I just got an email lately asking this question:

"Is there a way in E-Commerce to handle online remittances of OFWs ? I am just wondering what a good business opportunity it will be for us?"

My answer is this:

I believe there's a great opportunity to handle online remittances for Overseas Filipino Workers. However, my only concern will be if they have a credit card to begin with. Based from OFW Research we did 2 years ago, only OFWs of certain professions have a credit card to begin with. As a result, remitances are sent via traditional bank and couriers. Having a counterpart brick-and-mortar and/or pick-up service can also be of value.

Futhermore, you have to establish yourself as a trustworthy establishment that OFWs can feel safe that their remittances will reach their loved ones as committed. Putting up a company with sufficient capitalization is a must.

Lastly, I believe that a money remittance service capable in depositing to any commercial or rural bank or home delivery at a competitive cost will prevail and rule the remittance target market of your choice.

I hope this helps.