Online remittance agencies are the safest, quickest and most cost-effective mode of transferring money from US to Philippines. Compared to banks and other mediums, online money transfer services can help you save on transfer fees and currency exchange rates. For instance, when you send money from PayPal, you will have to pay around 8% as transfer fees. But when you send money online, most agencies offer lowest transfer fees and no hidden charges.
When you transfer money from US to Philippines through an online agency, make sure you have chosen a reputed company. If you know someone who has been sending money through online remittance, ask them for recommendation. You can also find out names of the best online money transfer services on the internet and compare their fees and exchange rates to make a final decision.
There are more than 9 million people from Philippines who work abroad in different countries. They send a lot of money to their country on a monthly or yearly basis. Reportedly, Overseas Filipino Workers (OFWs) and migrants sent approximately $21 billion to Philippines in 2012 and this accounted for around 10% of the GDP of the country.
Sending money through online agencies is not just cost-effective but also quick. Your loved ones in Philippines can get the money on the same day or within one day. You can be assured of safety and security of your money because reputed online agencies are licensed to carry out money transfers. Once you register with them, you will be asked for some personal information which is kept confidential. Since the required information is saved in their database, you don’t have to spend time on filling the details every time you wish to send money to Philippines from the US.
International money transfers are a minefield of security concerns, hidden charges and documentation. There are some who send money maybe once a year whereas some send money to their loved ones on a monthly basis to either run a family, make investments, pay for mortgage on a second home and so on.
Whether you have to send money from United Kingdom to India or you have to transfer money to Philippines from the UK, here are some of the tips that might help you ensure a hassle-free remittance experience.
Comparing Exchange Rates
The first and most important tip to consider is- comparison of exchange rates. Banks have a high exchange rate whereas Western Union or PayPal also have high rates for currency exchange. So, if you wish to get competitive exchange rates, you need to select a reputed online remittance agency. Online remittance is the best option for ensuring quick, safe and cost-effective money transfer to different countries. Select few online agencies, find out exchange rates being offered by them and make a comparison.
Second tip is to compare transfer fee being charged by remittance agencies. Fee charged by banks for transferring money to Philippines or any other country is very high compared to online agencies. Some agencies charge merely 0.5% as transaction fee along with competitive exchange rates whereas some charge 0% transaction fee during festivals or certain seasons. This helps your family get maximum money.
Third tip is to ensure that the online agency you have chosen is reputed, reliable and licensed to carry out money transfers. Remember, not all online money transfer services are licensed so; make sure you check the license details before choosing to send money. This is because they usually have hidden charges which means, your family will receive less than what you send.
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