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Investing as a Filipino Expat: How to Build Your Financial Future while Living in Canada

06 Sep 2023


Canada is among the top destination countries where people migrate for international education, better jobs and career prospects, and enjoying multicultural lifestyle. 2021 recorded more than 924,850 non-Canadian residents making almost 2.5% of its population. Like people from other countries, nearly 957,355+ Filiponos also reside here, most of whom put in a lot of effort to earn and send money to Philippines from Canada, as it offers critical financial support for their families back home. They consider their time spent living abroad to be some of their most rewarding and enjoyable years. It can be very difficult for Filipino living abroad to maintain control of their finances. Filipino expats are frequently too busy — or too overwhelmed — to develop a sound investment strategy and financial plan to maximize their wealth. 

This expat guide lists the typical money problems; Filipino expats run into when it comes to saving, investing, and budgeting. Learn how to spot the typical investment errors that Filipino expats make and the main problems that almost all Filipinos living abroad face when it comes to investing and handling their money.

OFW Investment Advice For Helping With Financial Management

The unsung heroes of today's society are OFWs or overseas Filipino workers. They travel abroad to find work in order to provide for the needs of their families. In fact, these people put their families' needs ahead of their own by sacrificing their time and overcoming the difficulties of working and living abroad. However, the fact that OFWs and their families cannot continue to work abroad indefinitely must be accepted. Read ahead to learn about the strategies for managing your finances while living abroad as a Filipino expat.

They will have to retire at some point, and their income will be considerably less than it once was. Therefore, it is far better if they make an investment now and see their money grow. It only makes sense in these trying times to set aside an emergency fund from your savings. However, the next best thing is to put your hard-earned money into smart prospects. By doing this, you can be certain that you'll experience favorable returns in the future.

The ideal moment is right now if you are an OFW debating where and when to invest your money. Do you have any financial goals in mind, such as saving for retirement, your child's education, a trip abroad, or anything else? Then take a look at these suggestions for establishing your financial future abroad.

Create A Local Bank Account And Send Money Internationally

Being able to transfer money to yourself and avoiding high transfer fees is made possible by having a local bank account. Additionally, you can begin using it as soon as you land in your new nation, saving you money on pricey card transaction fees. Pick a nearby bank that provides mobile banking for making a money transfer from Canada to Philippines. Then, with the touch of a button, you can manage your money. Any necessary international transfers can be managed with the ACE Money Transfer app in particular.

Set Up a Budget

As a Filipino expat worker, creating a budget is the main step in managing your finances. This will enable you to allocate money in a way that takes into account your income and expenses. Make sure to include both your variable expenses (such as food and entertainment) and all of your fixed expenses when creating a budget, including things like rent and utilities. You can start making changes to make sure you are living within your means once you have a clear picture of your income and expenses.

Consider Retirement And Your Pension

Informing your pension provider that you are relocating abroad is the next step. In case you need to show proof of employment, keep all of your work contracts, pay stubs, and pension agreements. Then you should look into your new country's pension and retirement laws. You must speak with your former provider to determine whether you can transfer your funds overseas if you intend to retire there.

Limit Your Financial Accounts

As they travel from one country to another and continue to keep accounts in their home country, many expats develop the habit of opening bank, investment, and credit card accounts. Maintaining a constant pace can quickly become an impossible task. You can manage your finances more easily by reducing the number of accounts you keep. As your first investment vehicle, open a global brokerage account. 

In order to meet your commercial banking needs, open a premier account at one of the international banks that serves the offshore market. If you keep the property in your home country or a third country, you might also need to keep an account there to receive payments and cover expenses. You can learn how to send money to Philippines from ACE's website and can start your easy money transfers. 

Invest in Stocks 

Due to its many benefits, Philippine Stock Market Trading is one of the investment advice that an OFW should concentrate on and give high priority to. As a result, even if you are an OFW working abroad, you can still transact on the Philippine Stock Exchange through online brokers by sending your application forms and supporting documentation.

Stock investing, when done right, can increase the value of your assets. It is possible to earn annual returns of 50% in the stock market, but you will undoubtedly need to put in some effort to learn and research. The good news is that financial literacy seminars have become popular outside of the Philippines in countries with sizable populations of Filipino workers who have immigrated there.

Request Local Financial Assistance

Finally, you ought to consider requesting financial aid from your community. One of the easiest ways to learn more about your neighborhood and gain helpful money-saving advice at the same time is to do this. Regarding your international transfers, at least, ACE Money Transfer is here to make life abroad a little bit easier. To begin your financial journey, go to the ACE Money Transfer website or download the app right away. 

Being a Filipino expat living abroad can be a great opportunity for both professional and personal development, but it also has its financial difficulties. However, by employing techniques like budgeting, saving, and investing, as well as using financial tools and services, you can successfully manage your money and achieve financial stability. Your host country's financial laws and regulations must also be updated, and you must seek expert financial advice as needed.

Bottom Line 

Your hard-earned money is valuable, so you should use it wisely with every cent. Whether you work locally or as an OFW, this is true. There are many different investment opportunities available for you to try. However, you must know enough about these numerous investment options before making that crucial decision. 

Choose the option that best satisfies your needs after learning about the advantages and disadvantages based on your financial capacity, investment goals, and risk tolerance. Choose ACE Money Transfer to send money to Philippines online from Canada
 

FAQs
 

Should a Filipino expat transfer his financial assets to his host nation or leave them in the Philippines?

Your individual situation and long-term goals will determine how this plays out. Think about elements like currency risks, economic stability, investment prospects, and tax ramifications. This choice may be guided by speaking with a financial advisor.

How does ACE Money Transfer help to send money to Philippines? 

The entire range of services offered by ACE Money Transfer is available online, and you can access them by visiting their website at Acemoneytransfer.com or by downloading the ACE international money transfer app for iOS or Android. Create a free account next to start making payments anywhere, anytime. If you require additional assistance, the ACE customer service team is available around-the-clock to answer any questions you may have.

What is a Filipino expat?

Filipinos who currently reside or previously resided abroad. Most overseas Filipino employees are included in this; those who were based outside of the Philippines and held citizenship in the host nation are not.

How to save money on international remittance transactions to the Philippines from abroad?

You can save money by several strategies while the best one could be getting the lowest transfer fees and the highest exchange rates. If you find it challenging, don’t worry! ACE Money Transfer can significantly help you achieve money-saving goals as it offers low-cost transactions with competitive exchange rates that you can check live on its mobile app and website.

Are savings important for every overseas Filipino worker?

Savings can help ensure a better financial future and economic stability for overseas workers and their families back home. Through savings, they can help manage quality education, healthcare, and other household needs, invest in some business to continually get ROI and live a prosperous life.


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