Tuesday, March 10, 2015

MONEY TRANSFER TO REMITTANCE TIPS


Choosing a safe and cost effective way to send money transfer to your family is a primary concern of every overseas worker like OFW‘s and migrants. Here are some tips on how to ensure that your hard earn money will reach your family at the lowest cost possible.
1. When choosing a bank, make sure that your bank is reputable and it would be better if it has offices around the world. Make sure also that your bank has a local counterpart or a branch in your home country. It may take up to 5 working days for the recipient to receive the money that you sent. This is one of the most secure and inexpensive ways to send money to your family back home.
2. Do not send your money to the regular postal service either it is in cash or in check. First, they would take much longer to be received by your loved ones. Second, they might be stolen or lost in the shipment or in the storage . Lastly, they are quite expensive compared to the other modes of money transfer.
3. Electronic transfer is one of the fastest and most secure methods of money transfer to any part of the world. Your money will be received by your family and loved ones in just a few minutes. Some companies catering to the overseas workers and migrants that specializes in money transfer usually have an extensive networks or branches around the world.
4.  ATM cards are one of most convenient ways to send money abroad. All you need to do is open an account in any bank that uses an ATM system that is accepted internationally. Then send the ATM card to your home country or the country that you will send money to. The recipient of your money in your home country can then use the ATM card to withdraw funds at any ATM where he or she is nearby.
5. Use your mobile phone. Some telecoms have special programs that enables an overseas worker like an OFW or migrant to send remittances through the use of their mobile phones. What you need to do is have your phone number registered. You can also ask you mobile provider about the specifics on how to go about it. Once it is set-up, all your remittances can be sent in a fast and easy way. You can even track and monitor your transactions using your mobile phone.
When sending money abroad to you family and loved ones, one must compare and choose which one is the best for him or her. It is also important to take advantage of the Internet to compare the costs of different money transfer companies and mobile providers. You can also participate in different forums that caters to you to know different experiences of other people who have use the different money transfer services to help you make the right decision.