When I started working in Taiwan, saving money felt like a constant tug-of-war between urgent needs and long-term goals. But everything changed when I discovered the power of automation.
As an OFW, your time and energy are already stretched thin—why make saving another chore? By automating your savings, you can build financial security without thinking about it every payday. From scheduled bank transfers to round-up apps and direct remittances, there are smart tools that make saving effortless while still giving you control.
Here’s how I did it—and how you can too.
Why Automating Your Savings Matters
Before anything else, let’s talk about why this strategy works so well for OFWs like us:
- You save before spending—not the other way around.
- It removes the need for discipline because your savings move automatically.
- It protects your income from unplanned expenses and impulse buys.
- It helps you build toward big goals like a house, a business, or retirement—without waiting for “perfect timing.”
Even small automated amounts grow over time. The key is to get started.
Step 1: Open a Savings Account That Works for OFWs
Your first move? Make sure you have a Philippine-based savings account designed for OFWs. These accounts often offer better benefits for remittances and lower fees.
Some great options include:
- BDO Kabayan Savings – Start with just ₱100 or USD 100. No maintaining balance with regular remittances. Bonus: free life and accident insurance when you save more.
- Chinabank Overseas Kabayan Savings – Zero maintaining balance and initial deposit. Covered by PDIC up to ₱500,000.
- Metrobank OFW Peso Savings – No maintaining balance as long as you send at least one remittance. Offers 0.25% p.a. interest.
Tip: When you open your account, ask about time deposit options. These offer higher interest rates when you lock in your funds for a fixed period.
Step 2: Set Up Automatic Transfers from Taiwan
Here’s where the real automation begins.
You can request your employer—or set it up yourself—to transfer a portion of your Taiwan-based salary directly into your Philippine OFW account.
Two ways to do it:
- Through Employer Direct Deposit: If your employer allows split deposits, allocate a percentage straight to your savings account in the Philippines.
- Via Online Remittance Platforms: Use trusted apps or banks (like BDO Remit, Metrobank Direct, or Cebuana Lhuillier) to schedule monthly transfers.
Pro Tip: Time your transfer right after payday so the money moves out before you even think of spending it.
Step 3: Use Digital Banking Tools in Taiwan
If you’re paid into a Taiwan bank account, look into automatic savings features:
- Taipei Fubon Bank and E.SUN Bank allow scheduled transfers between checking and savings accounts.
- HSBC Taiwan and DBS offer time deposit accounts with better rates, ideal for long-term savings.
Don’t be afraid to ask the bank staff (many speak English) about how to set up these features. Some even allow round-up savings, where they round up every purchase and transfer the extra to savings.
Step 4: Track Your Savings—and Let Tech Help
I used to jot down everything in a notebook. Now? My banking app sends alerts whenever money lands in my account—or when my savings goal is on track.
Try tools like:
- GCash Save/Invest (linked with CIMB or BPI) for small but steady interest.
- PayMaya for transferring funds directly to PH bank accounts.
- Tala or DiskarTech if you want micro-savings with helpful goal tracking.
It’s not just about moving money. It’s about making your progress visible.
Step 5: Increase Savings Over Time
Once you get the hang of automated saving, challenge yourself to save more.
For example:
- If your monthly savings rate is 10%, aim for 15% after six months.
- Got a salary raise? Automatically funnel the extra into your savings instead of increasing your lifestyle spending.
The beauty of automation is it grows with you—silently and steadily.
Benefits of Automating Your OFW Savings in Taiwan
Let’s round this out with a quick summary of why automation is your best financial ally:
- Builds discipline without needing willpower.
- Keeps money safe and separate from daily spending.
- Earns passive income through interest or time deposits.
- Supports family goals without constant tracking.
- Creates investment potential for your future.
- Reduces remittance stress with regular, predictable transfers.
Frequently Asked Questions
Q: Do I need to be in the Philippines to open an OFW savings account?
A: No. Many banks let you open one at their Taiwan remittance partners or via your family in the Philippines (as long as you provide authorization and documents).
Q: What’s the minimum amount I should automate monthly?
A: Start with 10% of your salary. Even NT$2,000–NT$3,000/month (~₱3,700–₱5,500) can grow significantly over time.
Q: Are there apps in Taiwan that support auto-saving?
A: Local banks like CTBC, E.SUN, and DBS Taiwan offer auto-transfer features. You can also use mobile apps like GCash, Wise, and bank-linked time deposits.
Final Thoughts
You don’t have to be a financial genius to build wealth—you just need the right system. Automating my savings while working in Taiwan gave me peace of mind, freedom from money stress, and confidence that I was building something solid back home.
Start small. Stay consistent. Let the system do the heavy lifting.