25 Nov 2022
As a Filipino expatriate residing in a foreign country to earn a living for your family’s financial support, the one question that confuses you the most is how to send money to Philippines.
This question is confusing, not because you don't know how to do it. As an expatriate, you are used to this practice and know it fully well. The problem arises when you want to get the maximum benefits you can have in a transaction in the wake of tough competition in the global remittance service industry.
Sending money to Philippines from overseas can bring several advantages if you choose the right time and service to do the needful. For instance, knowing about the best times when the exchange rates go high allows you to send more money to your loved ones than expected.
Besides, remittance service providers like ACE Money Transfer often provide free money transfers with numerous reward offers. If you keep an eye on such promotions, you can truly benefit from every global money transfer you make to your family from abroad. Keep reading to get an insight into how you can find the right time and most benefits when you send money to the Philippines from overseas.
This blog will guide you on initiating an online remittance transfer transaction, including the timing, because it's the most critical part.
The foremost purpose of an expatriate is to ensure they send money back home timely to fulfil their needs and meet emergencies, should they arise.
Needless to say, most of your needs are already determined, including utilities, education, rent, etc., but an emergency can arise anytime and without prior notice.
In such a scenario, if your transfers are delayed, any need or emergency, for that matter, requiring immediate financial attention can aggravate and spiral out of control.
The timing of a transfer attains more importance when you are an expatriate from a poor country like the Philippines and know that your family solely depends on the financial support you send them.
Looking at these statistics, it is obvious that Filipinos struggle to make ends meet and therefore suffer financially. They travel to developed countries like Canada, the 8th largest economy worldwide with a nominal GDP of $2.200 trillion.
Since Canada is an expansive and robust economy, it accommodates almost all job-seeking expatriates and natives alike.
In this tech-driven era, everything is happening at a lightning-fast speed.
You are so used to getting things done quickly that a little delay, lasting no more than a few moments in, for example, logging in to one of your mobile apps, will lead to frustration.
In this context, the timing of a transfer to get monetary benefits, besides ensuring the timely delivery of funds, is immensely important.
So, you want everything done instantaneously, including a money transfer to Philippines from overseas. But many factors are involved in the online transfer of funds that are netted delicately with timing.
These factors are explained at length below.
Several online money transfer companies launch different promotional campaigns with varying service feature configurations. For example, in one campaign, a company may offer extra speed to transfer funds from and to a set of countries where the company has its operational presence.
But in another campaign, the same company may offer transfers with low or zero fees. At the same time, other campaigns may accrue other benefits.
So, keep an eye out for such campaigns, but make sure not to delay the regular transactions that your family awaits while waiting for such campaigns.
Several companies keep their currency exchange rates fixed and static, rules banks mostly follow. These rates remain fixed for at least one business day or 24 hours. In such a scenario, timing becomes critical.
In the international market, currency exchange rates fluctuate constantly and never remain fixed. So, you must find a service provider whose exchange rates are linked with the international market, where they keep changing. This allows you to initiate a transaction at a time when the rates are most favourable for you, unlike a service whose rates are fixed without any margin, for you to derive benefits as you can from a service with flexible exchange rates.
Although most online money transfer services are available digitally, there are still some limitations in accessing their services. Banks, for example, operate within a fixed schedule, after and before which their services are inaccessible. This can be a challenge.
Furthermore, several companies whose services you can avail as a remitter at a point during the day, but the recipient will have to wait till the other day or for some time to get the funds. This challenge arises due to time-zone differences.
So, find a service whose services are available and accessible simultaneously to both the remitter and recipient.
Are you sending funds at a suitable time for the recipient to collect them? You normally consider your ease in transferring funds while thinking that the recipient will collect the money when it is convenient for them. But several money transfer companies have a wide global operational presence, and transferring funds through them is like a real-time transaction for both the remitter and the recipient.
It will be as though you and the beneficiary are initiating a transaction in real-time from Canada to the Philippines if you avail of the services of a few reputable companies, including ACE Money Transfer, given the company’s huge worldwide presence.
Get live and competitive currency exchange rates, speed, and benefit from around 390,000 pickup locations in over 100 countries worldwide if you send money to Philippines online with ACE Money Transfer. It offers several promotions for overseas Filippino workers (OFWs), free transfers, and the highest exchange rates when sending money to the Philippines from across the UK, Europe, Canada, Australia, Switzerland, etc.