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OFW Guide: How To Open an Overseas Filipino Bank Account

The launching of the Overseas Filipino Bank last week has certainly caused much rave and excitement to all Overseas Filipino Workers around the world. It naturally did not take long for people to start asking for details on how to setup their future OFB accounts; be it savings accounts, checking accounts, time deposit, etc…

On a phone interview conducted with The Filipino Times, the Department of Labor and Employment Secretary, Silvestre Bello III, discussed that the requirements and qualifications to open an OFB account will just be the same as any other bank.

Pres. Rodrigo Duterte with Exec. Secretary Salvador Medialdea and OFB Chairman Alex Buenaventura             Image Credit: pia.gov.ph

DOLE Secretary Answers Questions Setting Up an Account with Overseas Filipino Bank

Here is a quick list of items that are typically needed when opening a bank account:

• 2 valid government IDs (may be any of the ff: Passport, Voter’s ID, Unified Multipurpose ID, Senior Citizen Card, PRC, Postal ID, Philhealth, Driver’s License, etc…)

• Proof of Billing

• Mugshots; a couple of 2x2s (some banks require extra 1x1s )

• Initial deposit amount

With the branch that just opened in Liwasang Bonifacio, OFWs should be able to just walk in and easily setup an account to their liking; although as of the moment, this option is only limited to the OFWs themselves that are currently in Philippines.

Secretary Bello assures everyone that plans are already in the works to extend these services to the OFWs’ own family members as well as the OFWs who can not come home for the application.

First on the list of locations where these expansions will take place would be Bahrain, Abu Dhabi and Dubai. People in these areas can already look forward to processing their application next month, February.

Residents in other countries should not feel bad since the OFB website is now being developed and should be able to process online enrollments where ever they are in the world.

It is to be highlighted that once their services become more universal across the globe, OFWs will be able to take advantage of lower remittance fees when sending money to their loved ones. Although the true goal is to eventually make it free.

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