Since I started advocating saving and investing through my forums and blog posts, a lot of overseas-based Filipinos are sending me questions whether they can open their investment accounts while abroad.
The first thing I would ask them back is, “Do you have a Philippine bank account?”.
Opening a stock or mutual fund portfolio while one is based abroad is possible. However, most of these stockbrokers and investment companies require applicants and would-be investors to have a Philippine bank account.
Some OFW’s eventually get discouraged because a lot of them have Philippine bank accounts that are not accepted by most stockbrokers and mutual fund companies. Most stockbrokers with affordable investment programs only recognize and have ties with the most popular banks in the Philippines such as Bank of the Philippine Islands (BPI), BDO Unibank, and Metrobank.
Can You Open A Philippine Savings Account Abroad?
Good news for you, OFW’s and foreign-based Filipinos!
YES, you can open your OFW savings account with BPI, BDO, PNB, Metrobank, and others through their overseas branches, subsidiaries, desk offices in tie-up banks, and remit offices in your country of work.
For the list of branches and remit offices of these banks overseas, click on the following links:
Bank of Philippine Islands
Philippine National Bank
Landbank of the Philippines
REMINDER: Opening a Philippine bank account in your country of work should be on an emergency case basis only. It’s still best to open your savings account in the Philippines before you leave for abroad or on your next vacation in the branch of your choice to avoid inconvenience and to enjoy all the benefits it entails.
Online Banking Enrollment
Although I’m not quite sure if all remit offices have this authority, the next best thing to do after opening your savings account is to enroll for an internet banking facility.
Inquire from the desk office where you opened your account if it is possible for them to assist you on this matter.
This is a very important requirement if you really want to pursue your investments in stocks, UITF’s, or mutual funds since funding of these are to be done mostly using your online banking facility.
Opening a savings account while you are abroad is one step forward. You need this to start your 2013 right so you can invest your hard-earned savings in stocks and other financial instruments back in the Philippines.
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P.S. 1. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at email@example.com if you have any questions. Click here to join!
Photo credits: Philip Bascon