Does money make the world go round? Recent statistics show numerous Filipinos, approximately 2.2 million as estimated by the Philippine Statistics Authority (PSA), went abroad to earn enough money to sustain the ever-rising needs of their families as the economy inflated.
Even before the pandemic, a large extent of Filipinos is working as freelancers for foreign companies. Undoubtedly, this modest number of workers earn a foreign currency. As the virus wreaked havoc and placed the world to cessation, the Filipino people embraced the home-based setting for the workforce. It guaranteed easy income for workers who could not travel abroad when they implemented the travel ban. Overall, whether you are the worker or the receiver of OFW remittances, you may have encountered the dilemma of getting the most desirable value of the hard-earned money. Nagging thoughts of maximizing the value of your salary becomes a monthly issue, and you spend your time browsing among the remittance centers with the highest money exchange rate on that particular day. It is extra work to find the best solution for this problem.
As you make the transactions, your mind notes the negligible differences each exchange rate has every month. Even if you try to disregard it, the thought will remain at the back of your mind. Every transaction you make costs you money, cash that you could have used but lost because of the ever-changing rates. So, how can you maximize the value of your hard-earned money?
Know your Service Provider
Get to know your service provider. Is it an authorized money changer? Albeit some people may consider this as common sense, it is vital that you are familiar with the provider. This way, you will avoid getting charged extra every time you make a transaction. Be diligent enough to check how much they charge for the transaction fee. Some of them hide the assessments that will significantly reduce your remittances. They should note that the currency conversion fee is, typically, 1% of the amount of the money you need to have converted per transaction. Although, do not be alarmed if you discover that the hidden fees may be as high as 13%. That is the round-trip exchange, which means if you changed the money to Philippine pesos then changed it back, you would lose 13%. Realistically, every time you convert your foreign currency to convey cash to your loved ones, you lose a staggering amount of money. The importance of getting to know your provider is to ensure a clean and just transaction.
Don’t transact to service provider locted at the airport or train station
Avoid transactions made by service providers at the airport or train station. These establishments often have the worst exchange rates. Since it is the closest and most convenient, they keep their charge the same way. The probability of getting fortunate with the best rate would be narrow because these establishments are aware of their demand. Therefore, the price to pay will not be a problem. Take time to research providers available in your area. Aside from getting to know your provider, it is also best to learn of the rates implemented by others. It ensures optimization. Compare the benefits granted by each service provider, and ask other people about their experiences. Gathering information from people who have used the service is a great way to secure credibility. Never settle for the most convenient because it does not mean that it is the best option for you.
The next thing to always take note of is to find the perfect time. The currency rate constantly fluctuates throughout the day. The exchange rate a dollar had in the morning might not be similar to the one in the evening. As long as currencies flow in and out of the country, the rate will shift from time to time. Observe the rise and fall of the exchange rate, and see what time of the day is best to make the transaction. Furthermore, each foreign currency has a different flow. Double-checking everything helps you avoid making mistakes during the settlement.
Exchange the money that you need
If you come to the Philippines to visit relatives or have a vacation, it is best to convert the exact amount of cash you need. As stated in the first tip, the round-trip exchange of money costs you a lot. Create a budget for your trip and list down the possible expenses for the stay. Information for the cost is available online, and get to know the range of the prices for food, shelter, and the like. Create a habit of budgeting one’s money. It benefits you by having ample savings to pay for expenses such as bills. It can also secure your mind from the anxiety of running out of money. Every dollar, peso, pound or won counts.
With the tips given, does it guarantee the maximization of your money? They are a huge help, but Optimum Exchange Remit Inc. seals the problem that you have. Visit their branch under the name and style of AllCash located inside the Customer Service area of AllDay Supermarket in Vista Mall Taguig, Starmall Alabang, Evia Lifestyle Center, Vista Mall SOMO, and Vista Mall Tanza. AllCash offers competitive exchange rates of up to 15 currencies. Visit our official facebook page for more updates about our new branches. AllCASH.
Optimum Remit allows transmittals for a cash payment through multiple remittance centers. They even have over 13,000 pick-up locations nationwide for you. They also have Opti-door to door, which provides cash delivery to the homes or offices in Metro Manila and provinces.
In addition, they yield Opti-bills that allow payments for several utility bills, credit cards, government agency contributions and loans, housing amortization for Vista Land from people who bought abroad to over a hundred sub-agent locations available nationwide. Moving on, they have Opti-insure that caters to acceptance of premium payment of personal accident insurance and other insurance packages to the remitters and beneficiaries. Optimum Exchange Remit Inc. has tie-ups with the Middle East, Southeast Asia, and Mariana islands.
Indeed, money does make the world go round. People may say it does not buy happiness, but it supplies our daily needs. Save it up, opt for Optimum Exchange Remit Inc.
OPTIMUM EXCHANGE REMIT INC. is a corporation registered with the Securities and Exchange Commission (SEC) on 06 March 2007 primarily to engage in the business of overseas remittances. The Bangko Sentral ng Pilipinas (BSP) issued the company its foreign exchange and remittance licenses on 24 May 2007. Originally known as Overseas Network Exchange Remit, Inc. (ONE Remit), the company changed to its present corporate identity on 21 April 2014.
OPTIMUM EXCHANGE REMIT serves as the fulfillment arm in the Philippines of its various remittance tie-ups in Kuwait, the UAE, Saudi Arabia, Hong Kong, Singapore, and Saipan, through its different product offerings.