Introduction 

Canada is a massive country with an area of almost 10 million square kilometers in North America. Its distance from the Philippines spans over 8,000 kilometers, but this hasn’t stopped thousands of Filipinos from migrating there to pursue more lucrative job opportunities. In fact, Filipinos are the third largest group of immigrants from Asia in Canada, with most of them residing in Ontario, British Columbia, Manitoba, and Alberta.

Overseas Filipino Workers (OFWs) work in Canada to remit a part of their salary back to the Philippines, their income serving as a lifeline to their loved ones. These remittances aid not only their families back home but also the Philippine economy by contributing to the nation’s Gross Domestic Product (GDP).

If you are an OFW employed in Canada, you most likely send Money back home regularly to your family. Continue reading as Cebuana Lhuillier will share five tips to help you get the most out of using remittance services to send money to the Philippines.

The Filipino People in Canada 

Despite chilly winters and the threat of homesickness among Filipino immigrants, Canada is an attractive destination for OFWs. First, jobs in this country offer better wages compared to what they can find in the Philippines. Additionally, OFWs who have lived there for three months can take advantage of Canada’s universal healthcare system, allowing them to receive free health services.

Public education for children aged 5 to 17 is free, benefiting OFWs with children. Regarding getting approval to work, Filipinos have found it more accessible than Canada’s neighbor, the USA.

OFWs can earn income from various jobs available in the country. Some of the most in-demand positions are factory workers, machine operators, welders, farm workers, truck drivers, cooks, and painters.

While Filipinos profit from higher-paying salaries in Canada, their Canadian employers also benefit, given their high English proficiency and admirable work ethic.

Practical Tips for Sending Money From Canada to the Philippines 

Thanks to the rise of various methods to remit funds abroad, money transfers from Canada to the Philippines are now relatively easy. However, to ensure your transactions are safe, seamless, cost-efficient, and on time, it will help you to learn the tips listed below:

Compare Exchange Rates 

The amount your loved ones in the Philippines will receive is determined by the exchange rate your money transfer company follows when they convert your money. However, remittance centers often follow different rates. That’s why it’s always good practice to first compare the exchange rates among them and choose the one that follows the rate nearest to the latest exchange rate between the Canadian dollar and Philippine Peso for that day.

Cebuana Lhuillier has partnered with an extensive list of remittance companies worldwide. This gives OFWs more options to choose a money transfer service provider to provide them with the best exchange rate for their hard-earned cash.

Consider Transfer Fees 

When you use remittance services to send money to the Philippines, you must pay the remittance company a transfer fee. Transfer fees are determined by several factors, including the amount of funds you wish to send. They can also be influenced by the speed of delivery.

However, it’s important to note that transfer fees and the exchange rate are factors you need to consider when choosing a remittance service provider. This is because some companies may offer a high exchange rate but charge a hefty transfer fee, which may not be a good deal for you.

Keep Transaction Records 

Always keep a record of your money remittance transactions, such as physical or digital receipts. This serves as proof that you paid to send money from Canada to the Philippines and a record of important details, such as the date you made the transfer, the recipient’s personal information, and the amount of money you remitted. If you’re prone to misplacing paper receipts, we suggest you take a picture of them to have a digital copy.

Additionally, keeping transaction records can help you to manage your finances better. With these receipts, you become more aware of where your salary goes, giving you more insight into how you can budget your income more wisely.

Learn About Transfer Limits and Requirements 

Different money transfer companies require various documents for sending funds, so make sure you research this online. Take note of the type of IDs you can use and the information you need.

Meanwhile, it’s essential to know the maximum amount you can transfer if you plan to send a considerable amount abroad. This will depend on the money remittance company as well as laws that mandate the maximum amount of foreign currency you can bring into the country. According to the Bangko Sentral ng Pilipinas, you can bring “up to $10,000 or its equivalent in other foreign currency per person” without a written declaration.

Find a Reliable Remittance Center 

Last but not least, see that you transact through trustworthy remittance centers. Do not be tempted into trying out unreputable money transfer services just because they promise cheaper transactions, as the safety of your funds may be compromised.

Some of the hallmarks of a reliable remittance center are:

• They are regulated by governing authorities. Cebuana Lhuillier is regulated by the Bangko Sentral ng Pilipinas.
• They utilize security measures, such as one-time passwords and control numbers.
• They offer dependable and trusted customer support services.

Visit Cebuana Lhuillier’s International Remittance Partners 

Cebuana Lhuillier offers one of the best remittance services from Canada to the Philippines, owing to its fast and reliable money transactions. We partner only with well-known and trusted international remittance companies, affirming our commitment to helping OFWs worldwide securely send money to their loved ones who depend on them in the Philippines.

Furthermore, our broad list of international remittance partners makes remittance services to the Philippines more widely accessible to Filipinos worldwide. Similarly, relatives of OFWs here in the country can easily claim their remittances through Cebuana’s more than 3,000 branches.

Conclusion

Sending money abroad becomes a more seamless transaction when you compare exchange rates and transfer fees, keep transaction records, take note of transfer limits, and, more importantly, partner with a reliable remittance center like Cebuana.

Don’t be afraid to ask if you need more information regarding our money remittance solutions. Our friendly customer support staff and branch personnel are always ready to address your questions and concerns. Reach out to us today!

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