Money Remittance or Money Transfer Business

Price: up to 35% if VGC Member (if you buy any VGC product worth P1500.00)
Virtu Global Connect Products are listed at http://www.virtuglobalconnect.com/products-services.php

VIRTU MONEY TRANFER SYSTEM

Get up to 35% Savings or more on Money Remittance / Transfer
(for Virtu Global Connect Members)
Status: for Development, will release this year 2012

Retail money transfers
One of the largest companies that offer wire transfer is Western Union, which allows individuals to transfer or receive money without an account with Western Union or any financial institution.

Although Western Union keeps information about senders and receivers, some transactions can be done essentially anonymously, for the receiver is not always required to show identification.

A remittance is a transfer of money by a foreign worker to his or her home country.

Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid.

Regional Money Transfer

In 2010, US and Saudi Arabia, respectively, were the top two senders of remittance globally.

Asia
A majority of the remittances from the US have been directed to Asian countries like India (approx. 26 billion USD), Philippines (approx. 20 billion USD) and China (approx. 23 billion USD). Most of the remittances happen by the conventional channel of agents, like Western Union, MoneyGram or Xpress Money Services. However, with the increasing relevance and reach of the Internet, online and mobile phone money transfers from companies such as Remit2India and Xoom.com have significantly grown.

Philippines
According to a World Bank Study, the Philippines is the second largest recipient for remittances in Asia. It was estimated in 1994 that migrants sent over US2.6 billion back to the Philippines through formal banking systems. With the addition of money sent through private finance companies and return migrants, the 1994 total was closer to US6 billion annually. Looking at current remittance flows, the total is estimated to have grown by 7.8 per cent annually to reach US21.3 billion in 2010. Remittances are a reliable source of revenue for the Philippines, accounting for 8.9 per cent of the country’s GDP.

The Estrada administration in 2000 declared it “The Year of Overseas Filipino Worker in the Recognition of the Determination and Supreme Self-Sacrifice of Overseas Filipino Workers.” This declaration connects monetary remittances of overseas workers as the top foreign-exchange earnings in the Philippines.

Price: up to 35% if VGC Member (if you buy any VGC product worth P1500.00)
Virtu Global Connect Products are listed at http://www.virtuglobalconnect.com/products-services.php

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