OFW Savings Accounts in Pesos

Updated March 18, 2018
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 any proof of being
    an OFW

1.   BDO Kabayan Savings Account 
      – Initial deposit is 100 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 any BDO branch in the Philippines and
          activated at a BDO ATM before it can be used)
      – 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.   BPI Pamana Padala
          issued by Bank of Philippine Islands (BPI) or BPI Family Bank
        – Initial deposit: 500 pesos         
        – Bakit Pamana? You will be given a free life insurance coverage
          on the date of your 4th foreign remittance within a 12-month period.
          Meron ka ring free 90-day personal accident insurance after opening this account

       – Here’s more info on BPI Pamana Padala savings account for OFWs    
       
         What happened to BPInoy Savings Account issued by BPI Direct Savings?
          BPI merged BPI Direct Savings Bank and and BPI Globe BanKO to create a microfinance bank named BPI Direct BanKO to cater to self-employed micro-borrowers, especially in underserved areas in the country.
          If you have this BPInoy Savings account, it’s still valid and you can continue to use it. I have it and it’s still valid. BPI Direct BanKO is now offering products for microfinance needs. 


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4.  Landbank OFW ATM Savings Account
     –  named Bagong Bayani ATM 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 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.   RCBC TeleMoney Savings Account
      – No minimum initial deposit
     – No maintaining balance requirement
     – Minimum average daily balance to earn interest: 10,000 pesos
     – Available as a passbook account or account with RCBC MyDebitCard

9.   PSBANK Overseas Filipino Savings Account
      – No initial deposit requirement
      – No maintaining balance requirement
      – ATM card
      – Minimum balance to earn interest is 5,000 pesos
 
10.   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
 
11.   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  

12.   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

13.   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

14.   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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