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.