As an OFW, sending money to your loved ones may be one of the most fulfilling things that you’ve ever done. Just think about it, all of those countless hours at work, all of those overtime and stress, all worth it as your family would be well-provided for at the end of the day. Just as long as they’re able to receive the hard-earned money with no hassle, they would definitely be able to enjoy the fruits of your labor. With all of that in mind, you may have been sending money via money transfer. While it may be the most common way for an OFW to send money, it isn’t always the most singular option. There are other forms of money transfer that can deliver any amount as efficient as a package delivery. Let us explore one, which may help you decide with comparisons.
First of all, what is money transfer?
It is the act of transferring money from one place to another. This may occur electronically or physically. Remittance centers are usually present to handle these types of transactions.
What is the other type of money transfer?
It is called wire transfer. Also known as bank or credit transfer, it is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account. In such case, it must involve a bank, of parallel transactions, and requires both parties (the sender and the receiver) to have a bank account of their own.
Which is faster?
For Money Transfers:
“The processing time for money transfer depends on how you send the money, the provider you choose and where you send the funds. While cash is fast, you can save a lot of money if you’re willing to wait a day.”
-Quoted from an online manuscript regarding money transfers.
For Wire Transfers:
“Wires can be completed in one day, depending on how early you submit your request to send money. It may take several hours for the receiving bank to show the wire proceeds in the recipient’s account—even if the money is at that bank. A bank employee may just need to complete several tasks to make the funds available. If you’re in a hurry to use money you’ve received by wire, a few phone calls to the bank should do the trick.”
– Quoted from an online manuscript regarding wire transfers.
If we were to compare both options, money transfers are much faster, due to the fact that they provide an option for instantaneous transaction. Yes, it may cost more, but the process wouldn’t last a day, unlike wire transfers which (aside from all of the extra processes) may take about a few hours up to a whole day to accomplish.
Which is safer?
Both are particularly safe, as wire transfers involve heavily guarded banks, and the only ones to handle your transactions are the tellers. Money transfers almost operate the same way, as only authorized personnel are allowed to handle your details and process the transfer on your behalf. It all comes down to the proper implementation of work processes and daily security measures.
Overall, both processes of transferring money may seem equal, but in terms of speed and security, money transfer still takes the top place over wire transfer. It’s still a well-trusted option.
Speaking of a well-trusted option, you may be 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 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. 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 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/
Quoted Manuscripts (Source):