Nowadays, oversees Filipino workers are playing a great role in strengthening the economy of Philippines. Numbers of OFW are working abroad and they are regularly sending their foreign remittances to Philippines in order to support their loved ones. But many oversees Filipino workers (OFW) are also looking forward to find the best savings accounts in Philippines in order to maximize their savings.
But majority of OFWs usually get confused while choosing the best saving interest accounts due to the lack of latest and complex banking accounts information.
In this regard, Filipino banks are also trying their best to offer latest banking products in order to encourage OFWs to open their saving accounts and also to promote savings and investment culture in Philippines.
To help the Oversees Filipino Workers, we have conducted a great research and come up with the best saving accounts for Filipinos who are working abroad. Read the following account details and choose the best saving account according to your needs.
6 Best Filipino Bank Saving Accounts for OFWs
#1 Metro bank OFW savings account
Metrobank no doubt is one of the best banks in Philippines. Currently, Metro Bank is offering its different banking product and services to OFW. In order to manage foreign remittances and provide quality financing services to OFWs, Metro bank is offering following banking products:
- Remittance Services
- OFW Peso Savings Account
- OFW Dollar Saving Account
- World Cash Card
- Remit to Account
Metro bank OFW saving account is the best saving account for OFW. Oversees Filipino workers usually send their foreign remittances in Dollars/foreign currency and when it is received in account, the foreign currency is immediately changed into Philippines Peso. In this way, the families of OFWs can easily use these funds. Some prominent features of this account are as follow:
- No initial deposit
- No maintenance charges
- ATM or Passbook
- 0.25% Per annum interest rate
- Online banking services
#2 BDO OFW Savings Accounts
BDO Unibank recently launched its new product (BDO KABAYA AESNSO PROGRAM) to assist oversees Filipino workers. This account is relatively better than other savings accounts because it offers extra features to account holders. If you want to open this account then you will enjoy the following benefits from BDO KABAYA ASENSO program.
- Open your account with minimum ₱100.00 or US $100 initial deposit.
- Aside from account, you will also receive passbook and ATM
- If you do at least one remittance transaction in a year, then there will be no minimum balance required to maintain account.
#3 PNB OFW Savings Accounts
Philippines National Bank (PNB) is continuously striving to provide quick and reliable banking services to its beloved customers. If you are living and working abroad and also want to send money to your loved ones living in Philippines then the PNB OFW savings account might be the best choice for you. PNB is offering its saving interest account to OFW which includes following features:
Open your account with no initial deposit
- No maintenance balance is required
- ADB to earn interest up to ₱10,000.00
- If you don’t do transactions in account then the dormancy will be in 2 years
- The interest rate of PNB OFW savings account is 0.100% per annum
- Get your ATM and Passbook along with saving account
Bank of Philippines Island is considered to be the best bank in Philippines. They are offering great banking products and services to its customers. Likewise other accounts, BPI is also offering its BPI Advance Saving Account to OFWs. Here are the account features.
- Get quick and higher return on deposits
- Advance earning on deposits
- You can monitor your account using passbook or BPI Express Online.
Apart from the Advance savings account, there is another account offered by BPI named as BPInoy Savings Account . Opening this account can help both OFWs and their families living in Philippines. This account offers you the following benefits.
- Open your account without any initial deposit
- If you do at least on transaction in last 3 months, then there will be no minimum balance required to main the account.
- Earn higher interest rate as compared to other saving accounts interests.
- You can withdraw up to 1 Million through circus-affiliated ATMs. This service is available in 210 countries and you can also withdraw the amount in any currency where you’re living in.
- Do cashless shopping nationwide using EPS (Express Payment System). No enrollment is requirement for it.
- You can track your account status and spending at any time through BPI Express Mobile, BPI Express Online, and BPI Express Mobile and also through ATMs.
- Open your account online
#5 Bank of Commerce Sikap Pinoy OFW Account
Sikap Pinoy OFW savings account is offered by Bank of Commerce in Philippines. It is also a good alternative account option for Philippines’ OFW because it offers good mark up on deposit to OFW and their beneficiaries. Some key features of this savings account are as follow:
- No initial and maintenance balance is required
- Deposit at least ₱500.00 to earn interest income
- Get your ATM card for fast transactions
- You can enroll through Bank of Commerce Internet Banking
#6 PS-Bank OFW Savings Accounts
Likewise other banks, PSBank is also offering OFW savings accounts to Filipino workers living abroad. The benefits of this account are relatively the same as offered by other banks’ savings accounts. Some prominent features of PSBank OFW savings accounts are as follow:
- No initial deposit and maintenance balance is required
- Minimum deposit ₱5000.00 to earn interest income
- Account can be opened using online banking service
- ₱300.00 will be charged if account remains dormant for 2 years
- ATM card insurance
If you want to open the best OFW savings account in Philippines then choose the account which offers high mark-up rate on deposits. See, if the bank is offering other services free of cost like ATM, Passbook and online banking, then you should choose that account because it will reduce your account services cost and maximize your earnings on deposits.