OFW Remittance Tips (Part 1of 10)

SENDING MONEY? We present you some helpful tips in sending your hard earned money to your loved ones.

1. Look for Banks and reputable Money Transfer Companies/Agents. Pinoy Marketer advises OFW’s not to transact with fly by night remittance companies. Always check the background of these companies and who are their tie-ups in the Philippines.

2. Bring valid Identification cards which is acceptable to the country regulations. Different countries require different acceptable ID’s. With the advent of Money laundering , Banks and money transfer companies are now strict in their KYC (Know Your Customers). It is worthy to note that some money transfer companies in other countries won’t accept remittances from undocumented workers.

3. Fill-up required forms and present your valid ID. In filling-up the forms please write legibly, it is better to have it print in ALL CAPS

4. Pay for your money transfer (including the fee). Fee varies from one bank/money transfer company to another. Most Banks and Money Transfer Companies offer the following products such as: Cash Pick-up, Credit to Account and Door to Door Delivery. Fees varies per product, so it is better to choose wisely which is suitable to your pocket and to your beneficiary’s needs

5. Sign and receive your receipt. This will be your proof of remittance. Be sure to check all details printed on the receipt especially the terms and conditions before signing on it.

6. Inform your beneficiary/receiver. The reference number or the tracking number provided to you which is usually found in your receipt should only be disclosed to your intended beneficiary/recipients. Pinoy Marketer also suggests that aside from the reference number or tracking number as the case maybe, provide also to the receiver your complete name, Amount sent and the country where money was sent. This will help your beneficiary in tracing your remittance.

7. Track your money. Most Banks and Money Transfer companies have websites and Hotlines where remitters could track their money transfers.