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.

Invest Your Money in Peso Balanced Fund – and Find Out the Perfect Bank for You

They say OFW life doesn’t last forever. That’s true. This is why you need to “strike while the iron is hot” because you’ll never know until when you can work and earn in dollars.

“May savings naman kami,” you might say.

While that is a good news, unfortunately, savings is not enough to attain financial security. You need to explore other options, investment options in particular, to grow your money. One of the many investment options you can try is the Peso Balanced Fund. 

From the name itself, this type of investment is a mixture of fixed-income assets such as corporate or government bonds, and equities or stocks listed in the Philippine Stock Exchange (PSE). The good thing about this investment is that it is a good mixture of both risk and return; hence maximizing your investment while minimizing the risk involved in possibly losing your money.

Read on and find out this type of facility offered by banks and their respective features:

BDO Peso Balanced Fund

  • 40 to 60 percent allocation for equity securities
  • Minimum investment: P10,000
  • Minimum additional or maintaining participation amount: P10,000
  • Minimum holding period: 30 days
  • Early redemption fee: 0.50 percent of the original participation amount
  • Trust or Management fee: 1 percent per annum
  • Settlement period: Four banking days after Notice of Redemption is received

BPI Balanced Fund

  • 50 percent each Philippine Stock Exchange index and 91-day Treasury Bill
  • Minimum investment: P10,000
  • Minimum transaction or participation amount: P1,000
  • Minimum holding period: None
  • Early redemption fee: Not specified
  • Trust or Management fee: 1.5 percent per annum
  • Settlement period: Four banking days from the trading day

Metrobank’s Metro Balanced Fund

  • Blue chip stocks and select second-liners listed in the PSE
  • Minimum investment: P25,000
  • Minimum transaction or participation amount: P25,000
  • Minimum holding period: 30 days
  • Early redemption fee: 50 percent of the income
  • Trust or Management fee: 2 percent per annum
  • Settlement period: Next banking day from date of redemption

Security Bank’s SB Peso Asset Variety Fund 

  • Select equity investments listed in the PSE and marketable instruments such as government and corporate bonds
  • Minimum investment: P10,000
  • Minimum transaction or participation amount: P5,000
  • Minimum holding period: Not specified
  • Early redemption fee: Not specified
  • Trust or Management fee: 1.5 percent per annum
  • Settlement period: Not specified

China Bank Balanced Fund 

  • High-grade and marketable fixed income securities and equity issues in the PSE
  • Minimum investment: P10,000
  • Minimum additional investment: P5,000
  • Minimum transaction or participation amount: P10,000
  • Minimum holding period: 30 days
  • Early redemption fee: 1 percent of amount received
  • Trust or Management fee: 1 percent per annum
  • Settlement period: At the end of transaction date

PNB Prestige Balanced Fund 

  • Minimum investment: P10,000
  • Minimum additional investment: P10,000
  • Minimum transaction or participation amount: P1o,000
  • Minimum holding period: 30 calendar days
  • Early redemption fee: Not specified
  • Trust or Management fee: 1.25 percent per annum
  • Settlement period: Three banking days after redemption

RCBC Rizal Balanced Fund 

  • Up to 60 percent in local equities listed in PSE and fixed income securities
  • Minimum investment: P25,000
  • Minimum additional investment: P5,000
  • Minimum maintaining balance: P25,000
  • Minimum holding period: 30 calendar days
  • Early redemption fee: 0.25 percent of redemption proceeds
  • Trust or Management fee: 1 percent per annum
  • Settlement period: Three banking days from redemption date

PBCom Best Balanced Fund

  • Minimum investment: P10,000
  • Minimum additional investment: P10,000
  • Minimum holding period: 90 calendar days
  • Early redemption fee: 0.25 percent per annum of redemption value
  • Trust or Management fee: 1.5 percent per annum
  • Settlement period: Three banking days from redemption date

UCPB Balanced Fund

  • Minimum investment: P10,000
  • Minimum additional participation: P5,000 and in multiples of P1,000
  • Minimum holding period: 30 calendar days
  • Early redemption fee: 5 percent of the amount redeemed
  • Trust or Management fee: 1.75 percent per annum
  • Settlement period: Every 31st calendar day for settlement on the 34th calendar day

Don’t worry. The good thing about balanced fund is that your money is tied with sure assets that will enable you to grow your money. Choose a bank and inquire today. Remember, now is the best time to invest while you still can and still able to work.

Get to Know the Banks with Online Banking Facilities

How do you check your account balance? What about paying the bills? How about your investment? Most of the time, you  will go to the bank, line up, and wait for your turn before the bank personnel will assist you. Waiting takes time as well, depending on the volume of people inside the bank. Since you are physically and miles away from your bank of choice, it would be impossible to go to the branch and update your accounts.

This is why you appreciate technology. Nowadays, you can access your account, transfer money to the account of your loved ones, make adjustments on your investment, and even pay bills even if you are miles away. The question now is what kind of facilities and which banks offer online facilities specifically for the said purposes even if you are outside the Philippines.

Here’s what:

Banco de Oro (BDO)

  • Online Banking – All you have to do is to enroll your account in their website and then activate it at any BDO ATM. Once registered, you can now check your account balances, pay bills, view transactions, send money to BDO accounts, and get electronic statements. Online banking is also secured with one-time password.
  • Mobile Banking – This is more convenient for you since you get to access your account using your mobile phone. Once you enrolled your account in online banking, download the BDO app on your phone to inquire about your account balance, pay bills, transfer money, change password, and even reload your mobile number.
  • Phone Banking – If you want to inquire about account balances, pay bills, transfer money to any enrolled BDO account, reload prepaid phone or BDO Cash Card, know the latest foreign exchange rates, and report a stolen card, simply call +800-8-631-8000 (International Toll-Free)

Keep in mind that BDO online banking facilities require that your account is enrolled and activated through their website and then at any BDO ATM. This way, you get to enjoy BDO services anywhere around the world.

Bank of the Philippine Islands (BPI)

  • Internet Banking – Start by enrolling your account at the BPI website. Fill in the details, print, sign, and then mail it to BPI Fulfillment Banking Department. Once your request is completed (you will be notified via e-mail), you can already manage your account, monitor remittances, pay utilities and other bills, reload a Globe/Touch Mobile prepaid phone, apply for a loan or credit card, and apply for an investment account. Transferring money is also allowed for BPI accounts only.
  • Mobile Banking – First, you need to activate your account at any BPI ATM across the Philippines. Then, download the BPI app in App Store (for Apple users) or Google Play Store (for Android devices). Use your Online Banking username and password to be able to monitor and keep track of your account, pay bills, transfer funds, reload Express Cash and Globe / Touch Mobile prepaid numbers, manage investment accounts, and get the latest forex rates.
  • BPI Express Phone – If you want to inquire about details of your accounts, whether credit card, savings account, or investment; or reload prepaid mobile number, BPI Express Phone can be of service. You can call them 24/7 thru international toll-free numbers.

An email from the Fulfillment Banking Department is essential to proceed with online banking and eventually mobile banking. Make sure you send the signed application form as soon as possible.

Metrobank 

  • Mobile Banking – It starts with downloading the app in App Store or Google Play Store. Once you signed up, you can already pay your bills, check balance, buy and/or send load, transfer funds, know the latest foreign exchange rates, and be updated with the latest promos.
  • Metrobankdirect – Similar to other online baking facilities, you need to sign up your account to be able to monitor and access your account, schedule and pay bills, and schedule and transfer funds to both Metrobank and non-Metrobank accounts

The good thing about e-banking with Metrobank is that you can transfer funds even to non-Metrobank accounts (inter-bank transfer). At the same time, you can schedule bills payment and transfer of money, so you won’t forget anything.

Chinabank 

  • Chinabank Online – This facility can be accessed in computer/laptop or your mobile phone. It allows you to view your account, pay bills (including existing Chinabank loans), transfer funds (within Chinabank accounts or inter-branch), apply for investment products or insurance, and transfer funds from dollar or euro to peso. You can log-in here.
  • TellerPhone – This 24/7 landline phone banking service enables you to check your balance, pay the bills, transfer funds, and make requests such as Statement of Account. Check this link for a list of international toll-free numbers.

Chinabank’s e-banking facility likewise offers inter-branch transfer, which is a plus.

Security Bank 

  • Online Banking – Signing up is recommended. Once you signed up, you can now manage your account, transfer funds, load to any networks, pay bills, and make foreign exchange transactions. You can apply your account here.
  • Mobile Banking – Simply download the Security Bank app on Google Play Store or App Store. You can already manage your accounts, transfer funds, pay bills, and load to any networks with just a few clicks on your mobile phone.

What’s good about Security Bank’s online banking is that you can send money to your loved ones even if they don’t have an ATM card through its eGiveCash facility. Once you have the passcode, the recipient have to go to any Security Bank ATM, key in the passcode and amount, and the machine will dispense the amount you indicated. No ATM required.

Philippine National Bank (PNB) 

  • Personal Internet Banking – Using your PNB ATM or Debit Mastercard, register to PNB Internet Banking to pay your bills, monitor your accounts including the transactions made, transfer funds to any PNB account, and open and manage your UITF investment.
  • Mobile Banking – The PNB Mobile Banking app, which you can download from the App Store or Google Play Store, allows you to transfer funds between PNB accounts, pay bills, and manage and check transactions made on your account. Use your Internet Banking username and password in accessing the app.

PNB’s e-banking services are committed towards providing you with “banking with convenience” experience.

Rizal Commercial Banking Corporation (RCBC) 

  • Online Banking – Just like the other banks’ online facilities, RCBC requires you to sign up and register your account. This will enable you to enjoy various features even while abroad such as account inquiry, fund transfer, bills payment, remittance inquiry, mobile reload, and use G-cash.
  • Mobile Banking – This requires downloading the RCBC Mobile Banking app and installing it in any Apple or Android devices. Use your online banking log-ins to be able to access the app and do account management, fund transfer, pay bills, check status of remittance, view forex rates, and load MyWallet card.

Inter-bank transfer of funds is allowed, as long as the recipient bank is a member of Bancnet.

Take advantage of these online facilities wherever you are. This way, you will know how much you have in your account anytime, anywhere.

OFW Bank: A Bank for the Philippines’ Bagong Bayani

There are tons of banks and private lenders that cater to the needs of OFWs. In fact, most of the biggest banks offer facilities exclusively for OFWs. Although they mean well, the issue with some of the biggest banks is that they require too much documents to validate your status as OFW.

Here’s a good news for you: there is now OFW Bank and it is within reach.

Last October 9, President Rodrigo Duterte signed Executive Order (EO) No. 44 approving the acquisition of the Philippine Postal Savings Bank (PPSB), whose total assets is at P9.29 billion as of June 2017, by the Land Bank of the Philippines. Said acquisition is in line with the government’s plan to convert PPSB as a bank exclusively for OFWs.

Salient Points in EO No. 44

  • PPSB will be converted into an “Overseas Filipino Bank,” a policy bank dedicated specifically for OFWs. It aims to provide financial products and services that are designed for Filipinos working abroad.
  • Another purpose of the Overseas Filipino Bank is to provide and deliver quality and efficient foreign remittance services to make transfer of money easier and more convenient.
  • PPSB and Bureau of Treasury are ordered to transfer PPSB shares to the Land Bank of the Philippines at zero value.
  • Land Bank is directed to infuse additional capital to the OFW Bank.

Aside from this, the OFW Bank will have its own Board of Directors, consisting of the following members:

  • Land Bank President as the Chairperson
  • Land Bank-designated OFW President as the Vice Chairperson
  • 4 Land Bank-designated directors or officers as members of the Board
  • A member representing the Department of Labor and Employment (DOLE)
  • A member representing the Overseas Workers Welfare Administration (OWWA)
  • A private sector member that will represent the overseas Filipino workers

This is just the beginning. According to Finance Secretary Carlos Dominguez III, the OFW Bank will also be 30 percent partly-owned by OFWs.

OFW Bank is not yet operational, but don’t worry. It is within reach.

Why You Should Consider Dollar Savings Account and Find Out Which Banks Offer It

When it comes to savings account, peso will always be your number one choice. After all, it is convenient, easy to withdraw, and there is no need to go to a money changer. Aside from your peso savings account, there are number of reasons why you should consider opening a dollar savings account too:

  • There is no dormancy fee, although you need to confirm this with your bank of choice since they might have a separate policy on dormant accounts.
  • You have the option to withdraw the funds in peso or dollar currency, whichever is more convenient for you and your family. This is ideal because you have the option to take advantage of the exchange rate by holding the money first or withdraw it.
  • The account is exempted from tax, although you still need to pay for the withholding tax of 7.5%.
  • Remitting money to your family back home is easier and more convenient. Local banks have international partners abroad, thereby making it safer to transmit money back home.
  • Savings are diversified because you get to earn interest in dollars.

The next question is this: what banks offer Dollar Savings Account with perks for OFWs?

BDO Dollar Savings

  • Passbook
  • Minimum initial deposit: $200.00
  • Minimum Monthly Average Daily Balance: $500.00
  • Minimum balance to earn interest: $500.00
  • Gross interest rate per annum: 0.25%

BPI Foreign Currency Savings

BPI has several foreign currency products you can choose from.

Express Dollar Savings (ATM) Dollar Savings with Passbook Maxi-Saver with Passbook Pamana Savings with Passbook and Life Insurance Pamana Padala
Required Initial Deposit $500 $500 $2,500 $1,000 $500
Required Monthly ADB $500 $500 $2,500 $1,000 Waived, as long as there are 4 remittances in a year
Required Balance to Earn Interest $500 $500 $2.500 $1,000 $500
Interest Rate per Annum 0.25% 0.25% Up to $9,999 – 0.375% $10K to $19,999 – 0.5% Above $20K – 0.625% + .5% if no withdrawal in a month 0.125% 0.125%

Metrobank’s MetroDollar Savings

  • Minimum initial deposit: $500.00
  • Maintaining balance: $500.00
  • Balance to earn interest: $500.00
  • Gross interest rate per annum: 0.125%

China Bank Foreign Currency Savings 

  • Minimum initial deposit: $500.00
  • Maintaining balance: $500.00
  • Balance to earn interest: $1,000.00
  • Gross interest rate per annum: 0.25%
  • Can be withdrawn in US or Peso currency

Security Bank US Dollar Savings Account

  • Passbook
  • Minimum initial deposit: $500.00
  • Maintaining balance: $500.00
  • Balance to earn interest: No info specified
  • Gross interest rate per annum: 0.25%
  • Withdraw in US or Peso currency

EastWest Bank US Dollar Savings Account

  • Minimum initial deposit: $200.00
  • Maintaining balance: Not specified
  • Balance to earn interest: $500.00
  • Gross interest rate per annum: 0.25%

PNB Dollar Savings Account

  • Passbook
  • Minimum initial deposit: $500.00
  • Maintaining balance: $500.00
  • Balance to earn interest: $1,000.00
  • Gross interest rate per annum: 0.1%

Asia United Bank Preferred Dollar Savings

  • Passbook
  • Minimum initial deposit: None
  • Maintaining balance: $500.00
  • Balance to earn interest: $500.00
  • Gross interest rate per annum: 0.125%

RCBC Foreign Currency Deposit 

  • Passbook
  • Minimum initial deposit: $500.00
  • Maintaining balance: $500.00
  • Balance to earn interest: $1,000.00
  • Gross interest rate per annum: 0.125%

Bank of Commerce Dollar Savings Account

  • Passbook
  • Minimum initial deposit: $200.00
  • Maintaining balance: $200.00
  • Balance to earn interest: $200.00
  • Gross interest rate per annum: Not specified
  • Withdrawal via dollar only

UCPB Dollar Account

There are two options:

Remittance Dollar Savings Account US Dollar Savings Account
Minimum Initial Deposit $100.00 $500.00
Maintaining Balance None $500.00
Balance to Earn Interest $500.00 $1,000.00
Gross Interest Rate per Annum Not specified Not specified

If budget allows, consider opening a Foreign Currency Savings account as part of your quest for financial security. The return may not be as big as what you can earn from stocks or business, but it could definitely add something to your Rainy Day fund. Just make sure you choose the right bank for you.

Get Quick Cash with the Help of Personal Loan (And Find Out What Banks Have to Offer)

It can be home renovation, purchase of big appliances, payment for tuition fee, or medical emergencies. Regardless of the purpose, there will come a time when you need to finance certain expenses and unfortunately, funds are not enough as of the moment. What will you do?

You can ask help from friends or family, but there is no guarantee that they are willing to extend extra hand (and cash). There are tons of private lenders everywhere, but the challenge is finding not just the right but also the legitimate ones. In that case, you turn to banks for help.

Below is a list of banks that offer personal loan for OFWs:

BDO Asenso Kabayan Personal Loan 

This loan facility can either be:

  • Unsecured – OFW must have fixed income
  • Secured – This is guaranteed by your peso/dollar savings account or time deposit account with at least P15,000 (or dollar equivalent) deposit.

Benefits of BDO Personal Loan 

  • Minimum amount is P10,000 while maximum amount is P1Mn
  • Fixed monthly payment with flexible payment term for up to 36 months
  • Loan proceeds will be credited to your BDO account
  • Can be subject to Top Up Loan Feature where you can get a higher amount than your previous loan, but subject to submission of additional income documents
  • Convenient application and submission of requirements at the BDO branch near you

BPI Personal Loan

Loan Features:

  • Loan amount between P20,000 and P1Mn
  • Choose a loan term more convenient for you – 12, 18, 24, 30, and 36 months
  • Easy payment method through automatic debit on your BPI account
  • Loan monitoring through BPI Express Online or BPI Express Phone

Benefits of BPI Personal Loan 

  • Fixed interest rate, which also means fixed monthly installment for the duration of the loan
  • Fixed term throughout the loan
  • Big discounts on products and services if you pay in cash

PSBank Flexi Personal Loan with Prime Rebate

Loan Features:

  • Choose between revolving credit line and fixed term loan for your loan option
  • Loan amount between P25,000 and P250,000
  • Loan payment option is dependent on your chosen loan option
  • Choose between 24 or 36 months (for fixed term loan)
  • Competitive interest rate
  • Various modes available for loan payment
  • Comes with PSBank Flexi ATM card
  • Five to nine working days processing of loan application

Benefits of PSBank Flexi Personal Loan

  • Lower interest rate than credit card
  • Interest is applied on the amount used and not the entire credit line
  • Allows you to earn rebates or savings when you make advance payment on your loan

Chinabank Easi-Funds Personal Loan

Loan Features:

  • Non-collateral multi-purpose loan facility
  • Payable in equal monthly amortization
  • Loan amount starting at P20,000 to P1Mn
  • Fixed term repayment for 12, 18, 24, 36, or 48 months
  • Repayment via post-dated checks
  • Can apply at any Chinabank branches nationwide

Benefits of Chinabank Easi-Funds Personal Loan

  • Minimal documentation
  • No collateral needed
  • Flexible purpose
  • Quick disbursal of funds
  • Loan application process within five working days

EastWest Personal Loan 

Loan Features

  • Versatile loan facility to suit your specific needs
  • Available in 12, 18, 24, and 36 months
  • Borrow with minimum amount of P25,000 to P2Mn
  • Competitive interest rate
  • Gross monthly income of at least P15,000

Benefits of EastWest Personal Loan

  • No co-maker and no-collateral requirement
  • Convenient and fast processing, allowing you to apply while you’re in your office or at the comfort of your home
  • Three to five working days loan application processing

Security Bank Personal Loan

Loan Features

  • Minimum loan amount of P30,000 to a maximum of P1Mn
  • Choose among 12, 18, 24, and 36 months loan term
  • Payment via post-dated checks
  • Must have at least P15,000 gross monthly income

Benefits of Security Bank Personal Loan 

  • Re-availment of loan is allowed as long as you paid at least half of your original loan amount
  • Processing of loan application is up to five working days

AUB Seafarer’s Loan

Loan Features

  • Must have completed at least one employment contract at the time of loan application
  • Existing account with Asia United Bank (AUB)
  • Minimum gross salary of USD 1,000
  • Borrow up to P500,000

Benefits of AUB Seafarer’s Loan

  • Specifically designed for seafarers

Regardless of where you plan to borrow money, make sure you prepare at least one government-issued ID with your picture, and any of the following documents required by your lender: POEA contract, Employment contract with boarding date, POEA Overseas Employment Certificate, Work Contract, POEA OFW Information Sheet, or proof of remittance.

Further, some banks may require you to pay fees such as processing fee, notarial fee, and documentary stamp tax. Make sure to ask about these fees and other charges to help you prepare for your loan application.

Earn a Little Bit More than Your Savings Account with Peso Time Deposit for OFWs

One of the easiest and most convenient ways to keep your money is by opening a savings account. Unfortunately, you won’t be able to grow your money if you settle for this. Since you are not that familiar with other investment options such as stocks or UITF, your next option to grow your money that is higher than savings is time deposit.

Time deposit is an interest-bearing deposit account issued by banks, which is on hold for a fixed term and with no withdrawals allowed. When you apply for a time deposit, the bank will issue a certificate bearing the amount, term, interest rate, and maturity date. You have the option to withdraw the amount upon maturity or extend for another time with the earnings compounded.

Time deposit can be a good investment tool for OFWs, especially if you can’t decide where to invest money or you are still in the process of learning various investment options. To guide you on the best in the market, we listed the banks that offer time deposits with their corresponding rates per term.

BDO Time Deposit

  • Minimum initial placement of P1,000
  • 30, 60, 90, 180, and 360 days
  • With pre-termination penalty
  • Certificate of Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 360 days
1,000 to below 10,000 0.25% 0.25% 0.25% 0.5% 0.5%
10,000 to below 50,000 0.25% 0.25% 0.25% 0.5% 0.5%
50,000 to below 100,000 0.375% 0.375% 0.375% 0.625% 0.625%
100,000 to below 200,000 0.5% 0.5% 0.5% 0.75% 0.75%
200,000 to below 500,000 0.5% 0.5% 0.5% 0.75% 0.75%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 3 million 0.75% 0.75% 0.75% 1% 1%
3 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
5 million to below 10 million 0.875% 0.875% 0.875% 1.125% 1.125%
10 million to below 20 million 0.875% 0.875% 0.875% 1.125% 1.125%
More than 20 million 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Time Deposit

  • Minimum initial placement of P50,000
  • Certificate of Deposit is issued as proof
  • Allowed in different currencies, although availability depends on the branch
Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.625% 0.625% 0.625% 0.875% 0.875%
500,000 to below 1,000,000 0.625% 0.625% 0.625% 0.875% 0.875%
1 million to below 5 million 0.75% 0.75% 0.75% 1% 1%
5 million and above 0.875% 0.875% 0.875% 1.125% 1.125%

BPI Family Time Deposit (terms similar to BPI Time Deposit)

Amount 35 days 63 days 91 days 182 days 364 days
1,000 to below 10,000  –
10,000 to below 50,000
50,000 to below 500,000 0.875% 0.875% 0.875% 1.125% 1.125%
500,000 to below 1,000,000 0.875% 0.875% 0.875% 1.125% 1.125%
1 million to below 5 million 1% 1% 1% 1.25% 1.25%
5 million and above 1.125% 1.125% 1.125% 1.375% 1.375%

PSBank Time Deposit 

  • Minimum initial placement is P10,000
  • Confirmation advice is issued as proof
  • Choose between current or savings account as settlement account
  • Can be enrolled in electronic banking facilities to allow you to check your account anytime
Amount Below 30 days 30 days 60 days 90 days 1 year 2 years
10,000 to 24,999 0.25% 0.25% 0.25% 0.25% 0.25%
25,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 99,999 0.25% 0.25% 0.25% 0.25% 0.25%
100,000 to 499,999 0.25% 1.25% 1.25% 1.25% 1.25% 1.25%
500,000 to 999,999 0.75% 1.25% 1.25% 1.25% 1.25% 1.25%
1 million to 4,999,999 1% 1.5% 1.5% 1.625% 2% 2.25%
5 million to 9,999,999 1% 1.5% 1.5% 1.75% 2.25% 2.5%
Above 10 million 1% 1.75% 1.75% 2% 2.5% 2.75%

Metrobank Time Deposit

  • Minimum placement of P10,000
  • Certificate of Deposit will be issued as proof
  • Allowed in different currencies
Amount 1 day to 1 week 2 weeks 3 weeks 1 month 2 to 3 months 6 months to 1 year
10,000 to 49,999 0.25% 0.25% 0.5%
50,000 to 199,999 0.25% 0.5% 0.75%
200,000 to 499,999 0.375% 0.625% 0.875%
500,000 to 999,999 0.5% 0.75% 1%
1 million to 4,999,999 0.25% 0.25% 0.375% 0.5% 0.75% 1%
5 million to 9,999,999 0.25% 0.25% 0.375% 0.625% 0.875% 1.125%
10 million to 19,999,999 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%
Above 20 million 0.25% 0.5% 0.625% 0.75% 0.875% 1.125%

Landbank Time Deposit

  • Minimum initial placement of P1,000
  • Certificate of Time Deposit will be issued as proof
  • Open to individuals at least seven years of age
Amount 30 to 60 days 61 to 90 days 91 to 180 days 181 to 364 days
1,000 to 49,999 0.25% 0.375% 0.375% 0.5%
50,000 to 299,999 0.375% 0.5% 0.5% 0.625%
300,000 to 499,999 0.5% 0.625% 0.625% 0.75%
500,000 to 999,999 0.75% 0.875% 0.875% 1%
1 million and above 1% 1% 1.125% 1.25%

Chinabank Regular Time Deposit

  • Minimum initial placement is P5,000
  • Certificate of Time Deposit is issued as proof
Amount 90 days
5,000 to 49,999 0.575%
50,000 to 299,999 0.7%
300,000 to 499,999 0.825%
500,000 to 999,999 0.950%
1 million to 4,999,999 1.075%
5 million and above 1.2%

Security Bank Time Deposit

  • Minimum initial placement is P100,000
  • Certificate of Time Deposit is issued as proof
  • Can be used as a collateral with the bank
  • Longer placement terms for up to seven years
Amount 1 to 6 days 1 week 2 weeks 3 weeks 1 month 2 months 3 months 6 months 12 months
100,000 to 299,999 0.975% 1.175% 1.350% 1.610% 1.730%
300,000 to 999,999 1.1% 1.3% 1.475% 1.735% 1.855%
1 million to 2,999,999 0.2% 0.7% 0.7% 1% 1.3% 1.5% 1.6% 1.7% 1.925%
3 million to 4,999,999 0.3% 0.8% 0.8% 1.1% 1.4% 1.6% 1.7% 1.925% 2.040%
5 million and above 0.3% 0.8% 0.8% 1.1% 1.5% 1.7% 1.8% 2% 2.1%

East West Bank Time Deposit

  • Minimum initial placement of P10,000
  • Placement terms of 30, 60, 90, 180, 360 days and up to five years
  • Certificate of Deposit is issued as proof
  • Interest rate is based on the prevailing market rate

RCBC Time Deposit

  • Minimum initial placement of P5,000
  • Placement terms available up to five years
  • Time Deposit Placement Confirmation is issued as proof
  • Available in other foreign currencies
Amount 30 to 45 days 46 to 60 days 61 to 90 days 91 to 180 days 181 to 365 days 2 years 3 years 5 years + 1 day
5,000 to 9,999 0.25% 0.375% 0.5% 0.625% 0.625%
10,000 to 39,999 0.375% 0.5% 0.625% 0.625% 0.75%
40,000 to 99,999 0.5% 0.5% 0.625% 0.625% 0.875%
100,000 to 499,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
500,000 to 999,999 0.5% 0.5% 0.625% 0.625% 0.875% 1.375% 2% 3.25%
1 million to 2,499,999 1% 1% 1.125% 1.125% 1.375% 1.5% 2.5% 3.5%
2.5 million to 5 million 1% 1% 1.125% 1.125% 1.375% 1.875% 2.750% 3.5%
More than 5 million 1.250% 1.250% 1.375% 1.375% 1.5% 2% 3% 3.6%
More than 10 million 1.375% 1.375% 1.375% 1.375% 1.5% 2% 3% 3.6%

PNB Regular Time Deposit

  • Minimum initial placement of P10,000
  • Also available in Euro currency for up to 100,000
  • Certificate of Time Deposit is issued as proof
Amount 30 days 60 days 90 days 180 days 1 year and up
10,000 to 49,999 0.25% 0.25% 0.25% 0.25% 0.25%
50,000 to 249,000 0.375% 0.375% 0.375% 0.5% 0.5%
250,000 to 499,999 0.5% 0.5% 0.5% 0.625% 0.625%
500,000 to 999,999 0.625% 0.625% 0.625% 0.75% 0.75%
1 million to 4,999,999 0.75% 0.75% 0.75% 0.875% 0.875%
Above 5 million 0.875% 0.875% 0.875% 1% 1.125%

Note:

  • All rates are subject to 20% withholding tax and documentary stamp tax.
  • Rates may be subject to changes without prior notice from us, so make sure you inquire directly from the bank or check the bank’s website for the current rates offered.

Have you decided where to open a time deposit? We hope this post will help you choose the right bank for you to help you grow your money. 

Own Your New Car through Auto Loan (and Find Out the Best Bank For You!)

Raise your hand if you don’t want a car of your own. Aside from your dream home, you also wanted a nice car for your family to avoid commute and abusive drivers. Apparently, all good things come with a cost, including a car.

Don’t worry. Banks are always there to save the day in the form of Auto or Car Loan. Before you submit your application to all the banks you can think of, make sure to read this post to help you determine the right lender that will finance your car needs.

BDO’s Auto Loan 

Purpose: Acquisition of brand-new or pre-owned vehicles or reimbursement of brand-new units, whether for personal or business use (except for pre-owned vehicles).

Downpayment: For brand-new, minimum 20% and 30% of the vehicle purchase price for personal and business, respectively. For pre-owned vehicles, minimum amount is 30% and 40% of the vehicle’s appraised value for personal and business use, respectively.

Loanable amount: Minimum of P100,000, regardless if it is personal or business use. On the other hand, maximum loan amount for brand-new vehicles is 80% and 70% of the vehicle purchase price for personal and business use, respectively; and 70% and 60% of the vehicles’s appraised value for personal and business respectively for pre-owned vehicle.

Loan term: Minimum of one year and maximum of 60 months for brand-new cars and 48 months for pre-owned vehicles.

Payment options: Automatic debit arrangement (ADA), post-dated checks, over-the-counter, fund transfer via SWIFT code through corresponding banks overseas, and BDO Remit

Bonus: All-in financing, which includes chattel mortgage fees, three-year LTO registration, and first year car insurance premium; earn reward points through BDO Rewards and redeemable at all SM stores; fast loan processing, with approval within 24 hours

Additional requirements for OFWs: 2 years consecutive contract for skilled workers and 3 years consecutive contract for household workers

BPI Family Auto Loan 

Purpose: Purchase of brand-new or previously-owned vehicles for personal or business use

Downpayment: 20% for brand-new vehicle and 30% for pre-owned units and brand new truck

Loanable amount: Minimum is P200,000

Loan term: Up to three years for brand-new truck, up to five years for second-hand units, and up to six years for brand new vehicles

Payment options: Automatic debit arrangement (ADA), through BPI Express Online, Express Teller ATMs, BPI Express Phone, and over-the-counter

Bonus: Qualified for a BPI-Petron Mastercard with free annual membership fee for the first year; loan approval within three to eight hours (provided that all documents are submitted); online loan application

Additional requirements for OFWs: At least P30,000 monthly family income, Contract or Certificate of Employment, Crew Contract and Exit Pass validated by POEA for seafarers, notarized or authenticated Special Power of Attorney (SPA) to allow someone to process the loan on your behalf, and proof of monthly remittances

Metrobank’s Car Loan

Purpose: Purchase of brand-new vehicles only for personal or business use

Downpayment: 20% of the net selling price

Loanable amount: Minimum amount of P250,000 and maximum amount of 80% of the vehicle’s net selling price

Loan term: Equal monthly amortization in 12, 18, 24, 36, 48, or 60 months

Payment options: Automatic debit arrangement or post-dated checks

Bonus: Pre-termination of loan is allowed but must be approved first, choose between paying your first monthly amortization 30 days after loan approval (in Arrears) OR pay first monthly amortization upon release of the unit and enjoy lower rates (one-month advance or OMA); must secure a comprehensive insurance policy that includes Acts of Nature coverage with Metrobank-accredited insurance providers; online loan application; approval within one banking day

Additional requirements for OFWs: Valid government-issued ID with signature, Certificate of Employment Contract with email address of employer (land-based), latest POEA contract (seafarers), bank statement or latest Income Tax Return (ITR), and at least P35,000 gross monthly income

PNB’s Sure Wheels Auto Loan 

Purpose:  Purchase of brand new or previously-owned vehicles

Downpayment: No information available on the website

Loanable amount: Mimimum of P300,000 up to 80% of the purchase price for brand-new vehicles and minimum of P150,000 to 75% of the appraised value for second-hand cars

Loan term: Maximum of 60 months for brand new vehicles. For previously-owned cars, maximum loan term is 48 months if the car is one to three years old, 36 months for four-year old vehicles, 24 months for cars aged five to six years, and 12 months if the car is seven years old and above.

Payment options: Automatic debit arrangement and post-dated checks

Bonus: Low interest rate, quick approval, easy to comply loan requirements

Additional requirements for OFWs: Latest contract of employment and proof of remittance

Bank of Commerce Auto Loan 

Purpose: Purchase of a new car

Downpayment: No information is provided in the website

Loanable Amount: Minimum of P100,000

Loan term: 12 to 60 months

Payment options: No information is provided in the bank’s website

Bonus: Limited information available

Additional requirements for OFWs: Original Certificate of Employment indicating your position, income, and length of stay in the company

Take note that this post is for information purposes only and subject to change without prior notice. Inquire directly to your preferred bank to determine the exact requirements needed in the loan application.

What You Need to Know about Banks and their Remittance Services

OFW and remittances are two concepts that go together. Always. In fact, one of the primary goals why Filipinos work abroad is to be able to provide a better future for the family. To fulfill that promise, one must be able to send money back home.

Here’s the challenge: choosing the best remittance provider where you can entrust your money.

You can rely on remittance providers like Xoom or Western Union to help you send money in the Philippines. You get to save on fees too, which can be helpful since every centavo in your hard-earned money counts. On the other hand, there are risks involved and going after them can be a headache.

This is why you need to consider banks as a your remittance provider.

Check out the banks that provide remittance services for you and your family:

BDO Remit 

BDO has facilities in Asia, Europe, Middle East, and North America to make their remittance services fast, easier, and more accessible for you. BDO also partnered with various remittance centers worldwide like MoneyGram, Wells Fargo Express Send, Xoom, and Ria Money Transfer among many others. All you need is to apply for BDO Remit Cash Card and you are good to go.

Why BDO Remit?

  • Real-time sending of your remittance
  • With your Cash Card, you can shop anywhere with POS terminals and use the card to pay for your purchases
  • Allows your family to easily withdraw money anytime, anywhere
  • Beneficiary is informed of the remittance made through BDO Remit Text Service

What about the fees? That would depend on BDO’s remittance partner where you coursed your money transfer. For a detailed list of remittance fees, check it as per BDO’s website here.

BPI Remittance 

“Make the best happen” is what BPI believes in. To live up to that promise, they want to make sure that they can extend their helping hand to OFWs through various products, including remittance services. This is why BPI was awarded as the top commercial bank in the Philippine remittance business for three consecutive years.

Why BPI Remittance? 

  • Wide remittance network in key areas around the world to make money transfer easier and more convenient
  • Money sent is almost realtime (which will start from the time BPI receives valid payment instructions from their tie-ups)
  • Remittance is credited either directly to BPI account or any other account from local banks in the Philippines, which your beneficiary can get from branches nationwide or through door-to-door delivery
  • Money can be withdrawn using the ATM card, free of charge
  • You can send money in peso or dollar, except for BPI Direct savings where only peso currency is allowed
  • Free text message informing you and your beneficiary of the remittance made
  • Allows you to pay bills directly to a merchant

What about the fees? The fees would also depend on the amount charged by their tie-ups. Check the links for more detailed information about Overseas Office service fees and Inward Remittance Charges.

Metrobank Remittance Services

One of the most stable banks in the Philippines, Metrobank offers variety of products and facilities for OFWs, including remittance services.

Why Metrobank? 

  • Real-time credit of money to your Metrobank peso account or World Cash Card and within 24 hours credit when money is transferred to other Philippine bank accounts
  • Door-to-door cash delivery, which your beneficiary will receive within 24 hours for Metro Manila and 2-3 days for provincial areas
  • Cash pickup services in partner centers like Cebuana Lhullier, LBC, and Palawan Pawnshop among others
  • Allows you to pay your utilities even while abroad through Metrobank foreign branches and subsidiaries

What about the fees? Similar to the first two banks, the fees depend on the branch where you will course your remittance. Check out this link for a more detailed information about remittance fees.

China Bank Remittance 

Apart from the savings account, Chinabank also offers remittance facilities to OFWs. It can be another option to send money in a fast and secure way.

Why Chinabank? 

  • There are variety of options to receive money – credited to Chinabank account or other local bank account, door-to-door delivery, or pick up in any China Bank branches or pay-out partners nationwide like LBC and SM Global Pinoy Center among others
  • Your beneficiary can withdraw money from any ATM branches nationwide
  • Fixed remittance fees regardless of where you are when remitting your money

What about the fees? Check this link for a detailed list of the fees when making remittances.

PSBank Remittance 

PSBank is known for providing accessible and affordable products for Filipinos. True to its reputation, the bank now offers affordable remittance services for OFWs.

Why PSBank Remittance? 

  • Partners with some of the biggest banks around the world, including Wells Fargo and JP Morgan Chase
  • Money is wired quickly and safely at low service fees through telegraphic transfer

What about the fees? It doesn’t matter where the money is being wired from. Remittance charges are fixed regardless of where you are. Know the fees in detail by clicking this link.

PNB Remittance

“Global Filipino” is what PNB believes in. To live up to that, they also offered several products specifically for OFW, including remittance facilities.

Why PNB Remittance? 

  • Remit money straight to your PNB account or Global Filipino Money card (GFMC) in seconds
  • Offers variety of ways to send money back home through their correspondent banks and tie-up remittance companies
  • Conveniently withdraw money in PNB, Megalink, Bancnet, and Expressnet ATMs all over the Philippines
  • Tied up with various banks and remittance partners to make sure you transfer money easier and more conveniently
  • Allows you to check the remittances online, which you can access here.
  • Door-to-door delivery, credit to non-PNB accounts and remittance pickup at any PNB branches and pay out partners are likewise available

What about the fees? The remittance charges are dependent on where you remitted your money. PNB website listed the detailed charges when coursing through money transfer with them, which you can access here.

Banks may charge higher rates when coursing money transfer and require you to have an account with them. Nonetheless, you can never buy safety and peace of mind, especially when it concerns your hard-earned money.