For many OFWs in Taiwan, sending money home is more than a task—it’s a lifeline. I remember my first few months feeling overwhelmed by bills, currency exchanges, and money transfer options. But once I got the hang of budgeting and found the right tools, things started to feel more secure for me and my family. If you want to explore the most important financial topics every OFW should understand to protect their income and support their loved ones in the Philippines, this is for you.
How to Open a Bank Account in Taiwan as an OFW
Opening a bank account is one of the first financial steps to take after arriving in Taiwan. Without one, you’ll struggle with receiving your salary, paying bills, or sending money home.
What You Need:
- ARC (Alien Resident Certificate)
- Valid passport
- Initial deposit (around NT$1,000)
- Local address and phone number
Steps:
- Choose a foreigner-friendly bank like E.SUN, CTBC, or Taipei Fubon.
- Visit a branch in person.
- Fill out forms and present your documents.
Most OFWs choose banks near their dorms or factories. I picked mine based on which one had an English-speaking staff and a good mobile app. It made everything—from checking balances to setting up remittances—much easier.
Best Ways to Send Money from Taiwan to the Philippines
Remittance fees can eat into your hard-earned money if you’re not careful. That’s why finding the most affordable and reliable way to send money is key.
Top Options:
- Remitly – Fast transfers with competitive rates.
- Pera Hub x E.SUN Bank – Ideal for OFWs using E.SUN accounts.
- Western Union – Good for quick cash pickups.
- GCash & PayMaya partners – Instant delivery to e-wallets.
Things to Compare:
- Fees (flat rate vs. percentage)
- Exchange rates
- Transfer speed
- Accessibility for your family back home
Remittance Comparison Table
| Provider | Transfer Fee | Delivery Time | Best For |
| Remitly (Economy) | ~NT$99 | 3–5 banking days | Low fee, higher amounts |
| Remitly (Express) | ~NT$199 | Within minutes | Emergencies, quick delivery |
| Western Union | ~NT$250+ | Within minutes | Cash pick-up anywhere in PH |
| Pera Hub x E.SUN Bank | ~NT$100–150 | 1–2 banking days | Direct bank-to-bank transfers |
| GCash Remittance | Varies by agent | Within minutes | Mobile wallets, tech-savvy families |
Tips:
- Exchange rates change daily—always check real-time rates before sending.
- Always compare options during off-peak hours when rates are more stable.
OFW Budgeting Tips: How to Manage Your Income in Taiwan
Living abroad is a blessing—but without a budget, it can turn into a financial trap. I learned this the hard way when I overspent my first three months and had to borrow for rent.
Smart Budgeting Tips:
- Track daily expenses – Use a notebook or app like Money Manager.
- Follow the 50-30-20 rule – 50% needs, 30% savings, 20% wants.
- Start a savings goal – For emergencies, future business, or family milestones.
- Invest wisely – Look into time deposits, insurance, or online courses like TESDA.
Money isn’t just for survival—it’s for progress. Every peso you save or spend smartly is a step closer to a more secure future.
DSWD and OWWA Support Programs for OFW Families
Even while working abroad, you’re not alone. The Philippine government provides support to OFWs and their families through DSWD and OWWA.
DSWD:
- Educational cash aid for OFW children
- Crisis assistance (medical, livelihood, etc.)
- Local referral and social welfare services
OWWA:
- Scholarships like EDSP and ODSP
- Livelihood support for repatriated OFWs
- Reintegration and skills training programs
Your family can apply through the nearest DSWD Field Office or OWWA Regional Office. Having these programs available gives peace of mind—especially when you can’t be there in person during emergencies.
Step-by-Step: DSWD Support Application
Programs may include:
– Educational cash aid
– Medical or crisis support
– Livelihood assistance
How to Apply:
- Visit the nearest DSWD Field Office – Your family should go to the local office in your province.
- Bring requirements – Commonly needed:
- Valid ID
- Proof of relationship to OFW (e.g., birth certificate)
- Proof of overseas employment (e.g., job contract, remittance slip)
- Attend an interview – A caseworker may ask about your family’s needs.
- Wait for evaluation – Processing time varies, but urgent cases are prioritized.
Step-by-Step: OWWA Program Application
Programs may include:
– Scholarships (EDSP, ODSP)
– Welfare and emergency assistance
– Livelihood reintegration for returning OFWs
How to Apply:
- Go to the OWWA Regional Office or access www.owwa.gov.ph
- Submit the needed documents, such as:
- OWWA Membership Record
- Proof of OFW status (valid passport, visa, contract)
- Application form (provided at the office or online)
- Wait for screening and approval – Most programs are processed within 2–4 weeks.
- Claim support or benefit – Some are one-time cash aid, others include ongoing training or scholarship coverage.
Frequently Asked Questions
- Can I open a bank account in Taiwan without an ARC?
No. An ARC is required to open a personal bank account. It proves your legal residency. - What is the cheapest way to send money home?
Online services like Remitly or direct bank remittance from E.SUN often offer the lowest fees and good rates. - Can my family apply for DSWD or OWWA support while I’m abroad?
Yes. They just need to show proof of OFW status and meet the program’s eligibility criteria. - What’s the best budgeting tip for new OFWs?
Set a fixed remittance amount and treat savings as a non-negotiable monthly expense—like rent or food.
Conclusion
Taking care of your family starts with taking care of your finances. From opening a local bank account to sending money wisely, every decision counts. And with help from DSWD and OWWA, you’re not doing this alone. Start small. Stay consistent. And remember—you’re not just earning for today, but building a future for tomorrow.