The Overseas Filipino Bank (OFBank) is a specialized bank established by the Philippine government to cater to the financial needs of Filipino workers abroad, commonly referred to as Overseas Filipino Workers (OFWs), and their families in the Philippines. It operates as a subsidiary of the Land Bank of the Philippines, one of the largest state-owned banks in the country.What is the Overseas Filipino Bank and How to Open an Account for OFWs
OFBank provides a comprehensive range of banking products and services tailored specifically for the requirements of OFWs and their families. These services include remittance facilities, foreign exchange services, various deposit options, loan programs, and other financial services. By offering these services, the bank aims to facilitate the efficient transfer of funds between overseas workers and their beneficiaries in the Philippines.
To open an account with the Overseas Filipino Bank, you will need to fulfill certain requirements. Firstly, you must possess a valid Philippine passport, which serves as proof of your citizenship. Additionally, you are required to provide documentation that verifies your overseas employment, such as a work contract or an employment certificate.
Opening an account with OFBank can be advantageous for Filipinos living abroad or working as OFWs. It offers a convenient and secure way to send money to their families in the Philippines, ensuring that their financial needs are met. Whether you need to support your loved ones with living expenses or respond to emergency situations, OFBank can be a valuable resource.
Please note that the information provided here is based on the knowledge available up until September 2021. It is recommended to consult the official website of the Overseas Filipino Bank or contact their customer service for the most up-to-date and accurate details regarding account opening procedures and services offered.
What is the Overseas Filipino Bank?
The Overseas Filipino (OF) Bank, established by the Department of Finance (DOF) as a wholly-owned subsidiary of Land Bank of the Philippines (LANDBANK), has transformed into the first branchless and digital-only Philippine government bank. This innovative institution enables clients to conduct banking transactions globally, at any time and from anywhere. The primary purpose of the OFBank is to cater to the banking and financial needs of Overseas Filipino Workers (OFWs), Filipinos residing abroad, and their beneficiaries.
To streamline the account opening process, the OFBank utilizes a cutting-edge Digital Onboarding System with Artificial Intelligence (DOBS_AI). Through this system, clients can open an OFBank account in real-time using their Android or iPhone devices. Additionally, the bank employs an electronic know-your-customer (e-KYC) procedure to validate and authenticate the uploaded information and requirements during the application process.
The history of OFBank can be traced back to its predecessor, the Philippine Postal Savings Bank (PPSB), which was established in 1906. However, due to intense competition with other banks, it ceased operations in 1976. In September 2017, President Duterte issued Executive Order No. 44, paving the way for the creation of the OFBank. Subsequently, LANDBANK acquired the PPSB and converted it into the present-day OFBank.
Qualifications
The statement you provided appears to outline the qualifications or eligibility criteria for opening an account with the OFBank (Overseas Filipino Bank). The OFBank specifically caters to the banking and financial requirements of the overseas Filipino community. To be eligible for an OFBank account, individuals need to meet the following criteria:
- Overseas Filipino (OF): You must be a Filipino citizen who resides outside the Philippines.
- Overseas Filipino Worker (OFW): You should be employed as an overseas Filipino worker.
- Beneficiary of an OF/OFW: If you are not an OF or OFW yourself, you can still qualify if you are a beneficiary of an overseas Filipino or overseas Filipino worker.
- Capability to read and write: You need to possess the ability to read and write.
- Absence of any legal disability: You should not be subject to any legal disabilities that would prevent you from opening a bank account.
- Valid identification: You must provide valid identification documents as required by the OFBank to establish your identity.
It’s important to note that while these qualifications outline the general criteria for opening an OFBank account, specific requirements and procedures may vary. It is recommended to directly contact the OFBank or refer to their official website or documentation for the most accurate and up-to-date information regarding account eligibility and requirements.
Requirements
To open an OF Bank account for yourself or your beneficiary, follow these steps:
- Ensure that you have a stable internet connection, as the account opening process will be done online.
- Make sure you have an active email address and mobile number. These will be used during the account opening process via the OFBank Mobile Banking app.
- Prepare one valid ID for scanning and verification purposes. The ID should be one of the following, depending on whether you are an Overseas Filipino/Overseas Filipino Worker or a beneficiary:
For Overseas Filipinos and Overseas Filipino Workers:
- Passport
- Unified Multi-Purpose ID (UMID)
- Professional Regulation Commission ID (PRC ID)
For Beneficiaries:
- Company ID
- Driver’s License
- Government Service Insurance System (GSIS) ID
- Overseas Filipino Worker (OFW) ID
- Overseas Workers Welfare Administration (OWWA) ID
- Passport
- Postal ID
- Professional Regulation Commission ID (PRC ID)
- School ID
- Senior Citizen ID
- Social Security System (SSS) ID
- Unified Multi-Purpose ID (UMID)
- Voter’s Commission on Elections (COMELEC) ID
- Ensure that the information you provide during the OFBank account application matches the details on your chosen ID. This includes your name, date of birth, address, and other relevant information.
By following these steps and providing the necessary requirements, you can proceed with opening an OF Bank account either for yourself or your beneficiary.
Types of Bank Accounts
The OFBank offers three types of Visa Debit Cards: the OFBank Visa Debit Card, the OFBank Visa Debit Beneficiary Card, and the OFBank Regular Debit Card. Here are the details and fees associated with these accounts:
- OFBank Visa Debit Card:
- Account type: Peso savings account for OFs and OFWs (18 years old and above)
- Features: Allows sending remittances through Visa Direct via overseas Visa partners
- Minimum initial deposit: None
- Maintaining balance: None
- Maximum ATM withdrawal per day: P50,000
- Daily balance requirement for interest: P500
- Interest rate: 0.10% per annum
- Interbank transfer fees:
- InstaPay: P25 per transaction
- PesoNet: P15 per transaction
- PDIC Insurance coverage: Up to P500,000 per depositor
- Dormancy fee: None
- OFBank Visa Debit Beneficiary Card:
- Account type: Peso savings account for beneficiaries of OFs and OFWs (18 years old and above)
- Features: Allows free fund transfer to any LandBank ATM or OFBank
- Minimum initial deposit: None
- Maintaining balance: None
- Maximum ATM withdrawal per day: P50,000
- Daily balance requirement for interest: P500
- Interest rate: 0.10% per annum
- Interbank transfer fees:
- InstaPay: P25 per transaction
- PesoNet: P15 per transaction
- PDIC Insurance coverage: Up to P500,000 per depositor
- Dormancy fee: None
- OFBank Regular Debit Card:
- Account type: Interest-bearing Peso savings account for beneficiaries of OFs and OFWs (7- years old or below 18)
- Minimum initial deposit: None
- Maintaining balance: None
- Maximum ATM withdrawal per day: P50,000
- Daily balance requirement for interest: P500
- Interest rate: 0.10% per annum
- Interbank transfer fees:
- InstaPay: P25 per transaction
- PesoNet: P15 per transaction
- PDIC Insurance coverage: Up to P500,000 per depositor
- Dormancy fee: None
It’s important to note that the above information is based on the knowledge available up until September 2021. For the most up-to-date and accurate details, it’s recommended to visit the official website of OFBank or contact them directly.
Logo of Overseas Filipino Bank – A Savings Bank of LandBankProducts and Services
OFBank, with its mission to serve the migrant Filipino community, provides a range of secure and trustworthy financial products and services. One of its primary objectives is to facilitate efficient remittances from overseas. Clients can transfer funds to OFBank and LandBank without any charges and also transfer funds from their accounts to other banks using InstaPay or PesoNet. Additionally, OFBank offers several other services such as bill payments, cashless transactions at Point-of-Sale terminals, and cash withdrawals from local and foreign ATMs.
Moreover, OFBank has expanded its digital reach to approximately 112 countries, connecting its clients with over 763 merchants through the LinkBiz.Portal app. This platform allows clients to access online services from various utility and service companies, educational institutions, government agencies, local government units (LGUs), associations, cooperatives, corporations, foundations, clinics, healthcare facilities, hospitals, banks, credit card companies, insurance providers, and more.
In terms of loans, OFBank offers three types of loans to its account clients. Additionally, it will soon launch the Opportunity for Financial Wellness (OFW) Lending Program. The available loan programs include:
- OFW Reintegration Program: Developed in partnership with the Overseas Workers Welfare Administration (OWWA) and LANDBANK, this program aims to provide credit assistance to OFWs who want to establish their own businesses, enabling them to create an alternative source of income.
- Multi-purpose Loan: This upcoming program assists clients in availing lending programs from OFBank’s parent bank for financing business needs, whether for capital or operational expansion.
- Bahay para sa Bagong Bayani (3B) Loan: This loan program, offered by LANDBANK, is designed for OFWs planning to acquire, build, or renovate their homes. It provides flexible and relaxed terms to help OFWs realize their dream homes.
OFBank clients can also benefit from Treasury products offered by LANDBANK and the Premyo Bonds Para Sa Bayan to invest and grow their funds.
Furthermore, OFBank provides various remittance services to facilitate convenient banking and financial transactions. Clients can transfer funds to anyone through OFBank or LANDBANK mobile banking, receive funds from any Philippine bank, GCash, or PayMaya (using InstaPay or PesoNet), send money from their overseas bank via Visa Direct (excluding OFBank Regular Debit Card), remit money overseas through partner Remittance Centers, enable fund transfers from their OFBank account to their foreign bank account, and utilize the Leasing Facility for lease-to-own transactions.
OFBank clients can access retail internet banking and alternative payment channels for bill settlement. The OFBank Mobile Banking app offers convenient and efficient personal banking services, including online account opening, quick balance inquiries, fund transfers to oneself, others, and other banks, bill payments, cardless withdrawals, Mobilock feature, purchase of Treasury Bonds, and loan application services.
In summary, OFBank aims to provide secure and reliable financial products and services to the migrant Filipino community. It offers efficient remittance options, convenient digital services through the LinkBiz.Portal app, various loan programs including the upcoming OFW Lending Program, investment opportunities through Treasury products, extensive remittance services, leasing facilities, and access to retail internet banking via the OFBank Mobile Banking app.
How to set up an Overseas Filipino Savings Bank Account?
To set up an OF Savings Bank Account, please follow the steps below:
- Download the OFBank Mobile Banking App on your mobile device from either Google Play or the App Store.
- Open the app and enter your user ID and password.
- On the welcome page, tap “Continue” to proceed.
- On the reminders page, select the applicable description that best fits you, whether you’re an OF (Overseas Filipino), OFW (Overseas Filipino Worker), or Beneficiary. Then click on “Proceed.”
- Review the Terms and Conditions and click on “Confirm” to verify your agreement.
- On the Profile Details page, fill out all the necessary fields with accurate information.
- Confirm your mobile phone number by entering the one-time PIN that you will receive and tap on “Submit.”
- Proceed to authenticate your email address by following the instructions provided.
- Create your User Profile and Password to secure your account.
- Choose security questions and provide their respective answers, then click on “Next.”
- Enter your personal, financial, and account purpose details as requested.
- Upload a valid ID document and take a selfie for verification purposes.
- Double-check all the information you have provided to ensure accuracy.
- Click on “Confirm” to complete the process.
- You will receive a confirmation email indicating whether you have successfully opened an OFBank account.
Please note that the process and specific steps may vary slightly depending on any updates or changes made to the OFBank Mobile Banking App. It’s always recommended to refer to the official OFBank website or contact their customer support for the most up-to-date instructions.
 PAANO MAKUHA ANG OFBank ATM CARD | OVERSEAS FILIPINO BANK ACCOUNT | OFW ONLINE BANKING | BabyDrewTV
To learn more about the OFBank,
“The OFBank ATM card can be claimed at any LandBank branch. Simply bring the identification card you used during the online application process. However, please note that if the branch you visit does not have any available ATM cards, you may not be able to receive your OFBank ATM card.”
Frequently Asked Questions
Please check out these FAQs for more information about the OFBank:
1. Is LandBank and Overseas Filipino Bank the same?
The Overseas Filipino Bank or OFBank is a wholly-owned subsidiary by LandBank, so it’s the same.
2. How do I open an OFBank account?
Meet the qualification criteria to open an OFBank account and download the OFBank Mobile Banking App to set up your account.
3. How do I deposit money into OFBank?
There are many ways to deposit money to OFBank via fund transfer from other Philippine banks, GCash or PayMaya.
4. Where are OFBank’s branches located?
OFBank doesn’t have physical branches since it’s a branchless and digital-only government bank. Nonetheless, LandBank branches can accommodate certain transactions, such as claiming or replacing ATM cards, withdrawals exceeding P50,000, and deposits of Cash and Checks for areas with no access to LBP cash deposit machines.
5. How can I get my OFBank ATM card?
You may visit the nearest LandBank branch New Accounts counter and show the valid ID you uploaded for the OFBank application. Then, answer the Know Your Customer (KYC) questions.
6. What to do if my OFBank ATM card got lost or stolen?
If your OFBank ATM card got stolen or lost, immediately report it to OFBank customer care or block it via the iAccess online banking facility.
7. Is OFBank safe?
Yes, OFBank is safe since it’s a government-owned bank.
Summary
The OFBank is a commendable option for individuals seeking an internet-based savings account offering competitive interest rates and without any required maintaining balance. The application procedure is swift and straightforward, reflecting a positive advancement in the field of banking within the Philippines.What is the Overseas Filipino Bank and How to Open an Account for OFWs
Undoubtedly, the OFBank will be of immense advantage to overseas Filipinos, overseas Filipino workers (OFWs), as well as their beneficiaries. It facilitates convenient banking and financial transactions, enabling individuals to engage in such activities effortlessly from any location and at any time. With the assistance of the OFBank, Filipinos can efficiently manage their financial matters and engage in real-time transfer and receipt of funds for their loved ones.
Contact Details
Website:Â https://www.ofbank.com.ph/
Facebook Page:Â https://www.facebook.com/OFBank
Email:Â customer.care@mail.ofbank.com.ph
24/7 Hotline: (02) 8405-7000
PLDT/Smart Toll-Free Number: 1-800-10-405-7000
