One of the main reasons Filipinos go abroad is to provide a better life for their families. But while sending money back home is important, it’s also crucial to build savings, avoid debt, and plan for the future. Whether you're working in Qatar, the UAE, or elsewhere in the Gulf, these remittance and saving tips can help you make the most of your hard-earned money.

 

Sending Money Home: Remittance Basics

Choose the Right Channel

Use licensed and reputable remittance centers or digital apps. Popular options include:

• Western Union
   
• MoneyGram
   
• Al Ansari Exchange / UAE Exchange / Lulu Exchange
   
• GCash / PayMaya with international partners
   
• Bank-to-bank transfers (e.g., BDO, BPI, Metrobank partnerships)

✅ Compare exchange rates and transfer fees to get the best value for your remittance.

 

Safety Tip:

Never send money through strangers or unregistered agents. Stick to official channels with receipts and tracking numbers.

 

How Much Should You Send?

Many OFWs send 70–80% of their income home. While generous, this can leave you with little to save.

✅ Try the 70-20-10 Rule:

• 70% for family needs and bills back home
   
• 20% for your savings and emergency fund
   
• 10% for personal expenses or leisure

 

Smart Saving Tips

1. Open a Savings Account (Local + PH)

 

• Keep one account in your host country for emergency access.
   
• Open a Philippine bank account (BDO Kabayan, PNB OFW, etc.) for long-term savings.

 

2. Build an Emergency Fund

Aim to save at least 3–6 months’ worth of your monthly expenses. This protects you in case of job loss or emergencies.

 

3. Set Financial Goals

• Tuition fees? House and lot? Small business?
  List your goals and budget how much you need to save monthly.

 

4. Avoid "Padala Pressure"

Help your family responsibly. Set limits and prioritize needs over wants. Don’t be afraid to say no when necessary.

 

Avoid These Financial Pitfalls

 

• Sending 100% of your salary and keeping nothing for yourself
   
• Falling for “double your money” scams or illegal investments
   
• Relying only on remittances without saving or investing
   
• Accumulating debt from multiple credit cards or loans abroad

 

Start Investing (Even While Abroad)

Once you have stable savings, explore beginner-friendly investments like:

• Pag-IBIG MP2 (5–7% annual return, government-backed)
   
• PERA (Personal Equity Retirement Account)
   
• Mutual Funds / UITFs via BDO, BPI, COL Financial
   
• Real estate (buy only through trusted developers)

 

Useful Resources for OFWs

Here are some useful resources for you as an OFW:

• 🔗 BDO Kabayan Savings
   
• 🔗 Pag-IBIG MP2 Savings
   
• 🔗 POLO-OWWA Financial Literacy Programs
   
• 🔗 DMW Official Site
   
• 🔗 SSS Flexi Fund for OFWs

 

Being an OFW isn’t just about earning—it’s about making wise financial choices that create long-term security for you and your loved ones. A few good habits today can lead to financial freedom tomorrow.

 

Padala wisely. Save smart. Invest in your future.