For millions of Overseas Filipino Workers (OFWs), selecting the right bank goes beyond saving money; it is about efficiently and safely supporting one’s family back home. The ideal OFW bank should facilitate the remittance process, manage finances online, and not have hidden charges that sting hard-earned savings in the end.
There are several options available in the Philippines as well. We’ve gathered a list of the 7 best banks for OFWs, which includes the account type, bank features, and bank fees to consider when deciding on the right bank.
1. OFBank (Overseas Filipino Bank)
Best for: Fully digital banking and no maintenance balance
The Overseas Filipino Bank (OFBank), a subsidiary of LandBank, is the first digital-only bank owned by the government that is solely dedicated to OFWs and their families. You can open an account simply with your smartphone and not have to go into a bank branch.
Features:
●No initial deposit and no maintenance balance
●Access to 24/7 online banking and mobile app
●OFBank Visa Debit and Beneficiary Cards
●Free fund transfers between OFBank and LandBank
●Interest starts at ₱500 in the account
Bank Fees: ₱25 per interbank transfer (using InstaPay unless otherwise specified) or ₱15 per interbank transfer (using PesoNet unless otherwise specified).
2. Sterling Bank of Asia – Bayani OFW Savings Account
Best for: Flexible savings with remittance-based balance waiver.
The Bayani OFW Savings Account is designed for overseas workers and will not require a maintaining balance if remittances are sent through the Bank’s partner channels for an initial period of 12 months.
Key Features:
●No initial deposit
●No maintaining balance if there is an active remittance anywhere in the world within 12 months
●1% interest per annum
●Free ATM access via BancNet
Fees: ₱300/month if the balance falls below ₱2,000 after 12 months of inactivity.
3. PSBank – Peso OFW ATM Savings
Best for: Easy access to branches and instant card issuing.
A stable institution in Philippine banking, PSBank offers a dedicated OFW savings account that is best for those who like the features of a traditional Bank.
Key Features:
●₱1,000 initial and maintaining balance
●Instant personalised ATM card when opened
●Access to PSBank Online and the PSBank Mobile App
●Access to the Metrobank ATM network and Mastercard ATM network
Fees: If the balance drops below ₱1,000 for 2 months, it is a ₱500 fee.
4. Philippine National Bank (PNB) – OFW Savings Account
Best for: Strong remittance partnerships worldwide
P.N.B. is ranked No. 1 in the Oldest and Most Reliable Bank for OFWs category. By virtue of its global network, P.N.B. is able to offer its customers a no-fuss remittance and account accessibility.
Key Features:
●There is no need for an initial deposit.
●There is no requirement for a minimum balance provided that the account has been remitted actively.
●It is for the use of PNB global remittance centers.
●Customers can also do online and ATM banking.
Fees: They vary based on the remittance partner and inactivity.
5. China Bank – Overseas Kababayan Savings (OKS)
Best for: Simple account management and stable interest
China Bank’s OKS Account is designed to assist OFWs and their families to store money in a hassle-free way. It requires a low balance and is accessible through digital banking.
Key Features:
●Every time the account is opened, there is no need to make a deposit first.
●The account does not require a minimum balance.
●Interest will be given starting at ₱1,000.
●For more convenience, one can use the China Bank PDA app to access the bank online.
Fees: Regular ATM withdrawal or interbank transfer fees apply.
6. Metrobank – OFW Peso Savings Account
Best for: Wide coverage and strong online access
One of the best features of the Metrobank OFW Savings Account is its extensive network and being able to rely on it. The requirement of maintaining the balance will be waived if you made at least one remittance per year.
Key Features:
●No initial deposit is required.
●Interest will be given to those who have a balance of more than ₱10,000.
●They are for joint ventures with remittance centers abroad.
●Users of Metrobank Online can enjoy the services offered.
Fees: Minor ATM or inactivity fees may apply.
7. BPI – BPInoy Savings Account
Best for: Insurance benefits and mobile banking strength
BPInoy Savings Account of Bank of the Philippine Islands (BPI) is a product for OFWs intending to save their money securely while also having digital control over their savings.
Main Attributes:
●Regular remittance holders are not required to make the initial deposit and the maintaining balance is waived.
●Accessible with the acclaimed BPI app
●It is complemented with the optional life insurance (Pamana Savings variant).
●Remittance and the ATM network are reliable.
Charges: An account inactivity fee may be charged if the account is left without a transaction for a very long time.
Comparison Summary
| Priority | Best Banks |
| Zero Maintaining Balance | OFBank, Sterling Bank, China Bank |
| Best Digital Access | OFBank, BPI, Metrobank |
| Global Remittance Coverage | PNB, Metrobank, BPI |
| Family-Friendly Options | OFBank, BPI (Pamana), PSBank |
| Highest Interest | Sterling Bank (1% p.a.) |
Common Fees to Watch Out For
Even the best OFW accounts can have some hidden costs. Keep an eye on:
Dormancy fees: These are fees charged on accounts that have not been activated for more than 12 months.
ATM withdrawal abroad: Watch for conversion and service fees.
Interbank transfer fees: InstaPay or PesoNet transactions might carry small fees.
In case the funds in your account are not sufficient to meet the required minimum balance, the bank will levy a charge on your account. This can be avoided by maintaining a remittance cash account on a regular basis.
Conclusion
As an OFW, it really is a case of every peso counts. Hence, picking a bank that is not only low in fees but is also solid in remittances and convenient in digital access is very necessary.
If what you want is a purely digital experience, then OFBank is the most suitable option. On the other hand, if you are more of a traditional banker with a soft spot for global coverage, then PNB and Metrobank will be the right way to go. Plus, for those who are simply looking for savings that come with added safety, BPI’s Pamana Savings is undoubtedly worth checking out.
Whichever bank you wind up with, just take the time to make sure that your account location is compatible with both your life abroad and your family’s at home. Smart banking is when your hard-earned money works just as hard as you do.
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