It is important for OFWs to plan their finances. In general, working overseas lasts only a few years, so it is crucial to save money while earning abroad. This means you need to have the right savings account and fast and affordable remittance services. Doing this, you can more efficiently support your family back home and have a more financially stable future.
The following are the top banks offering specialized savings accounts and remittance services for OFWs. Some features include low to no maintaining balances, free remittance options, life insurance, easily accessible loans and more.
Best Banks for OFW Savings and Remittances
BDO Kabayan Savings Account
BDO Unibank is one of the most popular choices for OFWs, thanks to its Kabayan Savings Account. This account is designed for overseas workers, offering both convenience and flexibility.
- Initial Deposit: PHP 100 or USD 100
- Maintaining Balance: None, provided the account receives at least one remittance every two years.
- Inclusions: A passbook and an ATM card, which can be claimed within five working days.
- Additional Benefit: Qualifies for free life and accident insurance with active remittances.
One downside is that if the account remains inactive for more than two years without any remittance, it will convert to a regular savings account, requiring a maintaining balance of PHP 2,000 to stay active.
Remittance Services: BDO works with many international partners, making it easy for OFWs to send money how. It also offers online banking so you can easily monitor your accounts from abroad.
BPI OFW Savings Account and Remittance Options
BPI offers several savings accounts for OFWs, like the BPInoy Savings and BPI Pamana Savings accounts. These accounts provide security and easy access for OFWs and their families.
- Maintaining Balance: No maintaining balance for the BPInoy account, but it requires a remittance every three months to remain active.
- Key Feature: The BPI Pamana Savings includes life insurance coverage of up to PHP 2 million, making it a great choice for long-term financial security.
- Remittance Services: BPI supports international remittances and has a smooth integration with GCash, which allows family members to receive funds instantly.
BPI’s app is easy to use, so that you can send money, pay bills, or check your accounts from abroad. Many OFWs prefer BPI because of its extensive branch network and digital wallet partnerships.
PNB OFW Savings Account
The Philippine National Bank (PNB) is known for helping OFWs by offering offering a hassle-free savings account with flexible options.
- Account Features: Comes with the PNB-PAL Mabuhay Miles Debit Mastercard, usable at Mastercard and Maestro-enabled ATMs worldwide.
- Maintaining Balance: None required, which is ideal for OFWs with irregular incomes.
- Application Requirements: A valid ID, two 1×1 photos, and in some cases, additional documentation such as a POEA employment contract or OFW ID.
PNB’s international remittance services are reliable and widely accessible, with options for direct deposits and cash pickup through partner institutions worldwide.
Metrobank OFW Savings Account
Metrobank provides an interest-bearing savings account with no opening or maintenance fees, making it a suitable choice for OFWs.
- Key Conditions: The account will close automatically if left with a zero balance for more than three months.
- Interest Feature: As long as the account remains active, savings will earn interest.
Metrobank has a reliable remittance network, with services available through its international branches and partner companies, ensuring smooth transactions for OFWs.
China Bank Overseas Kabayan Savings Account
China Bank offers a savings account designed for OFWs with no initial deposit requirement, but you need to maintain a balance to earn interest.
- Interest Rate: 0.25% annually for balances above PHP 1,000.
- Application Process: Requires a valid ID, two 2×2 photos, and an application form.
China Bank’s remittance services are efficient, offering quick transfers from abroad to the Philippines.
Overseas Filipino Bank (OFBank)
OFBank, a subsidiary of Land Bank, is the first digital-only state-owned bank aimed at serving the financial needs of OFWs.
- Account Features: Entirely online, with 24/7 access to banking services from anywhere in the world.
- Remittance Services: Supports international money transfers through digital platforms, making it easier for OFWs to send money home without high fees.
OFBank also offers investment options for OFWs who want to grow their savings through government bonds and other financial products.
Remittance Tips for OFWs
When it comes to sending money home, the following tips can help OFWs save on fees and maximize remittances:
- Compare Remittance Fees: Different banks and remittance companies charge different fees, so it’s best to choose the option with the lowest fees.
- Use Digital Wallets: Apps like GCash and Maya can make receiving remittances more convenient for your family.
- Plan Transfers in Advance: Schedule your remittances when exchange rates are favorable to get the most value from your transfers.
- Consider Opening a Dollar Account: This allows you to keep your remittances in USD, reducing conversion losses if you decide to convert your funds at a better rate later.
Why OFW-Specific Savings Accounts Matter
Many OFWs struggle with irregular income and the high cost of living abroad. That’s why having a savings account that is designed to their needs can help them manage their money better. Having the right account can also help OFWs build an emergency fund and save for the future.
Most of the accounts mentioned above are flexible. That is, even if an OFW returns home, the account stays active and easy to use. These OFW-designed accounts are also usually so efficient that families can get their financial support on time. Other banks even provide free insurance.
Choosing the right savings account and remittance service is crucial for OFWs. Options like BDO Kabayan, BPI BPInoy, and PNB Mabuhay Miles have features suited to overseas workers. It’s important to compare factors like maintaining balances, interest rates, and remittance fees. Moreover, digital banks like OFBank are also great for 24/7 access without needing a physical branch.