Savings is one of the main foundations of financial stability. It is a vital skill to live comfortably especially for Overseas Filipino Workers.
A job abroad is not permanent. Usually, it is only for two years. This is why OFWs must save while they still have an income.
We have heard of stories about OFWs who have spent decades working and breaking backs. Then they go home without any savings. They start again with zero.
Then, they send their kids abroad to start the new cycle.
It is heartbreaking for many.
OFWs go abroad to give a good life for their families. But they also forget life after being an OFW.
It is important to make saving a habit and lifestyle. You can invest in the stock market, mutual funds and government bonds. You can even build your own business if you have enough capital.
A savings account is one of the basic requirements in learning how to be financially stable. There is plenty of savings account tailored for OFWs. Here are five of the top OFW Savings Account in the Philippines.
BDO Kabayan Savings Account
BDO is one of the premier banks in the country. For aspiring OFWs and their beneficiaries, BDO offers the BDO Kabayan Savings Account. This is a savings account meant for overseas workers. You can avail of this before leaving the country or even when you are abroad.
How to Open BDO Kabayan Savings Account
An initial deposit of PHP100 or US$ 100 is needed depending on where you are opening the account.
One is required to present a valid i.d and a 1×1 photo. Once all requirements are ready, fill up the application form and keep the deposit slip.
Wait for 5 working days before claiming the passbook. Included in the BDO Kabayan Savings Account is a passbook and an ATM Debit Card.
The BDO Kabayan Savings Account does not need a maintaining balance.
As long as you remit once every 2 years, the account will remain active. Remitters may also qualify for the free life and accident insurance provided by the bank.
However, if the account holder does not remit for 2 years, then the BDO Kabayan Savings Account will become a regular BDO savings account. A regular BDO savings account needs a maintaining balance of PHP2,000 to stay active.
From my personal experience, I opened my BDO Kabayan Savings Account while I am in Kuwait. They asked for a deposit of an equivalent of PHP1,500. The requirements were a photocopy of my passport and a 1×1 photo.
They also copied my Kuwait residency visa. Once you have a BDO Kabayan Savings Account, applying for a loan becomes easier.
BPI OFW Savings Account
Another of the country’s premier financial banks is Bank of the Philippine Islands or BPI. BPI offers a variety of savings account built for OFWs. Starting with the BPI Express Teller Account, you can remit money worldwide.
One can choose to open BPI Advance Savings Account or Maxi-Saver. These accounts provide faster deposit returns and higher interest rates.
Another ideal OFW saving account is the BPI Pamana Savings. It comes with free life insurance of up to PHP 2 million or USD$40,000.
BPInoy Savings account is another savings account made for OFWs. No initial deposit and maintaining balance is required when you open the account. However, you need to remit once every 3 months to keep it active.
How to Open BPI Savings Account For OFW
Firstly, choose the savings account that caters to your specific needs. One can open online or one can go to the nearest BPI branch.
BPI requires a valid id with a signature and sometimes a secondary ID.
Proof of billing is also required as well as a 1×1 ID picture and a TIN number. You must also bring the required deposit amount when you open your account.
Go to the preferred branch and fill out an application form from the teller.
After 24 hours, your account is active but you must wait 5-7 days for your passbook or ATM card.
PNB OFW Savings Account
Philippine National Bank is the oldest bank in the Philippines. Despite its venerable presence, it goes along with the changing times. PNB offers a savings account that is made for OFW needs.
The PNB OFW Savings Account comes with PNB-PAL Mabuhay Miles OFW Savings Debit Mastercard. It can be used in Mastercard and Maestro accredited establishments and in over 2 million ATMs worldwide.
The PNB OFW Savings Account does not need an opening and maintaining balance.
How to Open PNB OFW Savings Account
To apply, one must provide either one of the following identifications:
- a valid passport
- an original employment contract that is signed and notarized by the POEA
- Driver’s License
- Professional (PRC) License
- SSS/GSIS Cards
- OFW ID this is issued by the POEA or OWWA
- NBI or Police Clearance
In addition to the above, you must also provide 2 pieces of 1×1 or 2×2 ID pictures as well as fill up an application form. Sometimes the teller will require additional documents to open the account.
METROBANK OFW Savings Account
Another well-trusted bank in the country is Metrobank. Metrobank OFW Savings Account offers no opening and maintenance fees.
The money in the savings account can also gain interest as long as it is active.
However, if the account is kept at zero balance for more than 3 months, it will automatically close.
How to Open METROBANK OFW Savings Account
In order to apply for the savings account, one must provide a valid ID and the latest 2×2 photo. You must also fill up an application form in the nearest branch and provide a photocopy of the valid id. Once everything is provided, you need to wait for 5- 7 days before you can claim your passbook.
CHINA BANK OFW Savings Account
Chinabank Overseas Kabayan Savings Account is another option to consider.
There is zero initial deposit but a maintenance balance required.
The average daily balance to earn interest is PHP1,000 and the interest rate per anum is 0.25%.
How to Open CHINA BANK Overseas Kabayan Savings
One only needs 2 pieces of 2×2 photo and 1 original and clear copy of any valid ID to open an account. You must also fill up an application form where you would like to open your account.
Sometimes, the bank will ask for additional requirements, especially for foreigners and businessmen. You will need to wait 5-7 days before you can get your passbook.
There is a new bank to consider by an OFW. That is the Overseas Filipino Bank or OFBank.
This is a state-owned bank that is developed specifically for OFWs. They have many programs that can help an overseas worker save their hard-earned money.
All banks offer online banking which can be very convenient. One can send money immediately if there is an emergency. Online banking is available 24/7 and can be used as long as there is a strong internet connection.
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