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.

4 thoughts on “How to Open an Account with Overseas Filipino Bank”

    1. We don’t think the specific policy was released yet, but keep in mind that basic Know Your Customer rules still apply.
      So your relatives will probably need to open their own account. However OF Bank plans to open branches in countries with many OFWs such as in Middle East.
      This should make account opening much easier. Alternatively, your relatives can open their account on their next trip home.

Leave a Reply

Your email address will not be published. Required fields are marked *