| According to The Wall Street Journal, in June 2009, | | | | companies that are separate from the bank are also |
| about $1.5 billion USD was sent to the Philippines, | | | | an option, and typically charge $4 to $8 per transfer. |
| which is an increase of just over three percent | | | | Money is typically available anywhere from instantly |
| compared to 2008. This includes money sent from | | | | to five business days. |
| the U.S., U.K., Japan, Korea, Canada, Italy, Qatar, | | | | However, banks are not the only option to send |
| Germany, and more. Considering that about eight | | | | money to Philippines. With the popularity of |
| million Filipinos live overseas, it should come as no | | | | technology, other methods have been developed to |
| surprise that remittances to the country make up | | | | send money cheaply and quickly. The prepaid debit |
| about ten percent of its gross domestic total. | | | | card takes advantage of the fact that nearly every |
| One of the reasons for this increase is likely the high | | | | developed city has several ATM's, and most shops |
| demand of Filipinos in the workplace in several | | | | accept credit and debit cards. Sending a debit card to |
| countries, despite the higher unemployment rate due | | | | family in the Philippines and adding money to it at any |
| to the current state of the economy. In fact, many | | | | time has become one way to get funds to family |
| predicted that the amount remitted would fall by at | | | | fast. The transfer is instant, and no matter how |
| least double digits, but remittances are higher than | | | | much money is sent, it costs $5 to $8. Many families |
| ever. The easy access that Filipinos have to banks, | | | | can use such a card to survive, either using it to buy |
| both overseas and in their home country, has helped | | | | necessities or withdraw cash from ATM's. |
| drive the increase, as well. | | | | The slow economy makes it somewhat surprising |
| Banks have much to do with those that choose to | | | | that remittance to the Philippines has actually |
| send money to Philippines, since many expatriates | | | | increased. If the numbers haven't decreased yet, it is |
| use financial institutions to transfer their money | | | | likely they won't anytime soon, especially as |
| home. Money transfer fees vary greatly, as HSBC | | | | worldwide economies gradually recover. Therefore, |
| charges $30 to $45 to send money to Philippines, | | | | knowing remittance options will be increasingly |
| while Wells Fargo charges $5 to $7. The prices vary | | | | important when it comes time for overseas workers |
| depending on whether the sender is a bank member | | | | to send money home, whether from the United |
| and whether they choose to send cash or make a | | | | States or myriad other countries. |
| transfer from their account. Money transfer | | | | |