USD INR ₹ 83.39
GBP INR ₹ 103.88
CAD INR ₹ 60.67
Articles

5 Best Filipino Pawnshops To Claim Money Remittance Sent From The USA

Updated on December 10, 2021 12:03 pm
filipino pawn shops

The oldest pawnshop in the Philippines is Tambunting. It started by collecting garbage from the busy streets of Manila onto its fleet of horse carriages in the 18th century. Today, it collects gold and provides remittance services. It has come a long way from earning five centavos for every can.

Much like the other players in the pawnshop industry, Tambunting continued to diversify its product and service offerings to include financial services such as remittance, loans, and insurance to support the expanding needs of its customers.

Pawnshops in the Philippines are similar to a sari-sari store or warong, a convenience store that sells a variety of products and services.

Growing at a faster pace than banks and with a more extensive network, there are more pawnshops in the Philippines than all the banks combined as of 2020, according to the Bangko Sentral ng Pilipinas (BSP).

Pawnshops & Remittances In The Philippines

World Bank data showed that around 2.2 million Overseas Filipino Workers (OFWs) working abroad sent USD 35 billion to the Philippines in 2020. The Philippines receives the majority of its remittances from the United States, Saudi Arabia, Singapore, Japan, United Kindom, UAE, and Canada, to name a few. 

BSP's latest financial inclusion data showed that pawnshops and money service businesses (MSBs) were the top remittance channels used by Filipinos. Over 90% of the population has used pawnshop for international and domestic remittances. The second trailing option was banks, physical delivery, and ATMs with less than 5%.

In a country where over 71% of the total population remains unbanked, pawnshops will continue to play a crucial role in facilitating pera padala or remittances because of their extensive network that serves as financial access points.

Be careful of money transfer scams!

Recognizing the importance and robust pawnshop network, many banks and money transfer operators (MTO), also known as cross-border money transfer service providers such as WorldRemit, Xoom, and Wise, have signed partnership agreements to facilitate a smooth transfer of funds.

When it comes to international remittances, the money transfer is usually initiated through banks, money transfer service providers, or even physical money transfer agents. The beneficiary in the Philippines collects the money from the pawnshops in the Philippines.

The option is especially great if your recipient does not have a bank account or is in an area with low connectivity. We have listed the top 5 pawnshops in the Philippines to redeem remittances sent from the United States.



5 Best Filipino Pawnshops To Claim Money Sent From The U.S.

1. M Lhuillier

M Lhuillier has one of the most extensive pawnshop networks in the Philippines. It is pretty much the go-to for most Filipinos looking to get cash by pawning their valuables.

Its remittance service, famously known as Kwarta Padala, is known for its convenience and real-time cash availability that makes sending and receiving money from overseas easy and quick.

While there are no M Lhuillier outlets in the U.S, you can still send money online from the U.S. through your bank or an online money transfer operator that has partnered with M Lhuillier. Your recipient in the Philippines can claim the remittance in any M Lhuiller outlets. There are close to a hundred international remittance partners of M Lhuillier. Here are the popular partners of M Lhuillier in the U.S.:

2. Cebuana Lhuillier

Cebuana Lhuillier is often confused with M Lhuillier, but they are different business entities. Cebuana Lhuillier's Pera Padala service is an easy, quick, and safe way to claim money sent from the U.S.

The process of claiming money sent from abroad is relatively standard. As soon as you complete the remittance process, your recipient in the Philippines may claim the money in one of their 2500 branches available nationwide using the reference code.

Cebuana Lhuiller has also partnered with Moneygram and Western Union to facilitate outward remittance from the Philippines. It is one of the few pawnshops that cover both - sending to and receiving money from the United States.

Through Cebuana Lhuillier, US dollar payouts are also available in certain standalone pawnshops of Cebuana.

3. Palawan Pawnshop

Palawan Pawnshop started its operations from the Province of Palawan in the 1980s. It was originally started as a pawn brokerage. Today, like most pawnshops, it offers money remittance services under their Palawan Express Pera Padala, seven days a week.

Palawan has one of the largest networks of international remittance partners. Popular ones that facilitate money remittance from the U.S. are: 

How To Receive Money Sent From The U.S. Through Palawan Pawnshop?

Here are the steps to claim your money remittance sent from the U.S.:

  • Visit any Palawan Pawnshop branch or Palawan Express Pera Padala outlet.
  • Fill out the Receive Money Form.
  • Submit the completed form along with a valid ID to the branch counter.
  • Take your money and don't forget to count them before leaving the counter.

4. Villarica Pawnshop

It was named after the founder Paz R. Villarica. The first branch of Villarica Pawnshop opened in Quiapo, Manila, in 1954. Today, the Villarica pawnshop has around 600 branches all over the Philippines. These pawnshops are especially popular among the OFW families, who rely on remittances from family members abroad.

International remittance partners that facilitate money remittance from the U.S. are:

How To Claim Remittances Through Villarica Pawnshop?

  • Visit any Villarica Pawnshop branch
  • Complete the Villarica Cash Padala Receive Form
  • Present the completed Receive Form along with a Valid ID
  • Collect your cash
  • And don't forget to count your money!

5. Tambunting Pawnshop

Tambunting Pawnshop is the Philippines ' oldest pawnshop. The pawnshop services have been in operation for over 100 years.

How to Send Money Through Tambunting Pawnshop?

You can send your money online through any Tambuting money transfer partners or visit a Tambunting outlet. If you are sending money online, always compare the exchange rates and transfer fees before sending money.

Suppose you are sending money online from the U.S. and want your recipient to pick through a Tambuting Pawnshop in the Philippines. Your best choices of money transfer service providers are limited to Western Union and Transfast.

If you are sending money through an outlet, make sure you note down the reference number or the control number that the receiver needs to show at the time of collecting the money.

How To Claim Remittance Through Tambunting Pawnshop?

  • Visit any Tambunting Pawnshop near you.
  • Fill up a Receive Form along with the control number given by the sender.
  • Submit the form along with a valid ID to the branch personnel.
  • You should receive the exact amount sent.

To sum it up, Pawnshops are an essential part of remittance delivery in the Philippines. Banks and pawnshops are also known for charging high transaction fees when facilitating money transfers. The best way to send money to the Philippines is online through a money transfer service provider, even when the receiver picks up cash from the pawnshops.

It is difficult to entirely avoid transfer fees while sending money to the Philippines, even when you send money through an online money transfer service provider. However, you could take advantage of coupons and discounts that companies offer from time to time.

While the charges of pawnshops are relatively high compared to online money transfers, it offers convenience and flexibility.

When you are sending money from the U.S., make sure you get the best exchange rate and zero to lowest transfer fees. Opt for options that charge zero fees to claim or redeem the remittance you have sent from abroad. When in doubt, compare the top money transfer service providers and save on every transfer.

 66600 views
Rate article:
(5.0)
 
 
Money Transfer FAQ's
Related Articles
USD to INR Forecast 2024
USD to INR Forecast 2024

The year 2022 concluded with the Indian Rupee hitting an all-time low against the US Dollar. The COVID-19 pandemic significantly impacted global economies, leading to the devaluation of the Indian Rupee. Throughout the pandemic, the rate experienced a gradual decline in value, setting the stage for potential recovery in 2023.The US Dollar to Indian Rupee exchange rate did, in fact, see that recovery over the year’s performance. 2023 ended on a high, with the exchange rate averaging at $1 = ₹83.249 in December 2023.As we are well into 2024, it is crucial to begin looking to the future and understand what the predictions for the year’s rates are. If you are planning to send money to India this year, this is particularly important as it will help you understand what is the best time to send your money and take advantage of an opportune rate.  Navigating the USD to INR exchange rate landscape requires understanding market dynamics and leveraging available resources to make informed decisions in 2024 and beyond. That is why we have accumulated expert forecasts and predictions all in one place for you. In this guide, we will be covering the Indian rupee's current outlook, what's driving the value of USD, the USD to INR forecast, and much more.The US Dollar-Indian Rupee Performance in 2023As we delve into the USD to INR forecast for 2024, let's rewind and understand the context.2023 had an unpromising start, leaving many wondering whether the value of the Rupee was going to continue to decline despite the aftershocks of the pandemic having pretty much worn off. On January 20th, 2023, the USD to INR exchange rate reached its lowest point for the year. However, as the year progressed, 2023 witnessed a slow but steady increase in the exchange rate compared to 2022. The USD/INR rate experienced a positive shift of +0.62% in 2023, indicating an increase in the value of the US Dollar against the Indian Rupee. The year's peak rate was recorded at 83.442 INR on September 19, 2023, with an average exchange rate of 1 US Dollar = 82.579 Indian Rupee for the year.Various factors contributed to the strength of the USD against the INR and the subsequent exchange rate fluctuations. Economic indicators, such as GDP growth rates, inflation, and employment data, played a significant role. Additionally, geopolitical events, trade policies, and interest rate differentials between the US and India influenced investor sentiment and currency valuations.What Factors Contribute to the US Dollar’s Strength & Exchange Rate Fluctuations?Various factors contributed to the strength of the USD against the INR and the subsequent exchange rate fluctuations. Economic indicators, such as GDP growth rates, inflation, and employment data, played a significant role. Additionally, geopolitical events, trade policies, and interest rate differentials between the US and India influenced investor sentiment and currency valuations.The aftermath of the pandemic boosted investor confidence in the robust US economy, while economic indicators, trade imbalances, and geopolitical events played their part in shaping the fluctuations of the USD to INR exchange rate in 2023.Will the Indian Rupee Get Stronger Against the US Dollar in 2024?Current market sentiment indicates a bullish outlook for the USD to INR exchange rate. That means the overall market-in favor of the United States-is expected to go higher, meaning that the value of the US Dollar is expected to increase. The Indian Rupee is projected to experience a -0.27% decrease against the US Dollar by the end of 2024, with the USD/INR rate anticipated to reach ₹ 82.68.[Source: Coincodex]This is good news for those hoping to send money to India in 2024 as the rate leans more favorably for the US Dollar. It is, however, unfortunate news for those wanting to convert their Indian Rupee to travel to the United States, study in the USA, etc. 2024 USD to INR ForecastAs we peer into the crystal ball for 2024, as stated before, the current sentiment in the USD to INR market is currently estimated to be bullish. The 14-day RSI reading is 42.32. This suggests neutral conditions. Forecasts suggest a downward trajectory for the USD to INR exchange rate in the coming months. Projections for the next six months indicate a potential -1.21% decrease, bringing the exchange rate to ₹ 81.86. Looking further into the future, as stated earlier, the one-year forecast anticipates a -0.27% fall, resulting in a rate of ₹ 82.68.2024 Monthly USD/INR ForecastThis all can be very overwhelming for those of us unfamiliar with how to navigate market fluctuations or even interpret terminology used by experts when discussing the exchange rate and market health. That is why we are providing you with a monthly breakdown with the predicted exchange rates for each month in 2024, that way you can make the best decision for when you would like to send money from the US to India or send money from India to the US. The following INR USD forecasts are based on information that is currently available.  Depending on the extent to which key factors, such as interest rates and central bank policy match market expectations, the forecasts could be changed and turn out to be false. Please make sure to always conduct your own research and remember that future results don't depend on past performance.Dollar to Rupee forecast February 2024: At the beginning 83.06 Rupees. At the end of the month 82.81, the change for February -0.3%. Maximum 84.07, minimum 81.53. The average exchange rate is 82.87.Dollar to Rupee forecast March 2024: At the beginning 82.81 Rupees. At the end of the month 82.78, the change for March 0.0%. Maximum 84.02, minimum 81.31. The average exchange rate is 82.73.Dollar to Rupee forecast April 2024: At the beginning 82.78 Rupees. At the end of the month 82.67, the change for April -0.1%. Maximum 83.91, minimum 81.43. The average exchange rate is 82.70.Dollar to Rupee forecast May 2024: At the beginning 82.67 Rupees. At the end of the month 82.53, the change for May -0.2%. Maximum 83.77, minimum 81.29. The average exchange rate is 82.57.Dollar to Rupee forecast June 2024: At the beginning 82.53 Rupees. At the end of the month 82.61, the change for June 0.1%. Maximum 83.85, minimum 81.37. The average exchange rate is  82.59.Dollar to Rupee forecast July 2024: At the beginning 82.61 Rupees. At the end of the month 82.82, the change for July 0.3%. Maximum 84.06, minimum 81.58. The average exchange rate is 82.77.Dollar to Rupee forecast August 2024: At the beginning 82.82 Rupees. At the end of the month 83.16, the change for August 0.4%. Maximum 84.41, minimum 81.91. The average exchange rate is 83.08.Dollar to Rupee forecast September 2024: At the beginning 83.16 Rupees. At the end of the month 83.63, the change for September 0.6%. Maximum 84.88, minimum 82.38. The average exchange rate is 83.51.Dollar to Rupee forecast October 2024: At the beginning 83.63 Rupees. At the end of the month 83.82, the change for October 0.2%. Maximum 85.08, minimum 82.56. The average exchange rate is 83.77.Dollar to Rupee November 2024: At the beginning 83.82 Rupees. At the end of the month 83.20, the change for November -0.7%. Maximum 84.45, minimum 81.95. The average exchange rate is 83.36.Dollar to Rupee December 2024: At the beginning 83.20 Rupees. At the end of the month 84.15, the change for December 1.1%. Maximum 85.41, minimum 82.89. The average exchange rate is 83.91.Sending Money from the US to India in 2024For those looking to send money from the US to India in 2024, numerous options and companies offer highly competitive rates. Some even provide first-time rates higher than the economic USD to INR exchange rate. Utilizing a comparison tool can help individuals find the best way to send money, ensuring they get the most favorable rates for their transactions. Use the CompareRemit comparison tool to find the best USD to INR exchange rate. How to Get the Best USD to INR Rate in 2024Compare and contrast the top money transfer companies on the market to find the best USD to INR exchange rate using our comparison tool.  Protip: Many companies offer a first-time user rate that is significantly better than their regular rate. Make sure you utilize those offers to get the best exchange rate that you can. ConclusionAs the USD to INR forecast for 2024 unfolds, staying informed about currency dynamics is essential for making informed financial decisions. Whether conducting international transactions for business or personal purposes, understanding exchange rate trends and exploring efficient remittance methods empower individuals to navigate the currency landscape with confidence and foresight.However, do keep in mind that the forecasts are often inaccurate and subject to correction. The USD to INR forecasts are based on the rate of inflation, central bank policies, and the health of the US and Indian economies.Send money home to India today while the USD to INR exchange rate is in your favor! Compare rates and providers by using our online comparison tool.

NRE Bank Account
Best NRE Accounts for NRIs Across the Globe

Best NRE Accounts for NRIs Across the GlobeFor Non-Resident Indians (NRIs), managing finances across borders becomes essential, and having the right bank account is crucial. One of the go-to options is the NRE (Non-Resident External) account, designed to facilitate seamless money transactions and savings for NRIs.What is an NRE Account?An NRE account is a type of bank account for NRIs to maintain and manage their foreign earnings in India. The acronym 'NRE' stands for Non-Resident External, indicating that the funds deposited into this account are from overseas sources. NRIs can deposit foreign currency into an NRE account, and the balance and interest earned are freely repatriable, i.e., both the principal amount and interest can be transferred abroad without any restrictions.NRE vs. NRO AccountIf you are just starting to explore the options of NRI banking, you might have heard of NRO accounts. NRE and NRO (Non-Resident Ordinary) accounts are two distinct types of accounts catering to different financial requirements. While NRE accounts are primarily for repatriable income and earnings from outside India, NRO accounts are for managing income earned in India. Both account types serve NRIs' distinct banking needs, providing avenues for managing Indian and foreign income separately.What Makes a Good NRE Account?Several factors contribute to making an NRE account a preferred choice for NRIs:Repatriation Benefits: Opt for accounts that offer seamless repatriation of both principal and interest earned without any restrictions.Interest Rates: Look for accounts that provide competitive interest rates to maximize returns on your deposits.Convenience: Choose banks that offer easy accessibility through online banking platforms, especially for NRIs residing abroad.Customer Service: Opt for banks known for their reliable customer service and efficient grievance redressal for a hassle-free banking experience.Best NRE Accounts for US-based NRIs and Foreign-Based IndiansSeveral banks offer top-notch NRE savings accounts tailored to meet the diverse financial needs of NRIs. Here are some of the best NRE accounts available. To determine the best account for your needs, view a more detailed comparison of each bank’s interest rate, key features, and more on our CompareRemit NRE Account Comparison Site.  ICICI Bank NRE Savings AccountA household name, ICICI Bank is a very popular and safe choice for your banking needs. It is the one most often chosen by NRIs.Key Features: Higher interest rates, zero balance requirement, online remittance services, and NRI-focused banking solutions.Learn more about ICICI NRI and to get started with your application. HDFC Bank NRE Savings AccountA competitive player in the field, HDFC Bank is known for its high interest rates and benefits for its customers. Key Features: Competitive interest rates, 24/7 online access, easy fund transfers, and a global presence.Yes Bank NRE Savings AccountYes Bank provides a unique feature which many NRIs find helpful, a personal relationship manager who can guide you through your questions and account needs. Key Features: Flexible interest rates, hassle-free fund transfers, a dedicated personal relationship manager is assigned to each account holder.  State Bank of India (SBI) NRE Savings AccountAnother household name, State Bank of India is reputed for its reliable service and dedication towards keeping the process simple and easy for its customers. Key Features: Widest network, attractive interest rates, simple documentation, and multi-currency facilities.Kotak Mahindra Bank NRE Savings Account Kotak Mahindra Bank serves as an excellent choice for those looking for a service that will give you a reliable and a high interest rate wielding account. Key Features: High-interest rates, convenient banking services, and personalized solutions for NRI customers.Axis Bank NRE Savings AccountAxis Bank, previously known as the ever-reliable CitiBank, continues the staple practices that gave CitiBank its reliable name. This is a great option for those looking for a bank with years of experience and reliability. Key Features: Flexible deposit options, competitive interest rates, user-friendly online banking, and diverse financial products.Choosing the right NRE account depends on individual preferences and banking needs. Each of these banks offers competitive interest rates, online banking convenience, and excellent repatriation facilities suitable for NRIs managing finances from abroad.NRE accounts serve as an ideal financial solution for NRIs seeking efficient money management, seamless repatriation of funds, and tax benefits. By choosing the right NRE account based on individual preferences and banking needs, NRIs can effectively manage their finances and easily send money back home to their loved ones in India.

Diwali 2023 Offers
Best Diwali Money Transfer Deals in 2023

As the joyous festival of Diwali approaches, the spirit of giving and connecting with loved ones in India is more vibrant than ever. To help you make the most of this Diwali season, we've compiled an exclusive guide to the Diwali 2023 offers from some of the leading money transfer companies featured on our platform. With CompareRemit's powerful comparison tool, you can easily compare and contrast live exchange rates, ensuring that you find the best deal for sending money home during this festive season.We have searched across multiple money transfer companies to find the best Diwali deals for you and put them all in one place! Check back with this article regularly as we update the deals available this Diwali season. SBIC Diwali Remittance Offer: Illuminate Lives with Exclusive Rates!State Bank of India (California) is dedicated to making your Diwali celebrations brighter and more special than ever before. Introducing the SBIC Diwali Remittance Offer, where you can send money to India and receive an exclusive exchange rate benefit of 20 paisa higher than SBIC’s regular base exchange rate! This offer is valid for a limited period only, from November 1 to November 16, 2023. To avail this exclusive offer and send your Diwali Remittance, visit SBIC's official website. Terms and conditions apply.ICICI Money2India Diwali Offer: Catch the Money2India Offer and Enjoy Cricket on Sling TV!ICICI Money2India is adding excitement to your Diwali by offering a fantastic deal. Register and transact with Money2India using the promo code WORLDCUP60 before November 30, 2023, to enjoy 1 month of cricket on Sling TV and get an exchange rate that's 60 paise better on your first transfer. New customers will also receive a $10 Sling Gift Card via email upon the successful completion of their first transaction.Explore More Offers Beyond Diwali DealsWhile not every money transfer company is running Diwali-specific promotions, several are still offering great deals this festive season:Instarem Money Transfer: New customers can take advantage of special rates and zero fees on their first transfer up to USD 500 with Instarem.Western Union: Enjoy zero fees on your first transfer.Ria Money Transfer: Use the promo code HELLORIA at checkout for a $0 fee on your first transfer with Ria.Keep an eye on this article as we actively update it with new offers that emerge during the Diwali season. With CompareRemit’s comparison tool and these exclusive Diwali offers, you can navigate the festive season with confidence, finding the best deal that suits your needs. Wishing you a radiant and prosperous Diwali filled with love and happiness!

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App