Anyone who has moved abroad, whether to Australia or anywhere else in the world, has planned to send money to their loved ones in the Philippines. Luckily for these expats, there are now many ways to send or transfer money to a Philippine bank account.
If you’re not yet familiar with the process, you’re in the right place. In this blog, we’ll help you understand remittance, how does money remittance work, and how you can send money to the Philippines through LBC.
What is Money Remittance?
Generally speaking, a remittance is any money sent from one party to another either as a form of payment or gift. Nowadays, however, a remittance refers to money sent or transferred by someone in another country to their family back home.
This may sound similar to a wire transfer which lets you transfer money between bank accounts locally or internationally. The difference between remittance and wire transfer is a remittance doesn’t only transfer money to bank accounts. If they don’t have a bank account, the remittance can be delivered to them or claimed at a remittance center.
In 2021, over USD 1.8 billion were sent from Australia to the Philippines. Expatriates often send money to their family and friends in the Philippines to help with groceries, healthcare, education, rent or mortgage, or paying family debt.
What are the Types of Remittance?
LBC Express offers different ways to send remittance to the Philippines. Each type of remittance uses a different method and speed of delivering money to your loved ones.
Door-to-Door Remittance
This type of remittance allows you to send money directly to your loved ones’ address. LBC Express delivers the cash to your recipients so it may take a couple of days.
Instant Peso Padala
With this type of remittance, your loved ones can claim the money at an LBC Express branch or at one of our local partners Palawan Express, Cebuana Lhuillier, and M Lhuillier in the Philippines on the same day you remit from Australia.
Remit to Account
Transfer money from an LBC Express branch straight to your recipient’s bank account. This service is available for most major banks in the Philippines.
How Does Money Remittance Work?
How remittance works is simple, although it does involve a few steps.
The process begins when the sender initiates by going to the remittance center. The sender provides the amount they want sent and pays the corresponding fees, and then provides the recipient’s details.
The remittance agency then contacts their local branch (or a local partner). They convert AUD to PHP according to the foreign exchange rate and transfer that amount to the local branch nearest to the recipient’s location. It is then either delivered, deposited to the recipient’s bank account, or can be claimed at a local branch.
How to send Money Remittance from Australia?
If you’re living in Australia and want to send money to your loved ones in the Philippines, all you need to do is go to the nearest LBC Express branch and follow these steps:
- Choose between the different types of remittance. Provide the necessary information about you and the recipient.
- Provide the cash and the remittance fee. Our staff will then confirm the transaction and provide the receipt containing the tracking number.
- Send the tracking number to the recipient.
- To claim the remittance, the recipient needs to provide the tracking number and a valid ID as proof of identification.
- The staff will confirm the transaction and provide or remit the money. They will provide a receipt as proof of transaction.
Where in the Philippines Shall We Send Your Remittance?
Sending remittance involves entrusting the money you worked hard for in Australia to a service provider to hand it to your loved ones back home. How money remittance works is simple, but it makes a major difference when you work with a courier that you can rely on to transmit your money safely and quickly.
If you want to learn more about how to remit money from Australia to the Philippines, send us a message.
