5 ways to avoid money loss on remittances to the Philippines

Inquirer Los Angeles / 08:00 AM August 20, 2024

Do you often send money to the Philippines? For many Overseas Filipino Workers, it is a vital way to support loved ones back home. However, it’s essential to avoid unnecessary fees and additional costs. Here are five effective strategies to minimize money loss when making a money transfer to the Philippines.

Send money to the Philippines efficiently

1. Choose the right transfer method

When you send money to the Philippines online, selecting the right transfer method can save you a lot of money. Traditional bank transfers often come with high fees and less favourable exchange rates. Instead, consider using online transfer services like Profee, which typically offer lower costs and better exchange rates.

2. Use apps

Utilizing dedicated apps to send money to the Philippines is both convenient and cost-effective. Apps like Profee provide a user-friendly platform to send money quickly and securely. They often feature lower commissions and competitive exchange rates, making them preferable to traditional methods. Moreover, these apps allow you to transfer money on the go to various destinations, including bank accounts and mobile wallets.

3. Monitor exchange rates

The exchange rate between your currency and the Philippine peso (PHP) can significantly affect the amount your recipient will receive. To get the most out of your transfer, monitor exchange rates and aim to send money to the Philippines when the rates are favorable.

4. Avoid hidden fees

Many money transfer services advertise low fees but hide additional costs in poor exchange rates. It’s important to read the fine print and understand the total cost of your transfer. Services like Profee are transparent about fees and exchange rates, ensuring you know exactly how much you pay.

5. Take advantage of promotions

Keep an eye out for promotions and special offers from money transfer services. For example, Profee currently offers 0% fees when you send money to the Philippines and a promo exchange rate on your first transaction. This is an excellent opportunity to get the most value for your money.

How to send money to the Philippines via Profee

Profee is an excellent option for sending money to the Philippines, whether you’re in the EU or the UK. It offers low fees, fast transfers, and secure transactions, making it an ideal choice for those looking to support their families back home without incurring significant costs.

Here’s your step-by-step guide on how to send GCash from the UK and the EU using Profee:

1. Fill in Personal Information. Start by providing the following details:

Name
Date of birth
Country of residence
Residential address
Nationality

2. Specify Transfer Amount

Enter the amount you wish to transfer in Euros or British Pounds and choose the Philippines as the destination country.

3. Select GCash as a Delivery Option

Choose GCash for instant and secure delivery, ensuring quick receipt by the recipient.

4. Enter Recipient Details. Provide the recipient’s:

Name
GCash mobile number
Ensure accuracy to avoid delays.

5. Provide Additional Information. For security, you’ll need to provide:

Source of funds (e.g., salary, savings)
Relationship with the recipient (e.g., family, friend)
Purpose of the transfer (e.g., support, payment)

This helps prevent fraud and unauthorized transactions.

6. Review and Confirm

Double-check all details, including the exchange rate, and confirm the transaction.

7. Completion

Your money will be delivered instantly to your recipient via GCash. This ensures a quick and efficient transfer from Italy to the Philippines, enhancing your cross-border connections.

By following these tips and using reliable services like Profee, you can minimize costs and ensure your money reaches your loved ones in the Philippines quickly and safely. Profee makes it easy to send money to the Philippines, offering fast, secure, and low-cost transfers, helping you support your family without breaking the bank.