Important Information to Bear in Mind Before Sending Money to the Philippines.
Sending money to your family in the Philippines every month is a requirement for overseas Filipino workers or OFWs.
You must do this at least once per month, and depending on the needs of your loved ones, even more frequently.
Regardless of how frequently you send money to the Philippines, it would be wise to be familiar with certain crucial information and advice to make the most of every transaction.
Knowing what to expect can help you send money to your family in the Philippines safely and with as little difficulty as possible.
What You Should Know Before Sending Money to the Philippines
Whether you are sending money to the Philippines for the first time or have been doing so frequently, be sure to be aware of this useful information and advice:
- There are various methods for sending remittances.
When transferring money to the Philippines, there are many choices to consider.
The most common techniques are as follows:
Numerous businesses provide speedy remittance services with various sending and receiving options. You can send money by going to one of their locations, their website, or their app.
The recipient can get the money through their bank, which they can withdraw over the counter or with a debit card.
You can send money using their branch, online, or mobile app if you already have a bank account. The personal account will make the payment in the chosen currency to the local bank account of your beneficiary.
This is frequently the best option if you need to send a sizable sum of money.
Transferring money online
You can easily transfer money to your recipient using online money transfer services. You can accomplish this by using their app or website.
Lastly, if you have to send a specified sum to your receiver, you can also consider using a money order. The beneficiary receives the promised money through this technique once you prepay at your bank or the post office.
The safest, quickest, most dependable, and most convenient methods for sending money to the Philippines are money, bank, and internet transfers.
- There are various methods by which your receiver can receive your remittances.
Your recipient can receive the funds you donated in several ways. This typically relies on the form of remittance you select and the choice that you and your recipient agree upon.
The money can be transferred directly into your recipient’s bank account, where they can subsequently withdraw it using a debit card or a bank teller if they have one.
Another choice is to arrange for the beneficiary to pick up the funds directly from a recognized money transfer company.
To prevent any inconvenience, ensure the recipient has the appropriate transaction or tracking number when picking up the transfer and a valid form of identification.
- You might send different amounts.
You shouldn’t anticipate your beneficiary to get the same sum each time you send money to the Philippines, regardless of how frequently you do so.
Your receiver will receive the amount based on the current foreign currency rate.
The exchange rate determines the value of one currency concerning another. If you live in the United Arab Emirates, you should know how much one UAE dirham is worth in Philippine pesos.
Using a high exchange rate when sending money abroad is always advisable. When this occurs, it signifies that more units of another currency can be purchased with your money.
Strong currencies are those that profit from high exchange rates.
Most banks and money transfer businesses utilize the mid-market rate, nevertheless.
The mid-market rate, the interbank or middle rate, is the average of a currency’s bid and ask rates.
Given that current transactions impact it on the foreign currency market, it is regarded as the real exchange rate. It’s frequently the greatest price you can find.
- Transfer costs vary.
When sending money overseas, there are frequently a variety of costs that you must pay. While some service providers assign a percentage depending on ranges, others impose a flat cost for specific quantities.
Additionally, depending on the type and speed of the transfer, the fees may be greater. For instance, real-time or instant cash pickups frequently cost more than bank transfers.
By being aware of this information before sending money, you can prevent being caught off guard by the poor exchange rates and unforeseen fees.
Transfer money when exchange rates are high if you don’t need to send it immediately so the recipient will receive the maximum amount.
Finally, look for a service that doesn’t charge recipients fees when they access the money you sent them. To learn more about all transfer charges, visit the websites of your selected businesses.
- Senders won’t be subject to Philippine taxes.
You are regarded as an OFW and are exempt from paying income tax in your home country once you begin transferring money to the Philippines.
You must, however, register with the Philippine Overseas Employment Administration, or POEA, to take advantage of this perk.
By getting these documents, you can also avoid other taxes that apply to sending remittances, such as the documentary stamps tax:
POEA electronic receipt Overseas Employment Certificate Overseas Workers Welfare Administration membership certificate
Even so, you will continue to pay taxes in the nation where you work and, if necessary, transmit money.
- Proper timing of money transfers is essential.
To minimize hassle and get the most out of your transactions, you might wish to consider additional aspects in addition to sending money while the foreign currency rate is high.
First, avoid sending remittances on weekends and holidays unless it’s an emergency.
This is so that you don’t lose out on favorable foreign exchange rates due to the bank, public, and local holidays that may cause your transfer to be delayed.
Check ahead of time to see whether your beneficiary can still get the money on the same day if the remittance center is open on weekends and holidays, and you need to send money during these times to take advantage of the best exchange rates.
Last but not least, remember that weekends are on Fridays and Saturdays if you work in the Middle East or other Muslim nations. Find out if your recipient can accept the money the same day if you wish to send it during certain times. Knowing these details and advice can help you and your family get more out of every dollar you send to the Philippines.
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Disclaimer: This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
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