lrumso.icu

If you are working overseas and need to send money to your family in Philippines, then the quickest and safest option is online remittance. Here a few tips that will facilitate a smooth process when you send money online to Philippines. Compare online money transfer providersThere is a wide spectrum of online money transfer services but only a few deliver professional services at competitive rates. Before you finalise a company, compare the currency exchange rates and transfer fees of different companies. While some companies may provide services at no extra cost to the recipient, others may levy hidden costs for converting the currency. It is important to shop around as even a slight difference in the exchange rate will directly affect the amount that the beneficiary will receive. Choose a trustworthy provider:The most crucial step is to ensure that you use a reliable money transfer service provider. The online market is inundated with remittance agencies but you should aim to find one that conducts transactions within a legal framework. One way to ensure this is to check their track records as well as their client’s reviews.Check the turnaround time:Besides making sure that your money is in safe hands, you would also want your money to reach your beloved ones as fast as possible. With the help of advanced technology, providers can transfer money within a matter of minutes to the recipient’s doorstep. Depending on the location, money transfer providers today offer convenient delivery options such as bank deposits, home delivery or cash pickup. This is works out to be a very feasible solution during emergencies. Network of partner companies: Most of the money transfer providers work in tandem with a host of partner companies including bank partners and pick-up location vendors. This means that the provider is operating by delegating the tasks to different companies, which in turn expedites the transfer process. So, be sure to check the list of partner companies.Update the recipient about the reference number:Depending on the medium used by you for transferring the money, your provider will issue a unique transaction reference number as a proof of the transaction. Remember to inform the recipient of this transaction number as they will need it for reference when claiming the transferred funds from a cash pick-up location or home delivery. You can even track the transferred funds with the help of this number, if your provider offers this facility. Also, advise the beneficiary to get along an ID proof.In case of cash pick-up or a home delivery cash service, the recipient will also need to show proof of identity. If you want to send money from Australia to China or for that matter anywhere in the world, you can either do it through a bank or use money transfer service providers. While banks only allow bank to bank transfers, overseas money transfer providers offer various benefits.

Many may know how to crack an interview, or network socially. But when it comes to making personal investment decisions, many may feel flushed out with cash, that too if the individual has just stepped into his first job!

While career advises are important, money advises also play a very important role. Millennials often find it very challenging to tactfully manage their investment decisions independently. Here are the top 3 investment mistakes that Millennials mostly make.

No Retirement Investments
Most of the Millennials never give a first thought to their retirement investments. One of the major reasons lying behind is a high level of debt on their head. However, the compound interest could have a major progressive impact if one plans it in his 20s and 30s. So how do you make a proper retirement investment planning?

Essentially, before you plan to invest in any of the retirement investment schemes, you should note the following factors into account and choose accordingly,

What is your financial goals and objectives post-retirement?
How many years to retirement?
How many years in retirement?
What is your current risk profile?
Do you have a healthy diversification across your asset classes?
It is much easier to start, but one has to start! Even a small investment of INR 50,000 would make a huge impact if you are planning for a decade of compound interest!

Too Much Conservative Investments

Millennials invest very conservatively thinking about their long term investment horizon. Moreover, they prefer cash investments. The main problem is cash looses value the longer it is held, and also at the time of inflation it doesn’t keep up!

However, holding cash is not a bad idea if you’re sure of the purpose. Say, emergency funds – you should have at least 6 months of living expenses in savings that could be easily available & accessible at times of emergencies (medical emergency/ financial urgency). Though it is tough to hit for 6 months in one go, it is easier to save at least 30% of your salary every month. The crux is forming a habit of savings and observe how that 30% increases gradually.

No Understanding of Investments

It would be daunting if you do not closely analyze how is you’re making investments. Say, how much money are you investing in your PF? Have you ever wondered about the management fees? And how much it would cost you if you keep your current investments? Fee analysis is a very crucial part of planning investments for you could analyze the risk involved easily.

The prime takeaway is if you do not understand your investments, you would be losing money unnecessarily, be it investing in a portfolio that isn’t diversified, or in management fees. So, gear up to take a call today in order to make all your investments right going forward. Ask people you trust for help and guidance. It’s never too late for millennials to give a kickstart to their personal financing. You still have a long, long investment horizon!