! Simply send an SMS message and mHITs Remit will take care of the rest!
This means that users of the mHITs Remit mobile remittance service are able to send money to over 70 million mobile phone users in the Philippines. The recipient does not need to have a bank account – all you need to know is their mobile number.
So, I gave mHits a try a few days back, and honestly was pleased how easy it was. I was pleasantly surprised of the convenience of doing it on my own time, the ease of controlling how much I transfer, and the comforting knowledge that I could readily contact my recipient via SMS and confirm if they received it. I didn’t need to contact a middleman and give bank details – I deposit using my own online bank account (or even choose BPAY).
Here’s how:
I created an account with them and deposited an amount to send (using BPAY or my online bank account). I then followed a 3-step process.
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Compose an SMS and send it to a specific mHits number.
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The system sends back a confirmation text which I need to simply agree to.
- The amount is sent and within seconds, my recipient has it!
How will the recipient encash my remittance? They simply go to a mall, go to a Globe or Smart centre (depending on their mobile carrier) and get their money – in full! How’s that for simplicity and ease? For more information, visit their site here.
So, how do you send money back to the Philippines? Have you also tried alternative ways for remittances? We’d like to hear what your experiences are – good or otherwise. Don’t hesitate to fill up the comment form below.