26 Sep 2023
Moving to a foreign country for better earnings and career prospects is one of the best options for countless individuals from developing nations. The Philippines is one of the top countries with the most migrants and diasporas, having more than 12 million people living abroad. According to the Philippine Statistics Authority, about 1.83 million Filipino migrant workers live and work in different countries, out of which more than 310,620 Filipinos reside in Australia. Their financial problems are why they travel abroad to work and earn a living. They send money to Philippines from Australia and other countries to address financial issues their families face. Do you know what challenges these overseas Filipinos face in ensuring financial support back home from abroad? Let’s dig deeper into knowing their challenges and figuring out the best solutions for them.
The Filipino diaspora has been making significant financial contributions to their country’s economy through inward remittances, amounting to $9.07 billion in 2022, according to a World Bank report.
Over 100,000 Filipino migrants are living in Australia alone, according to a report by Pilot Guides. Australia is one of the top expatriate destinations. Migrants from developing countries, including the Philippines, travel to Australia to earn a living or seek the best-quality education. The country has a robust economy and a thriving job market. So, job-seekers essentially get jobs.
But it is not only about addressing your financial issues by sending money from abroad. It is about what challenges you face in a foreign country, after overcoming which you become able to offer financial aid to your families back home. Living abroad alone is a grave challenge, let alone navigating your way to financial success, which is a result of what jobs you do, how much you earn and what means you choose to transfer funds.
In this blog, we will draw your attention to the financial challenges you face while you live in Australia as you navigate your way to attain financial stability and success both for yourself and your family back home.
But the core purpose is to not only draw your attention to those challenges but also provide you with solutions to overcome those challenges with a few practical tips to follow. In addition, how you send money to Philippines online from Australia also matters a lot because remittance transfer service providers play a huge role in helping you manage the financial challenges you face.
You work abroad to earn a living because you cannot find sustainable and suitable jobs in your native country. Right? Finding a job in a developed country like Australia is not a big deal, provided you have all it takes to get employed. You can begin to earn a living. Fine, so far!
But what about the other challenges, like housing, commuting, and food, you have to overcome?
And on top of all of it, how do you transfer funds back home? All of these incur costs.
Knowing everything about all of these challenges, however, is essential for a smooth expatriate life abroad.
It is not that you face financial challenges while living abroad. Financial challenges are everywhere. Rather, if you had not faced financial challenges in your native country, you would not have migrated in the first place. Right?
Financial challenges in a foreign country are more intense than they are in your native country because:
Take a look at the following few challenges and see how to overcome them.
Building a credit score in a new country is a big challenge. Regardless of the credit score that you have built in your native country, you have to build it from scratch in a foreign country. In developed countries, you have to use your cards for almost every purpose. Even if you wish to send money from Australia to Philippines, you will be required to use your credit card in most cases.
Therefore, your credit score matters the most.
Learn here about the complete usage of credit cards.
You can overcome this challenge by applying for a secure credit card, getting a credit builder loan, and becoming an authorised user.
Another challenge you face is the understanding of the right financial diction. Because notwithstanding your command over a language, if you are unaware of the diction used in a particular field, your chances of misunderstanding increase. When this happens in financial matters, the consequences can be grave.
It is better to understand the diction of a certain field. You can use a finance terms dictionary, join a course, and learn the language online for a better understanding.
Having a bank account in a foreign country is as important as having a job. Because the usage of paper cash is declining fast, not having a bank account can cause you financial inconvenience. Opening a bank account, however, is not a challenge, but knowing which one to open can be a trouble.
You can overcome this challenge by first determining your financial needs and then by opening a bank account that corresponds to those needs. Because if you need a checking account and open a savings one instead, you will land in trouble.
It is a critically important area. Many service providers will charge you extra for security or speed on an instant online money transfer to Philippines from Australia or for offering competitive exchange rates. This can throw your financials into disequilibrium.
Try to find a service provider that offers you the best deals on your online money transfers in terms of fees, currency exchange rates, and speed.
One of the leading remittance transfer service providers, ACE Money Transfer, helps you with your financial challenges in the following ways.
You can deliver funds to the Philippines from Australia with the firm in a matter of just a few hours. And for this speed, you do not have to pay extra.
You will pay a fee only if the amount you send reaches a certain level. Below such a level, your transaction will likely remain fee-free. In addition, you can enjoy a fee-free transfer if you use the firm’s services for the first time.
The firm offers you live and market-competitive exchange rates, which you can ascertain by placing a request to the firm to see if the rates spike at the time of a transaction.
Your every money transfer to Philippines from Australia with ACE Money Transfer will get you immense financial benefits because every feature you get here, including safety, speed, wider service access, and so on, comes without having you to pay even an extra penny. The firm’s services are more of a financial help than remittance transfer services!
FAQs
What financial challenges do I face as a Filipino migrant?
You face some of the financial challenges that include building your credit score from scratch, understanding the financial diction and language, knowing what bank account type you need to open and what service provider to choose to send money back home alongside housing, commuting, food, and so on.
How do I overcome those?
You can overcome these challenges by ascertaining your exact financial need and then searching for the right options to choose.
Why do Filipinos travel to Australia?
Filipino migrants travel to Australia because of the country’s robust economy and thriving and expansive job market. In addition, Australian education ranks among one of the leading worldwide.
What are the reasons for facing financial challenges?
You face certain financial challenges because you do not have your family’s support, you are alone and live in an unfriendly environment in the middle of strange people. Furthermore, you have to manage your life as a whole by yourself.
Can remittance transfer companies help me with my financial challenges?
Yes. A remittance transfer service provider that charges you low fees does not have a hidden fee and also offers you live and competitive currency exchange rates that can help you overcome your financial challenges.
Resources:
(The Filipino Diaspora – PILOT GUIDES)
(Personal remittances, received (current US$) - Philippines | Data (worldbank.org)
