The Philippine government established the Overseas Filipino Bank (OFBank), a fully digital, government-owned savings bank specifically designed to serve the financial needs of Filipino migrant workers and their beneficiaries.
Operating as a subsidiary of the Land Bank of the Philippines (LANDBANK), OFBank eliminates the need for physical branch visits, allowing workers to manage their finances securely from any corner of the globe.
Services
OFBank delivers a comprehensive suite of digital financial products tailored to the unique circumstances of overseas workers. These services aim to make banking accessible, affordable, and secure.
- Digital Account Opening: Filipinos can open a savings account entirely online using the OFBank Mobile App, utilizing artificial intelligence for facial recognition and secure identity verification.
- Remittance Services: The bank provides a secure and cost-effective channel for sending money back to the Philippines, ensuring that beneficiaries receive funds quickly.
- Investment Opportunities: OFBank allows account holders to invest in government securities, such as Retail Treasury Bonds (RTBs) and Premyo Bonds, directly through the mobile app.
- Bills Payment: Users can pay their utility bills, government contributions (such as SSS, Pag-IBIG, and PhilHealth), and tuition fees in the Philippines directly from their overseas location.
- Loan Facilities: Through its parent company, LANDBANK, OFBank helps facilitate access to specialized credit and loan programs designed to help workers build homes or start businesses.
What to Expect as an OFW
When you choose to bank with OFBank, you tap into a financial ecosystem built around your mobile lifestyle. You can expect a banking experience that adapts to your geographic distance and unique financial goals.
- Zero initial deposit: You can open your digital account without needing to provide an upfront cash deposit.
- No maintaining balance: You will not face penalty fees for falling below a minimum account balance, giving you peace of mind during tight financial months.
- Fully branchless banking: You can handle all your transactions, from account creation to fund transfers, entirely through your smartphone.
- Secure global access: You can expect robust cybersecurity measures, including multi-factor authentication, to protect your funds while you access your account from different countries.
- Free fund transfers: You can send money seamlessly and free of charge to other OFBank and LANDBANK accounts, maximizing the amount your family receives.
OFW Bank and OWWA Partnership
The Overseas Filipino Bank and OWWA work together to uplift and protect OFWs. OWWA heavily focuses on the social and physical welfare of workers, while OFBank provides the necessary financial infrastructure. Together, they conduct extensive financial literacy campaigns through foreign labor offices.
OFBank serves as a highly efficient distribution channel for OWWA’s financial assistance programs.
When OWWA issues livelihood grants, educational scholarships, or emergency repatriation funds, having an active OFBank account allows workers and their families to receive these government benefits quickly and securely, without lining up at physical remittance centers.
Contact Information
You can reach out to OFBank’s customer service team for assistance with account recovery, app troubleshooting, or general banking inquiries through their official channels.
- Main Office Address: Liwasang Bonifacio, Ermita, Manila, Philippines
- Customer Care Hotline: (+632) 8-405-7000 (Metro Manila) or 1-800-10-405-7000 (PLDT Domestic Toll-Free)
- Email for Inquiries: customer.care@mail.ofbank.com.ph
- Official Facebook Account: Overseas Filipino Bank (facebook.com/OFBank)
- Official Website: ofbank.com.ph
FAQs
What exactly is the Overseas Filipino Bank?
OFBank is the first branchless, digital-only, government-owned bank in the Philippines. It operates as a wholly-owned subsidiary of LANDBANK, specifically mandated to serve overseas Filipinos, overseas Filipino workers, and their families.
How do I open an OFBank account?
You simply need to download the official OFBank Mobile App from the Google Play Store or Apple App Store. Follow the on-screen prompts to capture your valid identification card, take a selfie for verification, and fill out your personal details.
Can my family members in the Philippines open an account?
Yes. OFBank offers specific account types for the beneficiaries of overseas workers. Your family members back home can download the app and open an OFBank Beneficiary Account to receive your remittances easily.
Is my money safe with OFBank?
Yes. As a government-owned bank backed by LANDBANK, OFBank is highly secure. Furthermore, the Philippine Deposit Insurance Corporation (PDIC) insures all deposits up to PHP 500,000 per depositor.
What IDs are accepted for account opening?
The app accepts major Philippine government-issued IDs, including the Philippine Passport, Unified Multi-Purpose ID (UMID), PRC ID, and the new Philippine Identification (PhilID) card.
How can I put money into my OFBank account from abroad?
You can fund your account by transferring money from your international bank account via standard wire transfers, or by visiting partnered global remittance centers that can credit funds directly to your OFBank account number.