Study

Consumers Seek Choice for How and When They Transfer Money Internationally - Seite 2

Consumers say their remittances set to increase

Rising interest rates and increased cost-of-living expenses have driven headlines around the world. Against a backdrop described by the United Nations as the ‘largest cost-of-living crisis of the 21^st century,’ consumers in the Philippines have been proactively trying to cope.

Keeping pace with daily financial needs, 44% of senders in the Philippines state that family support is the primary driving force behind how much and how frequently they need to transfer money. In line with this, 83% of the country’s receivers agree they need to receive more money to support loved ones and family.

Meanwhile senders also struggle with a cost-of-living dichotomy. Seventy-seven percent state that because cost-of-living has increased in the country they send to, they have to transfer more money. Yet 72% state that because cost of living expenses have increased in the country they live in, they are unable to transfer as much as they previously did. With that said, both send and receive consumers agree that they expect transfers to increase in the next 12 months - with 74% of senders and 80% of receivers stating that their flow of money is set to go up.

“While many factors contribute to remittance flows, to remit is a personal decision – most commonly to support loved ones and family,” said Farah. “So, it follows that in the current economic climate, receivers have strong influence over the frequency and amounts their senders transfer. As the push-pull dynamic changes over time, it is critical that consumers remain armed and supported with the right money transfer tools in their time of need. That is why we are focused on building a modern, adaptable platform that provides a strong user experience for our customers. As we evolve our business strategy in the Philippines, we look forward to creating opportunities for our customers to better manage their financial lives.”

Western Union in the Philippines

Western Union has been providing money-transfer services in the Philippines for over 30 years and is deeply committed to the country. It offers digital money transfer services in partnership with Agents to over 95% of bank accounts, as well as some of the leading e-Wallets, in the country. As at Q3 2022, the Company also offers its services through over 24,000 retail Agent locations.