There is nothing more vital than getting into the habit of saving and investing some of the money you’ve worked so hard to achieve. This is especially true for those who labor outside the country and are classified as Overseas Filipino Workers (OFWs). It might be quite difficult to resist the allure of spending lavishly and sending balikbayan boxes back to their families. You may, however, save money for retirement and investments if you exercise some self-control and put some of your income away in savings accounts. By offering a Sterling Bank OFW Savings Account, the Sterling Bank of Asia makes it possible for Filipinos working outside the country to create bank accounts without leaving their current location.
As a Filipino, you can open a Sterling Bank OFW Savings Account from the comfort of your home. All you need to do is follow the guidelines and requirements provided by Sterling Bank of Asia for opening an OFW Savings Account. Here’s everything you need to know about Sterling Bank of Asia, its perks and features, the requirements for opening a bank account with them and the documents needed at their nearest branches.
What is a Sterling Bank OFW Savings Account
The Sterling Bank OFW Savings Account is a specialized savings account for OFWs. It may be opened either in the Philippines or in a country outside of the country. This account gives you the flexibility to open a savings account in a foreign country from any location in the world, saving you the trouble of travelling to a physical bank office and obtaining your employer’s signature on the necessary paperwork.
Overseas Filipino Workers (OFWs) have a specific requirement and need for a special deposit product, and this kind of account is designed to satisfy their requirements and needs. Because funds can be deposited into a Sterling Bank OFW savings account at, it is intended to make it easier and more supportive for overseas Filipino workers to prepare for their future remittances from overseas.
The Bank believes that by making this type of account available, it will be much simpler for people who work abroad and the families of those people to get into the routine of saving money, which will in turn improve their financial literacy and their capacity to efficiently manage their money.
What are the Various Deposit Products Offered by Sterling Bank of Asia?
Sterling Bank of Asia offers a wide range of deposit products to meet the needs of its customers. These products include savings accounts, checking accounts, money market accounts, and certificates of deposit. Each of these products has different features and benefits, so customers can choose the account that best suits their needs.
Here are products under their savings category:
- Solo Savings Account. This savings account affords you the ease of use that you have worked so hard to achieve.
- Online account access
- Comes with ShopNPay Visa Debit Card
- Interests are credited monthly
- Solo Dollar Savings Account. You should not find the idea of maintaining a dollar account to be strange.
- Low initial deposit
- USD notes immediately available upon request
- Interests are credited monthly
- Solo Basic Savings Account. Because of its ease of use and competitive pricing, this interest-bearing deposit option is considered to be the best choice for first-time banking customers looking to open a starting account.
- High interest rates
- Comes with ShopNPay Visa Debit Card
- Interests are credited monthly
- Neo Savings Account. A savings account for those under the age of 25.
- Initial deposit is any amount
- High interest rates
- Comes with Passbook & Neo Visa Debit Card
- Solo Yuan Savings Account. This is the most recent addition to the bank’s portfolio of deposit options, which are available to both individual customers and business customers.
- Easy to maintain
- RMB notes immediately available upon request
- Interests are credited monthly
- Bayani OFW Savings Account. A bank savings account accessible via ATM for overseas Filipino workers.
- Very high interest rates
- No initial deposit required
- Comes with Bayani OFW Visa Debit Card
Who can Open a Sterling Bank OFW Savings Account?
If you meet any of the following criteria, you are eligible to create a Sterling Bank OFW Savings Account:
- A person holding a valid passport and a valid working visa.
- A person who is a part of the OFW community, including members of the family of an overseas Filipino worker (OFW).
- A family member of a Filipino citizen who is living and working outside of the country.
Requirements in Opening a Sterling Bank OFW Savings Account
- You are a Filipino citizen.
- You have a valid passport or travel document.
- You are a non-resident Filipino.
- 1 original valid photo-bearing government-issued ID
- Passport and Alien Certification of Registration (ACR)
- Card or Alien Employment Permit (AEP)
- Your current employer has provided you with an employment certificate (EC) that contains both your information and the details of the organization. Because this is a prerequisite for creating an account with any financial institution or firm in the Philippines, you must ensure that you bring it with you whenever you go to do so.
Where can I Apply for Sterling Bank OFW Savings Account?
One has the option of submitting an application for an Overseas Financial Worker Savings Account with Sterling Bank either online or in person at any of the Sterling Bank of Asia facilities. You can also submit your application for an Overseas Financial Worker Savings Account with Sterling Bank by using the mobile app for that institution.
How to Open a Sterling Bank OFW Savings Account Offline?
In order to open an OFW Savings Account, you will need to carry out the following steps offline:
- To finalise your application, make sure that the application form is properly filled out.
- You are more than welcome to hand in your application personally at any of the bank’s branches; alternatively, you can leave it in one of the drop boxes that are spread out around the branch network.
- You will be required to wait for the bank to complete the processing of your application; if it is successful, the bank will send you a text message confirming your approval after the application has been processed.
- You can activate your account by going to their website or by sending a text message to their help number. Both of these options are available (if you have internet access)
How to Open a Sterling Bank OFW Savings Account Online?
One of the many methods available to you for opening a savings account with Sterling Bank of Asia is via their website, as was mentioned earlier. You can also open an account in person at one of their many locations. Following are the actions that need to be taken in order to open an OFW Savings account online:
- If you require any additional information, you may view it on the Sterling Bank of Asia website.
- To open an account online, go to the Savings Account option and choose the one for OFWs then follow the instructions that are displayed on the screen.
- You can electronically submit your application by clicking the button, and then you will be invited to fill in all of the required information, which will include your personal information and contact data (bank account number and other applicable information).
- When you are ready to send in your application, click the “Submit” button, which will cause it to be sent in. You should check your email within the following 24 hours after completing your application for a confirmation message that includes your username and password. The message should contain the information you need to access the site.
How to Open a Sterling Bank OFW Savings Account via the Mobile App?
The following steps are required in order to open a Sterling Bank OFW Savings Account via the mobile app:
- For this particular objective, you have the option of utilizing either the Apple App Store or the Google Play Store, both of which are online marketplaces from which mobile programs may be acquired and downloaded.
- Once the program has been launched, you will be required to navigate to the “Open an Account” page that appears on the screen of your mobile device.
- Choose the process of opening a new account that appeals to you the most; in this example, one of the savings accounts that are available to you from the list of possibilities that have been presented to you.
- After making this selection, you will be taken to a user-friendly screen within the application, where you will be invited to provide all of the information that is required to open an OFW savings account. Your name and your date of birth are both needed pieces of information, as are a contact number, an email address, a security question (such as “Who is my favourite singer?”), a password, and a three-digit code that displays in QR Code format on the check-out page after inputting data online (this is optional). However, you should make sure to use a password that is not easy to figure out in order to ensure that another user will not be able to access your account in the event that they obtain your password in the future. If you use a password that is difficult to figure out, you will prevent that user from being able to access your account.
Frequently Asked Questions
Here are some of the most frequently asked questions regarding the process of opening a Sterling Bank OFW Savings Account.
How much can you deposit?
You have the ability to make a deposit into your account of up to PHP 500,000 at any given time. In addition, you are free to make multiple deposits at any time during the year so long as the total value of such deposits does not go above this threshold.
How long does it take to open an account?
The process typically takes two (2) weeks, however you have the option of selecting express processing if you need it done more quickly. Because Sterling Bank guarantees that all applications will be processed within 30 working days from the date that their customers or clients submit documents, there is no fee for express processing, and there also won’t be any problem with your application being processed faster than usual. This is because Sterling Bank guarantees that all applications will be processed.
What are the benefits of opening an account?
Aside from being able to store money safely, having a savings account gives you greater flexibility when making withdrawals than when using cash—you have more options available and can access them at any time without having to pay withdrawal fees like other banks would charge for doing so without prior notice beforehand.
What is a Solo Basic Savings Account?
This is a savings account for Filipinos who wish to begin saving at least for small amounts in a bank and want to do it immediately.
What do I need to open a Solo Basic Savings Account?
To open a Solo Basic Savings Account, all that is required of you is to provide a valid ID and make an initial deposit of P100.
What will I get after opening my Solo Savings Account?
You will receive a passbook at no cost that you can put to use in all of your bank transactions that take place over the counter. You may keep track of your money with this option.
Do I need to maintain a balance to keep my Solo Savings Account?
Your Solo Basic Savings Account does not require you to hold a minimum balance, therefore the amount that you save is just the maximum amount that you can keep.
What is the interest rate of the Solo Basic Savings Account?
The interest, calculated on a yearly basis, will be deposited into your Solo Basic Savings account at the end of each month at a rate of 0.5 percent.
How can I deposit into my Solo Basic Savings Account?
To make a deposit into your account, you will need to visit any Sterling Bank of Asia location.
How do I withdraw money from my Solo Basic Savings Account?
At any of the Sterling Bank of Asia locations that are close to you, you are permitted to take out at least the minimum amount of money that is available in your bank account.
Where can I ask my questions about the Solo Basic Savings Account?
- You can contact Sterling Bank of Asia’s Customer Service Helplines at +632 8721 6000 and +632 8672-6300;
- Send an email to firstname.lastname@example.org; or
- Go to any location of the bank that is most conveniently located for you.
Tips on Opening a Sterling Bank Savings Account Online:
- Investigate the types of accounts available.
Before you open your very first bank account, you should spend some time getting acquainted with the several varieties of bank accounts that are available to you. Which form of bank account do you choose for your money: a checking account or a savings account? You never know, you might find that sampling a little bit of everything is enjoyable. It’s always good to be prepared for the unexpected. Regardless of which of the numerous accounts you choose to go with, you should make it a point to investigate the benefits and drawbacks of the others and compare them carefully. You are obligated by law to conduct an investigation into the condition of your finances at the present time and prepare the pertinent facts.
- Find out how to ensure that your account is always up to date.
A variety of institutions, each with their own specific protocol, have developed deposit policies that are currently in existence. It is possible that you will not have immediate access to the funds while the deposit is being processed. If this occurs, please be patient. This is due to the length of time required for processing. You should seriously consider doing some additional research on this subject! There is also a need for a “minimum balance,” which is a form of restriction that many different kinds of financial institutions impose. If the amount in your account falls below that threshold, you may be liable to a fine or have the ability to use your debit card or ATM restricted. Alternatively, you may be able to do both of these things.
- Make sure you ask about the fees at the bank.
There are a few considerations you need to make before you go ahead and open a bank account, so let’s get those out of the way first. Customers of some banks aren’t always immediately informed about the fees that their bank charges them since the bank doesn’t always inform them right away. Some examples of these expenses include costs associated with using ATMs, bank fees, overdraft fees, fees associated with maintaining a minimum balance, fees associated with maintaining a minimum usage or activity, and monthly or annual account fees. Among the other costs are fees for meeting a predetermined level of activity or utilisation. It’s possible that the total cost of all of these fees will build up really rapidly. You need to make yourself acquainted with these prices so that you won’t be taken aback when you receive your bill.
- When it comes to opening a bank account, you shouldn’t choose the first financial institution you find.
It is not necessary for you to open your first bank account with the financial institution that comes to mind first. You are not restricted in any way in your choice of financial institution. You have access to a wide variety of additional options from which to make your selection. It is suggested that you look into a few other possible banks or other financial institutions. You can obtain information from the many bank branches that you visit by doing nothing more than walking around to those branches. Do some research on the financial institution that has been used for a long amount of time by a member of your family, a close friend, or even a casual acquaintance of yours. If the financial institution discovers that you were suggested to them by a customer who has been doing business with them for a significant amount of time, they will almost surely provide you with further benefits.
- Look for digital platforms.
The capacity to carry out financial transactions over the internet is among the most helpful features that are made possible by the technologies that are available today. Even while the vast majority of financial institutions plan to provide this service, it is likely that some of them, namely selected ones, will choose not to. Get as much information as you can on this instrument, and get it examined out as soon as you can. Make this your first priority. The ability to pay bills and move money across accounts are just two of the many useful features that come standard with internet banking. Internet banking also comes with a variety of other helpful features that are built right in. When one is juggling a hectic day and a packed schedule, having the ability to conduct one’s banking online can be a very handy convenience to have. Even if you are unable to visit the bank as regularly as you would want, it is conceivable that you will still be able to effectively manage your funds. This is the case even though it may be more difficult for you to do so.
- Consider the numerous advantages.
It is of the utmost importance to inquire about the benefits that are provided by a financial institution in order to get the full picture. The use of automated teller machines and debit cards, the issuance of free checks, and the elimination of the need for paper invoices are just some of the additional benefits that are offered by some financial institutions to their customer base in addition to the provision of free checking and savings accounts. Other benefits include the ability to use a variety of other payment methods, such as the elimination of the need for paper invoices. Before you make a commitment to conducting business with the financial institution you are considering working with, it is in your best interest to find out what kinds of services are offered by the organization.
- Put yourself in charge of your finances.
One of the most irritating results that may arise in the world of finance is when the owner of an account does not have any control over that account. This is one of the most common situations. Bear in mind that as a young adult, it is required of you to bear responsibility for the decisions and acts that you take. Keep in mind that this is the case. Check balance is a task that demands you to apply your math skills, and it is a prerequisite that you learn how to do so in order to complete the work. Bring your cash register with you, as well as a debit card, if you have access to one, and make sure it is up to date. If you do not have access to a debit card, bring your cash register nevertheless. You should never be in the dark about how much money is in your account, and you should always have complete control over how that money is spent.
8. Sterling Bank of Asia OFW Savings Account may be right for you.
If you are searching for a savings account that is simple to start and simple to keep up with, the Sterling Bank OFW Savings Account might be the best option for you. The Sterling Bank OFW Savings Account is a wonderful choice since it provides the ease of being able to withdraw funds at any time and there are no monthly service costs. This makes it a very convenient option for people living overseas.
When looking for a good bank to open a savings account at, consider the Sterling Bank OFW Savings Account. This is a type of savings account that can be opened in the Philippines by individuals who work outside of the country. It is equipped with functions that are specifically developed with Filipinos working abroad in mind (OFWs). Even if you are travelling outside of the country, you are still able to take advantage of these benefits. You and your beneficiaries would have no trouble conducting business with the bank because it has a large number of branches not just in Metro Manila but also in other parts of the country.
Address: Sterling Bank Corporate Center, 8004 Ortigas Avenue, Greenhills, 1500, San Juan City, Philippines
Tel No: Monday through Friday; 8:30 am – 5:30 pm
Business Hours: Monday through Friday; 8:30 am – 5:30 pm
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