Filipinos opt to work abroad to provide better lives to their loved ones. Leaving family to find better opportunities overseas is difficult, but Overseas Filipino Workers (OFWs) do so to fulfill their duties and obligations to their beloved.
With the prevalence of technology, there are now many ways to send over their hard-earned money back home. If you are an OFW, knowing more than one way to remit money to your loved ones would enable you to have alternative; just in case other means to do so are unavailable. We’ve listed 4 ways you can send the money you worked hard for to the Philippines:
Via bank transfer
Safely send money to the Philippines by wiring money to your loved ones’ bank account. A wire transfer is an online means of transferring funds from one financial institution to another. You can remit money through major banks here in the Philippines. However, there are flat rates for sending and receiving money through this method. This is one of the secure ways of sending money but transfer rates and speed of transfer vary for each bank.
Via foreign exchange services
First of all, don’t confuse foreign exchange services with foreign exchange traders who perform a different service. Foreign exchange (forex) companies complete international currency transfers to individuals and businesses. They transfer the funds from one country to another and exchange the currency between the two countries. Most forex companies are located in the United Kingdom (U.K.), but some are also located in North America and Asia. It should be noted that forex companies should only be used for large transactions, and that the company does not charge a fee; they make money on the exchange rate.
Via Prepaid Cards
The use of prepaid cards is a great way to spend without going over the budget. Your family in the Philippines can acquire a prepaid card which you may reload at any time even while you’re on the other side of the world. Simply set a budget to better monitor your family’s expenses whether the basics such as the weekly trip to the grocery or leisure, like watching the latest movie showing in the cinema.
Sending money via remittance services
Here’s one we definitely recommend. Cebuana Lhuillier’s Pera Padala Service ensures an easy, quick, and safe way to send and receive money. With more than 2,000 branches nationwide and accredited international partners, this money transfer service is made available to clients within and outside the Philippines. All transactions are real time, which enables clients to claim the money as soon as the sender completes the sending process in the branch.
The right money transfer service depends on what works best for you and your family here in the Philippines. Ask other OFWs or Filipino immigrants on what works best for them to weigh in on your decision, keeping in mind the main objective – to send money to your loved ones in the Philippines safely and timely.
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