Introduction
Are you planning to purchase property abroad? Or are you sending money to loved ones in the Philippines as an overseas Filipino worker (OFW)? We understand that you would most likely send a large amount of funds abroad for these instances. Thankfully, nowadays, there are plenty of ways you can do this.
If you’re concerned about the risks associated with international cash transfers, this article can help, as it’ll discuss important reminders to ensure your transaction is safe and successful. We’ll also cover details you should know concerning the maximum amount of money you can transfer to the Philippines, among others.
The Risk of Sending a Large Amount of Money Online
Technological advancements have made transferring cash so much easier. Now, almost anyone can make online money transfers internationally as long as they have internet access. Nevertheless, there are dangers, especially if you are unaware of various precautionary measures. Below are examples of the risks of sending a large amount of money online:
Sending to the Wrong Recipient Unintentionally
Sometimes, the money sent can end up in the wrong person’s account because of incorrect details given by the sender. Thus, make sure you input the correct spelling of the recipient’s name, their proper banking information, and such. Take your time when writing down these details, and always double-check the information before proceeding with the transfer.
Transferring to Scammers
One of the ways scammers get money from other people is by assuming the identity of a person close to the sender. They pretend to be that person and ask the sender for money, usually stating an emergency as a reason. When a friend or a relative asks for funds, make sure to verify their identity and reasons first.
Sensitive Information Could Be Stolen
When making an online cash transfer, you will be inputting sensitive information, such as your account name, account number, password, and so on. If you’re using an unverified and untrustworthy platform, they can use these details to gain access to your account and obtain your money. Similarly, do not transfer money online using unsecured Wi-Fi connections, such as public Wi-Fi.
Things To Remember When Transferring a Large Amount of Money Online
To avoid the risks mentioned above, take note of the following things when transferring money abroad, especially if you’re sending huge figures, such as the maximum amount of money possible to the Philippines.
Know the Maximum Amount for Money Transfers
When sending a substantial amount, you should first know the maximum remittance amount to the Philippines you can send.
According to the Bangko Sentral ng Pilipinas, “A person may freely bring into or take out of the Philippines foreign currency and other bearer monetary instruments (e.g., travelers’ checks, other checks, drafts, notes, money orders, bonds) in amounts up to USD10,000 or its equivalent in other foreign currencies.” Beyond this amount, a prior written declaration is required.
This amount may also differ depending on the money transfer service you’re using. If you’re doing a bank transfer, inquire about the maximum bank-to-bank transfer to the Philippines you can do with that particular establishment.
Search for the Best Exchange Rates
The exchange rate is one of the most important factors you should consider when sending money internationally. This mainly determines the amount of money your recipient will receive in their currency. Thus, if your recipient needs Php 20,000, you should check if the funds you will send will equate to that amount based on the latest exchange rate.
To find out which money transfer company offers the best rate, you should first research the most current exchange rate of the currencies involved in your transfer and see which company offers the value nearest to that rate. This is because the rates followed by various transfer service providers and platforms differ.
Research About Transfer Fees
Aside from the exchange rate, transfer fees are another piece of information you should compare among money transfer companies. Transfer fees can differ depending on the amount to be transferred. Thus, if you’re transferring the maximum amount of money to the Philippines, expect to pay higher fees.
Meanwhile, watch out for companies that offer a low transfer fee. While their fee may be lower, it may not be worth it if their competitors offer a much better exchange rate.
Ensure Transaction Security
There are various ways you can do to ensure the security of your money transactions, such as:
- Choose Well-Known Money Transfer Companies – For instance, Cebuana Lhuillier has been in business for multiple years now and is regulated by the Bangko Sentral ng Pilipinas. Furthermore, we only work with trusted international remittance partners.
- Be Responsible – Do your part. Never share personal financial information with others, even with people you know. Moreover, do not click links from text messages and emails sent to you without verifying their sources.
- Look for Security Measures – Security measures such as two-factor authentication and one-time password (OTP), among others, help prevent account takeovers and unauthorized logins. With Cebuana, recipients will need to provide a valid ID and the control number given to them by the sender to claim the remittance.
Inquire About Transfer Times
Note your money’s time of arrival. This is crucial if you’re transferring funds because of an emergency. If you need your money to arrive at its recipient as soon as possible, look for money transfer companies that offer a “fast delivery” option. However, expect higher transfer fees for this service.
Additionally, be aware of any events, such as bank, religious, and local holidays that may delay your transfer, so you can schedule the most appropriate date when sending money.
Conclusion
Hopefully, this article served as a great reminder to you of the things you need to consider when sending money overseas.
With Cebuana Lhuillier, you can have complete confidence that your money will reach your loved ones safely and on time. Our Pera Padala service is a trusted and proven means of transferring funds whether domestically or internationally. Furthermore, Cebuana Lhuillier has over 3,000+ branches you can visit to make domestic or international transfers. We also have select 20,000+ authorized agents in the Philippines.
Need more information on how our international remittance services can help you? Don’t hesitate to reach out to us. We look forward to hearing from you!