The Life of an OFW in Malaysia

As an overseas Filipino worker (OFW), we constantly look at exchange rates especially when payday is near. If the rate is lower than last time, we hold off sending the money hoping for a better rate in the next coming days.

However, for the last two weeks in Malaysia, the ringgit value versus the Philippine pesos has been declining almost on a daily basis. This is very sad for all OFWs and their families in the Philippines who are relying on the remittances of the overseas workers.

In Malaysia, there are two favorite remittance companies of many Filipinos. Merchantrade Asia Sdn Bhd. or simply called eRemit is the favorite of many professionals and IT workers since transactions can be done online which saves the sender a lot of time and fares going to the branch for a over-the-counter transaction.
 Another Filipino favorite remittance company is Lucky Money because they often have better exchange rates compared to eRemit or other remittance companies. Besides, you get to send money free of charge if it's your first time to use their service.
Looking at the exchange rate posted today, 17 August 2015 4pm, the difference of RM 0.08 between the two remittance companies might encourage me and other OFWs to travel to Kota Raya's branch of Lucky Money to send some money. But maybe, just maybe, if my family can wait, I will hold off sending money for a few more days. Hopefully by Friday, the rate would improve. But then who knows if by Friday this week, the rate becomes 1 MYR = 10.50 PHP? Is it worth holding off or just send now? It's a tough decision OFWs have to do every month. :(

If the news like the article from kinibiz or the one from Malay Online be our basis, it is also hard to say. Even if we're good financial analysts, the risk is still high due to the volatile ringgit. But the prospects are low and dark for ringgit, thus life is getting harder for OFWs in Malaysia and anywhere else where the country is suffering financially because of political scandals, effects of the yuan devaluation and slumping oil prices.

Good luck na lang mga kabayan! May God keep our families safe and healthy so we don't need to worry further.

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The Life of an OFW in Malaysia
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