(This article contains an exclusive invite link here. If you sign up using this link, you will receive one fee-free transfer of up to £500.)
Across borders and oceans, Filipinos are known for their strong ties to family and their roots. No matter where they are in the world, they always find a way to support their loved ones back home. This sense of familial duty manifests significantly through remittances sent home, which contribute substantially to the local economy and are a vital source of income for many families. Among the destinations of these remittances is the bustling state of Cebu in the Philippines, where the impact of these funds can be felt in every stratum of society. This article will delve into the critical role remittances play in Cebu’s economy and why Wise (formerly known as TransferWise) is the best way to send money to loved ones in Cebu.
Remittances: A Pillar of Cebu’s Economy
In the Philippines, remittances play a pivotal role in the economy, and Cebu is no exception. According to the World Bank, remittances constituted nearly 10% of the Philippines’ Gross Domestic Product (GDP) in 2019. In Cebu, these funds help fuel economic growth, providing a steady stream of income that supports household consumption, education, health, and small business operations.
Moreover, remittances have a multiplier effect. Once received, these funds are often spent on goods and services in the local economy, supporting local businesses and creating jobs. They also serve as a critical safety net for low-income and vulnerable families, providing a lifeline during times of crisis or financial difficulty.
Wise.com: A Game-Changer in International Money Transfers
While there are numerous ways to send money to Cebu, Wise has emerged as a preferred option for many. Founded in 2011 and known as Wise since early 2021, this UK-based financial technology company specialises in international money transfers. It prides itself on its transparency, affordability, speed, and convenience, setting it apart from traditional money transfer services.
Transparency and Affordability
Wise has revolutionised the money transfer industry by offering low, transparent fees. Unlike traditional banks and remittance services, which often add a hidden markup to the exchange rate, Wise uses the real mid-market exchange rate. This means that more of your money reaches your loved ones in Cebu. Moreover, the service charges a small, upfront fee, ensuring there are no unpleasant surprises for either the sender or recipient.
Speed and Convenience
In an age where time is of the essence, Wise understands the importance of swift transactions. Money transfers with Wise are often completed within a day, making it an excellent option for urgent financial support. In terms of convenience, Wise allows users to send money online, eliminating the need to visit physical branches or fill out tedious paperwork.
When sending money abroad, the security of your transaction is paramount. Wise is fully regulated by the Financial Conduct Authority (FCA) in the UK and is held to the highest standards of security. Users can send money with peace of mind, knowing their transactions are safe and their financial information is protected.
Remittances are more than just financial transfers; they represent care, support, and a commitment to improving the lives of loved ones back home in Cebu. Services like Wise understand this sentiment and aim to make the process as seamless, affordable, and secure as possible. In doing so, they not only facilitate these vital monetary flows but also ensure the enduring bond between Filipinos at home and abroad.
If you need to send money to Cebu or anywhere else in the Philippines, Wise will give you the best currency exchange rate and zero fees four your first transfer when you sign up using our invite link.