Photo provided by GCash

With the constant worry about unexpected fees and fluctuations, as well as their own cost of living, Overseas Filipino Workers (OFWs) must ensure that they may send remittances in time to meet their family's needs.

In 2023, 2.3 million OFWs were sent to work abroad, marking the highest number ever recorded in Philippine history in 55 years,data from the Department of Migrant Workers showed.

This also means that over 2.3 million families are waiting back home, not just taking care of everyone else, but also relying on remittances or 'padala'from OFWs for their household budget.

While families are always thankful for the help, it is not always easy to make the most out of the remittances received from abroad.To help maximize your loved one's hard-earned money, consider these tips:

 1. Be honest with your loved one abroad

Discussing where the money goes with your family or loved one overseas helps ensure that everyone is on the same page when it comes to money issues and priorities. By having realistic expectations about remittances, everyone in the family may work towards their financial goals.

2. Set up an emergency fund

Even a small amount, when saved regularly, may create a safety net when unexpected expenses arise. Setting up and sticking to a household budget help manage the money available, but it is also important to set aside money for an emergency fund.

3. Choose a convenient way to receive your money 

Remittance fees may take a lot away from the hard-earned money of your loved ones overseas. Sending 10,000 pesos back home could cost nearly six hundred pesos in transaction fees. Aside from money lost on fees, traditional remittances may also be slow and inconvenient, with some wire transfers taking over 24 hours and requiring trips to remittance centers. This may be frustrating when an emergency calls for urgent funds.

Remittance straight to your e-wallet

Local finance app in the Philippines, GCash, allows OFWs to send remittances straight to their family and loved ones in the Philippines – on their GCash e-wallet, anywhere 24/7, and completely free for verified users.

You may receive your remittance through GCash in real-time, as the app has partnered with remittance partners all over the world, such as Remitly, TapTap Send, Ria, and Western Union.

You may receive remittance in two ways: instant receipt to GCash wallet or claim via reference number.

To claim via reference number, select 'Cash In' on the dashboard and select the Online Remittance Center partner. Then, fill out and verify the details to get an in-app confirmation that the remittance has been successfully cashed in.

For instant receipt to GCash wallet, users should wait for an SMS confirmation that they have been sent money through GCash. They will then need to open GCash to verify that they have received the remittance.

 Photo source: GCash 

With the money transfer directly deposited to your GCash wallet, there is no need for the hassle of visiting a remittance center, waiting in line, or filling out paperwork. A receiver domestically may have the flexibility of receiving money anytime, anywhere in the Philippines, with no cut-off times and holiday breaks.

Receiving it through the GCash wallet also means you may instantly use the funds, from paying bills and purchasing groceries at supermarkets via 'Scan-to-Pay' in-store to ordering online or sending allowances through 'Send Money'.

GCash believes that every peso counts. With these remittance solutions, the company hopes that our OFWs may have the peace of mind that their hard-earned money sent whole, directly to their loved ones in the Philippines.

To know more about GCash,download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery.