5 Common Mistakes to Avoid While Sending Money from UAE to Philippines

The UAE Dirham (AED) and Philippine Peso (PHP) exchange rate is highly volatile and can change rapidly based on real-time events. Thus, you must be extra careful when sending money from the UAE to the Philippines.

Whether you support your family back home or make other financial arrangements, ensuring your hard-earned money reaches its destination safely and cost-effectively is crucial. This blog explains people’s five most common mistakes when transferring money from the UAE to the Philippines.

Don’t Make These Mistakes While Sending Money to the Philippines

Not Understanding the Charges

One of the most significant mistakes people make when sending money internationally is needing to comprehend the associated charges. Exchange rates, transfer fees, and hidden costs can significantly affect the final amount received in the Philippines.

Here’s a list of fees that could affect the final amount received in the recipient’s account in the Philippines:

• Transfer Fees: Most money transfer providers charge either a flat rate or a certain percentage of the transaction amount for their services, and these fees can vary significantly between providers.
• Exchange Rate Margins: Exchange rates offered by providers may include a margin or markup, which can affect the final amount received in the Philippines. It’s essential to compare rates to get the best deal.
• Recipient Fees: In some cases, the recipient in the Philippines may incur fees when receiving the funds. This typically happens if they receive the money through a bank account.
• Currency Conversion Fees: Currency conversion fees may apply if you’re sending money in a different currency. Different providers charge differently, e.g., banks may charge higher conversion fees, while mobile wallets don’t charge at all.
• Inactivity Fees: Some providers may charge inactivity fees if your account remains unused for a certain period.
• Amendment or Cancellation Fees: Some providers may charge amendment or cancellation fees if you need to make changes to a transfer or cancel it.

Before choosing a service provider, carefully review these fees, their structure, and exchange rates. It’s often better to opt for transparency and competitive rates over seemingly low fees.

Not Leveraging Technology

Failing to use technology to your advantage is a mistake. Technologies like mobile wallets offer convenience, speed, and competitive rates. Mobile apps make it easy to track transactions and access historical data. Embrace the convenience of digital solutions for your financial transactions.

Also, read What’s the Best Way to Send Money to Your Home: Effortless Money Transfers in UAE.

Sharing Information on any Random Platform

Protecting your personal and financial information is paramount when sending money abroad. Avoid sharing sensitive data on unsecured platforms, including public Wi-Fi networks or suspicious websites. Always use a trusted and secure money transfer service provider. Look for encryption and security protocols to ensure your data remains confidential.

Not Using Offers and Rewards

Many money transfer service providers offer promotions, discounts, and rewards for frequent users. Ignoring these offers is a mistake that can cost you valuable savings. Keep an eye out for loyalty programs, referral bonuses, and limited-time promotions. Over time, these perks can add up and reduce your overall transfer costs.

Not Comparing Money Transfer Service Providers

One of the most significant mistakes is not shopping around for the best money transfer service provider. Different providers offer varying exchange rates, fees, and delivery options. Take the time to compare several options to find the one that best suits your needs. Don’t settle for the first provider you come across; a little research can go a long way in saving you money.

Effortless and Secure Money Transfer from UAE to Philippines with Payit

Payit mobile wallet app enables you to send money from your account or digital wallet to an account in the Philippines with just a tap. With the Payit app, you can

• Safely transfer money to the Philippines
• Avail of instant money transfer service
• Avail of competitive rates (0 at times!), and
• Receive 24*7 support.

How to Remit Money Internationally with the Payit App?

Follow these steps if you wish to use a money transfer service by Payit:

1. Download the Payit digital wallet app.
2. Register with your Emirates ID..
3. Open the app and tap ‘Money Transfer’ from the home screen.
4. Select your destination country.
5. Select the transfer type ‘Bank Transfer’, ‘Wallet Transfer’, or Cash Pick-up.’
6. Add amounts and recipient’s details.
7. Read the terms and complete the transaction using the mobile PIN set for the Payit app.

Final Thoughts

Succinctly understand various rates related to international money transfers, and research about the money transfer service providers to safely transfer your hard-earned money to your family staying in the Philippines.