Opening a savings account for an overseas worker is now easier than it has ever been. In the past, in order to open a bank account, customers were had to go through a number of steps and submit a significant amount of information. The process of opening bank accounts became more challenging as a result of this change. Thankfully, things have changed significantly since then. You currently have access to a variety of accounts, one of which is the PBCom OFW Savings account. There are also additional account kinds available.
Also read: How to Apply for a PBCom OFW Loan
One of the most well-known and respected financial institutions in the Philippines is PBCom. Additionally, it provides savings accounts to overseas Filipino workers; however, it is crucial to be aware that the only people who are eligible to create an account with them are those who are actively working outside of the country. Opening an account is a simple process.
You will be required to provide some fundamental information about yourself and the company for which you work, after which you will have the option of submitting everything online or at any PBCom location in the Philippines or overseas. You can also call their customer support line at any time, day or night, if you have any questions or concerns. Continue reading this article if you want more information on how to open a PBCom OFW Savings account.
Opening a PBCom Savings OFW Account
A savings account is one of the most common kinds of bank accounts that people have. They are helpful for holding money that you do not require right away because of their durability. When you put money into a savings account, that money is protected against any unfavourable events that might take place in the future. For instance, if someone attempted to take the information on your credit card or debit card, your bank would compensate you for any damages incurred as a result of fraud.
Those who live in the Philippines but find employment elsewhere and send money back to their families there on a regular basis are eligible to open what is known as a “Overseas Filipino Worker” savings account. These savings accounts usually have lower costs than other types of accounts because they demand more care than other types of accounts; for instance, customers of these banks are frequently required to present additional documentation when opening an account with these banks.
An Overseas Filipino Worker Savings Account can be very easy to open because many of these banks are competing with traditional banks around the world to provide customers with lower fees. This is something that many Filipinos do not want because they believe they are already paying too much for their banking needs.
Why Open a PBCom OFW Savings Account
The more you save, the more you will earn in terms of interest, incentives, and rewards. There is also the possibility of receiving cash back from the bank, in addition to freebies and discounts from local businesses. In addition to this, the more you utilise the account’s services and the more money you deposit into the account, the more points you will gain.
Not only that, but by opening a PBCom OFW Savings account today, you are helping to develop a solid credit history, which will come in handy in the future when the time comes for you to apply for a personal loan or another type of financial product, such as insurance. The following are some other strong arguments in favour of opening a savings account with PBCom:
- The minimum required to keep an active Savings Account is 5,000 Philippine Pesos (P5,000).
- POP makes the convenience of internet banking available (PBCOM Online Platform)
- Experience the freedom that comes with choosing the options for your account that are tailored to your specific requirements, whether they are professional or personal.
- You have the opportunity to increase your balance while simultaneously earning larger rewards thanks to our tiered interest rates.
Types of PBCom Savings Accounts
- PBCom Savings Account: The conventional savings account, which can have any sum of money placed within it when it is opened.
- PBCom Investment Account: An investment account that allows you to invest in a variety of stocks and mutual funds, in addition to making use of the financial advisory services that are provided by the company.
- PBCom OFW Savings Account: This is an alternative to the traditional savings accounts and fixed deposits that other banks in the Philippines offer, and it is designed specifically for Overseas Filipino Workers (OFWs) or their dependents who are working abroad or who are planning to work abroad in the near future. Other banks in the Philippines offer these traditional savings accounts and fixed deposits.
PBCom Savings Account Features
PBCom Savings Account features include:
- MINIMUM DEPOSIT
- P5,000 (Savings)
- P10,000 (Checking)
- MINIMUM BALANCE TO EARN INTEREST
- P10,000 (Savings)
- P25,000 (Checking)
- INTEREST RATE
- From 0.10% to 0.15%
- TRANSACTION RECORD
- ATM or Passbook for Savings; Checkbook, ATM or Passbook for Checking
Eligibility
- In order to open an Overseas Filipino Worker Savings Account, you need to be a citizen of the Philippines.
- Are at least 18 years old (unless you are an OFW).
- To be eligible, are need to have spent at least one full year residing in the Philippines.
- Ensure that you have your PBCom ATM card on hand when you fill out the application for the account (they will not accept other ATM cards from other banks).
Requirements
You are required to submit the following papers in order to gain access to this account:
- For people, one (1) valid ID only
- To open an account, corporate entities are required to provide one (1) valid ID per party or signatory, as well as proof of registration (DTI or SEC), and a board or partnership resolution.
PBCom OFW Savings Account Opening – Offline: Procedures
You are welcome to contact PBCom at any of its offices for assistance.
- You need to make sure that you bring the following things with you:
- Valid ID (Philippine passport, driver’s licence, SSS ID, etc.)
- evidence of your job, which must contain the complete name and phone number of your employer, in addition to any other pertinent information that may be required.
- a demonstration that you are a resident of the state, supported by the necessary paperwork (utility bill or bank statement)
PBCom OFW Savings Account Opening – Online: Procedures
To open a PBCom Savings Account online, visit the PBCom website and select the “Open an Account” option from the menu on the top right. After that, you will be sent to a screen where you can choose the kind of account that you want to open as well as the features that come with it.
You will need to log in before you are able to access your account on PBCom.com.
- To create a brand-new account, go to the sign-up page and click the option that says “Open an Account.”
- To receive assistance from PBCom in opening an OFW savings account, all you need to do is click the link that is applicable to your situation.
- Simply select “Apply Now” from the drop-down menu on the top of the page to send in your application.
- Before you hit the “Submit” button, double-check that all of the essential fields have the appropriate information entered into them.
You are able to open a savings account with the PBCom mobile app on your phone, provided that you have it installed. The application offers a button labelled “Open an Account,” which when clicked takes you to a screen where you can choose the type of account you wish to open as well as the features associated with that account.
Frequently Asked Questions
1. How much initial deposit should I make to open a Choice Saver Account (Choice Saver)?
Both personal and corporate savings accounts demand opening deposits of at least 5,000 Philippine Pesos (PHP). For personal checking accounts, a minimum deposit of 10,000 PHP is required, while a minimum deposit of 15,000 PHP is required for business checking accounts.
2. How much balance do I need to maintain to avoid penalties?
The requirement for the minimum initial deposit and the requirement for the minimum amount that must be kept in your account must both be met in order to avoid incurring any fees or penalties.
3. Can I get a copy of the Customer Information Form (CIF) without going to the branch?
You can find a fillable version of the CIF on the PBCOM website. This version of the form can be downloaded to your computer and saved under the headings “Downloadable Forms” and “Forms.”
4. How and when can I request for the optional instruments?
The only thing that is left for you to do is finish filling out the relevant request or application forms and pay the necessary price, if there is a payment that is required. This is the only thing that is left for you to do. This is the very last thing that is expected of you in terms of the requirements. You are not required to have tenure or an existing business relationship in order to make a request for these things at any time and in any PBCOM location; in fact, you are free to do so whenever you desire. In addition, you can make a request for these things at any time and in any PBCOM location. You have the power to make a request for any of these items at any point in the process, beginning at the very beginning of the procedure and continuing even while you are in the process of opening an account.
5. How long will it take for me to receive my PBCOM EMV Debit Card?
You will be able to purchase cards at that precise moment; but, you will not be able to write anything on them to make them more personalised for the recipient. If, on the other hand, you would like your name to appear on the card, it will take the branch of your choosing anywhere from seven to ten working days before you will be able to obtain the card. If you do not want your name to appear on the card, you can obtain it immediately. You can get the card right away even if you do not want your name to appear on it if you have it instantly.
Tips on Opening an Account Online:
1. Research about your Account Type
Before you open your first account at a financial institution, you ought to educate yourself on the plethora of banking choices that are at your disposal and become familiar with these choices. Have you given any thought to the possibility of opening a checking account as well as a savings account with a bank or other financial institution? It’s likely that trying a little bit of everything would be a lot of fun for you! You should make it a point to enquire about the benefits and drawbacks linked with each of the other accounts that are available before making a final decision regarding which of the various accounts you will end up going with. You are obligated by the law to undertake an investigation into your existing financial condition and collect the proper evidence.
2. Learn how to keep your account up to date.
A number of the world’s financial institutions have adopted distinct deposit policies and put them into effect. During the time that the deposit is being processed, which might take anywhere from a few hours to a few days, it is likely that you will not have immediate access to the cash. This delay could be caused by a number of factors. In the event that this happens, you will be alerted as soon as the funds are available to you whenever they become accessible. It’s possible that a number of distinct things contributed to this holdup at the same time. You definitely have to give some serious attention to the possibility of carrying out some extra research on this subject! A “minimum balance” requirement is yet another type of restriction that a variety of different financial institutions require their customers to adhere to in order to maintain their accounts with those institutions. These financial institutions require their customers to adhere to this restriction in order to keep their accounts with those institutions. If the amount in your account falls below that threshold, you may be liable to a fine or have your ability to use your account through your debit card or an ATM restricted. If the balance in your account falls below that threshold, you may also be subject to both of these consequences. You run the risk of being vulnerable to either or both of these repercussions. If the amount in your account falls below that threshold, you run the risk of being subject to both of these consequences. It is conceivable that you will be exposed to both of these consequences.
3. Inquire about the bank’s fees
When creating a bank account, it is of the utmost importance to bear in mind, to the fullest extent feasible, the following factors as much as possible. There are several types of financial organisations that are subject to charges that aren’t immediately obvious but, over the course of time, are capable of ballooning into considerable quantities. You must be aware of a number of different things, some of which include fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, monthly or annual account fees, and fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and fees for maintaining a minimum usage or activity. You should, among other things, be aware of the fees associated with using ATMs and checking accounts, the fees associated with overdrafts, the expenses associated with maintaining a minimum balance, and the fees associated with maintaining a minimum usage. Make sure that you are aware of these charges so that you will not be surprised when you receive your account and learn that you have been charged for something that you did not expect being charged for.
4. Don’t settle for the first bank you come across when opening an account.
You shouldn’t feel compelled to choose the first bank that comes to mind when it’s time to open your very first bank account; instead, you should feel free to shop around. There is a wide selection of banks available to pick from. You should not feel restricted in your ability to look about until you find the financial institution that caters to your requirements the most effectively. It is highly recommended that you look into a few different banks and other financial institutions. By going to numerous of the banks in the area, you will be able to collect information from each of them. Investigate the bank that a member of your family, a close friend, or even a casual acquaintance has been patronising for a considerable amount of time, whether for commercial or personal dealings. You will almost probably be eligible for further perks if the financial institution finds out that you were referred to them by a customer who has been doing business with the company for a significant amount of time.
5. Look for digital platforms
Online banking is one of the options that has grown into one of the most useful choices that can be made in this day and age. It is one of the technologies that has developed into one of the most helpful choices that can be made. One of the options that can be pursued is conducting financial transactions via the internet. This is one of the technologies that has evolved into one of the options that is proven to be the most useful as time goes on. Despite the fact that it is predicted that the overwhelming majority of financial institutions will make it available, there is still the risk that some will not. Verify that one of your main priorities is to acquire as much knowledge as you can about this instrument in the lowest amount of time that is feasible. Two of the many beneficial features that are offered as standard with online banking are the facility to make electronic payments to bills and the capability to move funds across accounts. These are just two of the many possibilities that are available. People who are dealing with hectic schedules and days may find that the chance to do their banking online can be a very helpful way to save time. Even if you are unable to visit the bank on a daily basis, you are still able to exercise control over your current financial condition and turn it into something beneficial for you to use.
6. Weigh the Benefits
Make it a top priority in your investigation to enquire about and do an in-depth examination into the benefits supplied by a financial institution, and place a strong emphasis on doing so. The elimination of fees related with the use of automated teller machines and debit cards, the provision of free checks, and the elimination of paper bills entirely are some of the many perks offered by a rising number of banks and credit unions. One of the many perks that are provided is the availability of free checking and savings accounts. There is also the reduction of costs that are normally linked with the utilisation of debit cards and automated teller machines, which is yet another advantage. It is in your best interest to educate yourself on the services offered by a particular organisation in their entirety before making a decision regarding the specific financial institution with which you will conduct business. Before making this decision, it is in your best interest to educate yourself on the services offered by a particular organisation.
7. Take charge of your account
If you do not have authority over your bank account, you run the risk of finding yourself in one of the most frustrating and incapacitating financial predicaments you could possibly conceive of in the event that you find yourself in this situation. Take into consideration the fact that one of the distinguishing characteristics of young adulthood is the acceptance of increasing levels of responsibility. If you put in the effort to figure out how to balance your chequebook, you will be able to do so if you are willing to put in the work to figure it out mathematically. If you intend to make a purchase, you should bring your cash register, as well as a debit card (if you use one) and a credit card (if you use one), which are both in current use (if you have one). You should always make sure that you are completely in charge of the amount of money that is in your account and that you are always aware of the amount of money that is in your account. You should also make sure that you are always aware of the amount of money that is in your account.
Video: How to Open a PBCom Savings Account Using the PBCOMobile App
In this video, we will show you how to start a PBCom OFW Savings Account by using the PBCOMobile App. We will also go through the essential paperwork that must be given at the time of account opening. Opening a savings account is something that can be done whenever it is convenient for you and from anywhere in the world due to the fact that each step is quite simple and basic and is easy to understand.
To participate in the savings programme that PBCOM offers, it is not necessary for you to be physically present at any given time. You can do that by using the PBCOMobile App on your device. If you have access to an internet connection, using the app to manage your account is simple and straightforward.
Final Thoughts
If you are an Overseas Filipino Worker who is always on the go and needs to put money away for the future, opening a PBCom OFW Savings Account today can assist you in meeting your financial goals and will help you get one step closer to achieving the life you want. If you open an account in one of the many various types of savings accounts that are currently available, you will have no trouble meeting your financial obligations. You can take advantage of additional capabilities, such as SMS notifications and online banking, at your leisure. These options are made available to you.
READ NEXT: How to Apply for a PBCom OFW Loan
Contact Information
Address: PBCOM Tower, 6795 Ayala Avenue corner V.A. Rufino St. 1226 Makati City, Philippines P.O. Box 3281
Telephone Number: (+632) 8777-2266
Email: customercare@pbcom.com.ph
SMS: 0922-110-1332
Facebook Messenger: PBCOM
Website: https://www.pbcom.com.ph/
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