If you’re one of the many overseas Filipino workers who will soon be coming back to the Philippines, whether temporarily or permanently, you’ll be happy to know that you may now open a Bank of Commerce OFW Savings account. This is something that was previously unavailable to you. Because the government made it a priority to simplify the process of transferring and sending money for all overseas Filipino workers, the number of savings accounts held by OFWs continues to rise.
There is a possibility that opening an Overseas Filipino Worker (OFW) bank account in the Philippines will appear to be challenging. However, if you arrive with all your papers in order, it will not be difficult to meet the necessary timetables and standards. Keep reading if you want to learn how to set up a Bank of Commerce OFW savings account.
What is a Bank of Commerce OFW Savings Account?
The Bank of Commerce OFW Savings Account is an excellent choice for Filipinos working outside the country. This account comes equipped with a number of useful tools that will assist you in better managing your funds and ensuring that they are always accessible when you might require them.
The Overseas Filipino Worker (OFW) Savings Account provided by the bank is available to OFWs who are employed in countries other than the Philippines and wish to maintain the security of their financial resources. It is not necessary for a person to be working specifically for the Philippines overseas in order to be eligible to open this account; they only need to be working temporarily or permanently outside of their home country.
Because Overseas Filipino Workers (OFWs) have a unique requirement for a specialised deposit product, this kind of account has been developed to cater to their specific requirements. It is designed to make it easier and more supportive for overseas Filipino workers to plan for future remittances from overseas because money can be deposited into a Bank of Commerce OFW savings account. This is one of the main goals of the account. The following is a list of some of its most distinguishing features:
- INITIAL DEPOSIT AND MAINTAINING ADB: PHP 0
- REQUIRED ADB TO EARN INTEREST: PHP 5,000
- INTEREST RATE
- INTEREST CREDITING: Monthly
What are the Various Deposit Products Offered by Bank of Commerce Savings?
Bank of Commerce provides its customers with a wide variety of deposit products, giving them the ability to choose the one that best suits their requirements. There are a variety of examples of these financial instruments, including savings accounts, checking accounts, money market accounts, and certificates of deposit. Customers have the ability to pick the account that caters to their requirements the most effectively by selecting from among these products, each of which provides a unique combination of features and advantages.
Here are the various deposit products they offer:
- SAVINGS ACCOUNT PLUS. You can earn interest on your savings while still having easy access to your money by using a Mastercard EMV Debit Card or our secure Retail Internet Banking service offered by the Bank of Commerce. You can conduct business at any of the Bank of Commerce branches, automatically transfer cash using the CASA Add-on services, and utilise a passbook to keep track of how your balance is changing.
- SAVINGS ACCOUNT WITH PASSBOOK. When you conduct business at any of Bank of Commerce’s branches or through their safe and secure Bank of Commerce Retail Internet Banking, the funds from your transaction will be automatically transferred using their CASA Add-on facilities. If you want to keep track of your money, use your passbook.
- SAVINGS ACCOUNT WITH ATM DEBIT CARD. Any Bank of Commerce location will allow you to access your funds, make everyday purchases with your Mastercard EMV Debit Card, which you may use everywhere that Mastercard is accepted, and transact business with your account. You can earn interest on your funds, transfer funds automatically with our CASA Add-on services, and track your transactions in an easy and safe manner using their Bank of Commerce Retail Internet Banking.
- US DOLLAR SAVINGS ACCOUNT. Earn interest every quarter on your hard-earned dollars and keep a record of your transactions with a passbook. Transfer funds from your account to another Bank of Commerce US Dollar savings account and check your daily balances through our secure and user-friendly Bank of Commerce Retail Internet Banking. Deposit and withdraw at any Bank of Commerce branch using your passbook, or make withdrawals via telegraphic/fund transfers or notes.
- EURO SAVINGS ACCOUNT. You may keep track of your money with a passbook and make deposits or withdrawals of Euros at any of the Bank of Commerce branches. You can move money from one Bank of Commerce Euro savings account to another using our safe and user-friendly Bank of Commerce Retail Internet Banking service, which is accessible from anywhere in the world. Take out money using either telegraphic or electronic fund transfers or notes.
- YUAN SAVINGS ACCOUNT. Make a deposit of your Chinese yuan at any branch of the Bank of Commerce, and make sure to keep track of your money using a passbook. With our safe and user-friendly Bank of Commerce Retail Internet Banking, you can move money from one Bank of Commerce Yuan savings account to another Bank of Commerce Yuan savings account from anywhere in the world. Take out money through telegraphic or electronic fund transfers, or US dollars in cash.
- JUNIOR SMART SAVERS. Begin saving at a young age. JSSSA was established for the sole purpose of providing young people under the age of 18 with a head start in the banking industry. You may track the growth of your savings with a passbook and access your money using a Mastercard or EMV debit card at any time. You are free to conduct business related to your account at any of the Bank of Commerce locations, and you may use the safe Bank of Commerce Retail Internet Banking to keep track of all of your financial dealings.
- SIKAPPINOY. The EMV Debit Card is available for use by people working overseas as well as their families. The goal here is to make everyone’s life in the Philippines, as well as the lives of the people they care about, a little bit better. Debit Cards can be used locally as well as in other countries, and transactions can be viewed using the Internet Banking service offered by the Bank of Commerce branch.
- CHECKING ACCOUNT. You are able to pay your bills and make other payments if you are able to issue checks. Clearing times can be reduced significantly when you use PCHC’s check image clearing feature. By utilising our CASA, you will have the ability to automatically send money. Add-on services, make it easy to keep track of the changes to your account balance with the help of our dependable Bank of Commerce Retail Internet Banking. You can view your transactions immediately by registering in our Electronic Statement of Account (eStatement), and you can keep a record by having a statement of account delivered directly to your door. Both of these options are available to you at no additional cost. You can conduct transactions that do not require you to carry cash if you have a Mastercard EMV Debit Card that is linked to your account. This card will allow you to access your funds wherever and whenever you want, whether you are at home or abroad, at any automated teller machine (ATM) owned by the Bank of Commerce, as well as at Mastercard and BancNet terminals.
- REGULAR TIME DEPOSIT. Start putting money down for the future and earn interest at rates that are better than those offered by traditional savings accounts in as little as thirty (30) days and in some cases in less than a year.
Who can open a Bank of Commerce Savings OFW Savings Account?
You are qualified to open an Overseas Filipino Worker Savings Account with Bank of Commerce Savings if you meet any of the following requirements:
- Customers must be residents of the nation in which the bank is headquartered;
- People who are citizens of another country but live in the country where the bank is located, as well as people who are not nationals of that country but live there (barring any exceptions allowed by law or regulation).
Requirements for Opening a Bank of Commerce OFW Savings Account
The following items must be presented to the Bank of Commerce in order to open a savings account (please note that the requirements for opening other types of bank accounts may vary):
- 2 pieces 1×1 latest ID pictures
- Tax Identification Number (TIN and other information, for completing forms)
- Original and clear copy of at least one (1) valid photo-bearing identification document issued by an official authority (or better bring all available IDs)
- Required initial deposit
The following are some examples of acceptable picture identity documents that have been issued and signed by a legitimate government agency, and they can be used to obtain a loan from the Bank of Commerce:
- Passport (in case of foreign passport, must have English characters/translations)
- Driver’s License
- Professional Regulations Commission (PRC) ID
- Tax Identification Number Card
- Government Service and Insurance System (GSIS) eCard
- Social Security System (SSS) Card
- Seaman’s Book
- Alien Certification of Registration (ACR)/Immigrant Certificate of Registration (ICR)
- Integrated Bar of the Philippines ID
- Overseas Workers Welfare Administration (OWWA) ID
- Overseas Filipino Worker (OFW) ID
- Government office and GOCC ID (AFP or HDMF Ids)
- Philippine Health Insurance Corporation’s (PhilHealth) Health Insurance Card ng Bayan
- Maritime Industry Authority (MARINA) ID Card
- Postal ID
- Voter’s ID
- Senior Citizen card
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Student ID issued and signed by the principal or head of the school
- Company ID issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
- National Bureau of Investigation (NBI) clearance
- Police clearance
- Barangay Certification
Where can I apply for the Bank of Commerce OFW Savings Account?
If you are interested in opening a Bank of Commerce OFW Savings Account, you have the option of doing so in person at any of the bank’s locations or applying for the account online.
How to Open a Bank of Commerce Savings OFW Savings Account?
There is a high likelihood that opening a savings account or other deposit account, as well as the requirements for doing so, will be substantially identical across all Philippine banks. Along with personal information that can be verified, the normal method requires a small amount of paper work, photo identification cards, and various other criteria.
- Seek assistance at the New Account Section. Tell the welcoming guard that you want to create a savings account as soon as you get at the bank. Your transaction will be processed through the New Account Section. Your attending bank clerk will inform you of the various deposit products (or appropriate savings accounts) as well as the bank’s deposit account laws and regulations.
- Fill Out Account Opening Forms. After making your choice regarding which type of deposit you would want to make, you will be asked to finish filling out the necessary paperwork for opening a new bank account. Try to write in a legible hand and fill in the blanks with information that is factual. At any branch of the Bank of Commerce, you are required to fill out the following forms:
- Customer Record Form
- Signature Cards
- Application for ATM Card (if applicable)
- Authorization to Debit (if initial deposit in debited to another account)
- Deposit Slip (for initial deposit required)
- Present Your Documentary Requirements. Give the bank employee your completed list of requirements for opening an account (Check Bank of Commerce Account Opening Requirements listed above). Before leaving the bank, please check that the IDs that were provided to you have been returned to you so as to avoid any inconveniences.
- Make Your Initial Deposit and Claim Your Passbook (if applicable). After you have finished filling out all of the papers and have submitted your requirements, you will be asked to pay the initial deposit that is required. (For additional details, please refer to the section entitled “Deposit Products” on the Bank of Commerce website.) For instance, the initial deposit for the Bank of Commerce Savings Account Plus is required to be 10,000.00 Philippine Pesos. The majority of banks will let you immediately obtain your passbook after you have made a deposit.
- Come Back After a Week for Your ATM Card (if applicable). If you selected an account that comes with an ATM card, you will be given instructions on how to retrieve it in one week. The processing of ATM cards normally takes place at the headquarters of the Bank of Commerce in Mandaluyong. Be sure to ask for the contact information for the branch so that you can call them before attempting to claim it.
Make sure you alter your personal identification number (PIN) as soon as you get your new ATM card by using the machine at the bank. Take note that the number of branches operated by the Bank of Commerce is significantly lower than those operated by other commercial banks.
Frequently Asked Questions
Here are some of the most frequently asked questions regarding the process of opening a Bank of Commerce OFW Savings Account.
What other IDs are accepted by the Bank of Commerce?
The following government-issued IDs may be used to open a bank account in the Philippines:
- Social Security System (SSS) Card
- Government Service Insurance System (GSIS) Unified Multi-Purpose Identification Card (UMID)
- Philippine Identification System (PhilSys ID)
- Driver’s License issued by Land Transportation Office (LTO)
Is there a maintaining balance on BoC OFW Savings Account?
There is not a minimum balance requirement for the BoC Overseas Financial Worker Savings Account. At any time that you choose, you are free to withdraw your money.
Does this savings account earn interest?
This account earns interest, and you can also use it to transfer money to other accounts.
What are the benefits of having a Bank of Commerce OFW Savings Account?
There are many benefits of having a Bank of Commerce OFW Savings Account. These include:
Interest Earned: You can earn interest on your savings amount, which is paid monthly.
Convenient Depositing/Withdrawing: You can deposit or withdraw money anytime and anywhere using the internet banking portal. All you need to do is log in using your username and password to perform the transaction.
Flexible Withdrawal: You can make withdrawals without incurring any service charge or penalty fee even if it’s made outside business hours. In addition, you can withdraw cash in any BOC branch nationwide through its ATM network.
Do I need to go to the nearest Bank of Commerce branch?
Absolutely, but only this one. You will be required to go to a branch that is located nearby and verify your identity by presenting at least two (2) valid IDs that have been issued by government agencies, such as an SSS ID, GSIS ID, PhilHealth ID, Voter’s ID, or Driver’s License. If you do not have at least two (2) valid IDs, you will not be able to complete the verification process. You may alternatively show two (2) documents chosen at random from the following list: Clearance from the National Bureau of Investigation (NBI), a Company Identification Card (CID), a Postal Identification Card, a School Identification Card, a Barangay Certificate of Residence, or any other document of a like nature issued by government organizations.
How much money do I have to have in my account before I can open one?
When you create an Overseas Filipino Worker Savings Account with the Bank of Commerce, you are required to have a minimum of P5,000 in cash on hand.
Instead of opening a savings account, it is recommended that you create a checking account with the Bank of Commerce. In the future, you will be able to make contributions to the OFW Savings Account if you do this first.
You can get cash from an automated teller machine (ATM) in the Philippines or anywhere else in the world by using your debit card or ATM card. However, the total amount of cash that can be withdrawn from the account per day as well as per month is subject to a cap.
Tips on Opening a Bank of Commerce Savings Account:
- Investigate the Account Types Available
Learn about the different types of bank accounts that are available to you before you open your first bank account. This will help you make an informed decision. Which kind of bank account do you like to keep your money in more, a checking account or a savings account? You never know, you might discover that trying a little bit of everything is enjoyable. It’s always good to be prepared for the unexpected. Being well-prepared for whatever may come your way is almost always a good thing. Regardless of which of the many accounts you decide to go with, you need to make sure that you do the necessary research and analysis to determine the benefits and drawbacks of the other options. You are required by law to undertake an investigation into the state that your finances are currently in and to prepare the appropriate documentation.
- Learn how to keep your account up to current at all times.
Deposit policies are currently being implemented at a variety of different institutions, each of which follows its own unique protocol. During the time that the transaction is being processed, you might not have immediate access to the cash. If this does happen, we ask that you please be patient. This is because of the necessary amount of processing time. You should give serious consideration to engaging in additional research on this topic! Additionally, there is a requirement for a “minimum balance,” which is a form of restriction that is applied by many different kinds of financial organisations. If the balance in your account drops below that threshold, you may be subject to a fee or have your ability to use your debit card or visit an ATM restricted. It’s possible that you’re capable of achieving both of these goals as well.
- Make sure you ask the bank about the fees.
Before we get started, there are a few things you ought to think about before you go ahead and open a bank account. Because the bank does not always tell its customers quickly, customers of some banks do not in most cases receive prompt notification of the fees that are assessed by their bank. Among these costs are ATM fees, bank fees, overdraft fees, fees connected with maintaining a minimum balance, fees associated with maintaining a minimum usage or activity, monthly or annual account fees, and fees associated with maintaining a minimum usage or activity. Other costs include penalties for exceeding a predetermined threshold of activity or utilisation. It is conceivable that the aggregate cost of all of these fees will increase quickly. You should familiarise yourself with this pricing so that you are not caught off guard when your bill arrives.
- When it comes to opening a bank account, don’t go with the first financial institution you come across.
You are not required to open your first bank account with the first financial institution that comes to mind; you are free to choose where you open your account. Your choice of a financial institution is entirely up to you, and you have full discretion in this matter. You have access to a diverse range of extra choices from which to make your selection. It is strongly suggested that you investigate a few other potential financial organisations or banks as alternatives. Simply making your way to the various bank branches that you stop by will allow you to collect information from those locations. Investigate the bank that a member of your family, a close friend, or even a casual acquaintance has been a customer of for a significant amount of time. If the financial institution determines that you were referred to them by a client who has been with the company for a significant amount of time, they will almost certainly offer you further incentives.
- Search for digital outlets.
The potential to carry out financial transactions over the internet is one of the most advantageous features of the technologies of today. Even though the overwhelming majority of financial institutions are interested in providing this service, there are certain financial institutions that are likely to hesitate to do so. You should get as much information as you can on this instrument, and you should get it checked out as soon as you can. Put this at the top of your to-do list. Internet banking comes with a wide variety of helpful functions, two of which are the ability to pay bills and the ability to transfer money between accounts. When you bank online, you have access to a wide selection of additional helpful tools that are integrated right in. The ability to do one’s banking online can be a significant time-saver for those who have their hands full juggling a busy day and a jam-packed schedule. It is possible that you will still be able to exercise good financial management even if you are prevented from going to the bank as frequently as you would want. This is true in spite of the fact that it will be more challenging for you to accomplish this.
- Consider the Numerous Benefits
In order to acquire a complete understanding of the situation, it is essential to acquire knowledge regarding the benefits offered by a financial institution. A number of different financial institutions offer their customers additional perks in addition to free checking and savings accounts. These perks include the utilisation of automated teller machines and debit cards, the provision of free checks, and the removal of the requirement for the use of paper invoices. Other advantages include the opportunity to utilise alternative payment methods and the elimination of the prerequisite for submitting paper invoices. Before you decide to do business with a certain financial institution, it is in your best interest to educate yourself about the products and services it has to offer, especially if you are considering doing so.
- Take charge of your financial situation.
It is one of the most puzzling occurrences in the world of banking when the owner of an account loses control of that account. This kind of thing happens rather frequently. Keep in mind that as a young adult, you are required to accept responsibility for your actions and the choices you make. Remember that this is the situation that exists. You will need to utilise your mathematical abilities in order to complete the task of checking the balance, and you will need to learn how to do so in order to do the assignment. Bring your cash register, and if you already own one, make sure it’s in working order. Bring your cash register with you even if you don’t have a debit card with you. You should never find yourself in a position where you are uninformed of how much money is in your account, and you should never find yourself in a position where you do not have complete control over how that money is spent.
The Bank of Commerce Savings OFW Savings Account could be ideal for you.
The Bank of Commerce OFW Savings Account can be the most suitable choice for you if you are looking for a savings account that is straightforward to establish and straightforward to keep up to date on a regular basis. The Bank of Commerce OFW Savings Account is a fantastic option since it provides account holders with the flexibility to withdraw monies whenever they need to and does not charge account holders a monthly fee for the service provided by the account. As a direct consequence of this, persons living in other countries have a far simpler time taking advantage of this possibility.
Take into consideration the Bank of Commerce OFW Savings Account while searching for a reputable financial institution to open a savings account with. People who have permanent residence in the Philippines but find employment elsewhere in the world are eligible to create this kind of savings account in the Philippines. It is equipped with functions that were developed specifically with expatriate Filipinos’ lives and careers in mind (OFWs). You are still able to take advantage of all of these benefits even if you are going to be travelling outside the country. Because the bank maintains a vast number of branches not only in Metro Manila but also in other parts of the country, conducting business with you and your beneficiaries would not present any difficulties to the bank.
READ NEXT: How to Apply for a Bank of Commerce OFW Loan
Address: San Miguel Properties Centre # 7 St. Francis Street Mandaluyong City 1550 Philippines
Tel No: +63 (2) 8-982-6000
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