• Skip to main content
  • Skip to primary sidebar

iSensey

Resource Site for Everyday Pinoy!

  • Money
    • Banking
      • BDO
      • BPI
      • Landbank
      • Metrobank
      • Security Bank
      • Unionbank
    • COL Financial Inc
    • Loan Programs
    • Paypal
  • Investment
    • Bonds
    • UITF
    • Insurance
    • Potential Investment Scam
    • Stock Market
  • Job Opportunities
  • News Events
    • Health
  • Tutorials and Guides

January 26, 2018 By iSensey

OFW Bank Account Opening, Savings, Loans, and More

OFW BANK account opening requirements and how to apply for loan

True to President Duterte’s campaign promises, the OFW Bank has become a reality.

If you are an OFW, a family member or friends of an OFW, please let them know that there is a banking and financial service that is really for them, officially named Overseas Filipino Bank (OFB).

*The OFB is a Savings Bank of Landbank.

The OFW Bank in the Philippines’s focus is to serve the Overseas Filipino Workers, as well as Filipinos who are now residing in foreign land. Savings (ATM / Checking / Time Deposit), Loans (Housing / Business), Remittance Service, and Investments (UITFs) are among the products that this bank offers to our countrymen who are now working abroad.

There will also be programs in the future to help our kababayans to learn more about financial literacy, so the hard-earned money from working abroad will be used wisely by the OFW and the remittance recipients.

 

OFB HISTORY SNAPSHOT

  • Creating a bank to cater solely for OFWs was one of the campaign promises of President Duterte last May 2016 presidential election.
  • In September 2017, PRRD signed Executive Order No. 44 which approved the acquisition of the former Philippine Postal Savings Bank (Postbank) by the Land Bank of the Philippines. The Postbank was then converted into what it is now today, the Overseas Filipino Bank.
  • Last January 18, 2018, The OFW Bank was officially launched.

*This Overseas Filipino Bank is a result of the collaborative effort of Land Bank of the Philippines (Landbank) and the country’s Department of Finance (DOF).

 

OVERSEAS FILIPINO BANK ACCOUNT OPENING

A lot of OFWs are now asking how to open an account with the OFW bank as well as what are the requirements especially for ATM Savings and Time Deposit. If a family member like wife, husband, parent, siblings can open an account in behalf of them pag nandun pa sila sa abroad at di pa makauwi para mag bukas ng account sa banking eto? Also, if they need to be a depositor in the bank first before they can apply for a housing loan in the OFW Bank, and other questions and concerns of OFWs.

As of today, iSensey is still gathering the pertinent details as to requirements for opening of account in OFW bank and how to apply for loan. Once we get hold of verified info, we will be updating this post, to help our OFWs on what to prepare. We will also try our best to also provide info for OFW bank loan requirements.

*iSensey thinks that the OFW ID from iDOLE may be one of the requirement for savings and loan application, although it is not yet clear as of January 2018 if kasama ba talaga ang OFW ID sa requirements. Update nalang po naming ang post na to for the full requirements details once info is on hand.

In any case, we strongly encourage all Overseas Filipino Workers to consider opening an account with the OFW Bank branch that is located closest to your residence here in the Philippines.

We will publish a separate post on the locations and addresses of the OFW Bank branches in the country from Metro Manila, Luzon, Visayas, and Mindanao.

Take note that the OFW Bank will also operate a remittance service, we hope you will try it when you are sending money to your love ones in the Philippines. Will it be free to remit, meaning no remittance fee? No info is available yet on the remittance service fee in OFW bank, however, we are sure that if there is one, the fee will be very minimal, since this is a special bank for OFWs.

Lasty, for our OFWs, make sure to save and invest a part of your earnings from working abroad. This way, when it is your time to go home for good in the Philippines, your future remains bright.

Share po natin ang good news para sa mga OFWs!

  • Tweet
  • Click to email a link to a friend (Opens in new window) Email

More Useful Articles

Filed Under: Banking, OFW Bank Tagged With: housing loan OFW bank, OFW Bank Loan, OFW bank loan requirements, OFW bank location, ofw bank open account, ofw bank Philippines, ofw bank remittance fee, ofw bank requirements, OFW News, Overseas Filipino Bank

Reader Interactions

Comments

  1. Maribel Marteja says

    February 22, 2018 at 9:41 am

    How to avail the loan of Ofw

    • Eduardo S. Factora says

      January 1, 2019 at 5:50 pm

      MAM ano pong requirements pag seaman saan po location nyo sa manila

  2. Jocelyn says

    March 8, 2018 at 6:21 am

    May branch po b sa laguna?

  3. Danilo f kabigting says

    May 24, 2018 at 3:24 pm

    How can an ofw send remittance thru ofw bank when abroad?

  4. roneladumaya says

    August 7, 2018 at 4:38 am

    how can i apply for online account ofb while i am abroad

    • iSensey says

      August 10, 2018 at 10:10 am

      Hi Ronel, no info yet on account opening via online for the OFW Bank as of August 2018. Once the online account opening facility is available, iSensey will write-up a post about it.

  5. Joselito Jerusalem Japzon says

    August 24, 2018 at 4:04 pm

    Ofw po ako at d2 pa still working in ksa..gus2 ko mg loan mga around 2M for 3yrs payment png house construction…please help..tnx

  6. charlotte c. rivera says

    October 5, 2018 at 4:25 pm

    sana my OFW ID NA DITO SA SINGAPORE SALAMAT ….

  7. warlito dioso says

    October 14, 2018 at 1:48 am

    good day po..ask ko lNg po kaylan po magsimula mag apply ng loan sa ofw bank..sabi ng taga ofw bank staff,,sa september po ang start ng pag apply ng loan…sa davao branch po un…salamat po.

  8. Leonora Co says

    February 16, 2019 at 12:47 am

    Could please post the addresses of OFW bank.
    Thank you.

Primary Sidebar

Recent Posts

  • Get Your CAP Refund – Claim Checks for Educational Plans
  • Always Rejected When You Apply for a Credit Card? Go for a Secured Credit Card 
  • Multiple Payments on Credit Card, Are You Paying Fees?
  • Cost of Breast Ultrasound, Mammography, MRI, Biopsy in a Private Hospital in the Philippines 
  • Update or Change PRN Amount Due to SSS Contribution Increase 2023 for Voluntary and OFW Members
  • Updated List of Basic Requirements for Account Opening in BPI
  • I deposited before month-end, why is there still a service charge of P300?

MORE ISENSEY TOPICS

  • Blogging
  • Business ideas | Online Opportunities
  • OFW Central
  • Inspirational Stories
  • Govt Services
    • AFP
    • BIR
    • CHED
    • Civil Service Commission
    • COMELEC
    • Customs
    • DOJ
    • DOLE
    • DOST
    • DTI
    • LTO
    • NBI
    • OWWA
    • PAG-IBIG
    • PCSO
    • Philhealth
    • PHLPost
    • PNP
    • POEA
    • SEC
    • SSS

Subscribe to iSensey via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Copyright iSensey Publishing. Contact Us.Privacy Policy.Disclosure.

 

Loading Comments...