DebitWay.ca Blog Shows Overseas Filipino Workers (OFWs) Less Likely To Save Remittance For A Rainy Day

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Remittance also a key factor in determining wages for communities that host foreign workers

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The remittance industry is on the cutting edge of a global social experiment that is not only shaping the way we all look at money, but how we view ourselves as global citizens.

A new blog post by the DebitWay.ca Corporate Blog entitled “Inside Remittance: Saving For The Future And Making It Day By Day” is shining a light on two nuanced and social implications that affect not only overseas Filipino workers, but the communities that those workers send remittance from.

A paper published by Williams College in Williamstown, MA has provided results that show in communities where remittances from foreign workers go up by 10%, there is a correlating drop in native worker wages by 1.6% and when tied into an article released by the Global Nation Inquirer detailing the lack of money being saved and invested by overseas Filipino workers, it raises critical talking points for the remittance industry.

“The remittance industry is on the cutting edge of a global social experiment that is not only shaping the way we all look at money, but how we view ourselves as global citizens,” explains Jay Williams, Social Media and Press Relations Manager for DebitWay.ca “because the implications of a globalized workforce and the ability to send remittance anywhere in the world is changing the way every country does business and how they view themselves in a global economy.”

The DebitWay.ca blog has been designed and written for the money transfer, online payment, remittance and payment service provider community and is “The New Voice of the Global Payment Processing Industry.”

“We felt it was extremely important to tie these two articles together because we wanted to create an interesting and dynamic conversation on our blog that leaders in the remittance industry could weigh in on,” says Rod Tomita, Regional Senior Business Development Manager for DebitWay.ca “and from some of the emails we have already received the conversation has definitely begun.”

DebitWay.ca can quickly and easily integrate any existing remittance company to accept INTERAC® Online solutions and increase their traffic significantly. Companies with a proven record of transactions and a commitment to offering their Canadian customers a safe, secure and trusted way to send remittance can email DebitWay.ca directly to learn more at, social(at)debitway(dot)ca.

For more information about DebitWay, visit http://www.debitway.ca.

About DebitWay

Headquartered in Montreal, Canada, DebitWay.ca is a certified payment provider that offers INTERAC® Online Payment (IOP) solutions. Simply by adding additional Debitway.ca payment options to already existing platforms, Debitway.ca partners can begin accepting bank payments in real-time instantly.

DebitWay.ca’s list of partners are comprised of some of the most experienced and knowledgeable people within the payment processing industry. Currently, participating financial institutions include: BMO Bank of Montreal, RBC Royal Bank of Canada, Scotia bank and TD Canada Trust.

Contact Information:

social(at)debitway(dot)ca
1-877-332-4802

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