Saving money is a top priority for most Filipinos. This is especially true for Overseas Filipino Workers (OFWs) who have taken the risk and gone abroad, just to provide for their families.
The first step towards saving money is to open a savings account. Fortunately, there are bank accounts that cater specifically to the needs of OFWs and their families. Today, we have gathered some of the most popular OFW savings accounts offered by trusted banks in the Philippines.
5 Best OFW Savings Accounts
Whether you’re sending remittances or simply saving for the future — these OFW savings accounts could be just what you’re looking for:
#1. BDO Kabayan Savings
For only PHP 100 or USD 100, you can open a BDO Kabayan Savings account. As long as you remit at least once every 12 months, your account would qualify for zero maintaining balance. Free accident insurance and life insurance also await those who can boost their savings. What’s more, maintaining a good record increases your chances of acquiring a loan with BDO.
#2. BPI Savings
The Bank of the Philippine Islands (BPI) is one of the biggest financial institutions in the Philippines. Their savings products include the BPI Express Teller account, as well as the BPI Maxi-Saver, which offers higher interest rates on your deposits. For OFWs, the BPI Pamana Padala is also a great option, as it comes with free accidental insurance and life insurance.
What makes BPI stand out is their online banking system, which enables you to send money, pay bills, and monitor your transactions from anywhere in the world.
#3. Chinabank Overseas Kababayan Savings
As its name suggests, the Chinabank Overseas Kababayan Savings was designed with the OFW in mind. To earn interest, the account only needs PHP 1,000 maintaining balance. Plus, sending remittances is a breeze since you can access your account online or through mobile banking.
#4. Metrobank OFW Savings
With no initial deposit and zero maintaining balance, you don’t even need any money to open a Metrobank OFW Savings account. It enables you to transfer funds, pay bills, and save money while earning interest. Plus, you can access it anytime, wherever you are in the world!
#5. PNB OFW Savings
As one of the oldest banks in the country, the Philippine National Bank (PNB) is also among the most trusted. They now offer a PNB OFW Savings account, with zero opening and maintaining balance. It comes with ATM cards for the OFW and his/her beneficiaries, so that they can access the account wherever and whenever they want.
Working abroad is not easy, but through OFW savings accounts with these trusted banks — building your family’s future is all worth it! Aside from sending money, however, there are times when we would like to send “pasalubong” instead. In this case, here’s another helpful article about how to send a balikbayan box to the Philippines.