In this short article, I will share 7 savings account for OFW that they can open to have savings account here in the Philippines. If you’re an OFW this might help you.
If you have an OFW friends or relatives you might help them by sharing this. This savings account for OFW can serve as your actual savings account or can be your means to send money here in the Philippines for your love ones.
Philippine banks are eager to help Filipinos abroad so they are offering several benefits along with these savings account for OFW. If you want to know them, continue reading below.
Savings account for OFW
1. BPINOY Savings account
This savings account for OFW can benefits both the OFW and their family here in the Philippines. Provided by one of the biggest bank in the Philippines (BPI), it can serve as savings account and means of sending money from abroad to the Philippines.
Features
- No initial deposit required
- No maintaining balance required as long as there is a remittance transaction at least once every 3 months
- Earn higher interest, better than any other regular savings account
- You can widthraw to any BPI and other ATMs available
- You can enroll in to BPI online banking
How to open BPINOY Savings account
Unfortunately, online application of BPINOY Savings account is temporarily not available for now as per BPI official website. You may visit any BPI or BPI Family Savings Bank branch near you or email at bpidirect@bpi.com.ph.
Check full details here
2. BDO Kabayan Asenso Program
BDO kabayan asenso program offered by BDO is another good option of savings account for OFW. Aside from having a savings account, you’ll enjoy other benefits provided by BDO to their BDO kabayan asenso holder. See the following features below.
Features
- P100 for peso account or $100 for dollar account initial deposit
- ATM debit card and passbook
- Zero maintaining balance with at least one remittance transaction in a year
See full details here
3. Sikap Pinoy OFW account
Bank of Commerce offering the Sikap Pinoy OFW account to our OFWs. This is another good savings account for OFW looking to open a savings account here in the Philippines.
Features
- No initial deposit required
- No maintaining balance
- Minimum balance to earn interest: P500
- ATM card
- Account is for OFW and their beneficiaries
- Can be enrolled to bCommerce Internet banking
Check full details here
4. PSBank Overseas Filipino Savings Account
PSBank Overseas Filipino Savings Account is another good option for our beloved OFWs who want to open a savings account. This is being offered by PSBank and will provided some benefits to the OFW and their beneficiaries.
Features
- No initial deposit
- No maintaining balance
- ADB to earn interest: P5,000
- Can be enrolled to PSBank online banking
- PhP300 if the account is dormant for 2 years
- Hassle-free and on-the-spot issuance of ATM card
See full details here
5. Metrobank OFW Peso Savings account
This is another savings account for OFW that provide convenience both to OFW and their families. The foreign currency is converted to Philippine peso giving convenience to the OFW family here in the Philippines. See features below.
Features
- No initial deposit
- No maintaining balance
- ATM or Passbook
- Interest rate at 0.25% p.a
- ADB to earn interest P100,000
- Can be enrolled to Metrobank online banking <INSERT LINK HERE>
Check details here
6. PNB OFW Savings account
If you’re a PNB client and or banking already in PNB, this savings account might be the option for your family or love ones abroad. This is another savings account for OFW provided by Philippine National Bank.
Features
- No initial deposit
- No maintaining balance
- ADB to earn interest P10,000
- Dormancy is 2 years
- Interest rate is 0.100% p.a.
- ATM or Passbook
Check full details here
7. Chinabank Overseas Kabayan Savings
Chinabank Overseas Kabayan Savings is another good option if you want to open a savings account in Chinabank. You can start saving and or remitting money to your love ones here in the Philippines by opening and using this savings account.
Features
- No initial deposit
- No maintaining balance
- ADB to earn interest P1,000
- Interest rate 0.25% p.a
- ATM card
See full details here
You may also like.
- BDO Savings account
- BPI Savings account
- BPI Easy saver
- Eastwest bank savings account
- Landbank savings account
- PNB savings account
- Chinabank Savings account
- RCBC savings account
- Comparison of Savings account in the Philippines
- Comparison of Time deposit account in the Philippines
There you have it! Those 7 savings account for OFW provide convenience and ease to our OFW and their families here in the Philippines. Start saving and budgeting to achieve your financial goals.
You may also want to read my article about why many Filipino are going abroad.
Additionally, savings account may not be the best tool to use to grow your money. There are other investment vehicles out there that can give you more potential growth to your money.
Some examples are:
- Mutual funds
- Stock market
- UITF
- Treasury bills
- Businesses
In whatever investment you’re venturing to, make sure you have at least the basic knowledge and understanding how they works. You can read related books or blogs, watch youtube videos, attend seminars or even talk to a registered financial adviser.
Always remember that investing in yourself is the best investment of all time.
Start small and take one step at a time.
To our financial freedom. Cheers!
Are direct deposit dollar accounts available in one of your Savings Account programs? Thank you!
Hi I’m in UAE what is the right account in bpi i will open?I and where is the location of your bank here?
I’m sorry Ms. Edna, I’m not working with BPI. I also not sure if there’s a BPI branch there. :/
I have already open an account China bank OKs. ..but I forgot my number account how could I will know it..I’m here in abudhabi
You need to call Chinabank Ms. Myra. Thanks!
Mam sir
Gdpm mam my OFW ACCOUNT S CLOSE I HAVE 4K + LAST WIDRAW SEPTEMBER 24,2015 HINDI KO NAHULUGAN NG 7 MONTH PAG CHECK MAY ANG SABI CLOSE NA DAW LAST FEBUARY?
BAKIT MAM KAPAG OF W WALANG MAINTENING BALANCE
Y,Y,Y PLS REPLY
It depends on the type of account. What kind of account did you have? Thanks!
hi sir, may ofw atm savings account ako, my nagpadala skin tru my account number pero pag binubuksan ko atm ko ang sabi unable to process daw.
pumunta ako sa bank then sabi activated naman pero ang problem 3weeks na yung pinadalang pera hindi pa dumadating sa account eh tama naman po yung account number ko.
Try to check doon sa remittance center or sa bank kung successful yung transaction, double check the account number or check transaction history if available. Thanks
hi po sir tanong ko lng po ilang days or months po bago marecieve ang passbook at atm ng bdo?
salamat po
If kabayan account passbook is within the day po.. ung atm card naman 7working days po bago mkuha
Hello po. Meron po ako bdo kabayan savings account. Nsa abroad kc asawa ko first time niya mgpadala jan sa kabayan savings. Ilang days bago makuha ung pera?thanks
Within the day po noon pindala nya. Or kinukasan
I was able to open a PNB checking account abroad and opted not to open a savings account. Maybe when I get back home and have funds to set aside for a bank, I’ll get one also. Whether it’s a checking or savings account, I do hope that Filipinos wherever they are can start saving. Start small. Just start; don’t complicate things.
Hi po.
Tnong ko po pwde po ba kmha ng pang ofw account at ung current accnt s landbank?tnx po s pagsagot.
Pwde po ba kmha ng current account at ofw account na nakpngln s iisng tao lng?
hi good afternoon!how to open bank account in metro bank?im currently based in dubai..