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Tips for Managing Your Bank Account Effectively as an Overseas Filipino Worker (OFW) - A Brief Guide

13 Jun 2023


Learning the most effective ways to handle your bank account is one of the first moves to seizing control of your finances as an overseas Filipino worker (OFW). The primary tool you use to manage your finances is your bank account. It's critical that you manage this account actively since it serves as the foundation for how your money will flow, whether it's to pay bills, send money to Philippines from abroad, fund savings or investment accounts, or invest.

Even though managing a bank account may seem like a painstaking process, it will be well worth your while to read on if you want to get your financial situation in order. A wise first step is to compile a comprehensive list of all your objectives. When you are certain of your goals, it is always simpler to plan a path of action. Below is a brief guide for you! 

Why is it Important to Have Good Management for Your Bank Account?

Effective bank account management will benefit you in many areas of your financial life, including saving and sending money and preserving your assets. How well will you be able to make a budget or gauge your progress toward your savings objectives if you don't know where your funds go?

Additionally, having strong account management abilities will guard you against fraud. For example, your debit card was stolen and was used to make purchases. Before things get worse, you would want to find it as soon as possible. You're only liable for a smaller sum if you notice any losses within two business days. 

If you notice it after two business days only within 60, you risk losing a sizable sum. Don't identify the fraudulent payments until after the 60-business-day period has passed. Sadly, you are responsible for any fraudulent transactions.

Tips For Better Account Management 

 

Use Mobile Banking App

You can perform practically anything you can do in your bank using simply your phone by downloading the app from your bank. This entails that you can check your balance, pay bills, and request an overdraft modification anytime and anywhere you like.

Apps for banking are specifically created and put through testing to ensure their security. They protect your account from fraud using passwords and specialised encryption. For a secure, swift, and economical money transfer to Philippines, many Filipinos rely on ACE Money Transfer’s mobile app.

Know The Balance Your Account Holds

Your financial situation becomes more evident when you stay on top of your account balance. By doing this, you can assist yourself with responsibilities like preparing for sporadic and unforeseen spending, timely repayment of your student loans, and just keeping to your budget.

Additionally, keeping an eye on your account might allow you to avoid overdraft fees by keeping your balance from falling too low. Determining how frequently to check your balance is a smart idea because it's simple to make an online payment or scan that debit card and forget about it.

Set Up Account Alerts If You Haven’t Done It Yet

Providing your bank with your cellphone number is worthwhile so you may take advantage of a new automatic service. If your bank has your mobile number, they will text you when you are approaching or have reached an overdraft. This enables you to lessen the impact of any overdraft fees.

You can also ask for free text alerts on your own. Some can notify you when money has been moved in or out of your account, while others can alert you when your balance is becoming low. It's a fast and automatic approach to make sure you're aware of what's happening with your account with all money transfers and transactions, decreasing the likelihood that you'll be taken by surprise.

View Online Statements 

Bank statements were mailed out before the advent of digital banking. A busy account could have hundreds of pages worth of transactions in a single month. You may get your statements without consuming paper using online money management. Additionally, you may quickly find particular charges by using the search option.

Explore What Your Bank Charges You For

Banks charge you for some things, such as international withdrawing cash or transactions made while you are travelling. For an overview of all the charges your bank can make and what they're for, look online or contact your bank. Knowing how costs and fees are applied will help you avoid them or reduce them to a minimum.
 

ACE Money Transfers Lends a Helping Hand for Secure and Economical Money Transfers!

You may get the solution to your question about where to find remittance services that are less expensive and easy on your bank account right here. Remittance services are offered by ACE Money Transfer from 28 sending countries to more than 100 receiving countries globally. operating across the UK, Europe, Australia, Canada, and Switzerland, ACE is a reputable and long-standing provider that values its clients' confidence. One step at a time, ACE seeks to reunite friends and family all across the world. If you use ACE’s services to send money to Philippines online, you can benefit from competitive exchange rates, the lowest transfer costs, the most secure and swift transactions, and several chances to win enticing rewards.
 

FAQs

What are some tips for effectively managing my bank account as an Overseas Filipino Worker (OFW)?

Some key tips include: regularly reviewing your account statements, setting up automatic payments for recurring expenses, saving a portion of your income every month, keeping your contact information updated with your bank, and being vigilant about potential fraud or unauthorised transactions.

Can I open a bank account in my host country as an OFW?

Yes, in most cases, you can open a bank account in your host country. This can make it easier to manage your finances locally but remember to research the country's banking regulations and check for any potential fees or charges.

How can I send money from my overseas account to my bank account in the Philippines?

There are several methods to transfer money internationally: bank transfers, remittance services, or online platforms like ACE Money Transfer. It's best to compare different aspects like transfer costs, exchange rates, processing time, etc., provided by various services before making a decision.

How can I ensure the security of my bank account while overseas?

Make sure to secure your online banking details, frequently change your passwords, and enable two-factor authentication if available. Additionally, inform your bank about your overseas status so they can monitor your account for any suspicious activity.
 

How can I save more effectively as an OFW?

Consider setting up automatic savings or investments where a portion of your paycheck is directly transferred to a savings or investment account. This helps to enforce disciplined saving. Additionally, always maintain a budget to keep track of your income and expenses.


 


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