Giving children the chance to be well educated is one of the most important things we can do for the next generation
According to the 2021 Q2 Consumer Expectations Survey published by the Central Bank of the Philippines, over half (52.2%) of remittances from April to June 2021 received in the Philippines were put towards education. With students in the Philippines heading back to school on September 13 through a mixture of face-to-face learning, blended learning, distance learning and home-schooling, preparing children for the upcoming school year is top-of-mind and will likely take more planning than usual to set them up for success with the blended model.
According to a recent study by WorldRemit, a leading cross-border payments company, back to school costs for students in the Philippines can be an upfront average cost of US$78.10 (NZ$117/ PH₱3,905) per child for basic school items like uniforms, stationery and extras, not including high-cost tech items like laptops or tablets, or the internet that they will likely also need in their homes.
The average family in the Philippines has 2.89 children, and more than 50% of all Filipinos make US$6,130 or less annually (NZ$9,228/ PH₱310,270), meaning that for more than half of all Filipinos, they can anticipate spending nearly 50% of their monthly salary on education costs. This reality combined with school fees and tech costs makes remittances essential to quality of life during this season.
Scott Eddington, Managing Director, Asia-Pacific at WorldRemit said: “At WorldRemit, we recognise the transformative impact of education in young peoples’ lives, and we know that funding education is one of the main reasons that overseas foreign workers send money back home.
“When you are sending money to your family for this back to school period, it’s important that you send it safely to ensure it gets there on time. Using a secure money transfer service like WorldRemit is easy to set up, safe with industry-leading technology, and is low-cost and transparent, with exchange rates shown upfront and no hidden costs for every customer in the Philippines and around the world.”
Aside from using a secure money transfer service, Eddington has four tips for those sending money to the Philippines this month:
● Use a strong password: Most companies require your email to sign up, and money transfer companies are no exception. This makes your email address a very valuable asset for online fraudsters, so protect it with a strong, unique password including a string of letters and numbers and consider using two-factor authentication on your email, if available, for extra protection.
● Check your connections: Always keep Bluetooth switched off when using your money transfer app and don’t allow your phone to connect to public Wi-Fi automatically. By doing this, you prevent hackers from connecting to your phone with ease.
● Check your sources: When transferring money, make sure the app downloaded from a reputable source like the Apple Store or Google Play. Remember that trustworthy businesses will always use platforms like this and never ask you to use uncommon links to download or sign up.
WorldRemit is available in both the Apple Store and Google Play and is a safe, secure money transfer app that is regularly independently tested by subject matter experts with built-in bot protection sourced by market leaders.
● Know your options: Understand the different ways your recipient can receive money and before making a money transfer, check how long it typically takes for the money to arrive so you can send funds in plenty of time for it to get to the intended recipient.
Through WorldRemit you can send money to over 130 countries, including the Philippines, through different services with standard delivery times:
○ Cash pick up: Available for collection instantly.
○ Bank transfer: Instant transfers are available to selected banks. Other timings can vary depending on the bank, day of the week, or transaction creation time.
○ Mobile money: Available within minutes. Some providers can take up to 1 working day.
○ Airtime top-up: Available within minutes.
Always check the available options in the specific region, so you and the recipient know what to expect when sending money through a digital platform.
Sending money should always be an easy and convenient experience, and with the above tips in mind, every person can have a great experience this back-to-school season supporting their loved ones.
To learn more about digital remittances or how to send your first money transfer, visit www.worldremit.com.