News PH gov't launches Overseas Filipino Bank so OFWs can...

PH gov’t launches Overseas Filipino Bank so OFWs can send money home faster

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The Overseas Filipino Bank (OFBank) was launched by the Philippine government on Monday, June 29, in an effort to help Filipinos to send money home faster. 

The digital-only bank has no branch and all transactions are done online. 

OFBank is a subsidiary of Land Bank of the Philippines (Landbank) and opening an account is also more convenient. 

Here’s how to open an account: 

OFWs and their beneficiaries can open and submit all requirements through OFBank’s mobile app. 

Applicants must present at least one of the following valid IDs for scanning and verification purposes: 

-Passport

-Unified Multi-Purpose ID (UMID)

-Professional Regulation Commission (PRC) ID

For beneficiaries: 

-Company ID

– Driver’s License

– Government Service Insurance System ID

– OFW ID

– Overseas Workers Welfare Administration ID

– Passport

– Postal ID

– PRC ID

– School ID

– Senior Citizen ID

– Social Security System ID

– UMID

– Commission on Elections ID

Applicants can open the following: OFBank Visa Debit Card for OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. 

The good thing about opening in OFBank account is it has no interest-bearing savings account with no minimum initial deposit and monthly average daily balance, as well as dormancy fee. 

The account must have at least a daily balance of Php500 to earn interest. 

Account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and Landbank accounts, free of charge.

Interbank fund transfers are subject to a service fee of P25 per transaction via InstaPay and P15 per transaction via PesoNet.

The card can be claimed at any Landbank branch. The ID used online needs to be presented at the branch. 

The app is now available to be downloaded on App Store and Playstore.

Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got story to tell? Email him at eic@theglobalfilipinomagazine.com.

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