Throughout the years, OFWs send money to their loved ones via efficient foreign remittance services to their bank accounts as they are cost-effective and efficient with high exchange rates, low transfer fees, and faster fund transfers. However, with the pandemic affecting how the Philippine Peso increases the value of the US Dollar, so does everything that people normally buy such as groceries, clothes, and many others, and this also affects the USD – PHP ratio because it continues to increase dramatically. In other words, when people receive more money, the more expensive things get compared to the ones that we’re used to with pre-pandemic, and this is where the Overseas Filipino Bank (OFBank) comes in.
Overseas Filipino Bank (also formerly known as the Philippine Postal Savings Bank) has been around since 1906, serving OFWs worldwide for easier money transfer for their loved ones. With its launch being the rave for OFWs, they can now send money as easy as 1, 2, 3, and with a few taps on a mobile device! But the only question new OFWs face is how it works and how they’d know if their money is with their loved ones already.
Well, fret no more! We’re going to guide you about what the Overseas Filipino Bank is all about and how you can open an account and why it’s the best bank for OFWs just like you! After all, who doesn’t want the best?
The Overseas Filipino Bank in Hindsight
Photo credits from OFBank’s Official Website
With the help of Land Bank and the Department of Finance, OFBank is one of the financial institutions that keep up with OFWs to be financially healthy and keep them and their beneficiaries their top priority. This financial institution aims to provide the Overseas Filipino Workers community with all the banking and financial requirements which include easy transactions, quality and efficient foreign remittance services, OFW – specific products, and many more.
In short, this is the first digital only bank for Filipino migrant workers who want to open accounts or complete banking transactions anytime around the globe!
Who Can Open an OFBank Account?
Any OFW or Overseas Filipino who is 18 years old and above can open an overseas Filipino Bank account. Although there are different purposes for people who open an OFBank account such as people who have an OFBank Visa Debit Card can send money to their beneficiaries through Visa Direct via Visa partners abroad while those who have an OFBank Visa Debit Card for Beneficiary can receive money abroad and they can also transfer money to those who have an OFW bank account or a Land Bank account for free. Those who have an OFBank Regular Debit Card are usually for people who are 18 years old and below but require you to be at least 7 years old for you to be able to receive money without an initial deposit and maintaining balance.
Requirements for Opening an OFBank Account
Always make sure to have a stable internet connection and your OFBank mobile banking app downloaded from the Apple App Store or Google Play. Aside from these, here are the requirements that you need to open your OFBank account:
A filled-out form from www.ofbank.com.ph
2 valid government IDs (original and photocopy) such as an SSS ID, Passport, Unified Multi-Purpose ID (UMID), PRC Professional ID (PRC ID), Driver’s License, OFW ID, OWWA ID, Senior Citizen ID, Barangay Certificate, or any valid identification cards that are government – issued
Proof of Billing
Your 2×2 pictures
A minimum initial deposit
After submitting the IDs or supporting documents in the OFBank mobile banking app, you’ll be asked to take a picture of your documents or IDs that have your photo of it during the account opening process.
Products and Services
OFBank offers 15 banking products and services at the moment, which include:
Peso ATM Savings
Investment Products such as Unit Time Investment Fund
On the other hand, this investment product that is offered by OFBank enables Overseas Filipinos to invest in their preferred shares of OFBank, allowing them to be co-owners of the bank.
How to Open Account in OFW Bank Online?
Overseas Filipino Workers will no longer struggle to look for Filipino banks abroad just because they’ll send money to their loved ones all thanks to the digital banking services that have gone online, and downloading the OFBank Mobile Banking app is no exception with its straightforward and easy steps in opening your account.
Here are the steps for your online account opening in OFBank:
- Download the OFBank Mobile Banking app at the Apple App Store or Google Play Store and enter your User ID and password on the login screen.
- Click “Continue” on the Welcome page to proceed in opening your account.
- Choose the appropriate status that applies to you (OFW, Overseas Filipino, or Beneficiary), then click “Proceed to the Reminders page.
- Click “Confirm” once you’ve read the Terms and Conditions Agreement.
- Fill out all the necessary information in the Profile Details section to create your profile.
- Input your OTP that was sent to your mobile number and hit “Submit” to verify your phone number and authenticate your email address.
- Create a user profile and password.
- Proceed to your Security Questions and Answers, and hit “Next” to continue.
- Input your personal, financial, and account purposes information.
- Upload your ID and take a selfie.
- Review all your information and click “Confirm” once you’re sure everything’s correct.
- Wait for the confirmation email for verification once you successfully created your Overseas Filipino Bank account.
Why is OFBank the Best Bank for OFWs?
Since this is the first branchless bank for the migrant Filipino community that is certified by the Bangko Sentral ng Pilipinas, you don’t need to go to a physical bank just to make some quick and easy transactions wherever you are in the globe. If you really need to, you can always go to your nearest Land Bank to claim or replace your ATM/Debit Card and to deposit cash and checks for areas without LBP Cash Deposit Machines as Land Bank of the Philippines is a fully owned subsidiary of OFBank.
Having an overseas bank account online with secure digital banking services aims to solve common problems that OFWs and their beneficiaries face, which are expensive remittance charges in the remittance market, investment scams, and inadequate access to all of the banking and investment tools that you need for your beneficiaries. It’s also committed to providing reliable and secure financial products and services tailored to meet its target market (which are the Overseas Filipino Workers and their beneficiaries) which includes delivering quality, efficient, and secure foreign remittance services. You can have a loan of up to P350,000, making it easier for you to provide for your loved ones in times when emergencies arise.
An Online Bank for OFWs for Their Evolving Banking Needs
Nowadays, technology evolves with the way banking works, especially with other banks in the Philippines. But with an OFW Savings Account at a branchless bank, it brings banking and financing to a whole new level of sending and receiving money to and from your loved ones as well as from other people that they trust. Having an OFBank account and opening an account is straightforward, but doing your financial transactions with just a few clicks or a few taps on your mobile device anywhere around the globe is even more straightforward and easier than just dealing with the remittance market and their high exchange fees and lower currency exchanges. OFBank makes everything more convenient with their online remittance services that are secure and efficient, which makes sure that your money gets transferred to your family and loved ones safe and sound, and a lot of Overseas Filipino Workers (OFWs) will find it a solution with a Peso Savings Account that they can rely on with secure digital banking services, lower fees, and high exchange rates in a branchless bank they can depend on.
So if you’re an OFW and you’re finding a way to send money minus the trouble of going to an actual bank, you can set up an Overseas Filipino Bank account, and experience all the benefits that are waiting not only for you but also for your beneficiaries.
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