Gov't launches Overseas Filipino Bank
MANILA, Philippines – The Philippine government launched on Monday, June 29, the Overseas Filipino Bank (OFBank), which aims to help Filipinos employed abroad to send money home faster.
OFBank is a digital-only bank, which means it has no branches and all transactions are done online.
The bank, which is a subsidiary of Land Bank of the Philippines (Landbank), is tailor-made for the needs of overseas Filipino workers (OFWs). Opening an account is also more convenient.
How can one open an account? As it is a digital-only bank, OFWs and their beneficiaries can just submit all requirements online through OFBank's mobile app.
The applicant will only need to take a selfie and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client.
Applicants must present at least one of the following valid IDs for scanning and verification purposes:
For overseas Filipinos and overseas Filipino workers:
- Unified Multi-Purpose ID (UMID)
- Professional Regulation Commission (PRC) ID
- Company ID
- Driver's License
- Government Service Insurance System ID
- OFW ID
- Overseas Workers Welfare Administration ID
- Postal ID
- PRC ID
- School ID
- Senior Citizen ID
- Social Security System ID
- Commission on Elections ID
What accounts can be opened? There are 3 types of accounts: the OFBank Visa Debit Card for OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old.
These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance, as well as dormancy fee.
To earn interest, the accounts need to have a daily balance of P500.
The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa's real time payment solution through the 16-digit card number.
How much are the bank charges? Account holders can use OFBank's mobile facility to transfer funds to their beneficiaries' OFBank and Landbank accounts, free of charge.
Interbank fund transfers are subject to a service fee of P25 per transaction via InstaPay and P15 per transaction via PesoNet.
How can clients get the OFBank ATM card? One can claim the card at any Landbank branch. The ID presented online must be shown.
The client must also answer some questions for verification purposes.
Does OFBank offer loans? OFBank will soon launch its own loan offering called the Opportunity for Financial Wellness Lending Program.
But for now, loans are available at Landbank. – Rappler.com