Introduction
The Philippines is one of the top remittance recipient countries in the world despite having only 7% of its workforce working abroad. These numbers suggest that most Overseas Filipino Workers (OFW) are sending money back to their family. In fact, according to a Social Weather Station survey, 75% of OFW households say they frequently receive money from their family members abroad.
In poorer households, these remittances act as the main source of income. It helps families finance their basic needs, including housing, healthcare, and education. For middle to high-income households, international cash transfer can be capital for business ventures and other entrepreneurial activities.
No matter how you look at it, international remittances in the Philippines have become a vital part of a Filipino household. That is why it is important for you to keep your remittances secure to continually support your families in the Philippines. Here at Cebuana Lhuillier, we will teach you a few tricks on how you can better protect your money. Continue reading below for guaranteed success in your remittances!
Types of Overseas Money Transfer Methods
There are multiple ways to send money to your family in the Philippines, including bank transfers, remittance centers, and money transfer apps. Explore how to transfer money internationally below and see which method fits your preference:
Online Bank Transfers
Online bank transfer is a method that allows you to send money from one account to another using the bank’s services. The problem is that most bank transfers are limited to domestic. If there is an option for international transfer, it usually requires exorbitant fees. Moreover, international bank transfers can take up to 5 business days, depending on the nature of your transaction.
The good thing about this method is that it is safe. Banks go through a rigorous process before releasing your money to your intended receiver. It is also the reason why bank transfers often take time.
Remittance Centers
Remittance centers like Cebuana Lhuillier allow you to transfer money to the Philippines even without a bank account. All you have to do is access the remittance center online or visit them on-site and follow the transfer steps. What’s amazing about this option is it works almost instantly, which is perfect if you are sending money for emergency situations.
Transferring money through remittance centers is convenient if you are in a hurry. The service provided by these institutions is often instant, but that also exposes them to fraud. Be sure to only remit money through reputable institutions like Cebuana Lhuillier, which has over 3,000 branches nationwide.
Money Transfer Apps
Money transfer apps provide a convenient way for you to send money internationally. This option works similarly to online bank transfers, except you are using an app dedicated to remittances. Although the speed and the fee differ from app to app, the remittance charges are usually high, especially if you want instant transfers.
For an app that offers convenient but affordable international remittances in the Philippines, trust only eCebuana. This app powered by Cebuana Lhuillier allows Filipinos to conveniently send and receive money through the app without visiting the branches physically.
Ensuring Safety and Security When Receiving Money
Remittance scams are ever prevalent in the Philippines. Keep your money safe with these money transfer tips:
Online Bank Transfers
Online bank transfers are exposed to multiple scams like phishing, vishing, smurfing, SIM swapping, and ATM skimming. Although banks implement layers of security measures, you can still fall victim if you are not careful with sharing your information online.
When transferring money through a bank, always make sure that you are on the official website. Follow the guideline of your bank, and do not reply to emails and messages that sounds suspicious. If in doubt, call your bank for confirmation using their official contact information. Here are the things you need to keep in mind.
- Understand How the Process Works
- Learn About the Risks
- Double-Check All Information
Remittance Centers
International remittances to the Philippines should only be done through a reputable center like Cebuana Lhuillier and our list of international partners. Here at Cebuana Lhuillier, we understand the importance of your remittances, so we implement a multi-tier security process with every transaction to make sure that your money arrives where it needs to be.
For better security, be sure to only process your transactions at our registered branches. Do not fall victim to anyone claiming the brand Cebuana unless they are recognized by our official website. Lastly, use the tips below to protect yourself from possible thefts or frauds.
- Have Someone Accompany You
- Bring a Pouch for the Cash
- Count the Money Before Leaving
Money Transfer Apps
Scammers and frauds can use money transfer apps to take money from unsuspecting victims. They use tricks like pretending to be a loved one in trouble or sending you emails about a prize that you must pay to claim. Sadly, once you send money to these frauds, it would be nearly impossible to get it back. That is why you need to be vigilant at all times.
When transferring money, make sure that you are sending it to a legitimate source. Double-check with your loved ones if they are the ones asking for your financial aid. Moreover, you should set up a multi-factor authentication for your app to prevent frauds from getting access. For a safer international remittance in the Philippines, take note of the following tips below.
- Avoid Using Public Wi-Fi
- Be Wary of Phishing Scams
- Do Not Click Dubious Links
Conclusion
International remittances in the Philippines play a vital role in the growth and survival of Filipino families, which is why the security of every transaction matters. While banks, remittance centers, and apps try their best to implement security measures, it is still up to you to protect your money from people who are trying to scam you.
Follow the tips we have provided above! For safer transactions, rely on agencies trusted by Filipinos all over the world. Process your international remittances with Cebuana Lhuillier today, and don’t forget to contact us for your queries.