Filipinos often turn to pawn shops for remittances
Pawn shops are a great resource to buy and sell things or get a short-term loan, and based on a recent survey, many are using these types of stores to send money to their families who still live in their native country. As a new poll indicates, this is particularly common among Filipinos.
According to a recent poll conducted by Bangko Sentral ng Pilipinas, approximately three in every four – 72 percent – of Filipinos surveyed said they had gone to a pawn shop location, such as Cebuana Lhuillier within the last year not only to buy and sell things but also to pay bills and conduct remittance business.
Nestor Espenilla, deputy governor for the BSP, told reporters that pawn shops are known for a lot of things, but up to now, some may not have realized that they can occasionally be used as a resource to send and receive money.
"The way pawn shops have been used to access financial services is transformational," said Espenilla.
He added that while a variety of branches are available in the Philippines, pawn shops serve as an additional location many people rely on to obtain their international wire transfer.
If you've been in the U.S. for any amount of time, you've likely seen a pawn shop in your area. According to statistics gathered by History.com, there are approximately 12,000 pawn shops in the U.S. alone. Further, with an estimated 25 million Americans not having a bank account, people will often go to pawn shops if they want to obtain a short-term loan.
Xoom knows that pawn shops can be a very convenient location for many to receive money sent by their friends and family abroad, which is why it has partnered with more than 1,600 Cebuana Lhuillier locations to allow for cash pickup. Many other locations are also available for cash pickup or bank deposit.
Or, if door-to-door delivery is more convenient, that can be arranged as well. Rush delivery is available to people who live in the Metro Manila area at no extra cost. What's more, your recipient may get their money within six hours or less.