Remittances, or money sent by overseas workers to their home country, play a crucial role in the economic development of many countries, particularly in the Philippines. As one of the largest recipients of remittances in the world, the Philippines heavily relies on these financial transfers to sustain its economy and support the livelihoods of millions of people. In fact, remittances make up a significant portion of the country’s gross domestic product (GDP) and provide a lifeline for many families who would otherwise struggle to make ends meet.
Over the years, Filipinos have worked and settled across international borders, and personal remittances continue to be a significant source of income for the Southeast Asian nation. 8.9% of the nation’s gross domestic product in 2022 came from remittances sent home by Filipino workers who were employed abroad.
These remittances come to the Philippines via different sources– some of it comes from direct bank transfers, some through remittance apps and a portion of it also comes in the form of crypto or digital currencies.
Digital currency ownership and usage have been steadily growing in the Philippines in recent years, making it one of the leading adopters of cryptocurrency in Southeast Asia. Around 10% of the Philippine population owns or uses cryptocurrencies, making it one of the top countries in terms of cryptocurrency adoption. This trend is driven in part by the high number of overseas Filipino workers who are exposed to digital currency and remittances through their work abroad.
In addition, several factors have contributed to the growing popularity of digital currency in the Philippines. One of the key drivers is the country’s large underbanked population, with many Filipinos lacking access to traditional financial services. Cryptocurrencies and crypto payments apps offer an alternative means of accessing financial services, allowing people to store and transfer funds without the need for a traditional bank account.
Furthermore, the Philippines has a thriving digital economy, with a large and growing number of remittance workers and businesses accepting cryptocurrencies as payment. This has created a virtuous cycle of adoption, as more people become exposed to cryptocurrencies through their use in everyday transactions.
A chunk of the crypto remittances entering the Philippines comes from the US.
Bearing this in mind, a crypto payments app, like Wind, can be a valuable tool for facilitating remittances from the US to the Philippines, providing several advantages over traditional methods of sending money.
Why Use Wind for Remittances?
Using a crypto payments tool like Wind can offer faster and cheaper transactions. With traditional remittance methods, such as bank transfers or money transfer operators, transactions can take several days to complete and can come with high fees. In contrast, transactions with the Wind app can be completed almost instantly, and fees are often lower compared to traditional remittance channels.
Loading funds for transactions is also super easy with Wind! It provides an easy and secure way for remittance workers in the US to add funds to their accounts. You also get the lowest cost for adding funds through ACH (US-only), Debit or Credit cards (globally). The app only requires users to provide their credit card information and a valid US phone number for verification.
Wind can also offer greater accessibility and convenience as it offers several options to cash out in the Philippines. Recipients can easily convert the received cryptocurrencies into their local fiat currency, allowing them to withdraw the funds using local bank accounts or e-wallets in their preferred locations. Wind currently supports 22 local banks and 8 e-wallets, so users can easily withdraw funds in any method convenient to them.
Moreover, using a crypto payments app for remittances can offer greater security and privacy. Transactions with a crypto payments app are secured using advanced cryptography and blockchain technology, making them highly resistant to fraud and hacking attempts. Additionally, users can enjoy greater privacy, as transactions are recorded on a public blockchain, but without revealing the personal identities of the sender or receiver.
Overall, Wind can provide a faster, cheaper, and more secure way to send remittances from the US to the Philippines, making it an attractive option for overseas Filipino workers who want to support their families back home. Working in the US and spending in the Philippines cannot get easier than this!
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