After worrying about where to earn money, OFWs have this next problem, (and a good problem, indeed), WHERE to put their hard earned money. Good thing, local banks have taken advantage of this problem and came up with solutions to provide millions of OFWs options to WHERE to save their money. (The more they compete, the more OFWs can benefit!)
Here are the familiar names in the banking scene, with their products that specifically caters OFW:
— Oh wait, a word of advice before scrolling down: what we are providing to you are just the basics, and we advice you to thoroughly search their websites, and if possible, visit their branches to personally talk to their personnel.
It would be a lot better to establish an account before leaving the country.
So, here are the basics:
P 100 for peso account
$ 100 for dollar account
- Remitters may qualify for free life and accident insurance.
- Earn BDO Reward points from your savings and remittance
Note to Seafarers: Seafarers employed by POEA- accredited shipping companies may open a BDO Kabayan Shipping Dollar Account where they can directly credit their allotment.
Only $10 initial deposit, one (1) valid ID with picture, one (1) 1×1 ID pictures and a valid seaman’s book are needed to open an account.
- BPinoy Savings Account
- No initial deposit required
- Enjoy cashless shopping via the Express Payment System (EPS) at accredited establishments nationwide.
- Monitor your account balance, transfer funds, paybills or reload cellphones through
BPI ATMs, BPI Phone Banking, BPI Online Banking or even via your cellphone with BPI Mobile Banking.
- Metrobank OFW Peso Savings Account
- Initial deposit: zero
- Interest rate – Interest earning of 0.25 % per annum
- Balance to earn interest: P 10,000
Account opening requirement:
1 valid government issued ID
- PNB OFW Peso Account
- How to earn interest in this account:
Account balance should be minimum P10,000 or $500 for dollar account
- 24/7 ATM access through PNB, Megalink, Bancnet, and ExpressNet ATMs nationwide.
There you go, choose wisely!