16 Sep 2024
Italy is a beautiful country with a great cultural heritage, spectacular scenery, and delicious food. It is a preferred choice for those who seek a better life than anything else, and thus, many Filipinos have migrated to Italy to find a more prosperous life. OFWs also have better pay; hence, they can substantially benefit their families back home by making a money transfer from Italy to Philippines.
However, one has to be very careful about the financial realities of being an expat.
So, below are some tips that you can follow to make the most of your stay in Italy. Depending on their financial situation, most Filipinos would appreciate these tips.
Mastering your finances as an Overseas Filipino Worker (OFW) in Italy requires strategic planning and informed decision-making to ensure a secure and prosperous future.
One of the first pieces worth reading is the guide to understanding the Italian banking system. Banks in Italy are generally open from Monday to Friday, and to avoid unpleasant situations, it is expedient to open an account. Also, it is important to note that Italy is one of the European Union countries that accepts the Euro as its legal tender; therefore, you can exchange your Peso at the airport or when you arrive in the country.
Like in other countries, may it be a local or international bank, you must present an identity card, residential proof and, in some cases, a reference. Therefore, it is recommended to carry out a comparison of various banks’ fees, services, and online banking solutions to arrive at the best choice. This is important to know, especially if the intention is to open an account with a particular bank, because some of them have a certain amount that one has to deposit once one opts for the account.
Finding some ways on how you can save money is important when creating a working budget for your personal use, and it is quite essential, especially if you are an expatriate. Think about the amount of money you wish to earn, the major expenditures and the amount you wish to save so that you can create a workable budget that suits your lifestyle.
Recording all your expenses will assist you determine places you can reduce out on and thus save more money so you can send money to Philippines from Italy when required.
To further assist in tracking your overall spending, it is suggested that one should opt to use mobile applications or even excel sheets in budgeting. Analyze your expenditure into fixed and variable costs in a bid to identify areas where you spend most of your hard earned money.
Make it a habit to go back to the budget often so as to make necessary changes.
Remitting money back to the Philippines is one tradition that most OFWs practice particularly the Filipino OFWs. Such means of remittance are either through formal banks, through over the internet, or through other established remittance companies. At the same time, it is significant to study the various methods in order to determine which one is the most cost efficient and feasible for the situation.
Some aspects to consider when selecting a remittance service provider include the cost of the transfer, the exchange rate offered, the transfer time and customer support offered.
It is also recommended that rates indicated by various service providers be checked in order to select the most favorable option. On the same note, it is worthwhile to avoid being duped into a rip-off situation, hence checking the authenticity of the company.
If the need arises to send money online to Philippines from Italy, ACE Money Transfer is one of the most credible service providers. Becoming an international money transfer service with numerous agent locations and convenient services, ACE Money Transfer is the perfect chance to make transfer problems to your loved ones. There are incredibly competitive and matchless exchange rates to use, reasonable charges, exceptional and rapid transfer services and stand-end hardware customer relations to enjoy while using ACE Money Transfer.
If you are a Filipino expat living in Italy; you may be entitled to specific tax relief. Make yourself acquainted with the tax laws and regulation of both countries and where possible try to optimize on taxes that are deductible or which you could be given as credit. It is also important in this area to consult with a tax professional.
The tax laws may be somewhat challenging to understand, and therefore it is wise to consult a tax consultant or an accountant. They should assist you in determining your taxes in both Italy and the Philippines and help you abide by the set laws on taxes as well as assist you to take advantage of deductions that you would otherwise be oblivious of.
Savings may well be an impressive way to generate additional resources and to ensure a personal successful future. The position to be taken on the case is to investigate the investments that are present in Italy, including share investment, bond investment and real estate investment. But of course, you need to consult with your financial advisors before you jump into any investment that you’re planning to make.
Any investor must consider these effectively managed risks while investing according to their tolerance levels and financial objectives. Perhaps you should seek the services of an investment consultant who will develop an investment plan that suits your situation. Do not forget every investment comes with risk, and one should not have to expect profit. Understanding the financial system when one is an OFW in Italy is not easy; therefore the a need for proper planning and analysis. With the help of these five simple guidelines and choosing one of the safe methods of online money transfer from Italy to Philippines, like ACE Money Transfer, anyone can improve saving strategies for the future and enjoy his expat life.
Some of the familiar struggles that Filipino expats encounter during their stay are language issues, different cultures, rivals in the job market, and homesickness.
Where and how to learn Italian: Italians and foreigners can attend language schools, take online courses, work with a language exchange program or with Italians.
However, there are some Filipino communities in some of the major cities in Italy, although the number is significantly smaller than that of other countries.
It includes establishments that hold parties and facilitate fellowship for Filipino nationals residing in the country.
The standard of living in Italy is relatively higher compared to the Philippines, although this may not be easily noticeable unless one is traveling to Rome or Milan. Nonetheless, the actual cost of living may differ depending on the chosen level of living and place.
To live and work in Italy, one normally requires a work visa. The specific general work visa requirements can be widely different depending on your skill level and the nature of the job you are planning to do in New Zealand.
