5 Cost-Saving Tips on Money Remittance for OFWs

As an OFW, you should always try to cut expenses and save as much as possible, owing to the fact that you have a family to support back home. In such case, you have options to save cost, even when it comes to money remittances. You may ask, “What are the things that I should do in order to accomplish that?” Well, look no further, as we have enumerated a few cost-saving tips on money remittance for OFWs:

1. Don’t be frequent, be smart.

It’s only natural for OFWs to be excited about sending money to their loved ones. After all, isn’t that the main reason of their departure, to provide a better life for their family? One main thing to keep in mind, however, is that every money remittance has an equivalent transaction fee. No need to worry, as a good remittance center would usually charge the same fee, regardless of the amount that you’re going to send. What you should take note of is the frequency of your transactions. Instead of sending cash a couple of times, thus accumulating your expenditures on transaction fees, you may instead save up the whole amount and send it all at once, in order for you to avoid spending on fees multiple times.

2. Be aware of the foreign exchange rates.

We couldn’t emphasize its importance enough. You’re sending an amount that would equal to a much bigger sum when it reaches the local remittance branches, that’s already given, but time it right so your loved ones would receive a much higher amount. Observe the ever-changing rates and values and try to keep an eye out for any indication that the said rates would go higher. When you’re sure of the exchange values, feel free to remit your well-earned money.

3. Ask about any hidden charges.

One main way to save on remittance fees is to avoid paying any hidden charges. It’s one way to pay for an upfront charge, but another to pay for charges only mentioned in the fine print. You have the freedom to look around for a much better remittance center if you feel that you’re spending a lot on transfer fees. Those amounts could have gone to your family’s budget back home, instead, they’re being spent on remittance cost. You definitely want to avoid that.

4. Make good use of technology.

Getting tired of travelling back and forth to your nearest money remittance center? Add convenience to your life by transferring money online. Your choices may range from a browser-based money transaction to an app that allows you to do the same thing with one click. Avoid long lines and send the amount on time.

5. Go for a well-known remittance center.

Some remittance centers offer a low service charge for the transaction, but holds the risk of a non-secure transaction. It is much better to deal with a reputable agent to avoid any hassles or possible scam in the long run. Your loved ones would be waiting for your money transfers. Ensure that they would receive it and not some unknown stranger.

Speaking of well-known remittance centers, you are ready to send your hard-earned money to your family back at home; however, you are still undecided as to which remitting center you should transact with. Well no need to look any further. With Cebuana Lhuillier’s Pera Padala Service, you have an easy, quick, and safe way to send and receive money. With more than 2,200 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. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we deliver a fast, easy and secure transaction.

6 Tips on How to Balance Your Personal Budget and Money Remittance

In 2017, OFWs sent home $31.29 billion in remittances, with nearly $3 billion in December alone. Known as the modern heroes of the Philippines, OFWs contribute 10% of the Philippines total gross domestic product (GDP).

Just from these numbers alone, no one can deny how much OFWs help the Philippine economy.

However, OFWs not only have to help support their families, they also need to keep themselves alive at their place of work.

Sure, OFWs sacrifice energy, time with their family, and the comfort of living in their home country, but at the very least, they should not have to sacrifice their well-being to send money home.

If you’re an OFW, here are some tips to help you balance your personal budget and the remittances you send home:

Budget

Budget, budget, budget. The budget always comes first.

Create a budget for yourself and ask your family to send you a copy of their budget at home. Decide together (through Skype, FaceTime, etc…) what your responsibilities are and how to divide your wage for your needs.

Ask yourself relevant questions like: Am I in charge of paying for my kid’s tuition, the house bills, and lolo’s medical bills? Am I responsible for all their utility expenses? Is there someone at home who can help, or am I on my own? Make sure you add those considerations when you plan.

Get a good feel of the situation at home and send money accordingly. Send enough to pay for your family’s needs and to improve their quality of life but avoid sending extra unless it’s a special occasion. This keeps the people back at home from treating you like an ATM machine.

Pay attention to the season

There are certain times in the year when your family will need a large amount of money, notably school enrollment season. It can be difficult to balance both your needs and your family’s when these times come.

Of course you want your kid to go to a good school, but you’ve already used up all of your wages for the month. Where are you going to get their tuition?

One way of making sure you can send money home whenever your family needs it is by saving throughout the year. Instead of looking for a plan to pay your kid’s tuition every time the need pops up, you can put aside a little bit of money every cut-off and let it accumulate over time. If you make space for savings when you create your personal budget, the shock of needing a large amount of money at any given time will not affect you as much.

Consider online bills payment

It’s not easy to admit, but some families have members that just don’t value hard work. If you know anyone like that in your family, then maybe consider looking for online bills payment options. This lets you help your family without the risk of that one person using your hard-earned cash on frivolous things.

Canvass

If you have a family member asking for some expensive gadget for school, confirm it with a mature member of your household first. After receiving confirmation, don’t just buy the first thing you see that looks okay. Make sure to canvass for brands and models to see what would fit the requester’s needs without breaking your budget. Then compare the prices in your work country and in the Philippines to see where it is more cost-efficient to buy.

Plan ahead when filling your balikbayan boxes

When you fill up your balikbayan boxes, make sure you ask your family what they need first. Prioritize those over anything else. Then fill your boxes with things you think will be useful at home, like laundry detergent, cooking oil and the like. This will lessen grocery expenses at home and hopefully give you a little breathing room as well.

Control your gift-giving

This may be the hardest tip in the list.

As an OFW, it’s more than likely you went abroad because you want to give your family a better life. You want them to have nice things and experience what you’ve never experienced. However, sometimes, too much misplaced love can only lead to hurt.

You probably want to show your love by sending your family gifts, and that’s fine! But keep it to special occasions. Bombarding them with frivolous things will do nothing but spoil them and hurt your budget.

Instead of sending gifts to show your love, it’s better to try to spend time with them through phone calls and/or Skype. Be present in their lives by engaging with them in social media. Sending them a “Congratulations on passing your exam!” or “I miss you!” costs less but infinitely means more.

With all that in mind, you may have decided the perfect amount to send back at home. With Cebuana Lhuillier’s Pera Padala Service, you are ensured an easy, quick, and safe way to send and receive money. With close to 2,500 branches nationwide and accredited international partners, this money transfer service is made available to clients within and outside the Philippines. So our beloved OFW patrons, visit any of our international partners – we assure a fast, easy and secure transaction.

Pawning 101: 4 Factors that Affect a Gadget’s Appraisal Rate

Money problems aren’t reserved for a single generation. Everybody, from Baby Boomers, to Gen Xers, to Millennials, has likely experienced the need for more funds, whether it’s for their family, career, or education. There are several methods to address this problem. In the Philippines, one of the quickest and most convenient way is pawning.

However, not every generation is sufficiently equipped to use this service. Most Millennials don’t really own genuine jewelry, the go-to item to pawn. Instead, they have gadgets.

While admittedly not as valuable as jewelry, gadgets can also help you get some quick cash when in a bind. Just make sure you know what to look out for when you plan on pawning away your gadget.

Brand

If somebody asks, “What is the best smartphone brand in the market?” you’ll likely answer “iPhone!” or if you’re an Android user “Samsung!”

Because of their history, branding and strong media presence, their names are the most likely to pop up when you think of smartphones. Similarly, when consumers start shopping for a phone, these brands are likely the first ones they’ll check.

When bringing a gadget to a pawnshop, the first thing the appraiser will notice is the brand.

Unlike jewelry, brands matter when appraising gadgets. They carry a name and a certain type of prestige. They are also easier to appraise because their initial value can easily be found online. Not to mention, brand name items are easier to sell should a pawner default on their loan.

In short, a well-known branded item can fetch a higher appraisal rate than an unknown branded item.

Model

The price jump from an iPhone 8 (₱39,490) to an 8S (₱45,990) is huge. The difference between them? The screen sizes and the camera.

Having seen the difference between two phones from the same generation, you can only imagine how big the jump is from one of the older models (Hint: iPhone 7 – ₱28,990, iPhone 7S – ₱36,990). Similarly, other brands and gadgets follow the same trend, though not to such an exaggerated manner (Vivo V11 – ₱19,999.00, Vivo V9 – ₱17,990.00).

Model also affects functionality. A general rule in technology is that newer releases will always have better specifications than their older counterparts. This increases their functionality, and therefore their value.

The newer and higher the gadget model is, the more money you can get for it. Note that this trend works inversely as well; as tech companies churn out new phones and laptops each year, your gadget’s value depreciates the older it gets.

Condition

Outside of the original value of your item, another thing to consider is its condition when you bring it to a shop to pawn. Is it clean without any scratches and dents or is the screen cracked? Does your laptop run like a dream or does it take forever to start up?

Pawnbrokers will test your gadget before giving an appraisal. No matter what brand it is or how new your item is, it’s useless if it’s broken.

Rarity

As a counterpoint to the second factor, model, it is possible to pawn a few older model gadgets for a decent amount of money. That is if the model itself is out of production and a collector’s item. For example, certain game consoles release special editions, and pawning these will likely fetch you higher price due to its rarity.

As always when it comes to pawning, the appraisal will also depend on the pawnshop you go to. Cebuana Lhuillier’s Pawning Service offers an appraisal rate of up to 30% higher than other pawnshops. They also accept a wide array of items, from jewelry to gadgets, as collateral. So if you’re in need of some quick cash, visit your nearest Cebuana Lhuillier branch now – for a fast, easy and secure transaction.

5 Uncontrollable Events that Could Ruin You Financially

We budget, we save, and we invest; we do a lot of things to make sure that our future is secure. However, something outside our control occurs, an accident or an act of God, and suddenly we find ourselves losing everything we’ve worked hard for.

This series of events is not new to many Filipinos. Living in a country plagued with natural calamities, accidents and shortages, majority of us have suffered lightly or harshly from the following:

Fires

During the summer season, the Philippines often suffers a sharp rise in fire-related incidents. Volunteer and employed firefighters do their best to respond to each call, but sometimes they are too late, or the fire is just too strong to control.

Having your house burn down is a tragic event. Not only can you lose all your belongings, but you could even lose your life or your loved ones.

Luckily, you can lessen the chances of a fire occurring by taking some precautions.

First, know what to look out for. According to the Bureau of Fire Protection (BFP), the top three causes of fire in the Philippines are faulty electrical connections, lit cigarette butts, and open flames from unattended stoves.

After finding the information that you need, make sure you habitually inspect your house for any fire hazards. Quickly fix sparking electrical outlets and uncovered live wires. If you have any smokers living with you, be careful of using flammable products like hairspray and spray-on deodorant around them when they are smoking. Make sure that they completely snuff out their cigarette butts when they’re done smoking. When cooking, keep a close watch on the stove and properly close the gas tank when finished.

Unfortunately, you can only do what you can in your own house; you have no control over your neighbors’ actions. So, in case an incident does occur, make sure you know the correct numbers to call.

Bureau of Fire Protection (NCR) Direct line: (02) 426-0219, (02) 426-3812, (02)426-0246

Storms

Living in a country that is part of the Typhoon Belt, Filipinos are used to weathering the devastating storms of Mother Nature. Approximately 10 typhoons enter the country yearly, half with the potential of being destructive.

Because we Filipinos are so used to it, there are already strict procedures in place when a storm comes, especially in the provinces near bodies of water. Despite this, we always hear stories of people refusing to evacuate their houses, because leaving their homes may also mean leaving all they have to be washed away by the storm.

Remember though, material possessions are not worth your life. As long as you are alive, there is always hope of starting over.

Landslides

Landslides can come as a consequence of a powerful storm, or less commonly in our country, an earthquake. Just last September, a landslide in Naga, Cebu brought about by the aftermath of Typhoon Ompong (International name: Mangkhut) buried dozens of people alive, killed 22 other people and crushed over 30 houses.

While not as rampant as storms, landslides can occur without any warning. And like the first two events, it can completely wipe out all your life’s work.

Road Accidents

Conversely, road accidents happen in Metro Manila, and they happen more often than you think.

Getting in a road accident can not only cost you money in property damage, but depending on the cause, you might even find yourself getting sued. And even if you win your case, you’ll still need to shell out money to pay for legal fees.</span

Medical Concerns

This particular problem can be brought about by accidents or genetics. You could land yourself in a road accident and break your leg, or maybe your family has a history of breast cancer. Unfortunately, medical problems are an issue you can never fully guard against even if you try to live a healthy lifestyle.

While the government has done its best to make medical procedures more accessible to the masses, it remains a fact that the best doctors, the best equipment, and the best procedures cost a whole lot of money.

Should you find yourself forced to undergo an expensive procedure, you better be prepared to lose a good chunk of your savings. Not only that, most operations require a recovery period and aftercare drugs. This means shelling out more money while not being able to work.

A word of advice: Take advantage of the free check-ups in health centers; catching a disease at its earliest stage will go a long way in saving your money and your life.

With that in mind, you may find yourself wanting to protect yourself from these natural calamities. Look no further than Cebuana Lhuillier’s Microinsurance, affordable insurance products to help Filipinos recover in times of need. Cebuana Lhuillier offers several innovative microinsurance products that promise to minimize impact of misfortunes on one’s financial position. Visit https://www.cebuanalhuillier.com for more information.

The Dos and Don’ts of Filling Your Balikbayan Box

With Christmas approaching, it’s likely that you’re filling your final balikbayan box for the year. But are you sure that you’ve packed up everything important? That you have everything your family needs? Are you sure that everything in your box will safely go through customs? Just in case you’re not, below are a few tips and reminders to keep in mind while filling your balikbayan box.

Keep in mind the total amount you have sent back home.

The first and likely most important factor to keep in mind is the total worth of all the balikbayan boxes you’ve sent home throughout the entire year. Remember, you are only allowed up to P150,000 worth of items unless you are willing to pay for the duty and import tax. Also, if the worth of your balikbayan box is equal or below P10,000 then it is no longer taxable.

Ask your family what they need.

While it might be fun to fill your balikbayan box with all the interesting things you’ve seen, it would be remiss of you to neglect your family’s actual needs. Before filling your balikbayan box, make sure you contact your loved ones and ask them what they need, be it a new pair of shoes for PE, or a replacement for a 7-year-old laptop. After all, that PS4 might seem fun, but will it help your son finish his thesis project?

Fill your balikbayan box with food.

With the rising prices of goods in the Philippines, you might want to consider sending over some food in time for noche buena. Pack some traditional fare from wherever foreign country you are, or some hard-to-get items, like novelty flavored noodles. Just make sure you stick to non-perishables and avoid liquids.

Avoid putting glass in your balikbayan box.

Unfortunately, it takes a long time for a balikbayan box to arrive in the hands of your loved ones. During that time, you won’t know exactly how the couriers are handling your precious cargo. Putting something made of glass inside is just asking for trouble, especially if it’s liquid-filled glass. But if you really, really need to, make sure you invest in lots of bubble wrap or cushion it between items like clothes or towels.

Don’t stuff your balikbayan box with clothes.

A few pairs of shoes, a dress, some pants, that amount is fine, but it’s such a waste to fill the entirety of a balikbayan box with just clothes. Even in the Philippines, clothes are a dime a dozen as long as you know where to look. Also, there’s a chance that the customs officer might consider such a haul for commercial use instead of personal.

Never put money inside your balikbayan box.

Different hands will be handling your box with you being none the wiser. Some unscrupulous individual might get the idea to do a ‘surprise inspection’ and see the cash. It’s infinitely better to stick to pasalubong items and keep temptation at bay. There are other, much safer ways to send money back home.

One such way is by availing of Cebuana Lhuillier’s PeraPadala Service, where you are ensured an easy, quick, and safe way to send and receive money. With close to 2,500 branches nationwide and accredited international partners, this money transfer service is made available to clients within and outside the Philippines. So for our beloved OFW patrons, feel free to visit any of our international partners – we assure a fast, easy and secure transaction.

For a complete list of our international partners, you may visit our website at https://www.cebuanalhuillier.com/pera-padala/.

CORPORATE AGENT PARTNERS

  • ACTION.ABLE, INC.
  • ALL ACCESS GATEWAY INC.
  • ANTRECCO (AGUSAN DEL NORTE TEACHERS, RETIREES, EMPLOYEES & COMMUNITY COOPERATIVE)
  • ACM VIP
  • ALL CASH
  • AGRILIFE/ AGRIVET
  • ASENSO PINOY STORE, INC. (EASY DAY SHOP)
  • AVICOM ENTERPRISES
  • AYALA ALABANG VILLAGE ASSOCIATION
  • BAUG CARP MULTI PURPOSE COOPERATIVE
  • BAGUIO BENGUET COOP
  • CARD BANK INC
  • CARD MRI RIZAL BANK INC
  • CARD SME BANK
  • CARITAS BANCO NG MASA, INC.
  • CEBU PEOPLE’S MULTIPURPOSE COOPERATIVE
  • CIS BAYAD CENTER, INC
  • COOPERATIVE BANK OF BOHOL, INC
  • COUNTRY BUILDERS BANK
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • AEON CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (VIA ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (VIA ECPAY)
  • ALLIANZ PNB LIFE INSURANCE INC.
  • ALPHA FUND SAVINGS & CREDIT COOPERATIVE (VIA ECPAY)
  • AMADEO WATER DISTRICT (VIA ECPAY)
  • AMYA POLYTECHNIC COLLEGE, INC. AND FINANCING CORPORATION (LENDPINOY)
  • ANGAT WATER DISTRICT (VIA ECPAY)
  • ANGELES ELECTRIC COMPANY ANGELICUM SCHOOL , INC. ILOILO CITY (VIA ECPAY)
  • ANJELMAN REAL ESTATE LEASING
  • ANTIQUE ELECTRIC COOP, INC ANTRECCO (BILLS PAYMENT)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (via ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (via ECPAY)
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

List of Accepted Government/ Valid IDs

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Philippine Identification System (PhilSys) ID
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) ID
  • Senior Citizen’s ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR)
  • Barangay Certificate or ID (with picture and signature)
  • Birth Certificate (applicable to minors only)
  • Firearm License
  • Immigrant Certificate of Registration
  • Marriage License
  • National Council for the Welfare of Disabled Persons
  • New TIN ID
  • OWWA ID
  • Student ID
  • Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
  • Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID (IBP)
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (Insurance Commission)

IDs Accepted

As required by Bangko Sentral ng Pilipinas (BSP), clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a clear copy of at least ONE (1) valid photo-bearing identification document issued by an official authority. For our clients’ convenience, Cebuana no longer requires submission of the photocopied ID. IDs are captured using a webcam in all branches. Clients are also required to submit an updated photo and other relevant information whenever the need for it arises.

Forms of identification accepted are the following;

Pawn Accepted IDs
1. Passport
2. Driver’s License
3. Professional Regulation Commission (PRC) ID
4. National Bureau of Investigation (NBI) Clearance
5. Police Clearance
6. Postal ID
7. Voter’s ID
8. Philippine Identification (PhilID) card
9. Social Security System (SSS) Card / Unified Multi-Purpose ID (UMID)
10. Barangay Certification
11. Government Service Insurance System (GSIS) e-Card
12. Senior Citizen Card
13. Overseas Workers Welfare Administration (OWWA) ID
14. OFW ID
15. Seaman’s Book
16. Alien Certification of Registration/Immigrant Certificate of Registration (for foreigners)
17. Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID)
18. Home Development Mutual Fund (HDMF ID)
19. Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
20. Department of Social Welfare and Development (DSWD) Certification
21. Integrated Bar of the Philippines (IBP) ID
22. Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission or Insurance Commission
23. ID issued by the National Council on Disability Affairs (NCDA)