FFE Magazine

Money Transfer Tips: Sending Money Back Home to the Philippines

Sending money by wire can make most first timers anxious, but there’s really nothing to be worried about. It’s a tried and tested method of sending money back home . All you need to do is try it out successfully once and it will make you feel comfortable from then on.

 

If you’re still nervous though, here are a few tips to make sure that your remittance experience is as smooth as possible.

 

remittance

 

Go with a Reputable and Suitably Large Company: Generally, bigger isn’t always better – but a home-based transfer service is more likely to have unpolished service than a well established bank. Make sure that whoever is handling your money transfer is experienced with such transactions. Whenever you’re considering using a business as a money transfer service, check them out online. Look for reviews and see what other people have experienced with the company.

 

Check for Any Hidden Fees: Expats working overseas are often working to support a family back home. Hidden charges and rates can easily rattle the budget, especially if it’s a significant amount. Ask the money remittance service for all relevant documentation and confirm the total costs of the transfer before handing over your money.

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Shop Around: Don’t go with the first trustworthy-looking company you meet. Shop around, talk to people, read reviews on the Internet. It may take a little longer, but doing so will assure you of a good or of not the best deal for your money remittance.

 

Consider Utilizing Non-Bank Services: Banks are important, but they aren’t the only places a person can use to transfer money. Smaller companies can handle the transfer just as efficiently, especially if you’re not going to be sending a large amount. This can also make it easier, as their services are often targeted at people who frequently transfer small amounts of money.

 

foreign-currency

Consider Your Needs: People sending smaller amounts may want to consider smaller companies, as they tend to have fewer restrictions and lower fees in order to attract more customers. People who send bigger amount of money and on more frequent intervals may want to look at a bigger business or a bank to handle their money remittance needs. The rates might be higher, but higher rates tend to come with better security.

 

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