People often say that there is no place like home. But what if you live in the Philippines but work abroad? It may be tough to save money when working as an OFW. A Landbank OFW Savings Account, on the other hand, could be for you if you’re a sensible saver wishing to invest in your future. In this article, we’ll go over everything you need to know about Landbank’s savings account for Overseas Filipino Workers (OFWs).
Overseas Filipino Workers (OFWs) must establish a savings account with Landbank that is designed for OFWs. But how does one go about making an account? Without further ado, an explanation of how overseas Filipino workers (OFWs) can open a savings account with a landbank is provided below.
- What is Landbank OFW Savings?
- Why Open a Landbank OFW Savings Account?
- Who can Open a Landbank OFW Savings Account?
- What are the Documents Required to Open a Landbank OFW Savings Account?
- How to Open a Landbank OFW Savings Account
- Frequently Asked Questions
- Tips on Opening a Landbank OFW Savings Account
- Video: How to Apply for a Landbank OFW Savings Account Using DOBS
- Contact Information
What is Landbank OFW Savings?
If they are employed in a country other than the Philippines, overseas Filipino workers (commonly known as OFWs) can open a Landbank OFW savings account. It works in the same way as a conventional savings account, but with a few extra benefits. Further explanation can be found in the following!
Land Bank presents a menu of savings and investment instruments through its Bagong Bayani Program, with the goal of assisting and empowering Overseas Filipinos to save and grow the money they have worked so hard to earn over the long term, as well as contributing to the creation of jobs and livelihoods, particularly in rural areas.
Landbank is actively involved in promoting financial literacy among overseas Filipino workers (OFWs) and their families by hosting a variety of events, forums, and seminars locally and internationally in collaboration with various OFW groups, as well as Filipino migrant associations and organisations.
- The Landbank Overseas Filipino Worker Funds Account is a savings account that allows you to earn interest on your money. When you save money, you can receive interest at a rate of up to 3.5 percent each year.
- A type of savings account that is accessed via a card and is specifically developed for Filipinos living abroad of the nation. There is no continuing balance and only Php 100.00 is required to open an account.
- Both generic and customised versions are available for purchase. LBP Overseas Officers and other ORG approved staff will issue a generic card upon receipt of an application, whereas LANDBANK branches will issue personal cards with the account holder’s name embossed on the card. The generic card is accepted at all LANDBANK locations.
- The initial deposit for the Bagong Bayani ATM account is only P100, and no minimum amount is necessary to keep the account open. OFWs and their beneficiaries can open a Bagong Bayani Passbook account with a P100 initial deposit and a P5,000 average daily balance in order to qualify for interest earnings on the account.
- You can open an account at any of Landbank’s branches around the country or online using the Landbank Digital Onboarding System (DOBS).
- When you open a regular savings account, you will not be charged any monthly service fees.
- Use the Landbank OFW Savings Account to ensure that your money grows even after you leave the country.
Why Open a Landbank OFW Savings Account?
The Landbank OFW Savings Account is perfect for Overseas Foreign Workers (OFWs) who are currently working in another nation. The account has no minimum balance requirement and offers free services such as a free chequebook, free ATM card, and free access to internet banking. Furthermore, there are no service fees for making deposits or withdrawing funds from the account.
Who can Open a Landbank OFW Savings Account?
To open a Landbank OFW Savings Account, you:
- Must be an OFW or have a family member who is an OFW.
- Must also be at least 18 years old and have a valid passport.
- Must have a valid employment contract or working visa issued by the Philippine Overseas Employment Administration (POEA).
- Must have an active mobile number or email address linked to your account so that we can send you alerts and notifications about your account.
What are the Documents Required to Open a Landbank OFW Savings Account?
The documents required for the Landbank OFW Savings Account are:
- Landbank OFW Savings Account Application Form, which can be downloaded from their website.
- Landbank OFW Savings Account Deposit Slip, which you can also find on their website.
- A certified true copy of your passport and valid visa (if applicable). This is because it must be authenticated by any government-authorized officer before submission.
How to Open a Landbank OFW Savings Account
- Fill out an application form at a Landbank branch.
- Present the following documents: proof of identity, proof of address, voter identification, or NBI clearance
- Make a deposit into the account.
- Take out cash from any Landbank ATM machine.
- Step 1 – Visit the official website of Landbank and fill the application form for account opening.
- Step 2 – Prepare at least one (1) valid identification card (ID) and your initial deposit.
- Step 3 – Submit your ID and deposit on your account through the nearest Landbank branch.
Frequently Asked Questions
1. How much does it cost?
The Landbank OFW Savings Account has no monthly maintenance cost. If you make more than three transactions in a day, you will be charged a withdrawal fee. This means that if you make three withdrawals, your fourth one will not be free.
2. Is there a minimum balance requirement?
No. You can start an account with as little as P100 and keep the balance below P100. Please keep in mind that if your account has been inactive for two years or more (i.e., no deposits or withdrawals), it will be immediately closed.
3. Can I apply for Landbank OFW Savings Account with a foreign passport?
Yes. You can submit an application with a passport from another country. You will, however, be required to produce a proof of address, and you can choose from the following options:
- Government utility bill (electricity/water/sewer)
- Current lease contract covering at least 6 months (with name and address clearly written)
- Bank statement (with name and address clearly written)
4. Can I withdraw my savings anytime?
Yes. You can withdraw your funds at any time, subject to the BSP’s maximum daily withdrawal restriction. For example, if the daily limit is P5,000, you can withdraw as many times as you like within that day as long as you do not over P5,000 in total or you will be charged late payment penalties. If you are an OFW hoping to return home soon, we recommend that you keep an emergency fund to cover any unexpected expenses while you are away.
5. What are the benefits of Landbank OFW Savings Account?
This account has two key advantages: a low minimum balance requirement and a high-interest rate. You can also get free ATM withdrawals abroad, cashier’s checks, and SWIFT money transfers.
Tips on Opening a Landbank OFW Savings Account
1. Research about your Account Type
Before you open your first bank account, learn about the numerous types of bank accounts accessible to you. Do you prefer to keep your money in a checking or savings account? You never know, you could prefer to try everything! Regardless of the account you choose, make sure to inquire about the advantages and disadvantages of the other options. You are required by law to investigate your current financial condition and gather the essential facts.
2. Learn how to keep your account up to date.
Several financial institutions now have deposit policies in effect. While the deposit is being processed, you may not have immediate access to the cash. This is something you should investigate more! Another form of restriction that many financial organisations implement is a “minimum balance” requirement. If your account balance goes below specified amount, you may be fined or have your debit card or ATM access blocked.
3. Inquire about the bank’s fees
Here are a few things to think about before creating a bank account. A number of institutions have hidden fees that customers are unaware of. Some examples include ATM costs, bank fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees. All of these expenses might quickly add up. You should familiarise yourself with these fees so that you are not surprised when you receive your statement.
4. Don’t settle for the first bank you come across when opening an account.
You are under no obligation to open your first bank account with the first bank that comes to mind. There are plenty other options available to you. You should investigate a couple more banking institutions. You can acquire information from any bank you visit by simply wandering around. Look into the financial institution that a member of your family, a close friend, or a casual acquaintance has used for a while. If the bank discovers that you were recommended by a long-term customer, they will almost certainly offer you further incentives.
5. Look for digital platforms
One of the most useful technologies available today is the ability to conduct financial transactions over the internet. Although most financial institutions will supply it, others may choose not to. Inquire about this instrument as soon as possible and prioritise it. Internet banking includes a plethora of beneficial features, two of which are the ability to pay bills and transfer money across accounts. Having the option to handle one’s banking online can be immensely advantageous when dealing with hectic days and schedules. Even if you are unable to visit the bank on a regular basis, you may still be able to manage your finances.
6. Weigh the Benefits
The following are some things to think about while opening your first bank account. It is essential to inquire about the benefits offered by a financial institution. Some banks offer free checking and savings accounts, as well as reduced fees for using ATMs and debit cards, free checks, and paperless invoicing as additional benefits to its customers. Find out what the bank with which you wish to collaborate has to offer before agreeing to do business with them!
7. Take charge of your account
When the account holder has no authority over the account, it is one of the most frustrating financial outcomes. Remember that you are expected to accept responsibility for your activities as a young adult. Learning how to balance your chequebook requires you to use your math skills. Bring your cash register and, if you have one, a current debit card. You should always be fully aware of the quantity of money in your account and have complete control over it.
If you are an Overseas Worker, you can now easily open a bank account, especially if you are using the salary you make abroad.
Even if you are currently working outside of the Philippines, getting a bank account in the Philippines is now lot easier than it was previously.
Even if you are not a resident of the Philippines but want to open a bank account there, you will have no trouble doing so because the country has many banks that welcome non-local customers. Even if you are not a resident of the Philippines, getting a bank account there will be simple. They are open to accepting people from all walks of life and nationalities into their system, regardless of where they originate from or what nationality they have.
Furthermore, opening bank accounts is simple for them, especially if they have money sent from abroad via a Landbank OFW savings account or another method, such as PayPal or Payoneer, etc.
Video: How to Apply for a Landbank OFW Savings Account Using DOBS
Even if you are currently working outside of the Philippines, getting a bank account in the Philippines is considerably easier than it used to be.
Even if you are not a resident of the Philippines but want to open a bank account there, you will have no trouble doing so because there are several banks in the country that welcome non-local customers. Even if you are not a resident of the Philippines, you will have no trouble creating a bank account there. They are willing to accept people from all backgrounds and nations into their system, regardless of where they originate from or what nationality they have.
Furthermore, opening bank accounts is not difficult for them, especially if they have money sent from outside via a Landbank OFW savings account or another method, such as PayPal or Payoneer, etc.
If you are an OFW, now is the time to start saving money in an investing account. You have nothing to lose with a Landbank Overseas Financial Worker Savings Account. If anything, it could be the key to unlocking the door to your future financial independence!
The Landbank OFW Savings Account offers its customers a lot of appealing advantages that could be quite useful to overseas Filipino workers. The ability to make transfers in pesos, the Philippine currency, is a huge benefit for friends and family back home who receive monthly remittance payments from overseas Filipino workers (OFWs). This is a huge benefit in addition to earning a good interest rate.
READ NEXT: How to Apply for OWWA Business Loan for OFWs
Address: 32/F, LANDBANK Plaza 1598 M.H. del Pilar Dr. J. Quintos St. Malate, Manila
Telephone Number: (02) 8-405-7000 or 1-800-10-405-7000 (Domestic Toll Free)