Since the opening of OFBank, a lot of questions that revolve around the topic came up. Questions like what minimum requirements they need to submit to opening a bank account. Online forums, discussions, and this bank in Liwasang Bonifacio was flooded with questions and applications. But what really are the requirements on how an OFW can open a bank account?

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As per Secretary Silvestre Bello, the process on how an OFW can open is not very different on how you normally open a bank account. Moreover, when the website goes up, OFWs can utilize that to push through with the application as well.

So right now, what is the process to open a bank account?

For the meantime, visiting the branch in Liwasang Bonifacio is your best bet. Bring all the documentation banks normally require like valid IDs, latest photos, etc.

Two options are currently present:

  • Checking Account
  • Savings Account

As per reports, the OFBank will soon also open in foreign countries and it we can expect it to be very soon. Once readily available, OFWs can now do remittances, deposits and such through the OFBank. This means that they do not anymore need to wait for a number of days for their families to get their money. Furthermore, they can utilize it from their host country.

Secretary Bello said that in February, there will be available OFBank branches in Dubai, Abu Dhabi, and Bahrain.

In addition, the Secretary also mentioned that they are planning to extend the services to the beneficiaries of the OFWs. However as of now, it’s only limited to OFWs alone but of course, they’ve also thought about that as well.

Dollar remittances will also be accepted in the OFBank. As a matter of fact, OFWs don’t need to open a bank account to do this. They can just simply utilize the OFBank to send remittances and enjoy low cost. Furthermore, as per Bello, they’re planning to make remittances free-of-charge when done in the OFBank. This will be done once branches are open overseas.

What do you think about this plan? Could this be a charge in our economy? Or could this certain thing slow us down even more?

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