9.16.2013

OFW Savings Accounts in Pesos

By Nora
Here are OFW savings accounts offered by different banks in the Philippines:

Advantages of getting an OFW savings account instead of a regular account:
 - No maintaining balance
 - No initial deposit or low amount of initial deposit

Common requirements in opening an OFW account:

 Requirements vary from bank to bank, but usually these are
  needed:
 - 2 Valid IDs
 - 2 ID pictures
 - Recent receipt of remittance from abroad or proof of being
    an OFW


1.   BDO Kabayan Savings Account 
      - Initial deposit is 50 pesos
      - ATM card and passbook
      - No maintaining balance requirement
        (but must have at least 1 remittance from abroad every
        12 months) *
      - Can be opened at selected BDO remittance partner
         companies abroad (but ATM card must be linked to
         account at the BDO Buendia-Paseo Makati branch)
      - Can be enrolled for an auto-debit arrangement for
        the payment of BDO loans and certain insurance policies
      - If you open at a BDO branch, bring proof that you're
        OFW, or if you're an OFW beneficiary, bring any
        receipt of remittance from abroad,
        in addition to 2 valid IDs and 2 Id pictures,

2.   METROBANK OFW Peso Savings Account

      - ATM or passbook
      - No initial deposit
      - No maintaining balance requirement
       (but must have at least one remittance from abroad
         every 12 months) *
      - Minimum balance to earn interest is 10,000
      - Account will be converted into a regular passbook
         account after 12 months of no remittance from abroad

     * Both Metrobank and BDO's OFW accounts are converted into
        regular passbook accounts after 12 months of no foreign remittance.
        Regular passbook accounts require a maintaining balance of
        10,000 pesos.

3.   BPInoy Savings Account, issued by BPI Direct Savings
      - No initial deposit
      - No maintaining balance requirement
        (but must have at least 1 remittance from abroad
         every 3 months)  
      - Can be used to withdraw cash in Cirrus-linked
         ATMs abroad
      - Can be used to pay for purchases at stores with
         EPS systems
      - Minimum balance to earn interest is 500 pesos
      - Must be opened online at bpidirect.com
        (ATM card will be released at BPI branch selected by client)

4.  Landbank OFW ATM Savings Account
     - Initial deposit: 100 pesos
     - Maintaining Balance: 100 pesos
     - Can be opened by OFWs abroad at the offices of
         Landbank overseas officers
          (generic atm card is issued)

5.  Landbank OFW Passbook Savings Account
     -  Can be opened by the OFW or his/her beneficiary
     -  Initial deposit: 100 pesos
     -  Maintaining balance: 5,000 pesos

6.   PNB OFW Peso Savings Account 
      - No initial deposit requirement
      - No maintaining balance requirement
      - ATM and passbook
      - Minimum balance to earn interest is 10,000 pesos

7.   CHINABANK Overseas Kababayan Savings 
         (OKS) Account 
      - OKS ATM card
      - No initial deposit
      - No maintaining balance
      - Minimum balance to earn interest is 1,000 pesos.
      - You can enroll this account in China Bank Online for free

8.   PSBANK Overseas Filipino Savings Account
      - No initial deposit requirement
      - No maintaining balance requirement
      - ATM card
      - Minimum balance to earn interest is 5,000 pesos
 
9.   UCPB U-remit ATM Savings Account
      - No initial deposit requirement (for atm account)
      - Initial deposit of 100 pesos (for passbook account)
      - No maintaining balance requirement
      - Need to present proof of being an active OFW, such as
         working visa, current OEC, Foreign resident ID,
         or overseas employment contract
 
10.   BANCOM Sikap Pinoy OFW Account
      - ATM card
      - No initial deposit requirement
      - No maintaining balance requirement
      - Minimum balance to earn interest is 500 pesos
      - Can be opened at any Bancom branch  

11.   MAYBANK Money2U ATM Savings Account
      - No maintaining balance requirement
      - Minimum balance to earn interest is 10,000 pesos
      - Free interbank fee for the first 2 transactions
      - Can be used to send money via Singapore Regionlink
      - Can be used to transfer money to other Bancnet-member
        banks with interbank transfer fee of 25 pesos

12.   STERLING BANK OF ASIA Bayani OFW Savings 
          Account
       - Bayani OFW Visa Card
       - No initial deposit required
       - No maintaining balance requirement
        (must have remittance from abroad at least once every
          12 months)
       - Minimum balance to earn interest is 2,000 pesos
       - Remittance through IRemit offices or through wire transfer

13.   FIRST CONSOLIDATED BANK PITAKard  
          Savings Account
       - PITAKArd atm card
       - No initial deposit requirement
       - No maintaining balance requirement
       - Minimum balance to earn interest is 501 pesos

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