An overseas Filipino worker (OFW) is a person of Filipino descent who lives permanently outside of the Philippines as a citizen or as a permanent resident of another country or who lives abroad for a specific, short amount of time, such as when enrolled in school or on a work contract. The majority of Filipinos migrate to industrialised countries for better career prospects and to ensure financial support to send money to Philippines from Ireland back home. Let's study more about maximizing interest earnings on OFW savings accounts.

Why Do Most People from The Philippines Move Abroad?

The response is: in pursuit of better prospects, higher income per capita, an improved lifestyle, economic stability, professional development, and, most significantly — to send money to the Philippines — so that their families and loved ones have a better chance at leading comfortable lives as well.

Best Ways to Earn Returns Through Your OFW Savings Account

Plan Your Monthly Spending and Utilize the Auto-Sweep Feature

You might be curious how setting a budget relates to generating income. The solution is extremely straightforward: every rupee saved is a rupee earned. This is one of the oldest yet most practical methods for managing money to get the best return on savings accounts.

You can find several ways to save money by making a budget, which will also help you comprehend your monthly spending. When you are aware of your monthly spending, including money transfer to Philippines, you may make the most of the auto-sweep feature. You can automatically move any extra funds in your savings account to a fixed deposit (FD) using the auto-sweep feature.

Gain Benefits of the Rewards Offered On Debit Cards

It is very likely that if you have a savings account, you also have a debit card connected to it. Well-known banks provide debit card holders with a wide range of reductions, advantages, and other perks. You might be able to earn discounts when you shop online or purchase goods from co-brands, for instance. Even some debit cards have free insurance.

Over time, all of these advantages and benefits can enable you to make considerable financial savings. Using such debit card incentives when making your regular purchases is thus one of the greatest methods to get the most out of your savings account.

Choose an Account with a High-Interest Rate

Opening a savings account with a bank that offers more alluring interest rates is the greatest approach to optimising the earnings from your savings account. After all, you always earn bigger returns when the interest rate is higher. Before selecting the best bank, compare savings rates online. You can earn more return on the amount you have accumulated in savings accounts with even a small increase in the interest rate.

Open A Recurring Deposit

The typical purpose of FDs is to generate interest on a single sum of money. But not all of us have sizable sums of extra money lying around to lock into FDs. You can do this by asking your lender to open a recurring deposit (RD). One of the best instruments for saving you will come across is an RD. You will be able to use an RD to invest a set amount of money each month in a plan that will pay you interest on your savings.

Set Saving Goals

Most individuals struggle to save money, and one of the main reasons for this is a lack of discipline. The haphazard expenditures and unbalanced online money transfer to Philippines from Ireland can leave you with empty pockets. How, then, can one develop the willpower to save money? It's easy! Set a target to save a given sum of money in a specific amount of time. Do not forget to create reasonable short-term savings objectives that are neither too easy nor too difficult to reach.

Long-term saving objectives follow the same reasoning. This is because a challenging objective could deter you from continuing, whilst an easy aim might encourage you to procrastinate. Setting a realistic goal will help you develop the habit of routinely saving money.

Opting for an Efficient Money Transfer Service Is a Priority for OFW

The key is choosing an international money transfer provider that is effective in terms of time and cost. Also, the service you use should guarantee better exchange rates, cheaper fees, swift transfers, security, dependability, and end-to-end tracking, as you frequently send money to the Philippines online or using traditional methods.

The greatest option for OFWs to choose for international money transfers is ACE Money Transfer, which offers remittance services to more than 100 receiving countries and combines all of the aforementioned qualities. The following benefits are provided by ACE Money Transfer: End-to-end tracking and status updates; Lowest fees for international money transfers; Rapid transfers with 100% security; Best exchange rates; and Fast and Safe transactions.

With a variety of payout options, ACE enables users to send money to the Philippines online at the best exchange rates and the lowest transfer costs from any location at any time. When you send money home from the UK, Europe, Canada, Australia, or Switzerland using the ACE Money Transfer mobile app or online, you may take part in several campaigns to win fantastic prizes.