4 Smart Tips To Save On Money Transfers

4 Smart Tips To Save On Money Transfers

July 07, 20242 min read

Every dime counts when it comes to supporting your family in the Philippines. That’s the reason why you work tirelessly, hoping your hard-earned money reaches them without fail. However, preserving the total value of your remittances can be challenging. Exchange rates fluctuate, fees can eat away at your funds, and unexpected costs may arise, leaving you wondering how to make the most of each transaction.

But worry not! This blog provides four practical tips to optimize your remittances, ensuring the best value reaches your family's hands.

#1 Tip: Transfer Money Online

In a world where financial institutions impose hefty fees for remittance services, exploring cost-effective alternatives is crucial. Traditional banks often burden your transfers with excessive charges, significantly reducing the amount.

That's where online money transfer services, such as BCRemit, come in. As specialists in international transfers, we prioritize efficiency and affordability. With our streamlined processes and optimized systems, we can provide better rates and lower fees than traditional banks offering a broader range of financial services.

#2 Tip: Consider Bulk Transfers

Sending small amounts frequently costs more in fees and reduces the overall value. By consolidating your remittances into larger quantities, you can save money on fees over time. This strategy allows you to optimize your remittance costs and ensure that much of your hard-earned money goes directly to your family in the Philippines.

#3 Tip: Plan Ahead of Time

Don't fall into the trap of last-minute transfers. This can subject you to higher fees and unfavorable exchange rates, especially during peak times when others are also sending money.

Instead, adopt a proactive approach and plan your transactions. To optimize your transfers, consider doing them during the middle of the month and on weekends when there is typically less traffic.

#4 Tip: Compare Transfer Fees and Exchange Rates

Before you choose a remittance company, check and compute their fees and rate. The main goal is to avoid unnecessary expenses and save more.

One common mistake is focusing solely on the fees offered, mistakenly thinking that this value alone determines the cost-effectiveness of a money transfer. However, it's essential to consider another crucial factor: the exchange rate. A poor exchange rate can significantly diminish the final remittance amount, even if a company advertises a low fee.

Not sure how to compute? Check out our guide.

Save more when sending love

Sending money is more than just a financial transaction; it displays your love and support. That’s why the next time you do remittance, make informed choices such as where and when to transact.

When it comes to guaranteed service, choose BCRemit. We offer a fast, secure, and convenient way to send your love home with minimal transfer fees and competitive exchange rates.

Sign up through our app and make your first transaction with BCRemit

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Keziah Gueco

Keziah Gueco, a passionate writer and avid traveler from the Philippines, brings her unique perspective and vibrant storytelling to every blog post. With a love for exploring new places and cultures, Keziah captures the essence of her adventures, inspiring readers to see the world through her eyes. When she's not writing or traveling, she enjoys immersing herself in local traditions and discovering hidden gems. Join Keziah on her journey as she shares her experiences and insights on life, travel, and everything in between.

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