No Back-end Charges for Remittances from Middle East to Philippines
Dubai, UAE, June 2013: In a move to lower the cost of remittances to Philippines from the Middle East thus facilitating a full receipt of funds to beneficiaries, Xpress Money, the most dependable global money transfer brand today announced 'No back-end charges' on any transaction to the South East Asian country.
According to World Bank, the global average cost for sending remittances in the first quarter of 2013 was at 9.05 percent. Thus for every PHP 20,000 a migrant worker remits, the cost for transferring this would amount to a steep PHP 1,810. The cost of these transactions includes currency conversion margins as well as processing fees or 'back-end charges' that are shouldered by the receiver, thereby reducing the total amount that they would collect. This most notably affects families of migrant workers who rely on remittances for financial support.
Xpress Money explained that its decision to not levy back end charges was driven by its continuing endeavor to support and help Overseas Filipino Workers (OFW's) remit their hard earned income to their loved ones back home. This would negate the high costs OFW's pay each time to remit money, thus helping them utilize the full value of the remittance, towards the upkeep for their families.
"We recognize every OFW's sacrifice to work abroad in pursuit of helping uplift the lives of their families. We know that every hard-earned peso counts", said Mr. Sudhesh Giriyan, Vice President and Business Head of Xpress Money. "As part of our commitment to support Filipino migrant workers world wide, we process remittances without back-end fees so their families receive the full amount of what they intend to send".
Every year, over 1.5 million Overseas Filipino Workers (OFW's) send money back to their families and beneficiaries in the Philippines. In a recent report, Bangko Sentral ng Pilipinas (BSP) said that for the first quarter of 2013, remittances grew by 5.57 percent to USD 5.1 billion from last year's USD 4.8 billion. By the end of the year, BSP expects remittances to grow by 8 percent to top last year's USD 23 billion year-end total.
International money transfer brand Xpress Money processes remittances from the Middle East without back-end charges, which allows OFW's and their families to save a significant amount of at least P125 per transaction. This does not only allow them to increase their purchasing power, but also provides them the opportunity to direct more of their remittances toward savings and investments.
Mr. Giriyan further added that through Xpress Money's no back-end charge services, OFW's will also be encouraged to send their remittances through recognized Xpress Money partner agents instead of choosing unregulated and unaccredited channels. About 30 to 40 percent of the total remittances across the region are coursed through backdoor channels, as reported by the Asian Bankers Association, which exposes customers to the risk of fraudulent transactions.
"Having no back-end fees greatly benefits our dedicated OFW customers, and especially their families by making transactions safer, accessible and most of all, affordable", said Mr. Giriyan.
Xpress Money will soon be launching a 360 degree Campaign in the Philippines to create awareness and promote their unique 'No back-end charge services'.
About Xpress Money:
Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 1,70,000 agent locations across the world. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money anywhere in the world through innovative technology, superior customer service and its extensive world wide network. For more information, follow us on
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