Tips on Money Transfer for OFWs
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Tips on Money Transfer for Overseas Filipino Workers

Updated on April 03, 2019 10:55 am
Filipino Worker thinking of sending money

Do you send money regularly to the Philippines?  If yes, then you are not alone because millions of OFWs send money every day.

If you are the breadwinner of your family and you need to send a regular amount every month to sustain your family back home. If your relatives depend on your "padala" and the money should reach them on time every month. Or if you are just another hard-working OFWs, who thinks that sending money home should not drain your wallet. This article is for you.

Finding the best way to save money on each transfer was a struggle of the past. With fewer options, OFWs resorted to sending money offline through agents, bank transfers, checks, and even through postal drafts.

These establishments had full control over your money. They could charge you a very high fee on each transfer at their will on top of the already high margin on the exchange rates. Today, with the advent of technology, you have wider options at your fingertips. How?

Go Online!

If you have a bank account and have an internet connection, transferring money online is the best way to send money. With digital payment services sprouting everywhere, you now have the full control over your remittances to the Philippines because the power of choice is in your hands. You can decide how to send money, how to pay it, and when the money should reach your beneficiary in the Philippines from the extensive options available today.

Remittance services like Xoom, Remitly, Wise, formerly known as TransferWise, Placid, and InstaReM are some of the best in the market because each and every player claim to have the fastest way to send money.  Even Moneygram and Western Union have introduced online services to cater to the changing needs of the overseas workers. Therefore, you will save not only your money, but you will also save time if you send money online.

 

Mediums of sending money online

 

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Different channels to send money online are through Desktop, Mobile App & Mobile site.  If you have a computer or laptop, you can easily send money by visiting the remittance website and book your transaction anytime. The other convenient way of sending money is by downloading the remittance app (iOS or Android, depending on your gadget).

 

You can send money quickly using your mobile especially if you don't have a computer at home. If you cannot download the app and you don't have a computer, you can still send money online by visiting the remittance website using your cellphone/tablet.

 

Tips to save money on each transfer

  1.  Exchange Rate - Always check the mid-market rates like USD to PHP and GBP to PHP before you send money.  Then, compare the rates of the online transfer service providers and identify which one offers the highest conversion value for your money.  Of course! the bigger the value of your remittance, the happier your family will be.
  2. Check the transfer Fees - Check the fees, especially the hidden charges. Instead of spending on fees, it is always better when your money goes to your loved ones in the Philippines. Free transfer is trending. So make sure you do your research to take advantage of the perks.
  3. Payment Method - When you choose a mode of payment, avoid using credit card payments. This is one of the most expensive ways of sending money.
  4. Speed -  If you are not in an emergency, don't select the fastest way to send money. The exchange rates are a bit lower when the delivery method is instant, or the fees are higher compared to other economy transfers.
  5. Delivery - Sending money online immediately solves the challenge of delivery as money will be transferred to the bank account. However, the fastest way to receive money is through cash pick-up. However, check with your remittance company whether there are hidden charges to be paid once the cash is disbursed to your receiver. Another method is door-to-door where the money is delivered directly to your receiver but you have to pay extra for delivery charges.
  6. Limit of transfer - For users who want to send a large amount of money, check which remittance provider allows a large remittance in a single transaction so you don't need to breakdown your remittance in multiple transactions and avoid paying multiple fees.

 

5 things you should have before sending money online for the first time

 

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  1. Bank account - This is a requirement to send money online and ensure that you have sufficient funds in your account when you book a transaction.
  2. Personal Details - When you send money online for the first time,  you need to visit the remittance website of your choice and register. Your personal details like name and address should match with your ID proofs. Email ID and your mobile number are mandatory.
  3. ID proofs / KYC documents - Get ready with the soft-copy of your passport, bank statement, utility bills, or any other proof of identification. This is a one-time requirement only.
  4. Receiver Information - Gather your beneficiary details like name, mobile number, address, and bank details for bank deposit.  If your recipient will receive the money in cash, the bank details are not required.
  5. Gadget or Device - Lastly, you need a computer or mobile device to send money online.  Never borrow or use someone else's device as they can easily hack your information especially your bank information.  If you are sending money from a computer shop or from a public place, ensure that you log-out from the website and log-out from your email when you're done.?

 

Voila! Now sending money online to the Philippines has become easier for you. CompareRemit offers the easiest, quickest, hassle-free way to compare the services of all the online money transfer services from the US and UK to the Philippines.

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This approach empowers you to locate the optimal choice that aligns with your transfer needs.How to Use CompareRemit to Find the Best Exchange Rate?You can go to the CompareRemit website and compare the money transfer companies on various parameters we have discussed.As the remittance market characteristics vary in each country owing to factors like transaction volume, level of competition, regulations, and other considerations, CompareRemit provides you the option to customize your homepage. This customization ensures that your preferred transfer corridors or currencies are displayed.Or you can download the CompareRemit App from either the Google Play Store or the App Store. Alternatively, do an online search for "CompareRemit App".This app is compatible with iPhones, iPads, and Android devices, encompassing all the functionalities and details required for seamless international money transfers at the most favorable exchange rates.To Sign up with CompareRemit:Launch the app on your mobile phone.Enter your email address to register.Complete your profile details.Verify both your phone number and email.Personalize your notification preferences.Select your preferred corridor, for example, USD to INR.The app will display exchange rates, fees, and options from various providers. Pick the best option that meets your needs and provides a favorable exchange rate. You'll be redirected to your selected provider (either website or mobile application) to complete your transfer.Confirm the transaction details and proceed to initiate the transfer. Complete the payment using your preferred method. Once the transfer is done, you'll receive a confirmation.Using the CompareRemit App streamlines the process of sending money overseas by presenting you with multiple options, allowing you to choose the most favorable exchange rate, fees, and transfer method.Make sure to take advantage of various deals CompareRemit has for Dollar to Indian Rupee remittances.Step-by-Step Instructions for Sending Money from USD to INRThe specific instructions for initiating your online money transfer will depend upon the selected provider. However, this is generally how the process goes:Begin by registering an account with a specific provider.Provide your ID and proof of your address for verificationEnter your preferred payment method.Enter recipient details.Choose the desired delivery method.Enter the amount you wish to transferInitiate the transaction.At this point, the service provider will take over the process of transferring your USD to INR. You won't typically need to take any further actions.Be sure to monitor your email inbox, as you can expect progress notifications regarding your transaction.A Brief Overview of USD to INR 2024 ForecastAs indicated by analysts from the Economy Forecast Agency, there's a projection that the Indian rupee could experience a decline from its present value in the upcoming year. According to the USD to INR Forecast on their platform, the exchange rate could reach 83.37 by the end of 2023.Over the next year, the USD to INR Forecast for 2024 suggests that the rupee may continue to depreciate against the dollar, reaching 89.08 by the year's end. This implies an expected increase in the USD to INR exchange rate both in the short term and the long term.The rise in the USD/INR exchange rates in recent years can be attributed to a combination of different factors. These include the strength of the USD, increasing inflation, higher interest rates, along with foreign investors withdrawing from Indian markets. Furthermore, the increased oil prices have contributed to the depreciation of the Indian rupee.Ways to Save Money When Sending USD to INRSaving money when sending USD to INR involves making informed decisions and utilizing cost-effective ways. Here are some of the ways you can adopt:Research and compare exchange rates from different providers to find the most competitive one.Opt for money transfer services with transparent and low transfer fees.Use online transfer platforms like Wise, Xoom, or Remitly, which often offer better rates and lower fees compared to a traditional bank transfer.Sign up for rate alerts from transfer providers to be notified when rates are favorable.Check for special promotions or discounts that will save you money on transfer fees.Avoid last-minute transfers, as urgent transfers often come with higher fees.Prioritize the security and reputation of the service provider to ensure your funds are safe.Use forward contracts that allow you to lock in a current favorable rate for a future transfer.Steer clear of options with high fees, such as using credit cards for international transfers.ConclusionBy following the strategies outlined in this guide, you're better equipped to navigate the complex world of currency exchange and ensure you're getting the most value for your money. Researching multiple providers, understanding how exchange rates work, and being aware of potential hidden fees are essential steps in making an informed decision.Staying up to date on market trends can make a significant difference because the foreign exchange market is dynamic and subject to various economic factors.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!

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.

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