One effect of the strong Philippine peso is the smaller value of foreign currencies.

One approach in maintaining the relative value of foreign currencies is to save or invest in the foreign currency. This means that OFWs can choose to retain (not convert) their foreign currency, save/invest the foreign currency and come back to it when the foreign currency exchange rate is more favorable later in the year or in the following years.

I am aware of banks offering dollar savings accounts. I also read about mutual fund investments in Euros by Philippine companies.

Today, I read about BPI accepting 6 foreign currencies for savings accounts or for time deposits:

US Dollar, Euro, Australian Dollar, Canadian Dollar, British Pound, Swiss Franc.

The BPI Cashier explained a couple of things.

  • OFWs can transfer money in foreign currencies to the Philippine-based foreign currency bank account via Swift code.
  • Customers may also withdraw their foreign currencies over-the-counter. Customers need to advise BPI 3-7 days in advance if they plan to withdraw foreign currency. Most banks do not keep a big inventory of foreign currency.
  • Only selected branches have this foreign currency service.

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