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Managing Your Finances as a Filipino Expat Worker: Tips and Tricks

06 Jun 2023

As a Filipino expat worker, you are likely facing a unique set of financial challenges. Not only are you living and working in a foreign country, but you also have the added responsibility of supporting your family back home, for which you have to send money to Philippines from overseas. To help you navigate these challenges, we've put together some tips and tricks for managing your finances as a Filipino expat worker.

Tips to Better Manager Your Finances while Living Abroad

Create a Budget

The first step in managing your finances as a Filipino expat worker is to create a budget. This will help you determine your income and expenses and allocate your funds accordingly. When creating a budget, be sure to include all of your fixed expenses (such as rent and utilities) as well as your variable expenses (such as food and entertainment). Once you have a clear picture of your income and expenses, you can start making adjustments to ensure that you are living within your means.

Open a Bank Account in Your Host Country

One of the most important things you can do as a Filipino expat worker is to open a bank account in your host country. This will make it easier for you to manage your money and access local financial services. When choosing a bank, be sure to compare fees and interest rates and look for an institution that offers online banking and mobile apps. This will make it easier for you to keep track of your finances and make transactions while you are on the go.

Consider Setting Up a Remittance Account

As a Filipino expat worker, you will likely need to send money back to your family in the Philippines. To make this process as easy and cost-effective as possible, consider setting up a remittance account for online money transfer services. This type of account allows you to transfer money or use online money transfer services from your host country to your home country with minimal fees. Be sure to shop around for the best rates and fees when setting up a remittance account for money transfers.

There’s good news for all overseas Filipinos; one of the most trusted remittance providers, ACE Money Transfer, has offered every money transfer to Philippines at ZERO-Fee with enticing rewards. This offer is available for overseas Filipinos residing across the UK, Europe, Canada, Australia, and Switzerland, until the 31st of August, 2023.


Prioritise Savings

As an expat worker, it's important to prioritise savings. Set aside a portion of your income for emergencies and long-term goals such as retirement. Keep your savings in a separate account that you do not regularly access, and make sure that the account earns interest. Additionally, you may also consider investing in mutual funds, stocks and other forms of investment that can grow your savings.

Be Aware of Currency Exchange Rates

Another important consideration when managing your finances as a Filipino expat worker is currency exchange rates. Keep track of the exchange rate between the currency of your host country and the Philippines to ensure you get the best deal when sending money back home. This can be done by checking online currency converters or by signing up for alerts from a currency exchange service.

Be Mindful of Taxes

As a Filipino expat worker, it's important to understand the tax laws of your host country and ensure you are compliant. Be sure to keep records of all of your income and expenses, and consult with a tax professional if you have any questions.

Invest in Insurance

As an expat, it's important to protect yourself and your assets by investing in insurance. Be sure to get insurance to cover health, travel, and personal property. This will give you peace of mind knowing that you and your loved ones are protected.

Seek Professional Advice

If you are unsure about any aspect of managing your finances as an expat worker, seek advice from a financial advisor or accountant. A professional can help you create a budget, invest your money, and plan for retirement. They can also provide guidance on tax laws and other financial matters.

Consult fellow expats to learn about the best ways to transfer funds back home. Typically, most Filipinos choose to send money to Philippines online, considering the benefits of digital platforms. You may also learn about these platforms and save time, energy, and of course, money on your money transfer needs.

Have a Separate Account for Investing

To have a clear view of your savings and investments, it is important to have a separate account for investing. This will help you keep track of your investment portfolio and monitor its performance. Additionally, having a separate account for investing can also help you avoid the temptation of dipping into your savings for non-essential expenses. You may send money from another account to your savings account and lock transactions to stop you from spending it frequently.

Be Mindful of Your Credit Score

As a Filipino expat worker, it's important to keep your credit score healthy. This will make it easier for you to access loans and credit in the future. To maintain a good credit score, be sure to pay your bills on time and keep your credit card balances low. Additionally, you should also avoid taking on too much debt and make sure to monitor your credit report regularly.


The Way Forward to Better Financial Management as an Overseas Filipino

Managing your finances as a Filipino expat worker can be challenging, but with the right strategies and tools, you can ensure that you are living within your means, supporting your loved ones back home and saving for your future. By creating a budget, opening a bank account, setting up a remittance account, prioritising savings, being aware of currency exchange rates, being mindful of taxes, seeking professional advice, investing in insurance, having a separate account for investing, and being mindful of your credit score, you can be well on your way to achieving your financial goals. Remember always to be vigilant and stay on top of your finances.

Choosing a reliable remittance provider is also challenging since sending funds back home securely is the need of every expat worker. Join ACE’s services for an instant, economical, and secure online money transfer to Philippines that comes with ZERO sending fees, the highest exchange rates, and opportunities to win several rewards.


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