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For the OFW Family: Financial Tips on How to Help OFW in the Family

This post is intended for the family members of OFWs. 

According to the survey conducted by the Bangko Sentral ng Pilipinas, fewer OFW families save, with 96.6 percent of OFW households relying heavily on remittances. In fact, the money received from abroad are used to pay for basic needs, which showed that the money remitted to them are their main source of cash.

This could be dangerous, especially when you look into the long-term aspect. Being an Overseas Filipino Worker, although yields higher income, is still full of uncertainty. This is why the BSP recommended putting money in the banks since remittances not only  fuels domestic consumption but also helps finance other productive sectors in the economy.

How can you do that? Here’s how:

1) Start by discussing the Family Dynamics. 

This is the first step you need to do as a family. Schedule one day so you can sit down as a family and discuss how to handle the money you will receive from the OFW member. You already have an idea how much money your OFW member is making, so agree on how much money you will receive, how much will be alloted for savings, and who else can contribute to augment the daily needs of the family. Abled members must also work and not just rely on the remittances.

By doing this, you are not only helping your OFW member in financing the family’s needs but also being sensitive about his/her personal needs as well.

2) Look for alternative ways to earn money. 

Every OFW family, no matter how big the OFW is earning, must not rely on the family member working abroad alone. Since you already discussed and laid down rules on what to do as a family, look for opportunities that allow you to grow money.

You can open a sari-sari store or engage in buy-and-sell of goods like clothes or toys. If anyone in the family has a special skill, say baking or crafting, use it as an opportunity to earn money. There are many options. Be creative and think of ways on how to help.

3) Budgeting is key. 

You already agreed as to how much you should get every month. At this point, you already identified what you can do to increase your cash flow. The next step is to set a budget.

Every month, set aside portion of the remitted money plus other cash sources to basic needs – utilities, grocery, allowances, and savings. Consider tracking all expenses, no matter how small the amount is, so you will know where to cut down. Building a realistic budget doesn’t happen overnight, so make sure you do this religiously.

4) Discuss the future. 

Being an OFW is not forever. At some point, the OFW member in the family will come home and realize that there are limited opportunities for him/her abroad. Before that happens, make sure you established your future plans as a family.

There is not perfect formula when discussing your future plans. It could involve a new house, new car, P1 million in the bank account, or a sustainable business, whatever depends on the family.

Keep in mind that achieving financial freedom as a family is a team effort. One cannot drive a car without gas in it. Help the OFW member in the family by doing the tips enumerated above and you will worry less about the future in no time.

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Common Obstacles that Stop OFWs from Being Millionaires

Every year, POEA will release the latest OFW statistics that show how many Filipinos with different skill levels were deployed and where. The number varies every year, but this will remain constant: hundreds of thousands of Filipinos are seeking greener pastures abroad to provide a good life for their family. After all, with the OFW earning in dollars, a good and stable life is within reach.

Here’s the biggest question: how come there are many OFW families are still not living the comfortable life?

Perhaps, these obstacles are the reasons why:

1) Lack of Goal Setting and Financial Planning

It is not the OFW’s sole responsibility to provide a better life for the family. In order to succeed, the family must work together in setting goals and planning about the future. This means OFW families must sit down, agree on what they want to achieve in 5, 10, and 15 years time, set guidelines and plans on how to achieve it, and make sure to stick to it.

It doesn’t matter how long you work overseas. Most of the time, working as OFW for 20 years won’t guarantee you a fat wallet. As long as you and your family agreed on what to do financially especially when you are abroad, then you might achieve financial freedom earlier.

2) Family Dependency Plus Lavish Lifestyle

Here’s a common scenario among OFW families: once someone starts working abroad, everyone else depends on him. The standard of living also changes, which explains why your monthly salary is often used up.

If you want to be a millionaire, then you and your family should maintain a simple lifestyle. Learn how to say no to extended family’s requests and take it easy in buying pasalubong. Sticking to your financial goals and making sacrifices will help you a lot in reaching your first million.

3) Financial Illiteracy 

What kind of financial products do you have aside from savings account? Most Filipinos are not aware of the various financial products available, making the Philippines among the least financially literate – and OFW families are not an exception.

If you want to grow your money, don’t settle with having a savings account. Having one is a good start in establishing financial freedom, but take time to explore and try other investment options. You can start with Time Deposit or mutual funds. Bonds and investing in the stock market are also good options and yield higher return. If you are willing to risk it, buying a property or putting up your business can help you achieve financial freedom.

Know more about your investment options here.

4) Limited Information and Lack of Financial Education 

There are many reasons why Filipinos are financially illiterate. Perhaps one of the biggest factors is the lack of education. Investment options or budgeting tools are not often taught in school and most of the time, you will have to find about it on your own.

Make use of the Internet, know the different options aside from savings account, and determine which tool is most effective to grow your money. Don’t be afraid to ask questions too, since it is part of your learning process.

Don’t let these situations get into your head and stop you from reaching your first million. It will take time and a lot of effort, but fighting these circumstances make all sacrifices worth it.

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Car Buying Guide for Every OFW

 Who doesn’t want to own a car? Aside from your Dream Home, you surely want a vehicle that can bring you and your family from point A to point B with ease and comfort as part of the fruits of your labor. Similar to a house, buying a car can be costly on your wallet too.

The good news is banks and lending institutions offer Auto Loans and catered specifically to Overseas Filipino Workers. Similar to other types of loan, a Car Loan requires you to pay monthly installments, including interest rate. Typically, an auto loan is good for one to five years, depending on your capacity to pay.

Before you apply for one, make sure you remember the following things:

1) Know what you want. 

Cars can be divided into two major categories: brand-new and previously owned. Before you start with your research, decide what type of car to buy first then move on from there. Look into your options – the brand, car specifications, gas or diesel, expected maintenance costs. If you are planning to buy a previously-owned vehicle, the car’s mileage must also be considered. You should look into the car’s overall functionality as well, which leads you to this next pointer.

2) Think about the people who will ride the car. 

You want a sports car so bad and that’s fine; however, can you and your kids fit in there?

When looking for a car, consider the people who will ride in it. It should be able to house your family comfortably, especially during long travels. This is why it is important that you choose a car that will meet both reliability and functionality.

3) Set a budget. 

Car, whether brand new or previously-owned, is expensive. If you are diligent with your savings, you can use that amount to cover the expenses for buying a car. On the other hand, you can apply for a Car Loan  to make the purchase more manageable without immediately breaking the bank. This will limit your choices as well.

4) Car loan duration also matters. 

Here’s another question you need to ask: how long are you planning to pay for the auto loan?

Car loan often comes in three periods – 36, 48, and 60 months. Each loan duration has its pros and cons. Opting for the 60 months could yield lower monthly amortization, but are you willing to pay for a vehicle for that long? On the other hand, you may choose the 36 months; however, the monthly amortization can be higher.

Most lenders have built-in loan calculators that allow you to check how much will you pay given this time frame.

5) Your credit standing also matters. 

Let’s say you can shoulder 30 percent of the car’s purchase price and will only ask the bank to shoulder the remaining balance. Does this guarantee approval?

The answer is no.

Regardless of how much you can shoulder, lenders will still look into your credit standing to determine if you are worthy of credit. Don’t worry. You can still boost your credit standing with the help of these tips.

6) Choose your lender wisely. 

At this point, you already decided what car to buy. The next step is to choose a lender that will help you finance your purchase.

Don’t go from bank to bank and submit an application. Utilize the Internet, compare the rates lenders offer, and trim your choices to two. Inquire personally, don’t be afraid to ask questions, and observe how the bank staff will treat you. Remember: they should treat you as a partner and not just a borrower.

7) Don’t forget to read the fine print. 

Banks and other lending companies can be creative in coining terms that aim to extort money from you without you even noticing it. Before you sign the contract, make sure to read the fine print and ask questions when there are terms you don’t understand.

Are you ready to buy your own car?

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7 Things OFWs Should Know When Buying the Dream Home

Admit it. You dream of having a place you can call your home. That is why you work hard overseas to save up for your dream home where you can settle down when you are back in the Philippines.

Then reality knocks at your door to remind you that owning a home is not as easy as it seems. It will take years and tons of extra jobs before you can buy a house in cash, which is why you will need the help of lenders by applying for a Home Loan.

Before you submit any application, make sure you remember these things: 1) Reason of Purchasing a Home

What is the purpose of your intention to buy a house? Is it a family dwelling or something you want to rent out for additional income? It is important to establish the purpose of buying a house before you send your home loan application to banks. Determining the purpose of buying a home will help you in deciding various factors like the location, finishing type, price, and the type of house you intend to buy.

2) It’s You or Your Chosen Representative 

As an OFW, it is expected that you won’t be in the Philippines most of the time. When applying for a Home Loan, you can either:

  • Personally apply by going to the bank while you are here in the country
  • Appoint someone to act on your behalf, also known as Attorney-in-Fact (AIF), by virtue of a Special Power of Attorney (SPA).

In case you are appointing someone to act and process the Home Loan application on your behalf, make sure that you choose someone you can trust and is responsible to handle the transactions, preferably your spouse, your legal child, or any of your family members. The AIF will be responsible in signing legal documents.

3) Do Your Homework

The property development industry is booming nowadays. Wherever you are, you will always find “For Sale” signs and construction that signify new houses will rise in that place. Advertisements are also rampant in the Internet, thereby making it easier for you to find the perfect house for you and your family.

When buying a home, make sure to explore your options then narrow down your choices to Location, Property Type, and Price of the Property. These three factors will help you decide where to buy your dream home.

4) Know the Developer

Reputation is everything, especially when it comes to property development. You might be tempted to buy that P1 million-worth of house, but do you even know who developed it? Maximize the use of Internet by knowing the reliable developers and the developer of the property you are eyeing for. You want to get your money’s worth, so make sure you choose a developer who can give you that – and more.

5) Visit the Site

You want to see how the property looks and the best way to do it is by visiting the actual site. While you are in the Philippines, you can take your vacation as an opportunity to do the ocular. In case you are overseas, your attorney-in-fact and other members of the family could do it to give them a more personal feel of the property.

6) Choose Your Lender

Now that you have a property in mind, did the ocular, and made a reservation, it is time to look for the perfect lender that will assist you with your purchasing needs.

There are several banks and lending institutions that offer Home Loan to OFWs. Know your options by inquiring then comparing their rates and loan terms. Find someone who can give you flexibility while ensuring you and your family that you are well taken cared of.

7) Prepare the Requirements

All types of loans, including a Housing Loan have prescribed a list of requirements that you need to comply. Once you chose your lender, ask for the list of requirements and make sure to provide them as soon as you can to avoid delay in the processing of your loan application. Basic requirements include:

  • Employment contract
  • Proof of monthly remittances
  • POEA-validated crew contract and exit pass if you are a seafarer

With these tips in mind, are you ready to purchase your Dream Home?

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6 Qualities of a Good Lender You Need to Watch Out For

The qualities of a good borrower was discussed in a separate post. Now that you know the qualities you should possess and to eventually increase your chances of getting a loan approval, it’s time to say hello to the qualities a good – if not great – lender should possess.

This includes the following:

1) Has Sufficient Lending Limit 

Imagine this: you are in the middle of expanding your mini-grocery business and you need enough working capital to make this work. When you go to your lender, they tell you that they cannot accommodate your loan because they don;’t have sufficient funds. It’s a bad sign, don’t you think?

Therefore, make sure you go for someone who is stable and willing to lend a higher amount. Otherwise, time to move on to another lender.

2) Flexible 

Banks and other lending companies follow specific guidelines prescribed by the Bangko Sentral ng Pilipinas. In fact, they are subjected to regular audit to make sure they comply with the requirements.

Still, go for a lender that can provide flexibility in financing terms. They should be able to offer you terms that are within your capability without breaking any rule, whether lowering your interest rate or extending the maturity of your loan by one month.

3) Responsive

Bank terms can be intimidating and confusing for the laymen. This is why don’t hesitate to ask questions if you cannot understand something. A good lender should be patient enough to explain what the loan is about and every little detail in it. He/she must give you a walk-through of what the loan is about, including benefits and risks. A good lender must be able to answer your concerns, no matter how negative it might be, to help you determine if you are making a right choice. .

4) Unparalleled Reputation 

Are you willing to lend money from someone with negative reviews? Do you want to borrow money from Lender A who was involved in a scam few years ago?

Reputation is important when it comes to choosing the best lender. You want someone who is reliable, trustworthy, and have a positive feedback from other customers.

In addition, make sure to maximize Facebook and other social media channels to check the credibility of the lender you are eyeing for. The good thing abotu social media is that people can easily give their firsthand experience about the service and treatment. This will make it easier to see how other clients were treated and how the loan application was also processed.

5) Experience 

Apart from reputation and credibility, the lender’s track record or experience is also crucial in determining whether a lender is good or not.

By experience, this means a lender must be in the industry for years, knows the in and out of loans, and equipped with necessary and sufficient knowledge to address your needs. After all, the more experienced a lender is, the better it will be for the lender to handle your financial needs.

6) Partner and Not Just a Lender

Lenders often think highly of themselves because of their abilities and skills. This is not a good sign because a good lender must see themselves as your strategic partner. Aside from helping you find financial means, a good lender also provides management assistance that could further improve your business. They should offer services that allows you to deepen your knowledge and grow your money. After all, having a sustainable and self-sufficient business will benefit you a lot since you don’t have to work overseas.

With these qualities in mind, is your lender a good one?

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End of Contract: How to Prepare When Your Employer Did Not Renew Your Contract

The life of an Overseas Filipino Worker is full of uncertainties. Despite the existing contract, there is a possibility that it won’t be renewed or your contract will be cut short due to unforeseen circumstances. In case this happens, how prepared are you and your family?

The good news is preparation could help you a lot to help you get back up on your feet in case the unimaginable happened. It may be difficult at first, but here’s what you can do:

1) Set up an emergency fund. 

Being financially prepared is a must, especially with your line of work. One of the things you can do to help you prepare financially is to set up an emergency fund for the family.

From the name itself, an emergency fund is something you can use during unforeseen circumstances. It could be sudden death, illness, and in this case, loss of employment. This fund can help you cover basic expenses such as utilities and food. Ideally, your emergency fund should help you last at least three to six months until you are able to find a new job.

You can read this post to know more about emergency fund with tips on how to set it up.

2) Always have a plan. 

Surely, you can’t work overseas for the rest of your life. You still want to get old in the Philippines and having a plan can help you with that.

What does this mean?

Think about the future. Think about the things you can do once your contract expires. It can be opening a sari-sari store, your own tricycle business or driving your own taxi. Consider buying a small property or a condominium unit and have it leased. The bottom line is have a Plan B and start working on it while your contract is still in force.

3) Invest early. 

Having a savings account is a good start in establishing your financial stability. Still, don’t limit yourself with your savings account.

While you still can, explore other investment opportunities such as mutual fund, UITF, or stocks. These investment options yield higher return than savings account, thereby giving you sufficient buffer in case your contract was not renewed.

Check this post to know more about your investment options.

4) Look for other income opportunities. 

So you were sent home because your destination country is going through political crisis. Even if the government gave financial aid, the amount will not be enough to help you last a month. What should you do next? ‘

Don’t be afraid to look for other opportunities. You can always apply again, but it will take months before your deployment. Or you can look for other jobs in the meantime to help you get by. The salary may not be as big as what you are earning abroad, but it will be enough to sustain your family’s needs while waiting for another opportunity.

5) Train your family early on. 

Admit it. Most of your salary is dedicated for your family. Aside from the monthly remittance, you have to fill up a balikbayan box with your family’s bilin. 

Cut the habit and train your family to live a simple life. Do not give in to their demands all the time just to appease them. Keep in mind that your life as an OFW is not forever. You will never know what will happen in the future. You don’t want your kids to get used to a lavish lifestyle, do you?

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OFW Loan: Understanding the What, Why, and How

According to POEA’s 2015 Employment Statistics for OFWs, there are more than 1.8 million workers deployed in various countries around the world, mostly in Middle East. Regardless of where you work or the economic class you belong to, one thing is for sure: you play a crucial role in strengthening the Philippine economy. This is why many banks and private lending companies offer loan facilities and other products specifically for OFWs.

Here are the basics and what you need to know about OFW Loan in the Philippines:

OFW Loan Requirements and Eligibility

OFW Loans may be “more compassionate” compared to the other loan facilities offered by lenders. Still, this doesn’t mean anyone can just apply. Every lender’s requirements vary; however, below are the most basic eligibility requirements:

  • At least 21 years old at the time of loan application and not more than 60 years at the time of loan maturity.
  • Latest Contract of Employment, Certificate of Employment, or POEA Contract, whichever is applicable
  • At least one government-issued ID
  • Payslip for at least three months
  • Passport
  • Working visa (for land-based workers) or Seaman’s Book (for seafarers)
  • Filled-out loan application form

If you want to keep the application process less complicated, consider Balikbayad. They have fewer documentary requirements and processes your application quickly and efficiently.

Loan Facilities Available 

There are various loan facilities you can apply for, depending on your needs. The good news is that there are facilities specifically designed for you, the modern day heroes. You can apply for:

  • Home Loan, for purchase, improvement, or construction of your dream home
  • Car or Auto Loan for the purchase of brand new or previously-owned vehicle
  • Personal Loan, which allows you to use the funds for personal reasons
  • Business Loan, to help finance your working capital needs in putting up a business

You can learn more about these facilities in detail here.

Why You Should Get an OFW Loan 

There are several good reasons why it’s okay to apply for an OFW Loan. This includes:

  • Extended Financial Assistance – Whether you are in or out of the country, OFW Loans may extend financial assistance to your family, especially during emergencies.
  • Pre-Deployment Loan – Even if you have an existing employment contract, this doesn’t automatically guarantee a plane ticket on your destination country. OFW Loans can be extended on ticket booking – and be financially worry-free.
  • Emergency Budget – Apart from the extended financial assistance, OFW Loans in the Philippines can also be used for emergency budget to get you and your family covered.
  • Business Opportunity – The government and other financial institutions recognize the need of OFWs to have a sustainable and stable source of income. One of them is to encourage entrepreneurship. You can put up your own business through OWWA Loan or check lenders near you and ask about the Business Loan they offer.
  • Re-employment – Not all OFWs have the privilege of getting their contract renewed. In case you want to get back in the workfield again, getting an OFW Loan could help you in the processing of requirements – from booking tickets and anything in between.

Above all this, make sure that you course your loan application only in legitimate and trustworthy lenders. Do your research, compare the facilities offered, and find a lender best suitable for your needs.

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5 Qualities of a Good and Responsible Borrower

Everybody wants a good, reliable, and trustworthy lenders. You want to make sure that we get the right treatment and service. After all, you are helping them earn, right?

Here’s the thing: lenders want good, reliable, and responsible borrowers too. This explains why credit standing is very important. It is the lender’s way of determining how responsible you are in paying your financial obligations. If you are serious about proving your worthiness, you need to possess the following qualities: 

1) Self-awareness

If there is anyone who knows you better, then that is you. Being a good borrower entails self-awareness, especially in terms of financial aspects. You should be aware of how much money you are making, the areas you need additional help, and the amount of money you currently have. Before you apply for any loan, make sure you look into your financials first and determine whether you really need additional funds or not.

2) Responsible

Nothing would make lenders happy than having a responsible borrower. It doesn’t matter how much money you borrowed. Banks would like to see that you are willing to take responsibility of your obligations and how you handle your loans, whether past or current ones, is a testament to that.

What does it take to be a responsible borrower? Apart from being organized, being a responsible borrower also means finding ways to overcome struggles instead of using these personal issues as an excuse to default in payments. Don’t use the “delay in remittance” excuse, too.

3) Disciplined 

Aside from being responsible, a good borrower is also a disciplined borrower. You know whether or not you need credit by differentiating needs from wants. You are also a disciplined borrower by taking note of your expenses, not giving in to requests from your extended relatives, saving for things that matter, and finding areas you can cut back in order to pay for your existing loan obligations.

4) Timely 

You know what your obligations are and even willing to cut back on certain expenses to be able to pay the loan obligation. Still, this doesn’t end there. You need to be able to pay on time, whether paying amortizations or the full amount of the loan, in order for banks to consider you as a good borrower.

5) Trustworthy 

You want to get a loan from someone you can trust. In return, lending companies want borrowers who they can trust as well.

Lenders extended credit at your disposal. Make sure to pay them back on the agreed time. The next time you needed funds, they will be glad to help you again.

With these qualities, are you a good borrower? If yes, then keep it up. If not, then don’t worry. You still have time to adopt these qualities and turn yourself into a good, if not great borrower.

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Understanding the Role of Co-Maker When Applying for a Loan

Have you tried applying for a loan? As a rule, the applicant is the principal borrower where the loan will be coursed through, unless otherwise stated.

Let’s say that you are already 60 years old or you have unstable income at the time you applied for a loan. Lending companies don’t discriminate based on age or the income bracket you belong to, but they will require you to have a co-maker, preferably your sibling or child above 18 years, to apply for a loan and improve your chances of approval.

What is a co-maker? What are the responsibilities of being a co-maker? Will he or she be liable to pay for the loan too? Read on to find out.

Understanding Co-Maker a Little Bit Better 

By definition, co-maker is a person who, by virtue of contract, promises to pay the loan of another in case of default. He or she is often used when you apply for a collateral loan and when the borrower is unable to meet certain credit criteria such as age or insufficient proof of income. By having a co-maker, you can increase the amount of loan and boost chances of approval, especially if the co-maker is in good credit standing and has sufficient income.

As a co-maker, he or she does not receive or benefit from the proceeds of the loan. Nonetheless, one is responsible in ensuring that the full amount of the loan including interests are paid.

Assuming that you defaulted payment and your co-maker was made to pay the loan. Does he or she have any right of reimbursement from you? The answer is yes. The co-maker can demand reimbursement from the principal borrower for all the payments made in relation to the loan.

Co-Borrower versus Co-Maker

Don’t mistake co-maker with co-borrower. The nature may be the same, but a co-borrower is more common on non-collateral loan and often billed to pay for the monthly loan amortization in case the principal failed to make any payment.

In other words, the obligation to pay commenced at the start of the loan and has benefitted from the proceeds.

Various Reasons Why You Need a Co-Maker:

  • To assure lenders that the loan will be paid no matter what happens
  • Get a higher loanable amount
  • Improve chances of loan approval despite limited to no income or low-value collateral
  • Gain the lender’s trust, which could potentially improve your credit standing
  • Additional assistance to pay the loan amortization
  • Prevent foreclosure of your property in case you are unable to pay your loan

The key is to choose a co-maker that has a stable source of income and with good credit standing. Unfortunately, not everyone are willing to be a co-maker. Even if someone can back you up to pay for your loan, make sure to do everything that you can to fulfill your loan obligations and don’t pass the burden to someone.

Check out this reminder to the public posted by Bangko Sentral ng Pilipinas regarding being a co-maker.

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7 Best Savings Account for OFWs

You can always invest your money in stocks, mutual fund, and even government bonds. If you have enough capital, you can even put up your own business and stay in the Philippines for good. Before you achieve your goals, you need to start with one thing: a savings account.

Check out the savings account offered by major banks and find out which one suits you best:

1) BPI Savings 

One of the largest banks in the Philippines, BPI offers variety of savings products for Overseas Filipino Workers. You can start with opening a BPI Express Teller account, an ATM-savings account that allows you to remit money anywhere in the world.

If you want faster returns on deposits and higher interest rates, you can open BPI Advance Savings Account or Maxi-Saver. The BPI Pamana Savings is also ideal because it comes with free insurance for up to P2 million.

You can monitor your savings through online banking system or mobile banking to make things more convenient for you.

2) BDO Kabayan Savings

If you are coursing your remittances through BDO Remit, then it’s time to open BDO Kabayan savings account. With only P100 or $100 initial deposit, you get to save and enjoy the benefits offered by the bank specifically for OFWs. You may also qualify for zero maintaining balance as long as you remit at least once a year. Boost your savings too, so you can qualify for free life and accident insurance.

In case you might need a loan, having a BDO Kabayan Savings could help increase your chances if you apply in BDO.

3) Metrobank OFW Peso Savings

If you want no initial deposit and zero maintaining balance when opening an account, then Metrobank could help. The OFW Peso Savings account allows you to open an account without any money in your pocket. Plus, your savings account earns money through interest and allows you to access it anytime, anywhere.

Don’t worry. You get to enjoy other benefits such as make fund transfer, pay the bills, or check your account.

4) PSBank Overseas Filipino Savings 

A subsidiary of Metrobank, PS Bank also offers savings products for OFWs through the Overseas Filipino Savings. It is a fixed interest bearing account with no initial minimum and maintaining balance. Remitting money to your loved ones back home is easy  and checking your account is convenient through its PSBank online facility. You get to earn interest at P5,000, unlike other banks that need P10,000 amount on your account.

5) PNB OFW Savings Account

PNB may be one of the oldest and most stable banks in the country, but they are able to prove that they can adapt to the changing times, including having a savings account facility for OFWs. The OFW Savings Account has zero opening and maintaining balance and provides special ATM card for the OFW and beneficiaries.

In case you need to open an account fast, avail of their Take One Kit. It contains the ATM card and forms you need to fill out so you don’t have to wait for your ATM to arrive.

6) Chinabank Overseas Kababayan Savings

The Overseas Kababayan Savings is another options you need to consider when opening a savings account. Apart from the no initial deposit and no maintaining account, you only need P1,000 balance to be able to earn interest. You can also course your remittances through this account since you can access it in all BancNet POS, apart from the branch, mobile, and online services.

7) Bank of Commerce Sikap Pinoy OFW Account

This type of facility is offered specifically for OFWs and their beneficiaries. Initial deposit and maintaining balance are waived while P5,000 minimum balance is required to earn interest in your account. You also get a customized ATM card and can access your account in all BancNet ATMs.

What are you waiting for? Take your pick!