Aiming to facilitate faster remittance from overseas Filipino workers to their families in the Philippines, the government launches the Overseas Filipino Bank (OFBank).
The first digital-only and branchless government bank that is tailor-fit to the needs of OFWs, the OFBank is a subsidiary of the Landbank of the Philippines (LBP), which offers banking services to Filipinos anytime and anywhere across the globe’.
Using a digital onboarding system equipped with artificial intelligence, clients can open an account online in real-time.
According to Landbank, opening an account online is safe and secure, as the application has advanced encryption and security technology that protects sensitive information.
Nonetheless, OFBank offers three types of interest-bearing peso saving accounts—the OFBank Visa Debit Card for OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These accounts do not require a minimum initial deposit and monthly average daily balance and will not charge a dormancy fee.
However, the accounts need to have a daily balance of P500 to earn interest.
Meanwhile, transferring funds between OFBank and LBP accounts using the OFBank’s mobile facility is free of charge. On the other hand, there will be a P25 service fee for interbank fund transfers through InstaPay and P15 per transaction via PesoNet.
Opening an OFW Bank Account at Overseas Filipino Bank (OFBank)
1. Using your mobile phone, download and install OFBank Mobile Banking Application
2. Open OFBank Mobile Banking Application, register and fill-up needed information.
3. An applicant only needs to take a selfie and submit any of the following IDs for scanning and verification purposes:
For overseas Filipinos and OFWs
- Unified Multi-Purpose ID (UMID); and
- Professional Regulation Commission (PRC) ID
- Company ID;
- Driver’s License;
- Government Service Insurance System ID;
- OFW ID
- Overseas Workers Welfare Administration ID;
- Postal ID;
- PRC ID;
- School ID;
- Senior Citizen ID;
- Social Security System ID;
- Commission on Elections ID
4. The system will compare the selfie of the applicant versus the photo on the identification card he or she submitted.