If an OFW wants to put up an online business or start investing in various financial instruments, he has to have a savings account for him to facilitate his transactions efficiently.
However, opening a regular savings account in the Philippines may not be too affordable for an OFW because of high required minimum maintaining balance. Remember that OFWs’ remittances to family members back home are oftentimes consumed to the last drop that leaving at least Php2,000.00 in their bank account may not be possible at all. In fact, if only a Php1.00 coin can be withdrawn from the ATM, their loved ones back home will definitely do it.
So let’s identify what are the most affordable and convenient savings accounts available in the Philippines for OFWs to take advantage of.
BDO Kabayan Savings
The good thing about opening a BDO Kabayan Savings is that an OFW only has to deposit a minimal amount of Php50.00 for the Peso Account and USD100 for Dollar Account. That already includes an ATM card and a passbook. BDO Kabayan Savings also does not require a minimum maintaining balance so you need not worry about it being deactivated by BDO. But, you need to make at least one deposit/remittance transaction within a year to avoid being charged with a dormancy fee.
Having a BDO Kabayan Savings will also provide OFWs convenient access to other BDO products such as the Asenso Kabayan loans and insurance through auto-debit arrangements. This is also good for those who may want to try “automatic” affordable investing in UITFs (unit investment trust funds) of BDO through the EIP (Easy Investment Plan).
Based on my experience, I only presented my Philippine driver’s license when I opened by BDO Kabayan Savings. That means if you are an OFW, you only have to present one valid ID when opening this account. Just the other week, I texted my mother to open a Kabayan Savings for herself in Marikina. She told the bank officer that she is my beneficiary and then presented her Senior’s Citizen ID. Her application was processed right away. Sweet.
Make sure to tell the bank officer that you want enroll your account for an internet banking facility to maximize its worth.
PNB Global Filipino (OFW) Peso Account
I don’t have an account with the Philippine National Bank (PNB) but based on their website, they offer a special ATM Peso account for OFWs called the Global Filipino Peso Account.
You don’t need to have money on hand for you to open this account. It also requires no minimum maintaining balance.
So if you are a newly-hired overseas worker or an OFW on vacation still processing papers at the POEA (Philippine Overseas Employment Administration), you can open a Global Filipino Peso Account at their branch inside the POEA building. Or at any PNB branch near you.
UCPB’s U-Remit ATM Savings
An OFW has to present only one valid proof of their OFW status upon account opening. According to UCPB’s website, the following can be presented in lieu of IDs:
• Unexpired overseas employment contract
• OEC or overseas employment certificate issued within the last 6 months
• A copy of your working visa
• An employment pass (for countries requiring this)
• Residence ID where an OFW is based such as Iqama, Sojourno, Green Card, Permanent Resident Card, etc.
Together with any of the above-mentioned documents, you just need to submit a standard UCPB account opening form.
For the U-Remit ATM Peso Savings Account, there is no initial deposit and no required maintaining balance.
BPInoy Savings
Similar to other savings accounts offered by banks to OFWs, BPInoy Savings Account requires no initial deposit and maintaining balance. However, you need to have at least one remittance transaction every 6 months to avoid dormancy.
If you ran out of cash in the country where you are working, BPInoy ATM cards can be used in Cirrus-affiliated ATMs in over 210 countries in the currency of the country you are in, subject to corresponding transaction charges.
You can monitor your account balance, transfer funds, pay bills or reload cellphones through BPI Express Online or even via your roaming cellphone with BPI Express Mobile.
However, while BPI Direct Savings Bank claims that you can open an account from anywhere in the world online, that is entirely a joke. You still need to nominate a branch in the Philippines for you to pick up your ATM card in your next sweet homecoming.
I just hate it when banks fool you by saying that you can open an account online. Seriously.
Metrobank OFW Peso Savings Account (ATM/Passbook)
Metrobank’s OFW Peso Savings Account is very similar to BDO’s Kabayan Savings in terms of account opening requirements. You also need to have an initial deposit of Php50.00 only. No maintaining balance. (UPDATE: There is no more initial deposit required to open an OFW Peso Savings Account. Zero maintaining balance. However, your OFW Savings account will be converted to a regular account if there are no foreign inward remittances within a year.)
And if in case you were not able to remit any amount in 6 months, you OFW Peso Savings Account will be converted into a Regular Account. Which means your account will be under the spell of a burdensome minimum maintaining balance.
But what caught my attention is that you can present a “Barangay Certification” to the bank officer in case you don’t have your ID’s with you when you open an OFW Peso Savings.
So be good to your Barangay Chairman. Make him believe that you will vote for him in the next election as an Overseas Absentee Voter. 😛
Common Requirements
Don’t forget to always bring the following with you when opening a bank account:
1. ID photos (1×1 or 2×2)
2. Passport
3. Remittance invoice/slip copies (for experienced OFWs)
Other banks are also offering similar services and products for OFWs like Chinabank, Landbank, RCBC, etc. Also, the savings accounts that I included in this list have services available in countries where most OFWs are located.
If you have a savings account from another bank with similar offers for OFW’s, please do not hesitate to share the information in our comment box below.
Continue to receive more information and facts about banking by subscribing to BurnGutierrez.Com for FREE.
Join the OFW UsapangPiso Facebook Group and Forum for free to learn how to plan your finances the right way and how to grow your money in various financial instruments and investment vehicles such as stocks, mutual funds, UITF’s, bonds, money market, real estate, and others.
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 burngutierrezblog@yahoo.com.ph if you have any questions. Click here to join!
P.S. 2. I’m inviting you to attend our entrep webinar called “Negosyo 101 for OFW’s: A Crash Course on Entrepreneurship and Business Development“ on September 28, 2013 at 3PM (Philippine time) with our ever reliable personal finance blogging celebrity Fitz Villafuerte. This online seminar is cool and fits (Fitz!) those who are based abroad and either wanting to grab business ideas or just expand/grow their existing ventures. You can get more details of the webinar by clicking here.
P.S. 3. If you have friends who are struggling professional musicians and artists, please invite them over to attend our FREE Personal Finance Management Seminar for Artists and Musicians focused on improving one’s behavior towards money and how to properly manage it. This is happening on October 26, 2013, 3PM at The 70’s Bistro in Anonas Street, QC. They can text 0916-3624596 or email admin@pinoymundobiz.org for reservations. Visit www.pinoymundobiz.org for updates.
very nice and informative article again bro. keep it up.
It is true that with Bpi Direct, you can open an account online and anytime. I am not an employee, nor do I have a relative working there. But I have opened (and closed) several online accounts at my convenience. You just need to have a “normal” Bpi account to do so which will be linked in your “online” account, which I think is just a standard. So technically, theyre not “fooling” the people into opening an account.
They also offer better rates (Bpi Direct) than normal savings account. 🙂
I have BDO, Bpi, and landbank accounts but most convenient bank I have used so far are BDO and Bpi.
I want to apply kabayan savings but how??? I’m here in morocco
Hi Emily, I’m not really sure if BDO has already established a partner there in Morocco but you can try inquiring at any UAE Exchange center there.
Hi Kabayan!
Gusto ko sana mag-open ng kabayan savings account. Nandito ako sa Dubai ngayon at bago lang ako dito wala pang 6 months. Pag nag open ba ako ng Kabayan Savings Acct kailangan pa ba yung presence ko sa Pinas?
Hi Bea, try inquiring at BDO remit’s desks Al Fuad Exchange or at Al Nebal in Deira. They should be able to help you open a Kabayan Savings accounting right then and there.
Hello! Kababalik ko lang po nung last May 8, 2015, at dito po ako sa Arizona. Nag busy po ako at hindi ako naka pag open ng acct diyan sa Pilipinas habang naka bakasyon ako. Pwede po ba akong mag open ang acct sa BDO kahit andito ako sa Arizona? Thank you.
Hi Angelica. I will check if BDO has a partner in Arizona. But so far, the nearest BDO remittance partners in your state are these two remittance companies. I believe they have desks for BDO representatives in these offices:
Hong Lan Services, Inc. 9113 Bolsa Ave., Suite 122 Westminster, California 92683 USA
Regent Forex 1114 N. Vermont Avenue, Los Angeles California 90029
pls help me, i want to open metrobank savings account hre in taif city saudi arabia, i dont know where, what bank allied to metrobank and hows the process. please inform me
Hi Jayson, please inquire with Telemoney although PNB ang alam ko na meron nag-aassist inside their remittance center. Pero patago lang ito dahil binabawal ng gobyerno ng KSA.
Hi kabayan gusto ko po mag open account ng kabayan savings account
Hi Michelle. Nasan bansa ka ngayon?
I want to open ofw savings account before I leave. I prefer bdo or metrobank. Pero bakit need pa nila ang contract ko as part of requirements, e makukuha ku lang contract ko 1 day before my departure. Panu pku makakapag open nyan. Pls help asap. 2 weeks frm now deployment q na daw sabi ng agency ku. Thank you
Hi @zysa, get a copy of your passport with your working visa. If possible, get a copy of the job offer from your agency at yun ang ipakita mo sa bangko as proof na aalis ka ng bansa to work soon.
Pwede po ba pdos certificate lang e present ko sa metrobank as proof? Ksi 1 day lang sa kanila ma release na compare sa bdo 4 days.. Job ofer and pasport I dont think so.. Sa final briefing daw kasi binibigay lahat which is 1 day bfore dparture acording to my agency.
Pwede yan, just add a copy of your passport. Dapat meron ka photocopies nyan kapag aalis ka.
Thank you so much. Big help 🙂
San po pwedeng magopen ng bank account ang asawa ko sa abu dhabi?yung pede po sanang makapagdeposit n manggaling dito sa pinas
Hi kabayan gusto ko po mag open account ng kabayan savings account nasa cambodia ako ngayon
Hi! i just want to check is BDO got any representative remittance here in malaysia? gusto ko po sana mg.open ng BDO Kabayan Account.
Paano po mag open account dito sa jeddah?
Hello po, I was wondering kung pwede po ako mag withdraw dito sa Abu Dhabi through ATM machines gamit ang Metro bank debit card nakuha ko sa Metrobank ofw savings ko? Kailangan ko kase mag padala ng malaki sa pinas e yung cash ko nasa savings ko na lahat. Possible po ba? Please help.
Hi Regine, depende sa bangko dyan sa Abu Dhabi. Hindi lahat ay tumatanggap ng withdrawals. Pero tignan mo ang ATM kung meron symbols ng Cirrus or Mastercard at kung ang Metrobank ATM card mo ay meron din ganitong logo bago ka mag-try magwithdraw. I-verify mo din sa Metrobank kung allowed ang card mo sa pagwithdraw dyan sa Abu Dhabi.
How can I open an kasayan savings account
Hi @jocelyn, nasaan bansa ka?
Hello sir, good day po. Ako po ay mayroon ng metrobank ofw savings account. Nag open po ako ng panibagong account kasi ung dati kong merribank atm iniwan ko na po sa mga anak ko sa pinas, pagbalik ko sa overseas nag open ulit ako ng panibagong metrobank ofw savings account nung aug. 2016 nakapaghulog na po ako ng dalawang beses then na stop ko ang paghulog due to some financial problem. Ang tanong ko po pwede ko bang hulugan ulit ang account ko na un or activate pa rin po ba sya? If not na po mag open ako ng panibagong account ulit. Salamat po
Hello Mitz, pwede mo subukan enrol sa Metrobankdirect online para malaman mo kung active pa yung account. Required kase ang OFW accounts na mahulugan ng once or twice a year para hindi maging dormant or inactive.
Hi! Gusto ko po mag open ng BDO saving account ofw d2 po ako jubail Saudi Arabia anong banko po ba ako pwde mag open d2 na partner ng BDO ? Dollar account ung eopen kong account? Salamat po🙂🙂🙂
Great and informative post! Aside from peso savings account, I think OFWs should also consider opening a dollar deposit account for tax purposes and more benefits. Sharing with you a post I saw about banks that offer Dollar Savings facility for OFWs 🙂
http://ofwbank.ph/why-you-should-consider-dollar-savings-account-and-find-out-which-banks-offer-it/
Well-written and informative article 🙂 OFWs are among the most hardworking workers, yet they don’t get to save much because of the weight they bear on their shoulders. Aside from peso savings, they should also consider opening dollar savings account since it comes with remittance features as well 🙂 http://ofwbank.ph/why-you-should-consider-dollar-savings-account-and-find-out-which-banks-offer-it/