5 Things to Consider when Sending Money Internationally

  

Consider these factors when sending money overseas

Filipinos are all over the world! In fact, in the 2022 Survey on Overseas Filipinos released last OCT 11, 2023, the number of Overseas Filipino Workers (OFWs) was estimated at 1.96 million. And since most of the Filipinos working abroad aim to seek better opportunities and higher salaries to provide better for their families, this count also corresponds to higher remittance sent to the country. For 2023, the Philippines is projected to be among the top recipients of remittances.

You might have a family member or relative working abroad, and the question on “how to send the hard-earned cash safely, timely, conveniently, and without the huge fees to or from the country” has always been the top concern. Of course, we want to get the most out of it instead of losing a chunk on fees, exchange rate, and other factors. Here are 5 things you should consider when sending money abroad.

Money Transfer Service

The first thing to check when sending money overseas is the method/service to use. Options vary from bank transfer, remittance centers, digital wallets, and so on. It is important to choose a service that suits your needs, available to both sender and receiver, and one that is safe and reliable.

M Lhuillier Kwarta Padala is a practical choice for Filipinos of different walks of life. With over 3,000 branches nationwide and close to a hundred international remittance partners, M Lhuillier continues to connect families even those who are living abroad by being the “Tulay ng PaMLyang Pilipino” when it comes to sending and receiving money internationally.

Exchange Rate

Exchange rate is the value of one currency compared to another. This value can go up or down depending on several factors such as (but not limited to) economic conditions, interest rates, and political events. The fluctuations in rate may not seem significant but will definitely make a huge difference when transferring a lump sum of money. With ML Kwarta Padala, the recipient abroad can claim the money in the local currency of the recipient’s country, while if sent to the Philippines, the receiver can opt to have it in Philippine peso or US dollar -- which can be converted later on when the exchange rate is favorable.

 

Fees

When sending money abroad, keep in mind that there will be transfer fees involved. Aside from this, some methods may have hidden fees or extra costs. Better to explore different options and ask about the charges before making the actual transactions. ML Kwarta Padala’s transfer fee starts as low as Php3 making it an affordable and fast option but with a transfer limit.

Correct and Complete Information

After considering the factors mentioned above, you would never want to commit the common mistake of providing incomplete information that would delay the transfer, or worse, accidentally sending the money to an incorrect recipient. So always double check, even triple check the information provided when doing the transaction.

Beware of Fraud

Make sure you are sending the money to people you know. But then again, scammers can pretend to be your family or relatives needing money. Persuading you to transfer funds immediately is a red flag so better call or video call the recipient to ensure it’s legitimate. When choosing the transfer service, go for reputable and trustworthy ones like banks and accredited financial institutions. M Lhuillier has established itself way back in the 1980s as a pawn and jewelry shop, and now catering to quick, easy, and reliable financial services such as Kwarta Padala, loans, insurance, and more.


It is expected that year after year, the volume of remittances will continue to increase. More methods of sending money internationally may be available. The truth is it is now faster, more convenient and affordable to send money overseas due to various services from reliable institutions. Precautions should still be observed along with these 5 factors mentioned so you can send your cash to your loved ones the best way possible!