Tips on Money Transfer for Overseas Filipino Workers

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

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

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.