Forex Money Remittance – India, the Philippines and More

International money remittance is an essential part of life for some people, especially for young people from countries like the Philippines and India who are working abroad and need to send money to family back home. We’re sure you’re familiar with wire transfers, direct bank transfers and some of the other more traditional ways to send a money remittance – but are you getting the best deal possible? In this article we’re going to take a look at how you can get smarter, save money and stop having money remittance abroad cost you an arm and a leg in fees and exchange rates.

Foreign exchange

There are a wide range of different forex remittance services that are available online, all using different remittance software and methods. What we’re going to look at here is how you can get money home to your family, quickly, cheaply and easily.

Money Remittance to India from the UK, Australia and New Zealand

If you’re a migrant living and working in a Western country to take advantage of the higher wages, chances are high that you’re going to want to send a good chunk of your money home to family to help out with expenses. Getting money to India from countries like the United Kingdom and Australia can be a very expensive proposition. Non Resident Indians (or NRIs) contribute a huge amount of cash to the Indian economy each and every year. That doesn’t mean that you need to pay more than you should to get the money home.

Chances are that you’re all set up in your new home with local bank account facilities and that your family has similar facilities in place back in India. Bank account to bank account transfers can be expensive, but they are the most convenient method in some instances.

This is where OrbitRemit come in, to save you money on fees and help you make smarter decisions about remittance. Sending money to India using the OrbitRemit platform is as easy as logging in and transferring money to our local account in the country where you live. This is a domestic transfer, so you don’t get stung with big bank fees – we then move the money to India using our own account. From there, we take care of the rest and we’ll have the money in your recipient’s account in India within a couple of working days, every time.

Money Remittance to the Philippines

Pinoy’s who are resident in foreign countries often find themselves with a need to get money home, sometimes very quickly. Sending money to the Philippines from Australia and other Western countries can be complicated.

For overseas foreign workers (OFWs), remitting money back to the Philippines in order to prepare for their return with things like savings and purchasing property is also common. The problem is, that many remittance providers are aware of this and can sometimes take advantage with excessive fees and loaded exchange rates among other underhanded approaches. This is a big handicap if you’re trying to set yourself up for the good life.

There are a lot of remittance services that are very well established in the Philippines, and they all seem to claim to offer the best possible rates. Each of these remittance services has different overseas partners and it can be very difficult to cut through the marketing hype to identify the best possible forex remittance service.

Bank to Bank Money Transfers to the Philippines

The best and most secure way to get money home to the Philippines is to find a way to get the deposit directly into a Philippines bank account. This means that those issuing the remittance in the Philippines won’t charge the recipient fees to collect their money and that it will definitely get to where it is going. In order to avoid the costs involved with a TT or wire transfer, those who wish to send funds back to the Philippines can avail themselves of OrbitRemit’s international forex remittance services.

All you need to do is set up the transfer after creating your account at OrbitRemit, transfer the funds to our local bank account in Australia, New Zealand or the United Kingdom and we will get them exactly where they need to be in 1-2 business days. This is also a great option for overseas foreign workers who have the need to save money in a Philippines bank. Your money can go straight into an account in your name at home, without any risk of it going missing.

Whether you’re sending money to India or to the Philippines, the OrbitRemit online platform and our advanced technology presents the quickest, cheapest and smartest way to get an overseas remittance exactly where it needs to go. Check out our money transfer calculator on the right hand side of this page, to find out exactly how much you’ll get on the other end of your next transfer by taking advantage of OrbitRemit’s competitive exchange rates and low fixed-fees.