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How to Budget for Your International Money Transfers to the Philippines from Italy?

18 Dec 2023

Do you know what the basic reason for expatriating is? Well, the reason is obvious if looked at from the perspective of host countries, which in most cases are developed countries with robust economies. A majority of expatriates belong to developing countries with poor economies that fail to provide for the people. It leads to unemployment and poverty. This squarely applies to the people of the Philippines, who, for want of better job opportunities, travel to developed countries like Italy to earn a living and to support their families financially in every money transfer from Italy to Philippines.

It shows that the basic reason for migrating to another country is financial. Right? So, you scratch a living in a foreign country to change your and your family’s financial status for the better. But is this purpose fulfilled if you were not living on a budget to monitor your income, expenses, and your financial standing as a whole?

Well, the answer is obvious.

This blog will walk you through budgeting, how to save money on your international money transfers and how you can save money on your online money transfers.

Before learning about all of this, let’s first look at the reasons prompting Filipinos to work in foreign countries, including Italy. 

Reasons for the Filipinos to Work in Italy

A report by Pilot Guides said that the Filipino diaspora is one of the largest in the world. It consists of over 1 million people, accounting for around 10% of the country’s total population. The largest chunk of Filipino migrants (3.4 million) reside in the USA, while in Italy, over 100,000 Filipino migrants are living to earn a living.

There are several reasons for working in Italy or any other foreign country, for that matter, but a few important ones are discussed below.

The Flailing Economy of the Philippines

One of the primary reasons, as mentioned earlier, is the flailing and struggling economy of the Philippines. Take a look below.

  • The Philippines had a nominal GDP in 2022 of $404.28 billion, according to a World Bank report.
  • Another World Bank report said that the GDP per capita income in the Philippines in 2022 was $3,498.5.

These figures draw your attention to the economic challenges the country and its people are facing. Therefore, Filipinos work in developed countries like Italy to earn a living and send money to Philippines online from Italy to offer financial support back home.

Low Inward Remittances

A report by the World Bank said that the quantum of inward remittances to the Philippines in 2022 was a mere $9.07 billion. The most unfortunate part is that several developing countries with fewer migrants, compared with the Filipino diaspora, working abroad have been receiving remittances higher than what the Philippines has received lately. The reason? Most of the Filipino migrants are employed in low-income groups.

Rampant Unemployment and Poverty

The incidence of poverty in the Philippines is higher than in many other developing countries. The reason for this is the high unemployment rates. Large swathes of people in the Philippines are unemployed, which adds to the prevalence of poverty.

Let’s now understand budgeting, its importance, and how you can budget for your international money transfers.

Understanding Budgeting and its Importance

It is mentioned earlier that the basic reason for migrating and working abroad is to earn a living and support your family financially. For this, the critically important point is to understand and follow budgeting. Here’s all you need to know about budgeting.

What is a Budget?

A budget is a financial plan that you set for some time in the future. It stands on your income and expenses. While the importance of making a budget cannot be overemphasised, sticking to it and living by a budget is more important than making it.

In other words, a budget means that you monitor your income, expenses, and needs and also draw distinctions between your needs and wants and what you should spend money on.

One of the biggest advantages of living on a budget as a Filipino migrant in Italy is that it allows you to save money.

Learn here about the best techniques to create a budget as an expatriate.

Importance of Budgeting

Budgeting and living on one is critically important for saving money, getting out of debt, planning for emergencies and ensuring your family exits the vicious cycle of poverty. It is through budgeting that you can find ways to save money each time you send money online to Philippines from Italy. If you do not create a budget or have one but do not live by it, you will easily ignore the factors that are essential for budgeting for your international money transfers.

Let’s now see how you can budget for your international money transfers.

Budgeting for Online Money Transfers – Factors to Consider

With the presence of several financial institutions offering online remittance transfer services, if you cannot budget for your money transfers, you run the risk of paying more than required or getting fleeced by some unscrupulous elements in the industry in the worst-case scenario.

Fee of Different Types

You need to first consider the fees a service provider will charge. Apart from the flat fees, you must also consider whether you are paying a hidden fee or not. In addition, see if you are charged extra for the speed of the transaction or the safety of your funds.

Currency Exchange Rates

Another factor to consider is the exchange rates. Make sure to get live and market-competitive rates that will compensate for the fees you pay for the transaction. Uncompetitive currency exchange rates with fees can throw your finances into disequilibrium.

Swift Delivery for Extra Payment

Several service providers deliver funds quickly, but they charge you extra for this. A speedy delivery is called Express Delivery of funds. Some service providers, including ACE Money Transfer, however, deliver your funds quickly but without any extra charges.

Built-In Security of the Transactions

Although online money transfers are considered safe normally, some of the service providers will charge you extra if they find you to be overly conscious about the safety of your transactions. This can also cause budgeting misbalance.

Payment for Different Service Categories

Some of the service providers have categorised their services into different categories called packages. They are priced differently. If you look closely, you will not find much difference between different service packages. Taking this into consideration can also help your budget.

Wrapping Up the Discussion

You aim to earn a living in Italy as a Filipino migrant and send money to Philippines from Italy to offer financial support back home. Right? In this context, your top priorities must be a) finding a reputable service provider like ACE Money Transfer and b) creating a budget and living on it. Only this will help you consider the factors explained above while planning your online money transfers to the Philippines from Italy. Otherwise, you will run the risk of surrendering your hard-earned money to unscrupulous elements in the global remittance industry.


What is the core reason for the Filipinos to work abroad?

One of the primary reasons for Filipinos to work abroad is the flailing economy of the Philippines, which cannot provide for its people, which leads to a high rate of unemployment and poverty. The other major reason is the dwindling quantum of inward remittances to the country. 

What is budgeting?

Budgeting is the process of financial planning that you prepare for a set time in the future. It is based on your income and expenses and understanding the difference between what you should spend money on and what you should abstain from spending money for.

Why is budgeting important for me?

Budgeting is important for you because it helps you monitor your income and expenses closely and achieve your financial objectives both short-term and long-term. Budgeting is also critically important for helping you to get rid of debts and save money for the future.

Can budgeting help me save on my online money transfers?

Indeed, budgeting can help you save enough money on your international money transfers because when you are living on a budget, you ensure to consider several factors that together make up an online money transfer. You are likely to ignore those factors (explained above) if you do not live on a budget.

What factors to consider in international money transfers?

Some of the critically important factors that you must consider in your international money transfers include fees of different types, currency exchange rates, speed and safety, added security of the transactions, and pricing of different service packages.


  • Filipino diaspora

(The Filipino Diaspora – PILOT GUIDES)

  • Philippines GDP

(GDP (current US$) - Philippines | Data (

  • Philippines GDP per capita

(GDP per capita (current US$) - Philippines | Data (

  • Inward remittances to the Philippines

(Personal remittances, received (current US$) - Philippines | Data (

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