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Maximising Your International Remittances to the Philippines: Understanding Exchange Rates and Fees

05 Jan 2024


If you are living abroad and working to manage your family's finances, you must encounter many challenges in everyday money transfers. In that case, you want to send money to Philippines in the best ways possible so that you can save on your international money transfers and maximize the transfers. 
 

According to research, the average remittance in the Philippines is 1197394.30 USD Thousand from 1989 until 2023, reaching an all-time high of 3159134.10 USD Thousand in December of 2022 and a record low of 64208.0 USD Thousand in February of 1989.
 

This blog will help you to find the best and most effective ways to maximise your international money transfers to the Philippines. 

Efficient Ways to Maximize International Money Transfers To the Philippines

There has been phenomenal growth in international money transfers in recent years. Remittance is also a source of income and contributes to the GDP of most low and middle-income countries. The increase has been since the advent of technology and the introduction of online money transfer companies in the remittance market. 
 

According to data from Statista, there will be a projected increase in the value of digital remittance to US $1777.70 billion by 2027. The number of users of the digital remittance market will increase to 18.6 million. 
 

When it comes to international money transfers, the cost is the first factor of concern among expatriates. Fortunately, today, there are so many ways that can be adopted to maximise international money transfers to the Philippines, and you can send money online to Philippines in the most cost-effective ways. 

You Should Know the Difference Between Digits

When you want to do an international money transfer to the Philippines, you will notice that they all provide different rates. The exchange rates are different. It may seem easier to transfer your funds using the services of a bank, but a broker may be worth it, too. 

Do the Complete Survey and Get Yourself Acknowledged From Market Trends

You cannot become a market expert in little time, but at least talking and dealing with brokers at the market gives you the know-how of the market's current situation. But by doing the quick market survey, you will be sure you are getting the best deal possible. You will be more informed about your money transfers online to Philippines. You will be able to speak to the dedicated team when you link yourself with service providers. They will help you understand the recent news in the market.
 

By being up-to-date about the market trends, you will also know about the transfer deals and packages that companies offer from time to time. You will have a better understanding of the exchange rates, and the chances of getting scammed will also be reduced. By knowing the market, you will be able to make better and more informed decisions. 
 

You can also do an overview of different types of money transfer services available for sending money to the Philippines. This will help in understanding the fees and exchange rates better.

Be Prepared For Money Transfers Anytime the Situation of Exchange Rates is Favorable

When you register yourself to a specified money transfer company or a platform, they will notify you whenever the exchange rate reaches a favourable level. Speaking to the experts can help you plan your international money transfers, and transferring remittances at a favourable time can save you a lot of transfer fees. 
 

There are so many money transfer platforms that are working for the benefit of their customers. One of the leading remittance service providers is ACE Money Transfer. You can send money to the Philippines using their services as easily as possible. It provides the best foreign exchange rates and satisfies the client in every way possible. The transfers are swift and transparent, with 100% security assurance of the funds. Client satisfaction and trust is the top considerations for ACE. They also offer packages and surprise gifts on money transfers to the Philippines. This is how ACE Money Transfer is helping to maximise international money transfers to the Philippines.

Simple Strategies That Can Help in Making Effective Money Transfers To the Philippines

Sending money overseas can be a very hectic procedure. Here are some tips and tricks that you can consider to save time and funds on international money transfers. They can also help effectively in maximising international money transfers to the Philippines. 
 

  • Transfer fees accumulate when you send money in short amounts. Sending a single, large amount is better than numerous transfers as it is more cost-effective
  • Don't get fooled by the hidden fees. Keep an eye on the entire cost of transferring money. The fees may seem very little on the surface, but some banks charge hidden fees. Exchange rates are also very high in some cases, which takes away the advantage of low transfer fees entirely
  • Don't pay for extra services if you do not need them. For example, if you do not have any emergency, let the transfer get completed in the regular period. Immediate transfers have extra fees
  • Always inquire about procedures, refund policies, alternatives, and risks that may be involved in your money-transferring processes
  • Exchange rates fluctuate over seconds. Keep an eye on the changing market trends. It may sound weird, but knowing the exchange rate trends will save you a large sum of money in the long run. 

Bottom line

You can follow the above strategies to maximise the yield of our international money transfers to the Philippines. When you are cautious about your finances, you will be able to do more decent money transfers to Philippines. You can build up the remittance transfers and lower the fees to a significant level by just understanding how the exchange rates and transfer system work. 

FAQs

How can I maximise the value of my international money transfers to the Philippines?

To maximise the value of your transfers, consider using a reputable money transfer service, compare exchange rates and fees, and be mindful of the total cost involved in the transfer.

What factors should I consider when evaluating exchange rates for sending money to the Philippines?

Look for competitive exchange rates that offer better value. Keep an eye on fluctuations in exchange rates, and choose a time to transfer when rates are favourable.

Are there any fees associated with sending money to the Philippines, and how can I minimise them?

Yes, many money transfer services charge fees. You can minimise fees by comparing services, choosing those with lower fees or fee-free options, and considering alternatives like bank transfers or online platforms.

Are there any hidden charges I should be aware of when sending money to the Philippines?

Some services may have hidden charges, so it's important to carefully review the terms and conditions of the transfer. Look out for additional fees for expedited transfers, currency conversion, or delivery methods.

Can you recommend tips for getting the most favourable exchange rates when sending money to the Philippines?

To get the best exchange rates, stay informed about current rates, use online comparison tools, and consider using specialised forex services or platforms that offer competitive rates.


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