where will you keep your money?
By hereandthere
@hereandthere (45645)
Philippines
July 19, 2018 9:58am CST
a neighbor who worked in another asian country told me he never opened a local bank account there, even though he worked in that country for many years.
he said that way, if he had to leave the country immediately for whatever reason, he doesn't have to go through the process of withdrawing all his money and closing the account.
i forgot to ask him if he was paid in cash or through ATM.
even so, wouldn't that mean keeping all your money in your room?
what if you share a room or house with other employees?
how can you secure your money?
we don't really know how different things are until we're somewhere else.
would you open a local bank account in another country if you had to stay there for quite sometime?
how will you keep your money safe?
36 people like this
40 responses
@SIMPLYD (90721)
• Philippines
20 Jul 18
I think I will open an account there to save some of my money, if I am working abroad.
It is best that you have your own savings there, because you never know if the money you are sending in the Philippines, is really being spent wisely and some are saved in a bank.
4 people like this
@SIMPLYD (90721)
• Philippines
23 Jul 18
@hereandthere No, they can't open. They have to have a Filipino wife or a husband, as the case may be. We didn't have any foreigner who has a dollar savings account.
2 people like this
@hereandthere (45645)
• Philippines
20 Jul 18
that's what i'm curious about - how and where do ofws keep their money, since i know others share a room or house with other workers. i also wonder if the bank will check if you and your money are legit.
i also agree ofws shouldn't send home everything and keep some for themselves.
when you worked at the bank, was it easy for foreigners to open local accounts?
3 people like this
@hereandthere (45645)
• Philippines
19 Jul 18
do you mean you lend your extra money? do they all pay you back?
why do you say you can't keep it? because you'll spend it all?
2 people like this
@hereandthere (45645)
• Philippines
19 Jul 18
@august18 why not deposit some of them into a savings account?
2 people like this
@august18 (3907)
• Tunisia
19 Jul 18
@hereandthere Yes. Because I know I'll spend it all.
2 people like this
@cttolledo (5454)
• Legaspi, Philippines
19 Jul 18
Keeping it in her room is so scary. Maybe I'll consider opening of an account in another country.
2 people like this
@hereandthere (45645)
• Philippines
19 Jul 18
i guess it depends if contract workers are allowed and what the requirements are
2 people like this
@cttolledo (5454)
• Legaspi, Philippines
19 Jul 18
@hereandthere its complicated then..
1 person likes this
@hereandthere (45645)
• Philippines
20 Jul 18
@cttolledo i guess talking to other ofws will help answer my curiosity, but also maybe different countries have different rules for guest workers
2 people like this
@hereandthere (45645)
• Philippines
20 Jul 18
what documents did the banks require you to show since you're a foreigner?
2 people like this
@hereandthere (45645)
• Philippines
20 Jul 18
@LadyDuck that's what richard/paradon in thailand also said
2 people like this
@LadyDuck (472081)
• Switzerland
20 Jul 18
@hereandthere We opened the account through our Bank in Monte-Carlo. They took care of all formalities and they transferred a small amount of money there. When I went to the United States I went to the Bank and showed them my passport, very easy.
2 people like this
@hereandthere (45645)
• Philippines
19 Jul 18
i guess it would depend what the requirements are for foreigners
1 person likes this
@amitkokiladitya (171927)
• Agra, India
20 Jul 18
@hereandthere yep..but still I always want to choose the safest options
@rsa101 (38166)
• Philippines
6 Aug 18
I guess there are still a lot of people who prefer keeping the money on their own rather than let the bank keep it. I have read somewhere on the net that in the Philippines there are still more who have no bank account whatsoever and never had the chance of opening one. That is why the government has ordered banks to lower their maintaining balance and opening balance to allow many Filipinos avail of the banking services banks offer.
I still prefer banks as the best way to keep money. Although they do offer very small interest but still if I do get interest anyway. If I do have lots of money, I would rather keep them on Mutual Funds and the Stock Market to earn back a decent passive income.
1 person likes this
@rsa101 (38166)
• Philippines
6 Aug 18
@hereandthere I have a few right now hopefully they would grow in time and value. I learn by joining in many seminars being offered around. I think it is not for everyone but learning them does not do any harm.
1 person likes this
@hereandthere (45645)
• Philippines
6 Aug 18
what mutual funds and stocks do you have? how did you learn to invest in them?
@Marilynda1225 (83109)
• United States
27 Jul 18
I would definitely open a bank account so that my money was safe and secure.
2 people like this
@JamesHxstatic (29413)
• Eugene, Oregon
22 Jul 18
Perhaps a multi-national bank might be safe, one that had branches in various countries?
2 people like this
@hereandthere (45645)
• Philippines
28 Jul 18
maybe at that time there were no branches of philippine banks there.
1 person likes this
@YrNemo (20255)
•
28 Jul 18
@hereandthere I met some of your fellow countrywomen in Singapore about 2 decades ago. Every weekend they would come straight to some branches opening by Filippinos there, handover the money, entrust those people to send money back to their families promptly. The system worked very well I heard for a reasonable fee. Guess the system applied wherever there were many Filippinos working??? (I was sort of being good friends to some and they explained to me.)
1 person likes this
@dgobucks226 (35737)
•
19 Jul 18
It is best to secure your money in a checking or savings account. Withdrawing your funds and closing an account is not a big deal.
2 people like this
@Jessabuma (31700)
• Baguio, Philippines
20 Jul 18
Yes, if I would have the chance to live in another country, maybe I will consider to open a bank account.
2 people like this
@much2say (56053)
• Los Angeles, California
19 Jul 18
I don't know how safe it would be to not keep your money locked up somewhere if they were there for many years! It would terrible if someone stole it all from wherever he was stashing the money. I would think that withdrawing and closing an account wouldn't be a big deal - but maybe it's a different process in other countries.
1 person likes this
@much2say (56053)
• Los Angeles, California
21 Jul 18
@hereandthere Here, they say if someone wants to break in, they will find a way, key or no key. If I had a lot of cash, just hiding money would be too risky - if it gets lost or stolen, that would be the end of it!
1 person likes this
@hereandthere (45645)
• Philippines
19 Jul 18
if i had to keep it in my room, i'd have to make sure it's well hidden and i always have the key. if i open a local account, the bank would probably want to make sure i'm there legally and my money is not illicit.
1 person likes this
@Freelanzer (10743)
• Canada
19 Jul 18
I hardly use cash these days so I certainly won't have cash stashed in the home.
1 person likes this
@hereandthere (45645)
• Philippines
19 Jul 18
but if you had to stay for sometime in a different country, would you open a local bank account?
1 person likes this
@Freelanzer (10743)
• Canada
20 Jul 18
@hereandthere There would be no need as I can access my bank account from any country I have been to.
1 person likes this
@hereandthere (45645)
• Philippines
25 Jul 18
so it has to be a philippine bank, not a hk bank. thenyou closed your account when you left?
1 person likes this
@Lucky15 (37374)
• Philippines
25 Jul 18
@hereandthere i closed it when i am already here, lol
1 person likes this
@hereandthere (45645)
• Philippines
20 Jul 18
were you able to open a local account as soon as you arrived, or do they have a residency rule? did they require you to present documents about your citizenship, where your money comes from, etc?
do you ever withdraw dollars or always baht in either bank?
1 person likes this
@Paradon (2063)
• Pattaya, Thailand
20 Jul 18
@hereandthere I opened my local account before I even moved here. All I had to do was show my passport. I always withdrawal baht other wise I wold need to go to a money changer and lose money!
1 person likes this
@hereandthere (45645)
• Philippines
20 Jul 18
do you lend them with interest? do they pay you back immediately?
@fueledbycoffee (38)
•
21 Jul 18
I can't keep my money because I have so my thing to spend it with especially at school.
1 person likes this
@hereandthere (45645)
• Philippines
21 Jul 18
if you're a student, of course your priority is your studies until you graduate. but if you have relatives working overseas, say 2 years contract, are you aware if they are able to have bank accounts there?
