Top Money-Saving Tips for Filipinos This Holiday Season Using Wise
The holiday season in the Philippines brings joy but can also lead to significant expenses, especially for events like Simbang Gabi, Noche Buena, and family reunions.
For overseas foreign workers (OFWs) and freelancers, managing costs is even more challenging due to the financial strain of sending money home or receiving international payments, often affected by high fees and unfavorable exchange rates. Here’s how Wise can help you save money and manage your finances better this holiday season.1. Set a Realistic Holiday Budget
Start by creating a comprehensive budget for all your holiday expenses, including gifts, decorations, food, and travel. Understanding your spending limits can prevent financial surprises during the festive season filled with sales and unplanned gatherings. Track each expense and include a buffer for last-minute reunions or extra gifts, especially for freelancers facing fluctuating incomes.
2. Save on International Money Transfers
High fees and poor exchange rates can significantly impact your earnings when sending money home or receiving international payments. A recent Wise survey revealed that about 60% of Filipinos engage in international transactions monthly, yet 21% are unaware of hidden fees, like exchange rate mark-ups.
Many providers might offer low upfront fees but compensate with unfavorable exchange rates, making your transactions more expensive. Wise provides a transparent and affordable option: customers pay a single upfront fee and receive the mid-market exchange rate—no hidden charges. This ensures your money goes further, maximizing your earnings for family during the holidays.
3. Efficiently Receive Payments
Philippine-based freelancers can benefit from Wise by receiving payments in multiple currencies with zero fees. You can easily withdraw funds from your Wise Account to local bank accounts or digital wallets like GCash or PayMaya, ensuring a fast and seamless experience.
4. Opt for Group Gifts and Smart Online Shopping
Online shopping has become a staple for many Filipinos, especially during major sales like 11.11 and 12.12. However, buying from foreign retailers can incur hidden fees, such as foreign transaction charges and unfavorable exchange rates. To manage costs, consider pooling resources with family or friends for a group gift or organizing a "Monito Monita" (Secret Santa) exchange. Set a budget limit to avoid financial strain and focus on practical, thoughtful gifts.
Be cautious of the fees your credit card provider charges, which often include 1% to 3% foreign transaction fees. Avoid Dynamic Currency Conversion (DCC), where merchants offer to charge you in PHP instead of the local currency—this can lead to hidden fees. Instead, use a service like Wise that provides transparent, low fees and allows you to shop from international retailers in local currencies at mid-market exchange rates.
5. Cut Down on Holiday Travel Expenses
The holiday season is a time for family reunions and relaxation, but travel costs can add up quickly. Book flights and accommodations early to secure the best deals. If traveling abroad, the Wise card allows you to spend in over 160 countries at mid-market exchange rates, without hidden fees.
Enjoy a Financially Stress-Free Holiday
The holiday season is about celebration and family, but it doesn’t have to come at a high cost. By planning your budget, utilizing Wise for international transactions, and being mindful of your purchases, you can maximize savings while enjoying the festivities. Follow these tips for a financially stress-free holiday season.
Wise is licensed and regulated by the Bangko Sentral ng Pilipinas (BSP), ensuring full compliance with local regulations. For more information on how Wise can help you manage your money, visit www.wise.com.
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God Bless & Stay Safe!