Making smart remittances: 5 things to consider
By Genesis Kelly S. Lontoc
When it comes to remittances, it is wise to make sure you are getting more value for the money you are sending back home. How do you make smart remittance decisions?
Genesis Kelly S. Lontoc, Head of the Philippines Corridor of UAE Exchange, says “it is all about the five Rs”. He shares his top five tips.
1. Reputation. Trust is the most basic element for every remittance. Choose a remittance partner that has a proven and successful track record. You don’t want to send money that will not reach your intended recipient on time, or not reach them at all.
2. Range. Each Filipino has different financial considerations. Choose remittance partners that have a wide array of financial services to cater to different needs.
3. Reach. For your convenience and the convenience of your beneficiary, choose remittance partners that have multiple locations in the source country. Payout agents must also have multiple locations in the Philippines and other countries.
4. Rewards. Regularly check out special promotions happening at the remittance partners to maximize your remittances.
5. Responsibility. Apart from remitting to beneficiaries, you must regularly remit to yourself. Savings and investments are important and are crucial in personal and national development.
