Cash transfer via mobile operators is still the cheapest way to send money back home, according to World Bank’s latest Remittance Prices Worldwide (RPW) report.
ACTS-OFW Representative Aniceto Bertiz III said that the global average of mobile cash transfers slipped at 3.20 during the second quarter from 3.29 in the same period in 2017.
Bertiz encourages OFWs to use mobile technologies for the cheapest and fastest transfer of money to their families. He added that the dominant channel through banks are charged with the highest fees.
Meanwhile, remittances through banks are at 10.41 percent in a global average from April to June this year, a drop from the 10.99 percent from the same period in 2017.
Money transfer operators such as Western Union and MoneyGram are at a global average of 6.15 percent of the amount being transferred, 0.08 points down from last year’s 6.23, reported People’s Journal.
