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
3. BPI PINoy Savings Account from 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. 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
5. 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
6. PSBANK Overseas Filipino Savings Account
- No initial deposit requirement
- No maintaining balance requirement
- ATM card
- Minimum balance to earn interest is 5,000 pesos
7. 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
8. 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
9. 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
10. 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
11. 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
No comments:
Post a Comment