16 Aug 2024
Around 10 million Filipinos work abroad, and their prime goal is to earn a living. Some are working in France to earn a living. They send money to Philippines from France to offer financial support back home.
The presence of several online remittance service providers has made it easy for you to send funds at any time and anywhere. Their services are rooted in dazzling technology. But there are still certain times that are most suitable for your online remittances from France to the Philippines. There are times in days and days in weeks and months in which initiating a transaction proves financially healthy. This blog discusses those days and times and other necessary factors.
You do not just randomly initiate an international money transfer to send funds back home, do you? There are certain calculations that you make while sending funds online. This you do to determine the most suitable time for your transactions.
Unfortunately, there is no fixed formula to do this. The international currency exchange rates are in constant flux leaving little room for you to just randomly initiate a transaction or determine the right time. Therefore, you need to understand the role of currency exchange rates and determine the factors that impact these rates and then initiate the process.
It is important. Several research reports have proved that there are times that are more suitable for online money transfers than others. Your online money transfers at certain times will be more beneficial to you than others. Therefore, from now onwards when you plan to send money to Philippines online from France you will keep the following in mind.
The time you choose to initiate a transaction heavily depends on several factors. If you keep an eye on these factors, you will most likely be able to clinch a financially cost-effective money transfer deal. Take a look below.
The first factor that you must keep an eye on is the interest rates of the country to which you will be sending funds, the Philippines, in this case. If the interest rates are high the value of the currency will also spike. Learning about these rates is easy in this tech-driven era.
The other important factor is the rate of inflation that you have to consider to decide the best time for your international money transfers to the recipient country. A low rate of inflation means an increase in the value of currency.
Increased exports mean more earnings to a country. The economic stability of developing countries largely depends on imports and exports. Therefore, consider the level of exports in the Philippines at the time of sending funds back home from France.
The level of political stability in a country directly impacts its economic strength. If a country is politically stable, its economy will be stable. Therefore, keep an eye on the political events in the country at the time of sending funds.
Certain trends in the global economy also impact the value of currencies. The advent of the COVID-19 pandemic and the economic recession in 2008 significantly impacted the global economy and decreased the value of several currencies.
These are the currency exchange rates that the banks largely use. These are the rates at which two currencies are sold and purchased interchangeably. As stated above, these rates remain in flux so you need to keep an eye on them. Currency exchange rates play a crucial role in online money transfers to the Philippines from France. Click HERE to understand the role and importance of currency exchange rates.
Certain days in a week can offer you cheap and financially healthy international money transfers. But apart from the days, the best way for this purpose is to keep an eye on the currency exchange rates. A few days, however, are explained below.
On Mondays, there is little trading in the foreign exchange market. Therefore, you can safely expect the least fluctuation in prices. Fridays, on the other hand, have a definite effect on your international money transfers. This effect is called the Summary Effect. Overall, weekends are the best time to send money across borders as most people transfer funds during the week and working days. Therefore, the traffic is less on weekends.
The best time to initiate an online money transfer nowadays can be any so long as you have a stable internet connection. But you need to remember that in certain transactions you have to involve banks. Banks do not operate round the clock.
Therefore, if you have to involve banks to initiate a money transfer from France to Philippines you must consider the time. See if the bank is open at that time or not. Also, keep in mind the timing of banks in the recipient country. For example, if you initiate a transaction around the weekend in France, the recipient will have to wait the entire weekend for the banks to open to collect the funds you have sent them.
Every month there are certain days and times within a month when financial institutions are overwhelmed with workload. As part of the typical market working mechanism, fees and service charges also spike. These days are normally the start and the end of every month.
Therefore, the best time in a given month to approach financial institutions is the days when the workload drops substantially. Most ideally, these days come around the middle of every month., which is a suitable time to send money online.
Yes. Some of the most credible and reputable service providers offer you services that make it suitable for you to send money online anytime. These companies offer you live currency exchange rates for your transactions. Not only that.
As mentioned earlier, the biggest factor that you need to consider on your online money transfers is the currency exchange rates that have a deep financial impact on your transactions. However, certain service providers offer you the chance to request to ascertain the latest currency exchange rates. You can initiate a transaction right away regardless of the time, day, week, and month, right away if the rates are high or wait till they spike in your favor.
When you are making online money transfer from France to Philippines you choose a service provider that offers you the best money transfer services. Right? For your upcoming transaction see if the company is charging you a low fee and offers you live and market-competitive currency exchange rates.
Where live and market-competitive currency exchange rates will make the time of transaction right and suitable for you, they will also compensate you financially for the fee you pay for your online remittance transfers.
Unfortunately, there is no fixed time that is suitable for an online money transfer. Although you might have to consider certain times within a day, certain days within a week, and certain weeks within a month to initiate a transaction, a fixed time to get a cheap money transfer at the best time is still not possible.
There are a few factors that you will have to consider for your online money transfers. However, the most important ones are the fees and the currency exchange rates. Both of these factors can have a deep financial impact on your online money transfers. It is in this context that the best time to transfer funds online is determined.
Currency exchange rates play a crucial role in your online money transfers and can sway you financially either way. However, certain factors impact currency exchange rates given that they remain in constant flux. These factors are interest rates, inflation rate, imports and exports, mid-market rate, political events, and factors of global resonance impacting the global economy.
Considering time in your international money transfers is important. If you do not consider time you will face financial challenges. At certain times and on certain days your transactions will cost you more than at other times. Therefore, you need to consider time given that you transfer funds repeatedly and the process incurs costs every time. It can:
· Land you in financial troubles
· Lessen the amount you send back home for financial support
Yes. Certain service providers make any time the right time for your online money transfers through the service features they offer you. For example, they will charge you a low fee and offer you live and market-competitive currency exchange rates that will not only make your transactions cost-effective but also financially compensate you for the fee you pay for the transactions.
Resource(s)
· Filipino Diaspora
