20 Oct 2023
The modestly growing economy of the Philippines makes it difficult for the state to offer jobs to all the people of employable age. They travel, therefore, to developed countries to find employment opportunities with better financial prospects to earn a living and send money to Philippines to help their families back home financially. With the remittances they receive, they can either ensure they lead a financially decent living, make investments, or pay off the debts they might have acquired from others.
A report by the Pilot Guides said that the Filipino diaspora is one of the largest worldwide, with around 10 million Filipinos working in different countries of the world. They have been making significant financial contributions to their country’s economy through the inward remittances they send back.
A World Bank report said that the quantum of inward remittances to the Philippines in 2022 was $9.07 billion. This is not the amount that such a huge diaspora population consisting of 10 million people would send back, but it is still sufficient to give the necessary boost to the struggling economy of the Philippines.
But, do you know it is not only the financial issues that prompt Filipinos to travel abroad, although it remains the primary cause of migration from the Philippines? Depending on the country, many Filipinos travel abroad to seek a good quality education and work there for a living and find the best way to send money to Philippines for the financial support of those dependent on them.
In this context, do you have any idea about which foreign country Filipinos prefer to travel to?
Well, your answer can list many countries, but somewhere around the top of the list lies Ireland.
Working in Ireland offers many benefits ranging from financial benefits to career prospects, top-notch education, and several options to choose from for an instant money transfer to Philippines from overseas.
This blog will walk you through international money transfers and guide you to get the best deals because, after all, this is what you travel to a foreign country for. Won’t you agree?
Alongside this, we will also shed light on different aspects of the most popular ways and methods to transfer funds from Ireland to the Philippines to help you make an informed decision.
You work abroad to earn a living and support your family back home financially. For this, you have to send money back home. You cannot come back home every few weeks and bring money. You need service providers to help you send funds back home while you continue to work peacefully. Here, international money transfers come into play.
Understanding international money transfers is essential because you travel to foreign countries to earn a living and support your family financially. Right? So, considering that you have to send money back home through international money transfer services, should you not be finding a service provider that offers you the best deals?
Well, the answer seems fairly obvious.
It is important to discuss because you can find several ways to transfer funds from abroad. And not every money transfer method is ideal for you. Besides, several unscrupulous elements in the remittance transfer industry around the world are likely to fleece you if you do not have any idea about them.
It also means that you should be exercising caution while choosing a money transfer service, but that comes at a later stage. The first step is to understand the basic methods you have at hand to send money to Philippines from Ireland.
Despite the presence of several financial institutions to transfer funds, you have two major ways and options to move funds across borders. Let’s briefly look at each.
Banks are one of the oldest and most conventional financial institutions to transfer funds from one country to another. Despite several technical challenges in their money transfer operations, banks are still popular among Filipino expatriates who send money to the Philippines from Ireland.
Take a look at some of the fastest ways to transfer money between banks because you might have to transfer funds between banks. But beware of the following challenges in the process.
These operational knots make banks a second choice for you to send money online to Philippines. What is the alternative, you wonder?
Well, the alternative is some of the reputable online money transfer companies. For example, sending money through ACE Money Transfer anywhere worldwide will give you several benefits.
Some of these companies, not all and sundry, with global reputations, provide you with the best or at least a better alternative. One critical point to remember is to beware of the unscrupulous elements in the remittance industry that are out to fleece you. They pretty much succeed if you are not careful toward them.
You will, however, get the following few benefits if you choose ACE Money Transfer for your online money transfers.
The firm charges a low fee on your money transfers, and that too if the amount crosses a certain limit below which the transaction will likely be fee-free.
It will take just a few hours to deliver funds with ACE Money Transfer. This is a quick time if compared with banks or even other remittance transfer companies that will deliver funds in about 24 hours.
The firm links its currency exchange rates with the international market, where these keep fluctuating. You can even request to get the live rates at the time of the transactions to either proceed right away or hold till rates move in your favor.
Your funds with ACE Money Transfer are secured in several protection layers. In addition to that, delivery speed makes it impossible for scammers to breach the security of the transfers because, by the time they brace up to strike, your transaction will have been completed successfully.
If you do not find the country you want to send money to on the given list, you can request the firm to add a particular country. Besides, the firm offers you to pay through different methods, which, if you do not find suitable, you can request to add a new payment method that corresponds to your needs.
You can easily get these benefits on your every money transfer to Philippines from Ireland through ACE Money Transfer in addition to the firm’s wider service access and availability. If you send money for the first time with ACE Money Transfer, you will get a fee-free first money transfer back home.
Filipinos work abroad because they cannot find reasonable jobs in their native country and thus suffer from unemployment and poverty. It is the reason why about 10 million Filipino migrants are living in foreign countries.
You should consider working in Ireland as a Filipino migrant because of the country’s robust economy with a thriving and expansive job market. It can accommodate you in any professional field in terms of offering jobs.
You have two ways and methods to send money overseas. One is through the banks, which is the old and conventional method. On the other hand, the other method is remittance transfer companies that provide a viable alternative to banks to serve the same purpose.
Some of the major challenges are the long delivery time, high service charges, immense paperwork and physical fatigue, extra charges for currency conversion, static and uncompetitive currency exchange rates, and so on.
You will get live and market-competitive exchange rates, pay a low fee, add a payment method that you want, deliver funds within hours with safety, and get access to the firm’s services 24/7.