Overseas Filipino Bank for Overseas Filipinos: A Comprehensive Guide

As an overseas Filipino, managing your finances from abroad can be a challenge. The Overseas Filipino Bank (OFBank) is a dedicated bank for overseas Filipinos that offers a range of banking services tailored to their needs.

The bank was established in 2019 to provide financial services to Filipinos living and working overseas. Its mission is to serve as a one-stop-shop for their banking requirements.

OFBank has a global presence, with branches and remittance centers located in key cities around the world, including Hong Kong, Singapore, and the United States. This makes it easy for overseas Filipinos to access their accounts and conduct financial transactions.

The bank offers a variety of deposit accounts, including savings, time deposit, and dollar deposit accounts, which can be managed online or through mobile banking.

For more insights, see: Banco Filipino

Overseas Filipino Bank is a subsidiary of the Land Bank of the Philippines.

It was created to cater specifically to the needs of Overseas Filipino Workers (OFWs) and overseas Filipinos with permanent visa and their families.

The bank is a wholly-owned subsidiary of the Land Bank of the Philippines.

OFBank was formerly known as the Philippine Postal Savings Bank Inc. (PPSB).

It fully transformed into a digital-only and branchless bank.

This transformation was made possible by Executive Order No. 44, signed in September 2017 by former President Rodrigo Duterte.

The bank is mandated by the government to provide various financial services and products suited to the needs of overseas Filipinos.

Related reading: Cassa Centrale Banca - Credito Cooperativo Italiano

OFBank offers a range of services and products that cater to the needs of overseas Filipinos. Their mobile banking app is a convenient tool for managing and accessing funds globally.

You can deposit money into your account using various deposit products designed to cater to different needs. These include the OFBank Visa Debit Card, which is linked to a Peso savings account and allows for seamless remittances via Visa Direct.

For beneficiaries aged 7 to 17, the OFBank Regular Debit Card is an accessible option for managing allowances and receiving funds. There is no minimum deposit or maintaining balance required.

For beneficiaries aged 18 and above, the OFBank Visa Debit Beneficiary Card enables the receipt of funds from any OFBank or LANDBANK ATM without any charges.

OFBank offers various loan programs to assist OFWs and their families in achieving their financial goals. These include the OFW Reintegration Program, Multi-purpose Loan, and Bahay para sa Bagong Bayani (3B).

Here are some of the loan programs offered by OFBank:

OFBank also offers investment opportunities, such as the Premyo Bonds Para sa Bayan, which allows Filipinos to support government development initiatives while earning attractive returns.

For those interested in sending money home safely and quickly, OFBank partners with various remittance providers like MoneyGram and Western Union.

You can also manage your accounts online, view transactions, pay bills, and transfer funds securely using OFBank's Retail Internet Banking service.

You can easily deposit money into your OFBank account by heading to the nearest remittance center or bank to cash in. This is a convenient option for those who prefer a hands-on approach.

To make the process even smoother, you can also use electronic banking channels like Instapay or PESONet to transfer funds to your OFBank account. This way, you can deposit money from the comfort of your own home or office.

With OFBank, you also get more convenient and affordable remittance options. You can remit from any Philippine Bank, GCash, or Maya account via PESONet or Instapay, making it easy to send and receive money across borders.

The OFBank Regular Debit Card is an interest-bearing Peso savings account for overseas Filipinos or OFW beneficiaries who are at least seven years old but not older than 18.

It requires no initial deposit and maintaining balance, making it a great option for those who want to start saving without any upfront costs.

The required daily balance and interest rate per annum are the same as the Visa Debit Card account, which is ₱500 and 0.05% respectively.

You can use the OFBank Regular Debit Card at BancNet POS terminals, for online transactions with LANDBANK-accredited online merchants, and for over-the-counter withdrawals at LANDBANK branches.

It's convenient to have a debit card that allows you to make purchases and withdraw cash easily, and the OFBank Regular Debit Card makes it possible.

The interest rate of 0.05% per annum may not be the highest, but it's still a great way to earn some interest on your savings without much effort.

This card is a great option for minors who want to start learning about saving and managing their finances from a young age.

Check this out: Bank with Virtual Debit Card

With OFBank's E-Payment Facility, you can easily pay your bills online. You can access this facility through Link.BizPortal, OFBank's online payment platform.

You don't need to queue at payment centers to pay your bills, making it a convenient option for busy individuals. This facility is available to help you stay on top of your financial obligations.

You can pay your bills through Link.BizPortal, which is OFBank's online payment facility. This service is available to OFBank account holders.

No hassle is involved in paying your bills using this facility, making it a time-saving option. You can easily pay your bills online without having to physically go to a payment center.

This facility is designed to make your life easier by providing a convenient way to pay your bills.

At Overseas Filipino Bank, managing your account is a breeze. You can easily access your account information online or through the mobile app, 24/7.

The bank offers a range of account management tools, including account alerts and notifications, to keep you informed about your account activity.

You can also manage your account by setting up multiple beneficiaries, making it easier to transfer funds to loved ones back home.

To open an OFBank account, you'll need a stable and secure internet connection. It's also essential to have an active email address and mobile number.

You'll need to provide one valid ID to complete the application, and make sure the details you provide match the details in your chosen ID.

To be eligible for an OFBank account, you must be at least 18 years old (or at least seven years old if opening an OFBank Regular Debit Card account). You'll also need to be able to read and write, and not suffer from any legal disability.

Here are the specific requirements you'll need to meet:

Note: The details you provide in your OFBank account opening should match the details in your chosen ID.

To claim your OFBank card, visit your preferred LANDBANK branch.

You'll need to proceed to the New Accounts Counter.

Present the same ID you uploaded during the OFBank account opening.

Answer some essential Know Your Customer (KYC) questions.

That's it, the process is straightforward and easy to follow.

OFBank's digital presence is a game-changer for Filipinos abroad. With a suite of online banking services and a feature-rich mobile app, customers can manage their finances from anywhere.

The online banking services include account management, fund transfers, loan applications, investments, bill payments, and customer support. Customers can even apply for loans online and track their status.

OFBank's mobile app is available for download and offers a range of functionalities, including fast and easy account opening, secure login, and a personalized dashboard. Customers can also make quick transactions, such as money transfers and bill payments, anytime, anywhere.

The benefits of OFBank's digital presence are numerous, including no need for physical branches, convenience, reduced costs, faster transactions, and real-time monitoring.

Recommended read: Chase Bank Warns Customers to Prepare for Higher Banking Fees.

The OFBank Visa Debit Card is a convenient way to send remittances to loved ones abroad through Visa Direct.

You can earn interest on your account balance, but only if you maintain a daily balance of at least ₱500 at an interest rate of 0.05% per annum.

The card allows you to transfer funds to any OFBank or LANDBANK ATM account for free, which is a great feature for those who need to send money to family members or friends.

Intriguing read: How to Send Money to Overseas Bank Account

You can also use the card to pay online or in-store, withdraw cash at local and international ATMs, or make over-the-counter withdrawals at any LANDBANK branch.

The OFBank Visa Debit Card is an interest-bearing Peso savings account with no minimum initial deposit and maintaining balance, making it a hassle-free option for those who want to save money.

The card also offers a convenient way to pay bills and make purchases online or in-store, and you can even withdraw cash at ATMs or make over-the-counter withdrawals at LANDBANK branches.

See what others are reading: Cash Advance from Credit Card to Bank Account

Digital Platforms have revolutionized banking for Filipinos worldwide, making it easier to manage finances from anywhere. OFBank's online banking services are a game-changer, offering a suite of features that cater to various needs.

With OFBank's online banking services, customers can view their account balances, peruse transaction histories, download statements, set up alerts, and manage beneficiaries from the comfort of their homes. This level of convenience is unmatched, especially for those living abroad.

Suggestion: PNC Financial Services

The platform supports local and international transfers through InstaPay, PESONet, and Visa Direct, making it convenient to send and receive money. You can also apply for loans online, track the status, and manage payments.

Customers have the option to invest in government securities like bonds and bills through the portal. Bill payments are also a breeze, allowing for the easy payment of utilities, insurance, and other services.

A robust support system is in place, including FAQs, chat, and email options, along with appointment management. This ensures that customers receive the help they need, whenever they need it.

The mobile app is a key feature of OFBank's digital platform, offering a range of functionalities that make banking easy and convenient. Here are some of the key features of the mobile app:

By leveraging digital platforms, OFBank has eliminated the need for physical branches, providing full banking services to Filipinos, no matter where they are. This has resulted in reduced costs, faster transactions, and real-time monitoring of financial activities.

At Overseas Filipino Bank (OFBank), security is a top priority. The bank takes a comprehensive approach to protecting customer data, including data encryption, multi-factor authentication, and regular security audits.

OFBank's commitment to security is evident in its strict adherence to regulations such as the Data Privacy Act (RA 1405) and BSP Circular 808. This ensures that customer information is handled with the utmost care.

The bank's employee training program is designed to keep staff up-to-date on cybersecurity best practices, further enhancing the security of customer data.

Here are some of the key security measures in place at OFBank:

OFBank's mission is to serve and empower the Overseas Filipino community by providing tailored financial services, efficient remittance solutions, and promoting financial literacy. The bank envisions itself as a virtual bridge connecting Filipinos abroad with their homeland, facilitating easy financial management, secure and quick transactions, investment opportunities, and connection and community.

A unique perspective: Hawaii Community Federal Credit Union

At OFBank, we take the security of our customers' information very seriously. Our data is securely encrypted, including passwords and account details, to prevent unauthorized access.

We use multi-factor authentication to add an extra layer of security, requiring additional verification for access to accounts. This significantly enhances security.

Our transactions are continuously monitored for suspicious activities, and we have a system in place for immediate alerts in case of potential fraud.

We conduct regular security audits with independent security firms to stay ahead of evolving threats. These audits ensure we're always up-to-date on the latest cybersecurity best practices.

We're committed to complying with all cybersecurity norms, adhering to the Data Privacy Act (RA 1405) and BSP Circular 808. This means you can trust us to handle your sensitive information with care.

Our staff receives ongoing training in cybersecurity best practices, so you can be confident that your data is in good hands.

Broaden your view: Hannover Re

OFBank's mission is to serve and empower the Overseas Filipino community by providing tailored financial services. This includes offering reliable, secure, and accessible banking solutions specifically designed for OFWs and their beneficiaries.

The bank's objectives extend beyond just financial transactions, aiming to enhance the economic stability and growth of OFWs. OFBank seeks to facilitate easy financial management, providing a platform for OFWs to handle their banking needs from anywhere globally.

Here are the key services OFBank offers to achieve its mission:

By addressing the unique financial challenges OFWs face, OFBank aims to empower them to manage their earnings effectively, invest in their future, and contribute to their communities' development in the Philippines.