Important tips to remember while sending money home
As an OFW living away from home, money transfers are definitely something you have dealt with at some point. Whether you are a regular sender of money transfers or only an infrequent one, here are a few tips that you should keep in mind every time you carry out an international money transfer.
Use a formal money transfer channel
This is possibly the most crucial element that you should keep in mind while transferring money. Using a formal channel not only ensures that your money has legally entered the country, but also provides safe and timely receipt of remittances.
Know the options on hand
Before you send money abroad, it is a good practice to see what options are available to you for money transfer. Would it be more beneficial for you to send money via a bank, or through an international money transfer service or would an online money transfer benefit you more? There are options galore, make sure you weigh them beforehand.
Keep an eye on the exchange rate
A lot of service providers, including banks and wire agencies keep a margin on the exchange rate that they offer a customer. Hence, it becomes imperative that you research the best exchange rate being offered, before you send money.
Make it convenient for your receiver
The convenience of both the sender and receiver should be kept in mind while transferring money. If your receiver is not used to online money transfer, maybe an offline transfer service would work better for them. If going for the latter, always choose a dependable money transfer service like Xpress Money that has a wide network and is easily accessible to your beneficiary, anywhere in the Philippines.
Know what you are paying for
Sometimes, the service provider may charge a premium for a instant transfer or backend fees to your beneficiary while collecting the money, in addition to the processing fees that you have already paid while sending the money. Therefore, always read the fine print before you make a transaction.
Keeping these points in mind, you can send money effectively and be assured of the security and convenience of your loved ones.
Each week, Xpress Money will give you advice on relevant topics that will help in your everyday life. For any queries on sending or receiving money, please write to [email protected]
