One of the main reasons why some Filipinos are looking for seafarer jobs is to save up. We all know that you can earn higher salaries being a seaman no matter what your position is. But the more important thing is to learn to save so you can go back home with a comfortable life.
According to PIA’s data, there are at least 400,000 Filipino sailors and seafarers as of the moment. They can earn more abroad and it is time that they consider saving up and prioritize their finances.
Why Save
Some seamen that I know did not fare well even after more than 10 years of working. This is due to mismanagement of their money and low financial literacy. It is therefore important that you start saving today while you still have steady cash inflow.
How to Choose
Choosing a bank for a seaman in the Philippines should be simple and practical. Here, we have listed some points to consider.
Features
If you are a seaman, you may want to look first for features of a bank that will give advantage to you.
Special Account
Considered as OFWs, seamen should choose an account that specifically caters to overseas workers. These accounts usually have easier transaction modes and opening one is simpler.
Interest
Just like when opening a regular savings account, read first how much you will earn if you will open an account with a particular bank.
Business
It is also a good option to get a bank that is an expert when it comes to business support. One of such products should be the available business loan or seaman’s loan so you can secure your future when you are back at home.
Choices
This savings account does not require a maintaining balance as long as you do a remittance within 2 years so you can keep your money safely. It may qualify you for insurance. You only need Php 100.00 to open an account. You can also earn rewards points.
You can track your bills payment back home so you can give convenience to your family. Send money and track your remittance anytime. Earn interest for your savings based on prevailing rates.
There is no required deposit and no maintaining balance. You can earn interest if you have Php 10,000 in your account. Even if you are at sea, you can monitor your transactions anytime using the bank’s app.
Start choosing the right bank for you as a seaman. This is your chance to save money and have a better future when you retire.
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