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
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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
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