Overseas Filipino workers (OFWs) in the United Arab Emirates (UAE) sending money to their families in the Philippines should be wary of hidden fees that can significantly reduce their remittances.
A report on Gulf News said some remittance services profit from a “back-end“ fee, which can cost up to 40 percent of the transaction charge.
Sudhesh Girivan, vice president and business head of Xpress Money, said the senders usually miss this because the fee is broken up into two parts: "fees charged in dirham and back-end fees charges in pesos in the Philippines."
Under the scheme, a Filipino sending money home may be asked to pay Dh15 for the transaction in the UAE. However, once the money is delivered, an additional Dh10 is collected.
Read the full story here
A report on Gulf News said some remittance services profit from a “back-end“ fee, which can cost up to 40 percent of the transaction charge.
Sudhesh Girivan, vice president and business head of Xpress Money, said the senders usually miss this because the fee is broken up into two parts: "fees charged in dirham and back-end fees charges in pesos in the Philippines."
Under the scheme, a Filipino sending money home may be asked to pay Dh15 for the transaction in the UAE. However, once the money is delivered, an additional Dh10 is collected.
Read the full story here
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