Overseas Filipino Workers (OFWs) make up a significant portion of Unionbank’s customer base, much like the general population. In addition to providing their services to overseas Filipino workers (OFWs) located all over the world, Unionbank emphasises the significance of these workers opening a Unionbank OFW savings account in the country in which they are employed.
Also Read: How to Apply for a UnionBank OFW Loan
Even if you are currently living and working in a different country, you may still be eligible to open a savings account with Unionbank, provided that you satisfy all of the other criteria. This article provides a convenient rundown of the procedures that must be completed in order to open a savings account for an overseas Filipino worker at Unionbank. During this lesson, you will not only learn how to make an application for it either online or offline, but you will also learn about its features and benefits.
Opening a Unionbank OFW Savings Account
OFWs and their dependents are eligible to use the Unionbank OFW Savings Account, which was established in the Philippines and is a savings account for overseas Filipino workers. This is different from some other money transfer and remittance services that are available to OFWs. Those other services require you to go through a third-party agent or company that is based outside of the country.
The online banking platform that Unionbank provides makes it uncomplicated to initiate the opening of a new account. It is necessary for them to be able to get in touch with you in the event that it becomes necessary, so you will be required to provide your basic information, such as your name and contact details. If you are currently working outside of the country and want Unionbank to open an account for you, you will need to provide them with information about yourself in addition to proof of employment. Only then will they consider opening an account for you. This will enable Unionbank to conduct an identity check on you.
If there are problems with verifying documents submitted during the application process due to delays processing documentation at government offices or other institutions involved in processing personal information such as banks where documents must first be sent before being returned fully processed, the process may take longer than the standard two to three days to open an account from start to finish. This is because banks require documents to be sent before they can return them fully processed. Nevertheless, once all of these requirements have been satisfied, the process of opening an account can take anywhere from two to three days, beginning to end (e.g., birth certificates).
Why Open a Unionbank Savings Account
- Safety and security: Because UnionBank is committed to serving the needs of the local community, you can feel comfortable entrusting to them with your financial matters. You can benefit from the advantages of having a savings account with a local bank, and at the same time, you can earn interest on the money you have put aside for savings.
- Access to financial services: It will not be difficult for you to handle financial matters such as paying bills or transferring money if there is an ATM located in the area. You can easily get cash out of an ATM whenever you need it, and you can complete transactions online by simply swiping your credit or debit card. This makes it convenient to pay bills and transfer money when the time comes. This makes life a lot easier to manage.
- Low fees: When compared to the fee structures offered by other financial institutions in the country, the one that UnionBank offers for maintaining an Overseas Financial Worker Savings Account is one of the most affordable options. That translates to more money for you to enjoy in your life!
- Convenience: UnionBank, in contrast to the majority of other financial institutions, gives you the freedom to choose the banking options that work best for YOU without compromising the safety or security of your personal information. This is done without requiring you to open multiple accounts or change your current banking relationship. The customers of some other financial institutions are required to keep their accounts at a certain minimum balance, and on certain days of the week, business hours are restricted (like credit card numbers).
You will not be required to pay any of the standard monthly maintenance fees when you open this savings account; this translates to even more money in YOUR pocket.
Types of Unionbank Savings Accounts
At Unionbank, customers have a wide variety of choices when it comes to the types of savings accounts they can open. With the money you have, you can choose to open a regular savings account, a checking account, or even a credit card account. All of these options are available to you.
- Unionbank Savings Account. This is one of the options that is chosen by customers of the bank significantly more frequently than any of the others, and it offers a wide variety of benefits. It only requires P100 in opening balance for residents of Metro Manila, and P200 for residents of other parts of the country, and it enables free transactions at ATMs, free online fund transfers, and access to funds around the clock.
- Unionbank Checking Account. There are no monthly minimum balance requirements, no fees per transaction on withdrawals made via any ATM in the country (including Express Teller), unlimited free fund transfers within the same UnionBank branch network, free online bill payments, up to one hundred percent cashback on all purchases made through your UnionBank debit card, discounts on travel insurance policies when you use your UnionBank Visa credit card, and priority service at UnionBank branch locations are some of the great benefits that come along with this account.
- Unionbank Time Deposits: If you keep the funds in this account for a certain period of time after depositing them, you will be eligible to receive interest payments on those funds. Customers of Unionbank have access to a variety of time deposit options, each of which comes with its own individual set of terms and options for the applicable interest rate.
- Unionbank Peso Current Account: This kind of checking account requires a minimum balance of P10,000, but it does not impose any additional fees for withdrawing an unlimited amount of money from automated teller machines (ATMs), either in the Philippines or elsewhere in the world (other than any foreign currency conversion fee).
- Fixed deposits are very similar to time deposits; however, the annual percentage yields on fixed deposits are significantly higher than those on time deposits. Fixed deposits are very popular in the United States. To open an account of this kind, you need to make a deposit of at least 10,000 Philippine Pesos (P10,000).
- Cash Management Account – You are able to keep track of all of your transactions in a single location using this type of account, which enables you to know exactly where each and every one of your monthly payments goes. Additionally, there is no requirement for a minimum balance, which means that even if you don’t have a lot of money but you still want to monitor it all, this is a good choice for you!
- Investment Accounts – These are the various types of investment products that Unionbank provides to investors so that they can put their money into stocks, bonds, or mutual funds, among other investment options.
Unionbank Savings Account Features
- Interest rates. In comparison, the interest rate that Unionbank offers on its Checking Account is only one percent on an annual basis, whereas the interest rate that it offers on its Savings Account is two percent on an annual basis.
- Minimum balance. The checking account requires a minimum deposit of P1,000, while the savings account requires a minimum deposit of only P500.
- ATM withdrawal limits. When you use your Unionbank OFW Savings Account overseas, you are allowed to make withdrawals of up to a maximum of P30,000 per day. This limit applies even if you are using the account in a different country (as well as from domestic ATMs). There is no limit on the number of withdrawals you can make each day from its regular savings account; however, you are only allowed five withdrawals per month.
- Overdraft protection and charges. The following are the overdraft interest rates that apply to each type of transaction: withdrawals made with a debit card are subject to a fee of 3 percent; checks deposited into your account are subject to a fee of 4 percent; check payments made by you are subject to a fee of 5 percent; transfers from another bank’s account via internet banking within the same BSP region or via other methods approved by BSP are subject to a fee of 5 percent (5 percent)
The following is a list of the criteria that must be satisfied in order for an overseas Filipino worker to be eligible to open a savings account with Unionbank:
- You must be a citizen of the Philippines or a permanent resident of the country in order to participate.
- Identification must be presented in the form of either a valid Philippine passport or an Alien Registration Certificate. Neither may be expired (ACR).
- In order to be qualified for the position, applicants need to demonstrate that they are in possession of either a current Overseas Employment Certificate (OEC) or a Certificate of Employment (CEO).
- You must be a Filipino Citizen.
- You must have a valid ID.
- You must present your Passport and Certificate of Employment for verification purposes.
- Proof of Income is also required, which may be in the form of an original pay slip or bank statement from the last 3 months, whichever is applicable.
- Proof of Address should be presented in the form of an original utility bill (electricity or water) that has been issued within 6 months prior to opening your account at UnionBank OFW Savings Account: (a) electricity bill; and/or (b) water bill; and/or (c) gas bill; and/or (d) cable TV subscription receipt with name and address clearly stated on it; or Tax Receipts with Name & Address Clearly Stated
Steps to Open a Unionbank OFW Savings Account at the Bank
- Fill out the application form completely to finish the application.
- Please present all of the required documents.
- Provide a valid ID
- Include your name on all of the documents.
- Pay the initial portion of the down payment.
Steps to Open a Unionbank OFW Savings Account Opening Online
To open an OFW Savings Account, you need to have a Unionbank account. If you don’t have one yet, please follow these steps:
- To create an online banking profile with Unionbank, click the “Register” link located in the top right corner of this page. After doing so, fill out all of the required fields and click the “Register” button when you are finished (make sure that your email address is valid as this is where we will send all important information about your account).
- If you already have a profile, you can open an account by going to the section of the website called “My Profile” and clicking the link that says “Open an Account.”
- When you reach the section that pertains to overseas Filipino workers, scroll down until you find the link that says “Open an OFW Savings Account,” and then click on it.
- After that, you are to proceed in accordance with the directions.
Important Note: Once you have entered your personal information such as name and mobile number into our system using this application form, you will not be able to change those details in the future due to the stringent security measures that we have in place.
Frequently Asked Questions
1. What is the minimum opening deposit for a Unionbank OFW Savings Account?
A savings account designated for overseas Filipino workers (OFW) requires an initial deposit of at least Php 500 before the account can be opened. You have the option of making your initial deposit at any of the UnionBank branches located throughout the country or through your online banking account (with bill payment).
2. What is the minimum balance requirement for a Unionbank OFW Savings Account?
A savings account that is designated for overseas Filipino workers must always have a minimum balance of one thousand Philippine pesos (Php 1,000.00), which must be kept in the account at all times. This requirement is in effect at all times. On the other hand, the following terms and conditions will apply to you if you use any of these services that require larger deposits:
You can use either your debit card or your credit card when conducting business via online banking or mobile banking. However, there is a monthly fee of P50 that will be assessed against your ATM card for as long as it is registered in your name and active.
3. What is the maximum balance requirement for a Unionbank OFW Savings Account?
Your choice of home currency will determine the maximum sum of savings you are permitted to have in your account at any given time. This limit is referred to as the aggregate savings limit. U$D—USD 15000; EU—EUR 2500; GBP 1500 and HKD—HKD 1000
Tips on Opening an Account Online
1. Research your Account Type
You should become knowledgeable about the many banking options that are available to you before you open your first account at a financial institution. Have you given any consideration to the idea of starting a checking or savings account at a financial institution? It’s possible that you’d have fun sampling a little of everything! Regardless of which of the available accounts you ultimately choose to go with, you should make it a point to inquire about the positives and negatives associated with the others. You are required by law to conduct an investigation into your current financial situation and collect the appropriate documentation.
2. Learn how to keep your account up to date.
At certain financial institutions, particular deposit policies have been put into place. During the time that the deposit is being processed, which could take anywhere from a few hours to a few days, it is possible that you will not have immediate access to the funds. This delay could be caused by a number of factors. You should really consider doing some additional research on this subject! A “minimum balance” requirement is yet another kind of restriction that a lot of different financial institutions make their customers comply with. If the balance in your account falls below that threshold, you may be subject to a fine or have your ability to access 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.
3. Inquire about the bank’s fees
When opening a bank account, it is essential to keep the following factors in mind as much as possible. Some financial institutions have costs that aren’t immediately obvious but, over time, can become significant. You need to be aware of a number of different things, some of which include ATM fees, checking fees, overdraft fees, 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 usage or activity. Make sure that you are aware of these charges so that you are not surprised when you receive your statement and realise that you have been charged for something you were not expecting.
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 first bank account. There are many banks from which to choose. Instead, you should feel free to shop around and find the financial institution that caters to your requirements the most effectively. It is strongly suggested that you check out a variety of financial institutions. By going to a variety of banks in the area, you will be able to collect information from each of them. Investigate the financial institution that a member of your family, a close friend, or even a casual acquaintance of yours has been using for an extended period of time, whether it be for business or personal transactions. If the bank determines that you were brought in by a client who has been with the institution for a significant amount of time, they will almost certainly provide you with additional benefits.
5. Look for digital platforms
One of the technologies that has emerged as one of the most helpful options available in this day and age is online banking. This is one of the technologies that has emerged as one of the most helpful options. It is expected that the vast majority of financial institutions will provide it, but there is still a possibility that some will not. Make certain that inquiring about this instrument as quickly as possible is a top priority for you as soon as possible. The ability to electronically pay bills and transfer money between accounts are just two of the many helpful services that are included with online banking at no additional charge. When dealing with jam-packed schedules and hectic days, having the option to handle one’s banking online can be of great assistance to the individual. Even if you are unable to visit the bank on a daily basis, you can still take charge of your current financial situation and make it work for you.
6. Weigh the Benefits
Here are some helpful hints that you can use when opening your first bank account. We hope that they will be of assistance to you. Make it a top priority to inquire about and research the benefits provided by a financial institution, and investigate the benefits thoroughly. Free checking and savings accounts are just one of the many perks offered by a growing number of banks and credit unions, which also include the elimination of fees associated with the use of automated teller machines and debit cards, the provision of free checks, and the complete elimination of paper bills. Before making a decision to do business with a particular financial institution, it is in your best interest to first learn about the kinds of services that are offered by that organisation.
7. Take charge of your account
If you have a bank account that you do not have control over, you run the risk of finding yourself in one of the most frustrating financial situations that you could possibly imagine. Take into consideration the fact that one of the defining characteristics of young adulthood is the assumption of ever-increasing levels of responsibility. If you put some effort into doing the math, you will learn how to keep your chequebook in balance. Bring along your cash register, as well as an updated debit card (if you use one) and an updated credit card (if you have one) if you use one. Maintain complete command of the amount of money that is currently in your account, and make sure that you are always aware of the amount of money that is there.
Video: How to Open an Account Through UnionBank Online
Did you know that Unionbank has been at the forefront of providing digital banking services to all of their customers, including overseas Filipino workers (OFWs) and other Filipinos living outside of the country, through their mobile banking platform and online account opening processes? If you didn’t, now you know. Watch this video to find out how you can benefit from banking with Unionbank and find out how to open an account online if you’re interested in doing so.
Unionbank is one of the best banks in the Philippines for overseas Filipino workers and Filipinos returning home to open a savings account. It is not difficult to open an account with any of the banks in the country; however, before settling on one of them as your primary financial institution, you should make sure to perform all of the necessary research and due diligence.
My personal preference when it comes to saving is Unionbank over Banco de Oro and the Bank of the Philippine Islands (BPI). This is due to the fact that you are able to check your overseas Filipino worker (OFW) savings account online 24 hours a day, whereas others can only be checked during regular banking hours.
Because you now have a better understanding of what a Unionbank OFW savings account is, the requirements needed to open one, and how to do so, both offline and online, we hope that this article has provided you with sufficient information to decide whether or not this kind of savings account is the one that best suits your needs and lifestyle.
Keep in mind that your financial institution will always have more information about their own products, so do not hesitate to get in touch with them if you have any questions regarding the opening of a Unionbank OFW Savings Account or any other concerns regarding banking with them.
Because it offers outstanding service and a wide variety of banking solutions that are tailored to meet the various requirements of OFWs, UnionBank is an excellent choice for OFWs looking for a financial institution to bank with. You shouldn’t have any trouble opening the account you need to manage your finances overseas as long as you follow the guidelines that are presented in this guide; in fact, you should have no trouble doing so at all.
Address: G/F UnionBank Plaza Bldg, Meralco Avenue corner Onyx St, Brgy San Antonio, PASIG
Banking Hours: Monday to Friday (9:00 AM – 4:00 PM)
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