Filipino remittance make-up 10% of the countries Gross Domestic Product. This implies that we are one of the biggest contributors to our countries’ growing economy. Did you know that you’re losing between 4 to 10% of the money you send back home because of additional charges?
Here’s an example, if you’re transferring AED 1000 back to the Philippines every month, in a year you will transfer AED 12000. Based on a 10% charge, that means you’ve lost up to AED 1200 in a year. Banks and money transfer providers take administrative charge and a bid-offer spread. So what is bid-offer spread?
Bid-offer spread works like this: Supposing you’re sending AED 1000 this month with a rate of Php 14 per AED 1, this means that you’ll be sending Php 14,000 back to the Philippines. With a typical bid-offer spread charge of 5%, instead of getting Php 14,000 pesos, your family in the Philippines will only get Php 13,300, losing Php 700. In a year, you’ll lose up to Php 8400 and this doesn’t include any administrative charges.
Filpera has a solution for you. With a simple app specifically developed to expedite the process of sending money and avoiding long queues on money exchange providers, you are saving yourself not just time but the value for your money. The ability to transfer money is in your hands, anytime, anywhere.