One of the few things successful OFWs living abroad do is to open a handy savings account for personal or his/her family’s use. The good news is, there are plenty of tools offered by different banks to choose from, and the steps in opening an OFW Savings account is quite easy to do nowadays, too.
In this post, we focus the spotlight on PNB’s OFW Savings Account. If you’ve done some research, you must’ve noticed that opening an OFW savings account comes with more benefits as compared with a regular savings account. In principle, OFWs are expected to bring in more money through their dollar remittances than the regular Filipino employee in the Philippines. This being the case, most banks have come up with special accounts for OFWs to help them make good use of their money earned from working abroad. If you’re interested to sign up with PNB’s special OFW Savings account, continue reading…
Applying for a PNB OFW Savings Account
When you apply for a PNB OFW Savings Account, you get to enjoy the several perks and services such as:
- No initial deposit and minimum maintaining balance
- The minimum Average Daily Balance (ADB) to earn interest is Php 10,000 for Peso Passbook and $500 for Dollar Account
- 10% annual interest rate
- Comes with Peso ATM, and Peso or Dollar Passbook
- ATM transactions accepted through PNB, BancNet, Expresslink, and Megalink ATMs nationwide.
- Any of the following valid IDs:
- Your original valid Passport
- Your POEA-approved Original Employment Contract (OEC) along with a photocopy of your valid passport
- Professional Regulatory Commission (PRC) License
- Driver’s License
- GSIS / SSS Membership IDs
- NBI / Police Clearance
- OFW ID (must be issued by either OWWA/POEA)
- Note: Documents without the holder’s photograph (e.g. BIR, TIN, Marriage contract, credit cards, etc. need to be presented along with any of the above list of IDs with photograph)
- Two (2) copies of either 1×1- or 2×2-sized photographs
- A letter of introduction if the client is not yet able to open an OFW Savings account due to financial constraints and/or lack of proper identification. This document has to be submitted by the OFW or beneficiary at the PNB branch where he/she chooses to open the account.
- Visit the nearest PNB branch in your area and proceed to the New Accounts section.
- Inform the bank officer that you wish to open a new OFW Savings Account. You will be given a set of application forms to fill out.
- After you have completely filled out the application forms, submit them with the above listed requirements.
- Upon verification and processing of your application, you will be advised as to when you may return to collect your ATM card/passbook from the same branch. This usually takes about 3-5 banking days or upon notification by your bank.