Best Savings Accounts For OFWs Looking To Invest In Their Future

Overseas Filipino Workers sacrifice so much to secure a better future for their families. To make sure all this won’t go to waste, they need to learn how to save for the future. And the best way to start is in knowing about the best OFW savings account options, so they can see where to place and send their hard-earned money.

Figuring out how to make your money grow in a year or more is hard. And that’s why OFW savings accounts are all the rage for our fellow Pinoys abroad!

The best OFW savings accounts

The best and high performing banks in the Philippines have all created savings accounts specifically aimed at OFWs to help make their lives, and that of their families easier when it comes to investments, remittance, and savings.

In this post, we listed down the seven (7) best banks for savings if you are an OFW. Take a look at these OFW savings accounts and choose which one is best for you, and your loved ones.

1. BPI Pamana Padala

The Bank of the Philippine Islands (BPI) has multiple savings accounts designed for different clients. The BPI Pamana Padala savings account is designed specifically for OFWs!

With this account, you can easily send your money to your family in the Philippines by using BPI online banking and remit your monthly income every month.

This not only acts as a savings account, but it also comes with a FREE Remittance Income Continuation plan.

What are the other benefits you can look forward to?

  • Free Personal Accident Insurance worth P100,000. Take note that this is valid only for 90 days from the date you opened your account
  • Free Life Insurance Coverage on your 4th remittance within a 12-month period.

Note that for the free life insurance, the coverage is equivalent to the total amount of remittances you sent, up to P300,000, and a maximum of USD 6,000. Also, in case of a fatal accident, your beneficiaries will still receive a monthly remittance for 12 months.

For example:

For a year (January-December), John was monthly remitting P20,000 in his BPI Pamana Padala account.

In total, his remittances reached P240,000 (P20,000 X P12,000) in one year.

Then, an accident led to John’s death. This means the beneficiaries he wrote on his insurance will receive P20,000 for the next 12 months, even after John’s passing.

How do I apply for BPI Pamana Padala?

It’s easy to open this OFW savings account, but it requires the OFW to apply for the account. You can apply for this when you are in the Philippines. So, before you leave the country for your job posting, make sure you’ve already opened your BPI Pamana Padala account.

The initial deposit for BPI Pamana Padala is P500. This is available in Peso and US Dollar in BPI and Peso in BPI Savings Bank. Check the deposit rates here:

  1. Go to the nearest BPI branch to sign up
  2. Bring the following requirements:
    • One valid ID that has your photo and signature
    • Proof that you are an Overseas Filipino Worker (work contract, work visa/permit, overseas employment certificate from POEA, OWWA ID, seaman’s book, CFO certificate, PDOS certificate, local residence ID)
  3. You will be asked to fill up these following forms:
    • Standard Account Opening forms
    • BPI Pamana Padala enrolment for the Group Life Insurance Coverage (Name of the Insured, Name of the Beneficiaries)
    • Proof of Cover (for the free 90-day Personal Accident Insurance)

Your Pamana Padala account debit card will be available after 3 – 4 banking days.

(Read: Best Savings Accounts In The Philippines 2019)

2. BDO Kabayan Savings Account

BDO allows OFWs to send money to their loved ones in the Philippines the fast, safe, and convenient way through the Kabayan Savings Account.

What are the features and benefits of a BDOKabayan Savings Account?

  • There is no maintaining balance with at least 1 remittance per year within 2 years
  • If you have a BDO Kabayan Savings Account, you will build credit history with BDO, therefore, making it easier for you to apply for a car, home, or business loan in the Philippines
  • You will be given a passbook and ATM debit card
  • With every savings and remittances, you will earn BDO reward points. Please be informed that if the account holder does not remit within 2 years, their BDO Kabayan Savings Account will be automatically converted into regular ATM savings account with a P2,000 maintaining balance.
  • Remitters are qualified for a FREE accident and life insurance

Who are qualified for free accident and life insurance?

  • Should be regular remitters
  • 18-65 years old
  • Employed


  • If the account is under the name of the remitter or the remitter’s spouse, child, parent or sibling, you have to sign up your BDO Kabayan Savings Account in the Free Life and Accident Insurance
  • Your BDO Kabayan Savings Account needs to have at least six remittance transactions within the last 12 months and an Average Daily Balance (ADB) of at least P25,000 maintained in your account
  • If the requirements above are met, the enrolled remitter will be covered by insurance every month
  • 50% of ADB plus 50% of the total remittances in the last 12 months (must not go beyond P1M per enrolled remitter) is the insured amount

What are the requirements for a BDO Kabayan Savings Account?

  • The initial deposit is P100 (for Philippine Peso accounts) or $100 (for US dollar accounts)
  • A valid ID (passport, SSS ID, Philhealth card, PRC ID, schools ID, GSIS, voters ID)
  • 1×1 photo of the applicant
  • For seafarers who are employed by POEA-accredited shipping companies, you may open a BDO Kabayan Shipping Dollar Account with only $10 at an initial deposit. (you need a valid ID with picture, 1×1, and your seaman’s book to open your account)

How do I apply for the BDO Kabayan Savings Account?

  1. Visit the BDO branch near you
  2. Fill out the application form for the BDO Kabayan Savings Account
  3. Pay the required initial deposit
  4. In five business days, bring your deposit slip to claim your passbook and ATM card

(Read: Balik Manggagawa Online Processing System: A Quick Guide for OFWs)

3. Metrobank OFW Savings

Metrobank also offers an OFW savings account that will help our fellow Filipinos in another country send their remittances to their families. They have one of the widest remittance networks to and from the Philippines!

They offer two types of OFW savings accounts, and OFW Peso Savings Account and OFW Dollar Savings Account. We explain the details and differences between the two below.

Metrobank OFW Peso Savings Account

The Metrobank OFW Peso Savings Account is a regular account that converts your foreign currency into pesos while securing your money and earns interest. It is easily accessible and hassle-free for you and your family! There is no need to go through the hassle of having to change your money into local currency.

What are the features and benefits of a Metrobank OFW Peso Savings Account?

  • Available in Passbook or ATM
  • You can access the ATM anytime via BANCNET ATMs or via MAESTRO-CIRRUS ATMs if you’re abroad
  • The OFW Peso Savings Account can also be accessed through online banking (MetrobankDirect) for any balance inquiries or bill payments
  • No initial deposit
  • No maintaining balance. Note, however, that there should at least be 1 valid remittance transaction that was made to the account within a year. If not, it will be converted to a regular account with maintaining balance. The bank will also automatically close the account if it has ZERO BALANCE for 3 months.
  • 0.25% interest rate per annum
  • P10,000 is the needed balance to earn interest

Metrobank OFW Dollar Savings Account

This savings account is meant to keep your money in dollars instead of converting it into pesos!

What are the features and benefits of a Metrobank OFW Dollar Savings Account?

  • Available in Passbook
  • No initial deposit
  • No maintaining balance (as long as there is at least 1 valid remittance transaction that was made into the account within a 12-month period, if not it will be converted to a regular account with a maintaining balance)
  • 0.125% interest rate per annum
  • $500 is the needed balance to earn interest

How to open an account?

  1. Go to any Metrobank branch near you
  2. Bring a valid ID (Passport, Driver’s License, Voter’s ID, Barangay Certification, Senior Citizen Card, Police Clearance, Philhealth Card, etc)
  3. Your latest 2×2 picture
  4. Photocopies of the valid ID you presented
  5. Endorsement Letter (optional)
  6. Accomplish and submit your account opening form

4. PNB OFW Savings Account

The Philippine National Bank (PNB) has been in the finance industry for decades and has proven numerous times that they can keep up with the big leagues. One of the services they offer is the OFW Savings Account that our fellow Filipinos can enjoy even if they’re not in the country!

What are the features and benefits of a PNB OFW Savings Account?

  • They offer ZERO opening and maintaining balance
  • The minimum Average Daily Balance (ADB) to earn interest is P10,000 or 1,000 USD
  • Interest rate is 0.100% p.a.
  • You can use their ATM 24/7 through PNB, MegaLink, BancNet and ExpressNet ATMs nationwide

How do I apply for a PNB OFW savings account?

  1. Gather the following requirements:
    • A valid ID. Refer to below valid IDs:
      • Passport
      • Original employment contract approved by POEA
      • Driver’s license
      • Professional PRC License
      • SSS/GSIS Membership Card
      • OFW ID issued by POEA/OWWA
      • NBI Clearance
      • Police clearance
      • Marriage contract
      • BIR TIN
      • Credit cards that have photographed ID
    • 1 (1×1 picture) and 1 (2×2 picture)
    • Letter of Introduction. *This is only needed if the applicant does not have enough funds to open an OFW Savings Account.
  2. Go to the PNB branch near you and submit the Letter of Introduction together with one valid ID

(Read: OFW Loan Options: How To Get Funds For A Home, Automobile, And More)

5. PSBank Overseas Filipino Savings Account

PSBank Overseas Filipino Savings Account claims that it offers multiple benefits to OFWs and their families in the Philippines.

This savings account has fixed interest and also allows 24/7 banking through PSBank, Metrobank, BancNet, ExpressNet ATMs nationwide and Mastercard ATMs worldwide!

What are the features and benefits of a PSBank Overseas Filipino Savings Account?

  • There is no initial and minimum maintaining balance
  • You will immediately get your ATM card once you open an account
  • Use of their online banking (Enroll in PSBank Online and PSBank Mobile) that will allow you to pay bills and make cash withdrawals without the hassle
  • The ADB should be P5,000 to earn interest *check their interest here:
  • Interest crediting is based monthly
  • Minimum maintaining balance is P1,000

Note: Checks deposited to accounts with ATM card before clearing cut-off, will be available after 10:00 AM on the following:

  • On-us check: 2nd working day
  • Local / In-house check: 3rd working day
  • Regional check: 7th working day

How do I apply for a PSBank Overseas Filipino Savings Account?

  1. Bring two valid IDs that have your photo and signature
  2. Submit the following:
    • Filled out Signature Card
    • Filled out Signing Instructions and Acknowledgement of Receipt Form
    • Customer Information Sheet (CIS) for individual clients
      • For OFWs: New clients will be asked to declare their employer and country of employment
      • For OFW Beneficiaries: the beneficiary must provide the name, relationship, contact details, country where the remitter works and the employer under “Other Sources of Funds/Deposits” portion of the CIS

(Read: An OFW’s Guide To OWWA’s Business Loan Programs)

6. Chinabank Overseas Kababayan Savings

When you open an OFW savings account, one to definitely consider is the Chinabank Overseas Kababayan Savings account. This brings lots of valuable features for OFWs.

What makes Chinabank different from the rest is that they only require P1,000 for their peso account, and $10 for their dollar account for minimum maintaining balance to earn interest.

What are the features and benefits of a Chinabank Overseas Kababayan Savings Account?

  • Interest rate is 0.125% p.a. (subject to 20% withholding tax) for PESO account
  • Interest rate is 1.000% p.a (subject to 15% withholding tax) for DOLLAR account
  • OKS Peso Account ATM Card and a monthly statement of account will be provided for documentation

*Maximum deposit insurance is P500,000 for each depositor

7. Bank of Commerce – Sikap Pinoy OFW Account

With a minimum balance of P5,000, you can open an account that will not only benefit the OFW but also their beneficiaries!

What are the other benefits you can look forward to?

  • The initial deposit and the maintaining balance are waived as long as you have the minimum balance present in your account.
  • It comes with a customized ATM card, where you can access your account 24/7 through BancNet ATMs.
  • Online banking through Bank of Commerce Internet Banking

How do I apply for a Sikap Pinoy OFW Savings Account?

  • Fill out the following
  • Application form for the Sikap Pinoy OFW Savings Account
  • Customer Record Form
  • Signature Cards
  • Application for ATM Card
  • Authorization to Debit
  • Go to the nearest Bank of Commerce branch with the forms and bring the following:
  • One government-issued ID
  • Two (1×1) latest ID pictures
  • Tax Identification Number (TIN)

Your ATM will be ready in a week if you signed up for an account with an ATM card. If you signed up for a Passbook, you can get it after opening your account.