5 Wise money-saving tips for OFWs, freelancers, and families this holiday season

The holiday season is a joyful but often expensive time. For overseas Filipino workers (OFWs) and freelancers, managing these costs can be especially challenging. Between sending money home or receiving payments from abroad, high fees and poor exchange rates can take a toll on hard-earned income. Wise, the global fintech company, offers five practical tips to help you save and manage your finances this holiday season.

1. Set a realistic holiday budget

Outline a clear budget for all your holiday expenses—gifts, decorations, food, and travel. By knowing exactly how much you’re willing to spend, you can avoid unwelcome surprises, especially during the flash sales and spontaneous gatherings that often come with the season.

Remember to track every expense and include a small buffer for last-minute costs, like extra reunions or unplanned gifts. For freelancers with fluctuating incomes, it’s smart to set aside funds for any unexpected expenses.

2. Save on international money transfers

When sending money home or receiving payments, hidden fees and unfavorable exchange rates can quietly reduce your earnings. A Wise survey recently found that although 60% of Filipinos make international transactions monthly, only 21% are fully aware of hidden fees, like exchange rate mark-ups.

It’s easy to overlook the true costs of foreign currency transactions, which often come in two forms: transaction fees and exchange rate mark-ups. Some providers advertise low or zero upfront fees, but they may hide fees in a marked-up exchange rate.

Wise is different, offering a single, upfront fee with the real mid-market exchange rate (the rate seen on Google), meaning no hidden fees. This transparency ensures that more of your money reaches your loved ones. Freelancers in the Philippines can also receive payments in multiple currencies with zero fees and withdraw funds easily to local accounts or e-wallets like GCash or PayMaya.

3. Opt for group gifts and shop smart online

Many Filipinos shop online, especially during big sales like 11.11 and 12.12, often looking for international products. But shopping abroad can come with foreign transaction fees and poor exchange rates that add to your total cost. Pool resources with friends or family to give meaningful group gifts, or try a “monito monita” exchange to keep gift-giving fun and budget-friendly. Set a spending limit for each gift and focus on thoughtful, practical items.

4. Be aware of card fees

During holiday shopping, check your card provider’s fees. Traditional credit cards often charge 1% to 3% on foreign transactions, plus a markup on exchange rates. Watch out for Dynamic Currency Conversion (DCC), which allows you to pay in PHP abroad but often at a poor exchange rate. To save more, use a multi-currency account like Wise, which lets you pay in local currencies at the mid-market rate, keeping your spending predictable and fee-free.

5. Save on holiday travel by booking early

If you’re traveling for the holidays, book your flights and accommodations as early as possible for the best rates. When going abroad, the Wise card is a helpful travel companion, allowing you to spend in over 160 countries using the mid-market exchange rate without hidden fees.

The holiday season is for celebrating with loved ones—not for financial stress. By planning a budget, using Wise for transparent international transactions, and making smart purchasing choices, you can enjoy the festivities without overspending. Wise, a global technology company regulated by the Bangko Sentral ng Pilipinas, is here to help make your holiday season financially stress-free. For more information, visit www.wise.com.