Many OFW are looking for the best savings account where they can put they hard-earned money. Still, there are many who are not sure which one they should choose.
I’m also receiving many emails before from OFW on how to open a savings account while they are working abroad. I’m a little bit surprised because still many going abroad who don’t have a bank account.
Good thing, when you visit POEA in Ortigas, Bank of the Philippine Islands (BPI), Metrobank, BDO and other banks placed one of their offices there to accommodate all Pinoys who want to open a bank account.
In my opinion, savings account is one of the things an OFW must have before he or she go to abroad. It is very essential that you have your own bank account in the Philippines.
It is your own account, not your wife or other relatives’ account that you send money from abroad. If you are still clueless or undecided which savings account to open, I have listed here the 5 best savings accounts for OFW.
1. BDO Kabayan Savings Account
BDO Kabayan savings account is a special product of BDO dedicated especially for OFW. It has very small opening deposit of P50 for peso account and $100 for dollar account. It comes with a BDO MasterCard ATM debit card and passbook.
The requirement to open this account is only one (1) valid ID. For Kabayan shipping dollar savings account, a valid seaman’s book is required. The opening deposit is $10 with passbook.
It has no maintaining balance if you will remit money to this account at least once a year. Once you didn’t send remittance money to this account, BDO will convert it automatically to a regular savings account with a corresponding maintaining balance.
Because it has ATM card provided to customers, you can withdraw the money anytime to over 7,000 BDO, Megalink, Expressnet and BancNet ATM nationwide.
You can also use Kabayan savings account with an auto-debit arrangement (ADA) when paying your loans and insurance.This makes a great convenience and hassle-free for OFW.
2. BPinoy Savings Account
BPI has also one type of account dedicated to OFW and their families or beneficiaries. It is called BPinoy Savings account. Like BDO Kabayan savings account, it has no initial deposit requirement when opening an account at the first time.
Moreover. it has no maintaining balance requirement provided you will do remittance transaction at least once in every 6 months. It earns higher interest rates than any other regular savings account as it claimed in their website.
Your beneficiaries will have no problem accessing this account because they can withdraw money through over 9,000 Expressnet, Megalink and BancNet ATMs around the Philippines. If you will bring the BPinoy ATM with you in the country you are going, you can withdraw cash from over 1 million Cirrus-affiliated networks in more than 210 countries using the local currency.
You don’t need to carry large amount of cash when shopping because you can enjoy cashless shopping via the Express Payment System or EPS at partner establishments across the country. You don’t need to enroll for this service to be able to use it.
Another benefit of BPinoy savings account is that you can monitor your account balance, transfer funds, pay bills or reload your prepaid phones via BPI ATM, Express Phone, Express Online or BPI Express Mobile. Even you’re outside the Philippines, you can still open a BPinoy account online. Just visit BPinoy website here and start opening your own account.
3. Metrobank OFW Peso Savings Account
Metrobank is one of the largest banks in the Philippines and it will not be left behind when it comes for providing services to clients like OFW and their beneficiaries. OFW Peso savings account has no maintaining balance requirement as long as the account has at least 1 remittance transaction per year.
It requires no initial deposit and it earns 0.50% per annum with minimum balance of P10,000 to earn interest. If, in case, you fail to send inward remittance to the account for 1 year, the account will be automatically converted to a regular savings account.
With this type of account, you and your beneficiaries can enjoy the same benefits like other Metrobank accounts. You can pay bills via the Internet using Metrobank Direct, check your account balance, make fund transfers, buy mutual funds and many more. For more information about Metrobank OFW Peso savings account, you can click here to visit the website of Metrobank directly.
4. PNB OFW Peso Account
Philippine National Bank or commonly known as PNB is one of the oldest banks in the country but still providing products and services for all Filipinos around the world. To cater for banking needs of OFW and their families, PNB is offering the OFW Peso acount.
For OFW and their beneficiaries, Peso ATM, Passbook and Dollar Passbook account has no initial deposit requirement. PNB is also providing special ATM card for OFW and their beneficiaries.
There is also no maintaining balance required for this account. To be able to earn interest, the account balance should be minimum P10,000 or $500 for dollar account.
Your beneficiaries can have a 24/7 access to the money that you will send through any PNB, BancNet, Megalink or Express Net ATM nationwide. With this account, you can pay your SSS contributions or loan amortizations using automatic debit arrangement, transfer funds online via Internet banking, and check your account balance.
5. PSBank Overseas Filipino Savings Account
As a subsidiary bank of Metrobank, PSBank has also one type of account that provides better banking services for OFW. PSBank Overseas Filipino savings account is a fixed interest bearing account that allows 24/7 banking through ATM of PSBank, BancNet, Metrobank, Express Net and Megalink nationwide.You can also do banking transactions worldwide through Maestro Cirrus ATM.
This account can be opened without or zero initial deposit and requires no maintaining balance, same as the previous savings account of other banks. For this account to earn interest, the balance should be minimum of P5,000 with an interest rate of 0.5% per year. The interest will be credited to the account on a monthly basis.
When you go to any PSBank branch to open an account, you can get your personalized and ready-to-use ATM card before you leave the bank which is a good benefit for people who have very limited time. You don’t need to go to the bank after 3 days just to claim your ATM card.
You can even enroll this account to PSBank Remote banking so you can do banking transactions over the Internet 24/7. However, you should also take note of these fees when using this account. For BancNet, Megalink, and Expressnet ATMs, the withdrawal fee is PhP9.00 to 11.00.
When you make balance inquiry, the charge will be PhP 2.00 and the fund transfer using any BancNet ATM is PhP25.00. When you do international transactions using Maestro and Cirrus, the withdrawal fee is US$3.50 while balance inquiry is US$1.00. On the good hand, transaction using PSBank ATMs are free of charge.
If you want to apply for Overseas Filipino savings account, here are the requirements that you need. For OFW, completely filled out bank forms are needed which you can get from the bank. These includes application and agreement for deposit account, customer information and specimen signature cards and PSBank Remote banking application form.
You should also submit and present at least 1 ID with your photograph and signature. For new clients of PSBank, you will be asked also to declare your employer and your place of work or country you are going in.
For OFW beneficiaries, the requirements are same as above. However, the beneficiary must indicate the name, contact details, his or her relationship to the OFW, the country where the OFW works and his/her employer.
Maybe you have notice that all of these 5 best savings account have one in common: all of them have no initial deposit and no maintaining balance requirement which is good for those people who want to withdraw all the money in their account. The application process for opening an account is not difficult so OFW must get one before leaving the Philippines.