21 Jul 2023
Do you know the one point the migrants are particularly concerned about while they reside in a foreign country to earn a living?
Well, your circumstances can largely shape your answer. But, savings is something that all the international migrants, totalling about 281 million, accounting for the world’s 3.60% population, according to the UN’s World Migration Report 2022, are concerned about.
This concern attains critical importance when you belong to a country like the Philippines. Given that the country does not have a strong economy, the employment opportunities are less compared to other developing countries. Several Filipinos, therefore, travel to developed countries like France to earn a living and send money to Philippines to support their families financially.
As these migrants come from humble backgrounds, their top priority is to save money, and what better way to save money than while transferring remittances from France to the Philippines free of cost?
This blog will walk you through how you can transfer funds without having to pay a fee for your transactions.
Let’s first try to understand what Filipinos travel to developed countries.
Well, the primary reason is poverty resulting from unemployment in the country. But a few other reasons worth your attention are also explained below.
No matter how hard you try, you cannot ensure a higher quality of life in the Philippines unless you spend a huge amount of money to ensure one.
This is something developed countries take the lead in.
In most developed countries, you can enjoy a high standard of living while spending less. Even several states offer you a good living standard regardless of your financial status and income.
If you were to point to one issue most developing countries share, what would that be?
Yes, you guessed it right!
The political unrest makes life difficult for the people of almost all developing countries, including the Philippines. It is not only the political unrest that poses challenges. The issues such as inflation, decrease in currency’s value, shrinking investment opportunities, etc., emanating from political unrest compel the Filipinos to leave the country for the better.
People in developing countries, including in the Philippines, believe that quality education is a sure recipe for securing your future financially. It is true to a large extent only if the education you seek is indeed a quality one. But, like most developed countries, the education quality in the Philippines is not inspiring. Therefore, people travel to developed countries like France to get a quality education so that they can find better opportunities.
Real estate is expensive worldwide, with the Philippines being no exception. Many Filipinos give up on the hope of becoming homeowners due to their meagre incomes and the disproportionately high real estate prices. But Filipinos living abroad can afford plots to build houses through savings and managing expenses mindfully. For this purpose, where they can opt for many other strategies, an effective one is to send money to Philippines online via ACE Money Transfer since it offers Fee-Free transfers at market-competitive exchange rates besides several other benefits.
The difference between foreign and local currencies enables Filipinos to gain sufficient financial strength to purchase a property. They can benefit the most from these differences when using ACE Money Transfer to send money home from overseas.
According to a World Bank report, the country's Gross Domestic Product (GDP) was $394.09 billion in 2021. The same report stated that the country's GDP per capita income was $3,460.5 in the same year.
Let’s take a quick look at what France has to offer to Filipino migrants.
The following few reasons will give you a fair idea of why France is a preferred destination for migrants from across the world.
France is a member of the G7 and G8 powers, making the country one of the world’s most robust economies. It has an unemployment rate of only 9%, which means that you can easily find work there if you have the necessary education, skills, and experience.
Telecommunication, machinery, and defence are the country’s biggest industries, contributing around 20% of its annual GDP. Furthermore, with 40% of its electricity produced through nuclear energy, it has the unique distinction of being the world’s biggest nuclear power producer.
Your prospects of getting a job in France with degrees in these fields can increase substantially.
France had a Gross Domestic Product (GDP) of $2.96 trillion in 2021, according to a World Bank report. Its GDP per capita income was $43,659 in 2021, the same report says.
The difference between these two economies is sufficient to reveal why Filipinos prefer to travel to live and work in France.
But, for this, you need to follow the following few simple steps.
Do you want to learn more about how to transfer money to the Philippines with the least service charges?
If you wish to get a zero-fee online money transfer to Philippines, you must do it once with ACE Money Transfer and its speed, safety, fees, live exchange rates, and a lot more will tie you to the company forever. It will thus prove that the proof of the pudding is in the eating!
What exactly is a ZERO-fee money transfer service?
A ZERO-fee money transfer service allows you to send money overseas without incurring any transfer charges. This means that the amount you send from France will be the same amount received in the Philippines, without any deductions for service charges. This is a unique service, as traditional money transfer methods typically involve certain fees.
How is it possible to send money without any fees?
This has been made possible by ACE Money Transfer. The company offering the zero-fee money transfer is absorbing the transaction costs itself as part of a promotional offer for overseas Filipinos, which also includes several rewards as well.
Is the exchange rate fair when sending money from France to the Philippines with a zero-fee transfer?
The exchange rate can vary from service to service. ACE offers competitive exchange rates, but it's crucial to check the current rate before initiating the transfer. Often, companies offering zero-fee transfers will also aim to provide competitive exchange rates, but it's always recommended to compare with other services for the best deal.
How long does a ZERO-fee money transfer take from France to the Philippines?
The duration of a money transfer can depend on several factors, including the specific service you are using, the time of your transaction, and the recipient's bank. However, most transactions via ACE Money Transfer are completed instantly compared with other services in the market.
Is it safe to use a ZERO-fee money transfer service from France to the Philippines?
ACE Money Transfer is an FCA-regulated Authorised Payment Institution (API) which ensures unbreakable security protocols. While most legitimate money transfer services have robust security measures in place to protect your funds and personal information, it is always crucial to do your own due diligence. Before using any service, make sure to check if the company is regulated by financial authorities and has good customer reviews. Keep in mind that if a deal sounds too good to be true, it's essential to double-check its legitimacy.