Overseas Employees in Israel: WorldCom Finance There to Help

Today Israel is the 36 country in the world by the number of overseas employees. As a business that cares to make this experience smooth for people from all backgrounds, we’ve decided to single out some core information you need to settle in comfortably.

Why do people move to Israel? There are various reasons. The most common ones, however, are the good conditions offered as opposed to other countries: Israel has a thriving economy and technology. Once you decide to move, you need to figure out a couple of important points that will translate into your success in this country.

Choosing a Location

Expats in Israel generally tend to live in one of its main cities: Jerusalem which is both the capital and largest city in Israel. Others opt for Tel Aviv, which is the financial, commercial, industrial and cultural center of Israel. As for work opportunities, there may be more in Tel Aviv.

Getting Employment

The economy of Israel suggests that jobs are robust, and the right candidate can have the employment they are looking for. Most overseas workers find jobs as caregivers. There are many more working in construction, transport sector, and many more. Opportunities are numerous, and settling should be easy with proper knowledge of English.

Reconnecting

Overseas workers from a number of countries such as Philippines, Sri Lanka, Hong Kong and many others find it easier to adapt to Israeli mild working conditions. What they need to figure out is budgeting.

While wages are rather high in Israel as compared to their home destinations, overseas workers often struggle to save money or support their families properly.

Remember: when you first settle in Israel, you are most sensitive to fraud. Find a trusted service to manage the money you save and the money you send home. If you need assistance, and want to be guided in a transparent way, contact WorldCom Finance.

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Money Transfer Industry Growth: The Big Fish and Recent Developments

In the times that we live in, it's no surprise that people change locations for better financial conditions. Today's global marketplaces allow to be flexible in terms of working conditions. So, if local markets are in a state of crisis or harbour fewer opportunities, people tend to move and try better opportunities.

It's here that these people all need to do one thing: send money to their families back home. This reality has given an extensive rise to the money transfer industry all over the world.

There are hundreds of companies out there all focusing on money transfer. Why? For one simple reason? People send around 450 billion USD to developing countries per year! 

Which countries are the leaders in receiving money through money transfer?

India, China and the Philippines are the top three countries. In terms of continents, Asia is the biggest recipient by far.  

Who are traditionally the biggest players?

While the majority of the transactions is being handled by banks and industry giants, there are other companies breaking into the monopoly to offer more affordable and transparent transactions. WorldCom Finace is one of these companies which broke into the arena of money remittances in 2010.

WorldCom Finance offers the same services that industry leaders do, but does so quicker and at more affordable prices. Why not save up the fees you would normally pay at a bank and enjoy the luxury of spending them for your own needs? Give it a second thought!

Security concerns, fraud and other issues

Money transfer operators have long been used by fraudsters, to the extent that Western Union detail some of the most common scams on their website. The fact that you don’t need a bank account, and only minimal identification, make traditional remittance companies attractive to unscrupulous characters who are looking to part the naive from their cash.

Sending money to developing countries comes with its own set of challenges – many people have no access to a bank account, let alone the internet or even a phone line.

As mentioned above, the backlash against remittance fees has well and truly started, with many calling for stricter regulation on the fees charged. In November 2014, the Labour MP Tessa Jowell started a campaign to cap excessive charges. Whether successful or not, this publicity has put high street money transfer operators in the spotlight.

For more information, read our article which looks in more details at the various money transfer options, and the pros and cons of each.

What does the future look like?

As more remittance recipients have access to financial services such as basic bank accounts, and internet use increases, there is no doubt that fast and cheaper online transfer will become more popular. It will be interesting to see how the high street money transfer operators step up to this challenge – but one thing is for sure: Companies like TransferWise are giving customers greater choice, safety and control, which can only be a good thing for those sending and receiving money internationally.

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3 tips if you are an overseas worker

The world is getting more and more global nowadays, borders vanish, and people from different countries set out to earn for a better life away from home.

Just one example: in 2015 around 2.5 million Filipinos left their homeland in search of a better life. They often start the simplest or the most underestimated jobs overseas; however, the money they make is more than enough to live a descent life for a long time in their homeland, if this money is spent wisely.

However, is it? There is a large number of cases highlighting the sad truth overseas workers often face. While they send money home every month for years, their family spend this money freely without saving for the future.

“If the OFW fails to save enough money, they will come home after years of sacrificial work abroad with hardly any money or assets”.

This is a sad situation, because once back home, the workers who’ve been away from family for years may find themselves broke again. They either have to go abroad again, or work in the homeland for low wages.

So, how can an overseas worker control this situation and deal wisely with the money that coms his way?

1. Set a family budget based on needs

How much does your family need for descent living? Set a realistic amount based on what the family needs, not what it wants. Also, you can send money for specific needs separately.  Let’s say, your family has got to pay the bills: why not transfer the money to the accounts, and then send some money home for living. This way you can be sure your bills are paid and your family has enough to spend for the month. The same goes for mortgages, car credits and the like. It’s so much more tempting to spend the money when it’s at hand and then ask for more. So, manage your own finances. You may consider choosing a reliable money transfer service with affordable fees and no hidden costs to help you. Visit WorldCom Finance for more detail.

2. Set money aside on a monthly basis

While you send money home for family needs, you will still have extra money. Don’t blow it, save instead.  Start a bank account and transfer about 50% of your monthly earnings to this account. This money is your pledge for a better life once you reach home. Visit WorldCom Finance for more detail.

3. Educate yourself

Overseas workers often earn a lot, but still know little of the best ways to save and spend, ways to send money and make payments. This is a big danger as they may be deceived or let down.  Start educating yourself and making the first steps towards a brighter future with your loved ones.

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