According to the Philippine Statistics Authority there were 2.2m Filipinos working abroad between April and September 2019. During that same period the total remittances sent home was PhP 157.9bn – a vast sum of money making up an important part of the country’s economy.
It is important to us that we understand the needs of our customers and what they look for when they send money home. Different people from different backgrounds, sending money to different parts of the world all have their priorities and it is crucial that we know what they are.
From speaking with you, those who help to make up that 157.9bn sent home, we know that a priority for many of our customers who send money to The Philippines is knowing when is the right time to make your transfer. Therefore, we want to provide you with the information to help inform that decision. Here we will look at what “the right time” means and the different factors that you need to consider.
When is “the right time” to send money?
When should you send money in order that you get the most out of your transfer – this could be either in terms of value for money or the right method for your recipient?
Here are some of the key factors which will determine when is the right time for you to send money to The Philippines:
1. Deals: The right time might be when you are able to get the best deal or make the most of a specific promotion.
For example, here at Small World your first transfer with us is transfer-fee free so if you have a large transfer to make, which would usually incur large fees, it would make sense to use this deal and make a large saving.
2. Fees: Transfer fees can differ between money transfer companies, brokers and banks. Some banks may even offer “commission free” services, but will then make their money back with an unfair exchange rate. There are also some companies where fees apply to the recipient as well as the sender.
3. Exchange Rates: As with fees, exchange rates are subject to change and it is worth knowing about the factors which cause them to rise or fall. According to Economics Help, influencing factors include:
- Interest rates
- Relative inflation rate
- Confidence and speculation
- Rate of growth
By closely following the rates and understanding how they impact the money that you are transferring, you will be able to send money to The Philippines at the right time for you.
4. Delivery Time: Rather than making an instant money transfer, it can often be cheaper to use a service with a slower delivery time. It is therefore worth considering this when planning when you are going to send money, if you know this in advance and allow extra time for your transfer you may be able to make a saving.
5. Type of transfer: Similarly, the method of transfer that you use will have its own cost attached to it. You should find out in advance if it will cost more to make a digital bank deposit then it would to send for cash pick-up or home delivery.
In summary, there is no one factor which should determine your money transfer to The Philippines, it really depends on what it is you are looking for. By understanding your different options and how everything from exchange rates to specific deals need to be factored in, you really can optimise your money transfer.
By speaking to us, at one of the Small World branches or over the phone, we can help ensure you are sending money at the right time for you.
Popular ways to send money to The Philippines:
- Bank deposit
- Cash pick-up
Our main partners in The Philippines are BDO, BPI, Filremit, Metrobank, PNB, LANDBANK, EastWest