How to Open an Account with Overseas Filipino Bank

During the 2016 presidential campaign, then Davao City Mayor Rodrigo Duterte rallied with the Overseas Filipino Workers and promised to uplift their condition should he become a president. True to his word, President Duterte signed and approved the conversion of Philippine Postal Savings Bank (PPSB) into Overseas Filipino Bank (OFBank), a policy bank dedicated specifically for OFWs.

Last January 18, 2018, President Duterte led the launch of Overseas Filipino Bank, which promises to provide financial services and products for OFWs. This includes:

  • Savings and deposit accounts
  • Time deposit
  • Loan facilities
  • Future Needs Savings Plan
  • Investment

OFBank will operate domestically and internationally, particularly in Abu Dhabi, Bahrain, and Dubai by second quarter of 2018 and will be coordinated with the Department of Foreign Affairs.

The next question is this: how do you open an account with OFBank?

Here’s what we know, so far:

  • Go directly to OFBank’s main branch in Manila. Choose among the bank’s products such as Savings, Checking, and Time Deposit among others. As of this writing, OFBank has only one branch, but several branches will be opened soon in different areas in the Philippines.
  • Apply for an account online. The OFBank is still under construction, but once fully operational, you can submit applications online.
  • Bring a valid ID, preferably government-issued ID. You can also use your OFW ID in case you were already issued one.
  • Present your Overseas Employment Certificate (OEC) to verify your status as OFW.

Take note that application for opening of account is free. For now, the OFBank is available and exclusive to OFWs only. Eventually, the bank will open its doors to OFW families, which is why the government is encouraging every OFW to invest in a bank tailored for you.

Savings + Remittance + Insurance = It’s Possible with These Banks

One of the battlecries of OFWs is to be able to provide a better and secure future – and life – for their families. This is why they, you, are willing to make sacrifices and leave your loved ones behind to make this battlecry happen.

Despite earning in dollars and the double (or even triple) jobs you are taking, how come your earnings are not enough to even secure your child’s college fund?

Well, one of the reasons could be you are not setting aside a portion of your income for a specific cause. Or even if you do, you always end up getting money from that fund to send (more) money back home.

Thankfully, some banks realize this and decided to offer products for OFWs like you to help you prepare not just for the rainy days but also for the future. Aside from the usual savings account, which you can use as your remittance account, few banks included an Insurance coverage as well to keep your family secure in case something happens.

Let’s take a look at the banks that offer this 3-in-1 facility:

BPI’s Pamana Padala¬†

More than just a savings and remittance account, BPI Pamana Padala is a product designed specifically for OFWs that also includes insurance through Remittance Income Continuation.

How it works + Product features:

  • Initial deposit of P500.00 or USD 500 + proof that you are an Overseas Filipino Worker such as Overseas Employment Certificate or OWWA ID among others.
  • Transfer and remit money online through BPI Online Banking anytime, which will be credited immediately. This means you don’t have to pay for remittance fees everytime you transfer money. (Note: applicable to BPI accounts only to enable withdrawal from any BPI ATMs nationwide).
  • Free 90-day Personal Accident Insurance coverage worth P100,000 from the time the Pamana account was opened.
  • Free Life Insurance coverage on the fourth remittance sent within the year. The coverage is equivalent to the total amount of remittances sent for the last 12 months (only up to P30,000 and $6,000).

BDO Asenso Kabayan Savings 

One of the popular savings account for OFWs is BDO’s Asenso Kabayan Savings. Aside from taking care of your hard-earned money, BDO also helps you secure your family’s future.

How it works + Product Features

  • The account must be under the name of the OFW-remitter or the remitter’s spouse, child, parent, or sibling.
  • Must have an average daily balance of P25,000 with six or more remittance transactions within 12 months to qualify for free life and accident insurance.
  • Insured amount is 50 percent of Average Daily Balance and 50 percent of total remittances for the last 12 months, and must not exceed P1 million for natural death and P2 million for accidental death.

Unfortunately, not all banks offer savings, remittance, and insurance rolled into one product except for BPI and BDO. Go to the bank near you to learn more about this product. Remember, the best time to think about your family’s security and future is now. Don’t waste it.