Our goal in life is to provide for our families, right? That is why over millions of Filipinos take the journey of going overseas just to put meat on the table. Overseas Filipino Workers (OFWs) sacrifice themselves for their families just for them to earn big; they leave their families here in the Philippines with the hopes of coming back home with ample money to start a business or to bring their families there with them. However, one of the bigger problems OFWs face is that every penny they earn goes straight to all there is that has to be paid here in the Philippines.

A lot of our banking institutions are coming up with ways on assisting OFWs; one of which is MetroBank. They found a way on how they can help OFWs monitor their savings because according to an analysis report back in 2011, one thing on why OFWs don’t save much is because they have little to no time checking how much they have left. We can’t blame them because they’re of course working and they don’t have much time accessing these types of information.

MetroBank on the other hand, opened what they call the OFW Peso Savings Account. This savings account don’t require an initial deposit and a maintaining balance. According to MetroBank:

“A basic savings account that ensures your money is accessible and earns interest. Your foreign currency remittance is converted into Philippine pesos, saving your family the hassle of having to change money into local currency. You can also opt to track your balance through a passbook.”

Read: Top Businesses For OFWs To Have In The Philippines

So how can you apply for a MetroBank OFW Savings Account?

  • Proceed to the nearest MetroBank Remittance Payment Center in your country;
  • Once there, of course you have to inform the branch that you’re looking to open a MetroBank OFW Savings Account;
  • You will need to fill the application form out and the deposit slip. But since there won’t be any initial deposit, you can inquire if you still need to fill the deposit slip out;
  • Submit the forms and requirements and ask when the ATM card becomes available for pick-up;
  • When you claim it, you just have to change your PIN and that should just be it. Easy, right?

To give you a kind of a look on how it will appear:

Passbook or ATM account (PESO Savings Account)

  • Initial Deposit – None
  • Maintaining Balance – None
  • Balance to earn interest – Should be at least Php10, 000.00
  • Interest rate – 0.25% per annum
  • Conversion to Regular Account: If no foreign inward remittance within 1 year. If there is no valid remittance transaction for one (1) year/date of the opening of the account.

Passbook (OFW Dollar Savings Account)

  • Initial Deposit – None
  • Maintaining Balance – None
  • Balance to earn interest – Should be at least Php500.00 worth if currency is different
  • Interest rate: 0.25% per annum
  • Conversion to Regular Account: If no foreign inward remittance within 1 year. If there is no valid remittance transaction for one (1) year/date of the opening of the account.

Read: Money Saving Tips For Overseas Filipino Workers (OFWs)

What are the requirements in opening a MetroBank OFW Savings Account?

The usual would be two (2) valid government IDs; and your passport. Although MetroBank is only requiring one (1) valid government-issued ID, it’s better to be safe than sorry. Make sure that you have both the original and the photocopy on the date of your visit to the remittance center for application.

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