Tips in Choosing Different Types of Money Transfer for OFWS
One main concern for many OFW is the method on how to send money to the Philippines. And today, there are a number of ways on how to transfer money to your loved ones in the Philippines, from the most secure to the fastest, and from traditional to the electronic types. But the two important factors you need to consider is the safety and cost-effectiveness of the money transfer service or bank you are going to apply. This article will discuss some useful tips on how to transfer money at the lowest possible cost.
If you are going to use bank to bank wire transfer, make sure that it is reputable and has several offices around world. Your recipient may receive it within 2 – 4 days but it depends upon the bank. You should also check if the bank has a local branch in your country. This type of method is that most secure with the lowest remittance fee.
Life abroad can be too busy and hectic and for OFWs to send money quickly, one method is through electronic transfer. This is also the fastest and convenient way since the money can be transferred in no time. Electronic transfer can provide several benefits apart from fast and convenient money transfer. With this method, you can pay your bills anytime provided they allow that type of transaction. The card service can be use during vacation or visiting in the Philippines without bringing cash. You can deposit your money in your account and withdraw it when you arrive at your chosen destination. Most electronic money transfers have direct to peso conversion scheme. In this way, you can send your money in dollar and the system can automatically convert it in peso.
When sending small amount of money, you can use your mobile phone. Many telecommunication companies provide money transfer services for OFWs. All you need to do is to register your mobile phone number or better ask their customer support for more information. After the registration, you can send your remittances quickly and easily.