With the recent launch of the Overseas Filipino Bank in Manila inaugurated no less than President Rodrigo R. Duterte as a fulfillment of his election campaign, many Filipinos based abroad are curious as to how to open an account and finally be part of a financial institution close to heart.
According to the Department of Labor and Employment Secretary Silvestre Bello III, opening an account at OFB is similar to the process of opening accounts at other banks.
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Opening New Account at Overseas Filipino Bank
While there are reports that OFB will open branches in Abu Dhabi, Dubai, and Bahrain, opening of accounts is currently confined in its headquarters in Manila.
- Visit Overseas Filipino Bank main office in Liwasang Bonifacio at Ermita district in Manila.
- Present identification documents such as passport or valid ID card.
- Select preferred type of account to open – savings, checking, time deposit, etc. Opening an account at OFB is free.
OFWs who live in other Philippine cities can also expect more convenience as OFB will open branches nationwide especially those in Iloilo, Legazpi, Cebu, Cagayan de Oro, and all other cities where there is an existing Philippine Postal Savings Bank branch.
Who Can Apply For New Account at Overseas Filipino Bank
Currently, the bank will accept applications only from overseas Filipino workers.
The Overseas Filipino Bank, Bello said, will offer the following services:
- Future Needs Savings Plan
- Loan packages at affordable rates
- Dollar remittances at lower rates (and eventually, free)
- Peso ATM Savings, Time Deposit, and Checking Accounts
Advantages of Overseas Filipino Bank
One of the selling points of this OFW bank, Bello said, is the availability of non-collateral loans of up to P350,000 at six percent per annum. Higher loan packages will eventually be offered, he said. This offer provides more alternatives to Filipinos who need capital to start a business and enables them to avoid the risk of landing in jail, notably in the United Arab Emirates, once they fail to settle unpaid debts.
Competitive remittance rates
OF Bank serves the needs of migrant Filipino workers such as offering the “cheapest, fastest, secure, and convenient mobile credit-to-account-system remittance service..”
“Initially, the remittance fee will be much cheaper than the present rate, and eventually it will become free. So, for example, if your remittance fee now is $20, the remittance fee with the OF Bank will be $15 or $10 and eventually it will become free,” Bello said.
More international branches will be established especially those in the Middle East where a high concentration of Filipino migrant workers can be found.