19 Sep 2024
Imagine you send money to Philippines from UK to your dear ones in the Philippines and about half of it is siphoned off by unnaturally low exchange rates and other charges. That is £50 being wasted for every £1,000 that you transfer – money that could have been used to pay for education, healthcare, or basic needs. Who would let all those pounds they worked so hard to earn disappear in thin air? Whether it is supporting your family, investing in property, or financing a business venture, getting the right exchange rates can be a life-changer.
This blog will decode how you can build an infrastructure that will give you a higher chance of getting more for your remittance and how to ensure every pound that you send arrives on the other end with the maximum impact.
Making the best deal in the money transfer process requires knowledge of the reasons behind the exchange prices. It is now time to examine the main factors which influence the amount of money transferred to the Philippines.
Exchange rate fluctuations are mainly regulated by market forces. This means that forces like global economic events, political changes, and market speculations influence these changes. For instance, a shift in the policies of the monetary authorities in the UK such as an adjustment in its interest rates or a change in the political system can push up or down the value of the pound compared to the Philippine peso. So, it can automatically decrease the amount that you do through an online money transfer to Philippines for loved ones. It is therefore important to be aware of such changes and keep abreast with the market situation to identify the right time to transfer your money.
They consider the fees applied as well as the hidden charges which cuts down the amount of money you want to send. Some service providers such as banks and money transfer services providers may incorporate fees in their services and may also charge other fees such as handling fees, fees charged on intermediaries, or even fees for conversion to other currencies. The following charges may lower the amount that the intended beneficiary will be receiving. It is important to understand the overall expense of a transfer so that you can make the right decisions.
Exchange rate margins are the difference between the market exchange rate or banking exchange rate (the rate at which banks buy and sell currencies) and the rate the money transfer service is offering. This margin is normally akin to the markup that the service provider is bound to impose. The bigger the margin, the lesser the favorable exchange rate. Accepting a service that has a lower margin, keeps more money in your recipient’s pocket
Of course, it is crucial to know these factors to obtain the desired exchange rate. However, how does one actively engage this knowledge and make sure of the maximum money transfer to Philippines? Now it’s time to consider some examples of suggestions that can be made as to how one might proceed with the use of diagrams of this kind.
Following are some useful strategies that help get the best exchange rate to send money to the Philippines once you have a good idea of what affects exchange rates.
One thing is for instance that close monitoring of exchange rates is very important. It can fluctuate in an hour, a day, or a week, and even a one-penny change would significantly reduce your beneficiary’s payout. One should download currency exchange applications or even set rate notifications to update himself. If the rate is good, do the transfer to achieve the best-sent amount.
There are different forms of money transfer services that cannot be regarded as similar. Some have better rates than others. Spending some quality time would help you sort through all that is offered and get a service that provides the best exchange rate as well as the lowest fees. For instance, ACE Money Transfer offers the industry’s most competitive rates of sending Money, the charges given are reasonable hence offering you the opportunity to get more value for your Money sent in Pounds.
The same as in the case of a futures contract, a forward contract can enable you to make a current exchange rate for a future send money from UK to Philippines which will be useful in case when the rate gets worse. A limit order, in contrast, allows for setting a particular exchange rate. When the market gets to that rate, you make a current exchange rate for a future transfer which will be useful in case when the rate gets worse. A limit order, in contrast, allows for setting a particular exchange rate. When the market gets to that rate, your transfer will occur and you will get the best deal to utilize.
Timing is everything. Currency values fluctuate depending on some economic factors including inflation, employment, and the political systems in place among others. Money transfers should be made at that time when the economy of the UK is favorable and the Philippine peso rate is low. Timing: This is another important factor where market insights should be used to see when one should be servicing their transfer.
If you do all these, it is possible to ensure that your loved ones get as much as possible. Thus, how is ACE Money Transfer easier to facilitate this process?
Another factor of importance is the selection of the right money transfer service to obtain a beneficial exchange rate. This is why ACE Money Transfer remains the most suitable choice for send money to Philippines online from UK.
ACE Money Transfer is one of the few companies, which provides a good exchange rate and low fees, making it possible to save money. This goes a notch higher in differentiating ACE Money Transfer from many banks and services that ask for high margins for the services they offer, adapted in this case to just tiny margins to give better value for every pound transferred.
Thus, using ACE Money Transfer service you will have more opportunities for money transfer: online transfer, smartphone applications, offices of agents. There’s no chance of a transaction being fraudulent because each one is backed by the best encryption technology to ensure that the money gets to the intended recipient.
ACE Money Transfer also enjoys fast transfer times with most transfers taking a few minutes to process. Alongside round-the-clock customer support, it is possible to make a fast and hassle-free remittance regardless of the time zone.
At times, ACE Money Transfer has promos and special discounts for transfers from the UK to the Philippines. Such promotions can be in the form of lower fees or even better exchange rates, which would then mean more value added to each transfer.
So by opting for ACE Money Transfer, you make sure that your money is sent based on your hard-earned money, is secure, and has the maximum value reaching out to your loved ones in the Philippines.
The blog aimed to give clear information on the legal ways to send money to Philippines online without having to pay heavy fees. When you understand the determinants of exchange rates, when you engage such strategies and techniques in the right manner, and when you select a competent service provider like ACE Money Transfer, you will be in a position to make your loved ones get the maximum amount of money they need. Do not be predatory on fees and rates as these will reduce the amounts you remit back home. Why wait for the better choice? ACE Money Transfer offers competitive rates and fees, security, and reliability. Experience the difference with ACE Money Transfer and send money to the Philippines today.
Exchange rates have an aspect of influence from currency market volatility, fees that are charged, hidden and other charges that can be associated with service providers as well as exchange margins that are applied in the conversion process.
Currency exchange apps, setting up rate alerts and generally considering the financial news to be aware of rate changes.
Forward contracts ‘freeze’ today’s rates for tomorrow’s transfers and limit orders, set a preferred rate and get you the best rate.
The benefits associated with ACE Money Transfer include; realistic exchange rates, pocket-friendly charges, quick transfer, secure services, and subsequent giveaways.
No, ACE Money Transfer has no hidden charges and it provides details of the charges within the shortest time possible.
