WorldRemit supports Filipinos as the largest remitters in Canada

WorldRemit supports Filipinos as the largest remitters in Canada

TORONTO–According to the 2018 Study on International Money Transfers by Statistics Canada, Filipinos remitted over $1.1 billion from Canada alone in 2017. Filipino remittances averaged $2,855 yearly per person.

The study cites that this is partly due to cultural and socio-economic reasons: “The [Philippine] government actively promotes the training and the deployment of young adults to work abroad and send back remittances – especially women in the case of the Philippines.”

In addition, data from the 2016 census indicates that the Philippines continues to be a top source of immigrants to Canada. Filipinos are now the fourth largest visible minority group in the country.

As the most generous remitters in Canada, Filipinos are familiar with the inconveniences often associated with sending money to the Philippines. High fees, tedious processing procedures, and long lines for customer service continue to be visible pain points.

Leading mobile payments company WorldRemit seeks to provide an alternative for Filipinos to remit funds back to the Philippines not only with competitive rates, but also with utmost convenience.

Founded in 2010, WorldRemit is a global leader in smartphone and online payments. By providing a convenient, low-cost alternative to expensive brick-and-mortar agents, WorldRemit is committed to serving the needs of immigrants in Canada who often remit funds to support their families back home. WorldRemit recognises the impact of the Filipino community on the global remittance market.

Corey Myckan, Country Director for Canada at WorldRemit, comments: “Canada has long been one of the most welcoming destinations for Filipino migrants, and today its cities are some of the most multi-cultural in the world. Our award-winning app enables customers from 150 countries to connect easily with their families across the globe, and make low-cost, fast and secure payments at the touch of a button.

“Our service from Canada is growing from strength to strength and, to encourage even more people to try us for themselves, we are currently offering new customers zero fees on their first three transfers if they use the code 3FREE when making payment.”

About WorldRemit

WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

(PRESS RELEASE)