8 Reasons Why OFWs Should Consider Saving in Foreign Currency

Working abroad as an overseas Filipino worker (OFW) often means thinking ahead, not just about sending money home, but also about how to protect and grow your hard-earned income. One way to do this is by saving in a foreign currency through a trusted Philippine bank. With EastWest’s Foreign Currency Savings Account, you can keep your savings in major international currencies like US dollars or euros, giving you more flexibility in managing your finances and planning for your future. Here’s why this option can be worth considering.

1. Protects Your Savings from Exchange Rate Changes

Exchange rates fluctuate daily, and even small changes can affect how much your remittance is worth once converted into pesos. By keeping your money in foreign currency, you can choose when to convert your savings, which is ideally when the exchange rate is more favorable.

For instance, if you’re earning in US dollars, saving in the same currency shields your funds from immediate conversion losses. You can then decide to exchange only the amount your family needs at home, a move that can help you maximize the value of each remittance.

2. Offers Easier, Cost-Effective Remittances

Sending money home doesn’t always have to involve multiple conversion steps or high transfer fees. Saving directly in a Philippine-based foreign currency account makes transfers smoother and, in many cases, more affordable.

You can send your earnings straight from your overseas account to your EastWest foreign currency account. This setup often reduces conversion charges, especially if the transfer stays within the same currency. It also lets you divide funds efficiently, such as by allocating one portion for family needs and another for savings.

3. Lets You Earn Interest While You Save

Unlike holding your cash abroad or in a wallet that doesn’t earn, a foreign currency savings account allows you to earn interest on your balance. With EastWest, your foreign currency deposits can grow steadily over time while remaining accessible whenever you need them.

4. Makes Long-Term Goals Easier to Achieve

Saving in foreign currency can support your bigger plans, be it preparing to return home, buying property, or sending your children abroad for school. Having savings in the same currency you expect to spend helps protect your purchasing power and avoid future conversion costs.

For example:

• If you plan to buy a house priced in US dollars, your USD savings won’t lose value due to peso depreciation.
• If your child studies overseas, you can pay tuition directly from your foreign currency account.

This approach helps you plan with more certainty and less worry about fluctuating exchange rates.

5. Provides an Extra Layer of Security and Accessibility

Keeping your money in a Philippine bank ensures it’s within a regulated, insured system. EastWest’s foreign currency savings accounts are protected under the same robust banking standards that cover local deposits, giving you peace of mind while you’re away.

You also get the convenience of managing your account through EastWest’s mobile banking app, EasyWay, which lets you view balances, transfer funds, and manage your savings from anywhere in the world.

6. Simplifies Family Support and Budgeting

As an OFW, part of your financial plan often includes providing for loved ones. With a foreign currency savings account, you can separate your long-term savings from your regular remittance budget.

You can:

• Keep part of your salary in foreign currency for future goals.
• Transfer only the amount your family needs in pesos.
• Authorize a family member to access your account for emergency or household use.

This structure keeps your finances organized and ensures you’re saving consistently while meeting your family’s needs.

7. Diversifies Your Savings for Financial Stability

Diversification isn’t just for investors, as it can also be a practical strategy for everyday savers. By holding both peso and foreign currency savings, you reduce the risk of your funds losing value if one currency weakens.

Having your money in more than one currency acts as a financial safety net, especially in uncertain economic times. It also gives you more flexibility if you plan to invest or travel internationally in the future.

8. Helps You Prepare for Retirement or Repatriation

Eventually, many OFWs plan to come home and enjoy the fruits of their labor. A foreign currency account helps you prepare for that transition smoothly. When you’re ready, you can convert your savings strategically, either all at once or gradually, depending on market conditions.

You can also use your foreign currency funds to start a business, invest, or maintain emergency savings that retain value against inflation and exchange rate shifts.

Getting Started on Your Saving Journey with EastWest

If you think saving in foreign currency suits your goals, opening an account is easy with EastWest. The EastWest Foreign Currency Savings Account allows you to deposit, save, and earn interest in major currencies such as US dollars or euros. You can manage your account online or through any EastWest branch, making it convenient wherever you are.

To open an account, simply visit an EastWest branch or explore this website for more details on requirements and available currencies. With EastWest, you can enjoy a balance of flexibility, security, and growth, all while making your money work better for you across borders.