Saturday, May 25, 2024

7 Money Transfer Tips for OFWs

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One of the primary reasons for going abroad is to earn more and be able to send money to family members for various purposes.

Since this money-sending activity is a routine task overseas Filipino workers do, it pays to find a safe and cost-effective way to remit money. Here are a few remittance tips to help OFWs make the most of their hard-earned money when sending them to families back home.

Choose a reputable cable agency

Whether it’s a bank (BPI, PNB, BDO, or Metrobank) or a specialty remittance outlet (Moneygram, Western Union, or LBC Remit), ensure that you choose an essential conduit for your money remittance transactions. They may cost a bit more than others, but they also offer convenience to recipients in the Philippines. More importantly, you are more confident that your money reaches its destination since you transacted with a stable company.

Learn about currency exchange before making a remittance

Some Filipinos can hold on to their precious foreign currencies when the dollar value depreciates against the Philippine peso. They, then, wait until their value against the Philippine peso increases. When the foreign currency appreciates, they immediately unload their cash which yields higher returns. Such skill requires guidance from a newspaper’s business section or reading the currency trends on television (Bloomberg, Wall Street Journal). Do this only if you have the luxury to buy time, and there is no need to rush.

Switch to electronic transfers

Instead of taking the traditional route, learn to take advantage of electronic money transfers. Not only you will enjoy the convenience it offers — you can do it at home or anywhere you can access your Internet connection — it is cheaper and much faster than traditional money transfer channels.

Buy time with better exchange rates

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Some agencies have better currency exchange rates. This is because the money you remit through these channels does not immediately reach your intended recipients. They need to coordinate with partner agencies who will then finish the transaction. You may choose this option if you wish to send a higher amount through better rates and do not mind if it takes a few days to reach the destination.

Never send money or check through regular postal service

Not only it takes a much longer time to reach your loved ones, but such a method is also prone to pilferage, and your cash or check could be stolen or lost during shipment.

Remit through banks that offer ATM service

Many banks offer the convenience of ATMs to recipients back home. You can apply for an account in a bank with an ATM presence in your family’s area. However, take notice of how much this bank charges on each withdrawal transaction. Besides, holding an ATM card means temptation to spend and less likely to save and use remittance money for investment, so you have to weigh your options.

Remit using your mobile phone

Your mobile phone is one of the most convenient devices on hand, so grab the chance to use it to send money back home if your network supports it. It is possible to send money without paying remittance fees as such apps bypass third-party agencies. Also, Philippine systems with an international presence usually have this service. Smart’s mobile remittance and Globe Telecom’s GCASH service are two examples of money remittances made possible through mobile phones.

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