In addition to the general population, Overseas Filipino Workers (OFWs) constitute a sizeable portion of Unionbank’s clientele. In addition to providing services to overseas Filipino workers (OFWs) in a variety of countries, Unionbank stresses the significance of opening a Unionbank OFW savings account in the country in which they are employed.
Even if you are currently living and working in another country, you may be eligible to open a savings account with Unionbank if you meet all of the other requirements. This article provides a quick overview of the steps required to open a savings account for an overseas Filipino worker at Unionbank. During this lesson, you will not only learn how to create an application for it, either online or offline, but you will also learn about its features and benefits.
- Opening a Unionbank OFW Savings Account
- Why Open a Unionbank Savings Account
- Types of Unionbank Savings Accounts
- Unionbank Savings Account Features
- Unionbank OFW Savings Account: Eligibility
- Unionbank OFW Savings Account Opening: Requirements
- Unionbank OFW Savings Account Opening Offline: Procedures
- Unionbank OFW Savings Account Opening Online: Procedures
- Frequently Asked Questions
- Tips on Opening an Account Online:
- Video: How to Open an Account Through UnionBank Online
- Contact Information
Opening a Unionbank OFW Savings Account
OFWs and their dependents can open a Unionbank OFW Savings Account, which was established in the Philippines as a savings account for overseas Filipino workers. This is distinct from some of the other money transfer and remittance services available to OFWs. Other services necessitate going through a third-party agent or company based outside of the country.
Unionbank’s online banking platform makes it simple to begin the process of opening a new account. It is necessary for them to be able to contact you in the event that this becomes necessary, so you must provide your basic information, such as your name and contact information. If you are currently working outside of the country and want Unionbank to open an account for you, you must provide personal information as well as proof of employment. They will only consider opening an account for you after that. Unionbank will be able to conduct an identity check on you as a result of this.
If there are delays in processing documentation at government offices or other institutions involved in processing personal information, such as banks, where documents must first be sent before being returned fully processed, the process may take longer than the standard two to three days to open an account from start to finish. This is due to the fact that banks require documents to be sent before they can be fully processed. Nonetheless, once all of these requirements are met, the process of opening an account can take anywhere from two to three days from start to finish (e.g., birth certificates).
Why Open a Unionbank Savings Account
- Safety and security: Because UnionBank is dedicated to meeting the requirements of the surrounding community, you can feel confident entrusting them with your financial matters. You can not only take advantage of the perks that come with having a savings account at a local bank, but you can also earn interest on the money that you have put aside specifically for savings.
- Access to financial services: If there is an ATM nearby, you will have no trouble handling financial matters such as paying bills or transferring money. When you need cash, you can easily get it from an ATM, and you can complete transactions online by simply swiping your credit or debit card. This makes paying bills and transferring money easier when the time comes. This makes life much easier to handle.
- Low fees: When compared to the fee structures of other financial institutions in the country, the one that UnionBank offers for maintaining an Overseas Financial Worker Savings Account is one of the most cost-effective choices available. This means that you’ll have more money to spend on the things you enjoy in life!
- Convenience: In contrast to the vast majority of other financial institutions, UnionBank provides you with the opportunity to choose the banking services that are most suitable for YOU without putting your privacy or the safety of your personal information in jeopardy. This can be done without the necessity for you to open any additional accounts or make any adjustments to the banking relationship you already have. Customers of certain other types of financial institutions are obligated to keep an exact minimum balance in their accounts, and business hours are limited on particular days of the week (like credit card numbers).
When you open this savings account, you will not be responsible for paying any of the standard monthly maintenance fees; as a result, you will be able to keep even more of your hard-earned money in YOUR POCKET.
Types of Unionbank Savings Accounts
When it comes to the different kinds of savings accounts that customers can open at Unionbank, there is a large selection available to them to choose from. You have the option of opening a standard savings account, a checking account, or even a credit card account with the money you currently have available to you. You have access to each and every one of these choices.
- Unionbank Savings Account. This is one of the choices made by customers of the bank significantly more frequently than any of the others, and it provides a wide range of advantages over the other options. It only requires P100 in opening balance for residents of Metro Manila, and it enables free transactions at ATMs, free online fund transfers, and access to funds around the clock. Residents of other parts of the country are required to have P200 in opening balance.
- Unionbank Checking Account. There are no monthly minimum balance requirements, no fees per transaction on withdrawals made via any ATM in the country (including Express Teller), unlimited free fund transfers within the same UnionBank branch network, free online bill payments, up to one hundred percent cashback on all purchases made through your UnionBank debit card, discounts on travel insurance policies when you use your UnionBank Visa credit card, and priority service at UnionBank branch locations. All of these perks are available to customers who open an account with UnionBank.
- Unionbank Time Deposits: After making a deposit into this account, you will become eligible to receive interest payments on those funds if you continue to keep those funds in this account for a predetermined amount of time. Customers of Unionbank have access to a number of different options for time deposits, each of which comes with its own individual set of terms and options for the interest rate that is applicable to the deposit.
- Unionbank Peso Current Account: This type of checking account requires a minimum balance of P10,000, but it does not impose any additional fees for withdrawing an unlimited amount of money from automated teller machines (ATMs), either in the Philippines or anywhere else in the world. This is true whether the withdrawals are made in the Philippines or abroad (other than any foreign currency conversion fee).
- Fixed deposits are very similar to time deposits; however, the annual percentage yields on fixed deposits are significantly higher than those on time deposits. Fixed deposits are very popular in the United States. In the United States, people put a lot of money into fixed deposits. You are required to make a deposit of at least 10,000 Philippine Pesos in order to initiate the opening of an account of this kind (P10,000).
- Cash Management Account – With this kind of account, you are able to keep track of all of your transactions in a single location, which enables you to know exactly where each and every one of your recurring payments goes. In addition to this, there is no requirement for a minimum balance, which means that even if you do not have a lot of money but you still want to monitor it all, this is a good option for you to go with!
- Investment Accounts – These are the various investment products that Unionbank makes available to investors so that they can invest their money in a variety of different financial vehicles, including stocks, bonds, and mutual funds, amongst other opportunities.
Unionbank Savings Account Features
- Interest rates. In comparison, Unionbank’s interest rate on its Checking Account is only one percent on an annual basis, whereas the interest rate that it offers on its Savings Account is two percent on an annual basis. Both of these rates are calculated on an annual basis.
- Minimum balance. The savings account has a lower required minimum deposit of only P500, in contrast to the checking account’s requirement of a minimum deposit of P1,000.
- ATM withdrawal limits. You are permitted to make withdrawals of up to a maximum of P30,000 per day from your Unionbank OFW Savings Account whenever you are using it outside of the Philippines. Even if you are using the account in a different country, you are still subject to this limit (as well as from domestic ATMs). There is no cap placed on the number of withdrawals that can be taken out of its regular savings account on a daily basis; however, you are only permitted to take out a maximum of five transactions every single month.
- Overdraft protection and charges. The following is a list of the various types of transactions, as well as the applicable interest rates for overdrafts:
- withdrawals made with a debit card are subject to a fee of 3 percent;
- checks deposited into your account are subject to a fee of 4 percent;
- check payments made by you are subject to a fee of 5 percent;
- transfers from another bank’s account via internet banking within the same BSP region or via other methods approved by BSP are subject to a fee of 5 percent (5 percent)
Unionbank OFW Savings Account: Eligibility
The following is a list of the criteria that must be satisfied in order for an overseas Filipino worker to be eligible to open a savings account with Unionbank:
- You must be a citizen of the Philippines or a permanent resident of the country in order to participate.
- Identification must be presented in the form of either a valid Philippine passport or an Alien Registration Certificate. Neither may be expired (ACR).
- In order to be qualified for the position, applicants need to demonstrate that they are in possession of either a current Overseas Employment Certificate (OEC) or a Certificate of Employment (CEO).
Unionbank OFW Savings Account Opening: Requirements
- You must be a Filipino Citizen.
- You must have a valid ID.
- You must present your Passport and Certificate of Employment for verification purposes.
- Proof of Income is also required, which may be in the form of an original pay slip or bank statement from the last 3 months, whichever is applicable.
- Proof of Address should be presented in the form of an original utility bill (electricity or water) that has been issued within 6 months prior to opening your account at UnionBank OFW Savings Account: (a) electricity bill; and/or (b) water bill; and/or (c) gas bill; and/or (d) cable TV subscription receipt with name and address clearly stated on it; or Tax Receipts with Name & Address Clearly Stated
Unionbank OFW Savings Account Opening Offline: Procedures
- Fill out the application form completely to finish the application.
- Please present all of the required documents.
- Provide a valid ID
- Include your name on all of the documents.
- Pay the initial portion of the down payment.
Unionbank OFW Savings Account Opening Online: Procedures
To open an OFW Savings Account, you need to have a Unionbank account. If you don’t have one yet, please follow these steps:
- To create an online banking profile with Unionbank, click the “Register” link located in the top right corner of this page. After doing so, fill out all of the required fields and click the “Register” button when you are finished (make sure that your email address is valid as this is where we will send all important information about your account).
- If you already have a profile, you can open an account by going to the section of the website called “My Profile” and clicking the link that says “Open an Account.”
- When you reach the section that pertains to overseas Filipino workers, scroll down until you find the link that says “Open an OFW Savings Account,” and then click on it.
- After that, you are to proceed in accordance with the directions.
Important Note: Due to the stringent security measures that we have in place, once you have entered your personal information such as name and mobile number into our system using this application form, you will not be able to change those details in the future. This restriction applies to both the name and the mobile number.
Frequently Asked Questions
What is the minimum opening deposit for a Unionbank OFW Savings Account?
Before an individual can open a savings account that is specifically designed for overseas Filipino workers (OFW), the account must first receive an initial deposit of at least Php 500. You can make your initial deposit at any of the UnionBank branches located across the country, or you can do it through your online banking account. Either way, you have the option (with bill payment).
What is the minimum balance requirement for a Unionbank OFW Savings Account?
A savings account that is intended for overseas Filipino workers must always have a minimum balance of one thousand Philippine pesos (Php 1,000.00), which is required to be kept in the account at all times. This minimum balance must be maintained in the account at all times. At all times, compliance with this requirement is mandatory. On the other hand, if you use any of these services that require larger deposits, the following terms and conditions will apply to you:
When conducting business with your online banking or mobile banking account, you have the option of using either your debit card or your credit card. However, there is a monthly fee of P50 that will be assessed against your ATM card for as long as it is registered in your name and is active. This fee will be assessed for as long as the card is in use.
What is the maximum balance requirement for a Unionbank OFW Savings Account?
Your choice of home currency will determine the maximum sum of savings you are permitted to have in your account at any given time. The limit in question is known as the “aggregate savings limit.” U$D—USD 15000; EU—EUR 2500; GBP 1500 and HKD—HKD 1000
Tips on Opening an Account Online:
1. Research about your Account Type
Before opening your first account with a financial institution, you should educate yourself on the various banking options available to you. Have you given any thought to opening a checking or savings account at a financial institution? It’s possible that you’d enjoy trying a little bit of everything! Regardless of which of the available accounts you ultimately choose, you should make a point of inquiring about the benefits and drawbacks of the others. By law, you must conduct an investigation into your current financial situation and gather the necessary documentation.
2. Learn how to keep your account up to date.
Certain deposit policies have been implemented at certain financial institutions. It is possible that you will not have immediate access to the funds while the deposit is being processed, which could take anywhere from a few hours to a few days. This delay could be due to a variety of factors. You should seriously consider doing more research on this topic! Another type of restriction that many financial institutions impose on their customers is a “minimum balance” requirement. If your account balance falls below that level, you may be fined or have your ability to access your account via debit card or ATM restricted. If your account balance falls below that threshold, you may face both of these consequences.
3. Inquire about the bank’s fees
It is critical to keep the following factors in mind as much as possible when opening a bank account. Some financial institutions have costs that aren’t immediately apparent but can add up over time. ATM fees, checking fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, monthly or annual account fees, and fees for maintaining a minimum usage or activity are all things to be aware of. Make sure you are aware of these fees so you are not surprised when you receive your statement and discover you have been charged for something you did not expect.
4. Don’t settle for the first bank you come across when opening an account.
When opening a bank account, it is critical to keep the following factors in mind as much as possible. Some financial institutions have costs that are not immediately apparent but can add up over time. You should be aware of a variety of fees, including ATM fees, checking fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, monthly or annual account fees, and fees for maintaining a minimum usage or activity. Make sure you are aware of these charges so that you are not surprised when you receive your statement and discover that you have been charged for something you were not expecting.
5. Look for digital platforms
Online banking is one of the technologies that has emerged as one of the most useful options available in this day and age. This is one of the technologies that has emerged as one of the most beneficial alternatives. The vast majority of financial institutions are expected to provide it, but there is still a chance that some will not. Ascertain that obtaining information about this instrument as soon as possible is a top priority for you. The ability to electronically pay bills and transfer money between accounts are just two of the many useful services that come standard with online banking. When dealing with hectic schedules and days, having the option to handle one’s banking online can be extremely beneficial. Even if you cannot visit the bank on a daily basis, you can still take control of your current financial situation and make it work for you.
6. Weigh the Benefits
Here are some pointers to consider when opening your first bank account. We hope they are of assistance to you. Make it a top priority to inquire about and thoroughly investigate the benefits provided by a financial institution. Free checking and savings accounts are just one of the many benefits provided by an increasing number of banks and credit unions, which also include the elimination of fees associated with the use of automated teller machines and debit cards, the provision of free checks, and the elimination of paper bills entirely. Before deciding to do business with a specific financial institution, it is in your best interest to first learn about the services that organisation provides.
7. Take charge of your account
If you have no control over your bank account, you run the risk of finding yourself in one of the most frustrating financial situations you can imagine. Consider that one of the defining characteristics of young adulthood is the acceptance of increasing levels of responsibility. You will learn how to balance your chequebook if you put some effort into doing the math. Bring your cash register, as well as a current debit card (if you use one) and a current credit card (if you have one). Maintain complete control over the amount of money in your account and ensure that you are always aware of the amount of money in your account.
Video: How to Open an Account Through UnionBank Online
Did you know that Unionbank has been at the forefront of providing digital banking services to all of their customers, including OFWs and other Filipinos living outside the country, via their mobile banking platform and online account opening processes? If you didn’t know, now you do. Watch this video to learn about the benefits of banking with Unionbank and how to open an account online if you’re interested.
Unionbank is one of the best banks in the Philippines for opening a savings account for overseas Filipino workers and Filipinos returning home. It is simple to open an account with any of the banks in the country; however, before choosing one of them as your primary financial institution, you should conduct all necessary research and due diligence. When it comes to saving, I prefer Unionbank over Banco de Oro and the Bank of the Philippine Islands (BPI). This is because your overseas Filipino worker (OFW) savings account can be accessed online 24 hours a day, whereas others can only be accessed during regular banking hours.
We hope that this article has given you a better understanding of what a Unionbank OFW savings account is, the requirements for opening one, and how to do so both offline and online. Remember that your financial institution will always have more information about their own products, so please contact them if you have any questions about opening a Unionbank OFW Savings Account or any other concerns about banking with them.
UnionBank is an excellent choice for OFWs looking for a financial institution to bank with because it provides exceptional service and a wide range of banking solutions tailored to the various needs of OFWs. If you follow the guidelines presented in this guide, you should have no trouble opening the account you need to manage your finances overseas; in fact, you should have no trouble at all.
READ NEXT: 4 Tips to Manage Your Bank Accounts Effectively
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