When my friend Rayton found out that eOFW.net was featured on Inquirer, he asked me some very good questions to help him make his move to the US easier in terms of managing his Philippine finances. He still needed to pay bills, fund a payroll for his company, and do a couple of other Philippine-based transactions while working in the US. This article discusses how to one prepare to manage finances from abroad.
Question from Rayton:
What is the most cost effective way to send money from the US to the Philippines? What are the arrangements I need to make while I’m here?
First, ask Pinoys in your area in the US. Ask them in advance via e-mail. There’s usually enough local knowledge to guide you to the most popular remittance service in the area. Pinoys will probably tell you which is the cheapest known remittance center, the most trusted, the fastest, the most reliable. They will usually refer you to a brick-and-mortar remittance service.
Second, I would compare those services to online remittance services like xoom.com or Remit2home.com . Here’s a longer list of remittance services worldwide. Many Pinoys are remain unaware of online services like xoom.com . Try it out and see if it works for you.
Third, setup your Philippine-based bank online account. If you don’t have one yet, open a bank account here in the Philippines. Make sure that you could open an online bank account to manage your funds.
List all the parties that you will need to pay on a regular basis (e.g. tythes, your own savings account, bank transfers to your family’s bank accounts, utilities, payroll etc.). Iron out with your bank how to make payments through your online account. This may require signatures on application forms so make sure you have that covered before you leave the country.
Last, make sure you have a trusted person here in the Philippines who could do some leg-work if you require it. For example, if there’s an additional online payment you want to enroll and it requires your signature, have someone in the Philippines facilitate the sending/receiving of fax messages if that is what it takes to enroll in your online bank account.
Hope this helps.
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