You heard of this phrase countless times, “Mag-ipon ka!”
Being an OFW, you have the privilege of earning in dollars, which also means earning higher than what you can get when you work in the Philippines. Still, this doesn’t mean you should splurge anytime you want. One of the first and most important things you need to do is to set up a savings account for you and your family.
Here’s the good news: many banks offer Savings Account for OFWs with certain privileges. Aside from savings, you can also use your account to make remittances easier and more convenient. These banks are:
BPI’s BPinoy Savings
One of the biggest and most trusted banks in the Philippines, BPI offers BPInoy Savings to all OFWs where you can easily remit money through a direct credit to an account.
- 0.5% interest rate, which is higher than regular savings account.
- No initial deposit required
- No maintaining balance as long as remittance is made once every three months.
- Accessible through Expressnet, Megalink, and Bancnet ATMs nationwide.
- Online banking ready
- Requirements when opening an account: Valid government-issued ID with picture, 1 1×1 photo, Utility Bill reflecting the address
BDO’s Kabayan Savings Account
Also among the biggest banks, BDO offers the Kabayan facilities to OFWs, including the Kabayan Savings Account. The account can also be used for remittance purposes (and with a fee involved, depending on where the remittance was made).
- Can be availed of in peso or dollar account
- Initial deposit of P100 for Peso Account or $100 for Dollar Account
- Comes with a passbook and ATM card
- Allows you to earn points and savings through BDO Rewards
- Requirements when opening an account: Valid ID, 1 1×1 ID picture, and valid Seaman’s Book for Seafarers
Metrobank’s OFW Peso Savings Account
A trusted name in the world of banking, Metrobank likewise offer products specifically tailored for OFWs. One of them includes the OFW Peso Savings Account. It is a basic savings account that allows your money to grow through interest. At the same time, you can use this account to send money back home – and the foreign currency is already converted to Philippine peso.
Other features include:
- Choose between passbook or ATM
- No initial deposit required
- No maintaining balance required as long as there is at least one remittance transaction in one year
- Can be accessed abroad via Maestro-Cirrus ATMs
- Available for online banking for balance inquiry and bills payment
- Requirements when opening an account: 1 valid government-issued ID
PSBank’s Overseas Filipino Savings
Simple and dependable banking for OFW – this is what PSBank promises. With their Overseas Filipino Savings, they will surely be true to their promise of making savings convenient and accessible.
- No initial and maintaining balance required
- Personalized ATM card is given on the spot
- Remittance can be done abroad via Metrobank, iRemit, and other remitting companies
- Account can be enrolled in PSBank Online facility for easy monitoring
- Requirements when opening an account: 2 valid IDs with photo and signature, application and agreement for Deposit Account, Customer Information, and Signature Card
PNB’s OFW Deposit Account
Similar to other big banks, PNB also offers deposit facilities for OFWs through its OFW Deposit Account.
- No opening and maintaining balance
- Accessible through PNB, Megalink, Bancnet, and ExpressNET ATMs nationwide
- Available in Take One Kit, which already includes ATM card and other forms that need to be filled.
- Requirements when opening an account: 1 government-issued ID, 2 1×1 pictures, and Letter of Introduction for OFWs with lack of funds and identification
Chinabank’s Overseas Kabayan Savings
This is another bank option that offers savings account for OFWs.
- No initial deposit and maintaining balance required
- Comes with ATM card only
- Accessible through Chinabank branches, ATM, Tellerphone, Chinabank online, and BancNet POS
- Requirements when opening an account: 2 1×1 picture and at least 1 valid ID
Bank of Commerce’s Sikap Pinoy OFW Account
Another bank option worth looking into is Bank of Commerce’s Sikap Pinoy Account.
- No initial deposit and minimum balance required
- Fixed interest rate
- Comes with customized ATM card
- Account is available for both OFW and beneficiaries
- Available at PDOS Centers
- Accessible at any BancNet ATMs
Take your pick.