Do you know most of the overseas Filipino workers send money to Philippines through their mobile application? Transferring money to a mobile wallet is the fastest way to send money instantaneously. A mobile wallet is a mobile app that allows you to send, receive, and keep the money as well as make payments with it. Virtual wallets are becoming increasingly popular around the world.
They’re a great way to transfer and receive money because of their ease, accessibility, and tempting payback choices. This option allows you to pay for expenditures such as your monthly rent or electricity bill directly from your pocket. If you’re planning to send money to Philippines online, you can use ACE Money Transfer mobile wallet services.
What Are The Methods To Save Money On International Money Transfers For Expatriates?
Whatever your motive to send money to Philippines online or through a high street bank from any developed country around the world, whether it’s to finance your foreign mortgage or to purchase that dream classic automobile, there are a few simple strategies to help you save money.
- Compare and contrast various money transfer services. It takes only a few minutes. When you compare, you’ll be able to get the best exchange rate, lowest transfer costs, and most dependable service.
- Be aware of the entire cost and pay special attention to it! Although the expenses incurred may be little, the exchange rate may be considerable. If the exchange rate is better, a greater fee may be justified. Calculate the final amount the recipient will get to make a true comparison. Consider the following scenario: Suppose that company X offers a £1 = PhP for your online money transfer to the Philippines. 60 conversion rate with a £2 transfer fee, while Company Y provides a £1 = PhP.60.20 conversion rate with a $4 transfer cost. Company X would send PhP.29,880 ($500x PhP.60 – $2x PhP.60) if you were sending $500. Company Y would send a smaller amount of £29,859.20 ($500x PhP.60.20 – £4*60.20).
- Keep an eye out for rates that are shifting or suggestive! The foreign currency market never sleeps, and exchange prices fluctuate by the second, falling or surging dramatically in a matter of seconds. It can seem futile to keep track of rates that seem to fluctuate by a few pennies. Keeping a tight check on the rates, on the other hand, will save you a lot of money in the long run. When it comes to your money transfer to Philippines or another country, use caution.