16 Aug 2023
Tracking an international money transfer is a tricky matter!
As a Filipino, you know that finding a job offering you a reasonable income in the Philippines is quite a challenge. And you need such an opportunity to earn enough to ensure your family leads a financially decent life. If you do not find one, which is likely, you travel to developed countries like the UK for jobs to earn a living and send money to Philippines from UK to offer financial support to your family.
The robust economies and expansive job markets of developed countries accommodate job-seekers easily, which is followed by earning money and transferring funds back home.
But can you think about not caring for your funds once you initiate the transaction? Whatever means you use to transfer funds, you are pretty concerned about your funds. Each moment from the start of the process till the end of it, you are worried about whether the funds have reached the destination or are still midway. Because, after all, it is about the hard-earned money you earn in a foreign land.
Therefore, tracking your financial transaction has always been a challenge and a complex matter. What complicates this already complex matter further is the different means to transfer funds.
You have several methods to send money to the Philippines, with every method offering you a different tracking mechanism.
But don’t you worry!
This blog will tell you how to track your international money transfer to the Philippines. But first, let’s look at the reasons that push Filipinos to travel out of the Philippines. Tracking your transactions depends on which method you choose, which in turn, is determined by your money transfer needs.
Overseas Filipino Workers (OFWs) travel to developed countries for employment and have some important reasons to gamble their lives for.
A report by Pilot Guides stated that the Filipino diaspora is one of the largest worldwide, with 10 million OFWs residing in different countries.
They make up roughly about 10% of the country’s total population. They largely share the following reasons for leaving the Philippines and working abroad.
The salary structure in the Philippines is one of the lowest in the region. It makes making ends meet difficult for the people. Therefore, they work abroad to earn relatively better. Relatively because you may not get a huge salary, but the difference between the currencies makes your earning big.
Therefore, OFWs work in developed countries to support their families back home through a money transfer from UK to Philippines.
Let’s face it.
As a Filipino working in the Philippines, most of your earning is exhausted in fulfilling the basic life necessities. It leaves a little margin to save for the future and renders you vulnerable in emergencies. But a job abroad can help you earn enough to save alongside fulfilling other needs.
You can invest only if you have savings. and savings are almost next to impossible with meagre resources. Therefore, working abroad can pave the way for savings leading to investments.
The high unemployment rate in the Philippines leads to acute poverty. Even fulfilling the basic life essentials for a large majority is quite a challenge for people. In such a scenario, working in Countries That Pay The Most To Expatriate Workers is the best bet you can make as an OFW.
All of these points, put together, serve as a set of strong reasons for you as a Filipino to earn a living abroad and financial aid your family back home.
Let’s now see how you can track your online money transfer to Philippines from UK.
As mentioned earlier, different methods offer different ways of tracking the transfers. The important point is first to choose a method that corresponds to your money transfer needs.
Broadly, you can have two ways of transferring funds. one is through wire transfers that largely take place through banks.
The other is through remittance transfer service providers.
Be extra careful while choosing a company, as many unscrupulous elements in the industry can deprive you of your hard-earned money.
It is a fairly simple and easy process but may involve physical fatigue. At the time of transfer, a bank will give you a paper receipt with all the transaction details mentioned on it.
You will have to keep that receipt safe and take it to the concerned branch to track the transaction if the need arises. You can also contact the bank’s helpline, but it is mostly not a feasible option because a) helplines tend to be busy mostly, and b) they will likely request you to visit the concerned branch.
Another option is to visit any branch of the same bank, given that all banks operate online nowadays.
Here is where extreme caution is needed on your part when choosing the right service provider. After you have selected the right one, you will have to complete the transaction, after which they will give you a transaction number. It is also called a confirmation, reference, order or transaction number.
Keep this number safe and visit the office of the concerned company or call the helpline to seek details if the need arises.
This way, you can track your transactions. But also remember to check the time a company will take to deliver the funds because a swift transfer will essentially diminish the need to track an international money transfer.
If you send money from UK to Philippines online with ACE Money Transfer, you will be charged a low fee with market-competitive exchange rates, safety and a wider service network. Additionally, the swift transfer by the service provider will leave no need to track your transfer, and if there is a need, the firm will update you automatically through alerts to help you track your transaction.
Frequently Asked Questions (FAQs)
How long does it take to deliver funds to the Philippines from abroad?
It largely depends on the company you choose for sending money to the Philippines. While banks may take a few days, a company will take just a few hours.
What fees are associated with an international money transfer?
It depends on the service provider you choose, the amount and the destination country. It is recommended, therefore, to compare the fees of different service providers.
How can an international money transfer be tracked?
There are several ways in which an international transaction can be tracked, including a physical visit to the office of the service provider, online or by contacting the service provider’s customer support.
What risks are associated with an international money transfer?
There are several risks associated with the process. These include fraud and online scams, fluctuations in currencies and the ever-fluctuating currency exchange rates, which have the potential to throw your finances into disequilibrium.
What are the tips for choosing the best online money transfer company?
It is necessary to consider a company’s reputation, its fee structure, the time a company will take to deliver funds, and whether it offers you static or flexible currency exchange rates, and also read reviews before choosing one.
Resources
(The Filipino Diaspora – PILOT GUIDES)
(GDP (current US$) - Philippines | Data (worldbank.org)
(GDP per capita (current US$) - Philippines | Data (worldbank.org)
(Personal remittances, received (current US$) - Philippines | Data (worldbank.org)
