What is the Overseas Filipino Bank and How to Open an Account for OFWs

The Overseas Filipino Bank is a specialized bank created by the Philippine government to serve the needs of Filipino workers abroad and their families back home. It is a subsidiary of the Land Bank of the Philippines, one of the largest state-owned banks in the Philippines.

The Overseas Filipino Bank offers a wide range of banking products and services catering to the needs of overseas Filipino workers and their families. These include remittance services, foreign exchange services, deposits, loans, and other financial services. To open an account with the Overseas Filipino Bank, you will need to have a valid Philippine passport and proof of your overseas employment.

Also Read: What is the OFW Hospital?

If you’re a Filipino immigrant or an OFW, one of the struggles you often go through is how to receive or send money to your loved ones. Whether you’re short of funds or need to send money for your family’s living expenses or emergency cases, an Overseas Filipino Bank will be helpful.

But what is the Overseas Filipino Bank, and how to open an account? To find out, read our in-depth guide below as we share important details about the Overseas Filipino Bank, so keep reading.

how to open overseas filipino bank for ofws

What is the Overseas Filipino Bank?

The Overseas Filipino (OF) Bank is the first branchless and digital-only Philippine government bank, allowing its clients to perform banking transactions globally, anytime, and anywhere. It was launched by the Department of Finance (DOF) and a wholly-owned subsidiary of Land Bank of the Philippines (LANDBANK), established to accommodate the banking and financial needs of Filipinos abroad, Overseas Filipino Workers (OFWs), and their beneficiaries.

Furthermore, it utilizes a Digital Onboarding System with Artificial Intelligence (DOBS_AI), which allows its clients to open an OFBank account in real-time via Android and iPhone. It also uses an electronic know-your-customer (e-KYC) procedure to confirm and authenticate uploaded information and requirements for the application.

Before OFBank became what it’s today, it was established in 1906 as the Philippine Postal Savings Bank (PPSB) and stopped its operation in 1976 due to competition with other banks. In September 2017, President Duterte signed Executive Order No. 44 to create the OFBank. Then, LANDBANK acquired PPSB and converted it to OFBank.


Considering that the OFBank aims to accommodate the banking and financial needs of the overseas Filipino community, not everyone can open an OFBank account. To be qualified for the OFBank account, you should fall under the following:

  • An overseas Filipino (OF)
  • Overseas Filipino Worker (OFW)
  • Or be a beneficiary of an OF/OFW
  • Capable read and write
  • Not suffering from any legal disability
  • With valid identification


If you’re considering opening an OF Bank account for yourself or your beneficiary, ensure that you have a stable internet connection and an active email address and mobile number, which you will use when opening an account via the OFBank Mobile Banking app. In addition, you should prepare one valid ID for the scanning and verification process with any of the following:

For Overseas Filipinos and Overseas Filipino Workers:

  • Passport
  • UMID
  • PRC ID

For Beneficiaries:

  • Company ID
  • Driver’s License
  • GSIS
  • OFW ID
  • Passport
  • Postal ID
  • PRC ID
  • School ID
  • Senior Citizen ID
  • SSS
  • UMID
  • Voter’s COMELEC ID

Also, note that your details for the OFBank account application should be similar to the information in your chosen ID.

Types of Bank Accounts

OFBank Visa Debit Card

An OFBank account for ages 18 years old and above, the OFBank Visa Debit Card is Peso savings account designed for OF and OFWs, allowing them to send remittances through Visa Direct via overseas Visa partners.

OFBank Visa Debit Beneficiary Card

Another bank account for ages 18 years old and above, the OFBank Visa Debit Beneficiary Card, is also a Peso savings account but designed for the beneficiaries of OFs and OFWs. This bank account allows clients free of charge fund transfer to any LandBank ATM or OFBank.

OFBank Regular Debit Card

The OFBank Regular Debit Card is another interest-bearing Peso savings account designed for the beneficiaries of OFs and OFWs at least 7- years old or below 18.


Unlike other banks, the three types of OFBank accounts stated above have no minimum initial deposit and no maintaining balance. Additionally, it has a P50,000 maximum ATM withdrawal per day. However, all OFBank accounts will require a P500 daily balance to earn an interest rate of 0.10% per annum.

The interbank transfer fees are the same for all OFBank accounts, which are P25 per transaction via InstaPay and P15 per transaction via PesoNet. OFBank also allows a P500,000 maximum deposit for PDIC Insurance per depositor and doesn’t charge for dormancy fee.

ofw bank logo
Logo of Overseas Filipino Bank – A Savings Bank of LandBank

Products and Services

With its mission to provide secure and trustworthy financial products and services to the migrant Filipino community, OFBank ensures efficient remittances from overseas. It allows clients to perform fund transfers to OFBank and LandBank without any charges and transfer funds from their accounts to other banks through InstaPay or PesoNet. OFBank clients can also pay their bills, pay cashless at Point-of-Sale (POS) terminals, and perform cash withdrawals at local and foreign ATMs.

Aside from that, OFBank can digitally reach around 112 countries, connecting its clients with over 763 merchants in-app via LinkBiz.Portal. Its clients can access online services from these merchants, including:

  • 124 utility and service companies
  • 186 educational institutions
  • 277 government agencies and local government units (LGUs)
  • 140 associations, cooperatives, corporations, and foundations
  • 20 clinics, healthcare, hospitals
  • 16 banks, credit cards, and insurance companies


If you’re still wondering why you should open an OFBank account, another reason is the availability of loans beneficial for OF, OFWs, and their beneficiaries. As of writing, three types of loans are available for OFBank account clients. But soon, its client can also avail of the Opportunity for Financial Wellness (OFW) Lending Program once its launch.

OFW Reintegration Program

This program was established with the partnership of the Overseas Workers Welfare Administration (OWWA) and LANDBANK, aiming to provide credit assistance to OFWs to set up their business. With the OFW Reintegration Program, OFWs can create an alternative source of income.

Multi-purpose Loan

The Multi-purpose Loan is another program that will launch soon, assisting clients in avail of lending programs from its parent bank to finance business needs, whether for capital or operational expansion.

Bahay para sa Bagong Bayani (3B)

Under the Bahay para sa Bagong Bayani (3B) loan program, OFWs dream house can be realize. It is a lending program offered by LANDBANK designed for OFWs who are planning to acquire, build or renovate their homes with flexible and relaxed terms.


Apart from loans, OFBank clients can invest and grow their funds by availing of the Treasury products provided by LANDBANK and the Premyo Bonds Para Sa Bayan.


Since convenient banking and financial transactions are what OFBank aims to offer, its clients can also enjoy the following remittance services:

  • Transfer funds to anyone via OFBank or LANDBANK mobile banking
  • Transfer funds to an OFBank account from any Philippine Bank, GCash, or PayMaya (InstaPay- real-time fund transfer; PesoNet- 1 to 3 banking days processing time)
  • Send money from your overseas bank via Visa Direct (not available for OFBank Regular Debit Card)
  • Remit money overseas via partner Remittance Centers
  • Enable fund transfer from your OFBank account to your foreign bank account

Leasing Facility

This service offers a lease-to-own facility where the LLFC (Lessor) directly purchases an asset from a third party (manufacturer or supplier) to be rented out to the OFBank client (Lessee).


By opening an OFBank account, its clients can access retail internet banking and alternative payment channels to settle their bills.

OFBank Mobile Banking App

In addition, OFBank clients can enjoy a convenient and efficient personal banking experience with the OFBank Mobile Banking app, which includes the following services:

  • Online account opening
  • Quick balance
  • Transfer funds to yourself, anyone, and other banks
  • Pay bills
  • Cardless withdrawal
  • Mobilock
  • Purchase Treasury Bonds
  • Loan Application

How to set up an Overseas Filipino Savings Bank Account?

If you’re qualified to use this service, follow the steps below on how to set up an OF Savings Bank Account:

  1. Download the OFBank Mobile Banking App on your mobile device through Google Play or the App store.
  2. Input your user ID and password.
  3. On the welcome page, tap Continue to proceed.
  4. On the reminders page, choose the applicable description, whether you’re an OF, OFW, or Beneficiary, and click Proceed.
  5. Click Confirm to verify that you agree with the Terms and Conditions.
  6. On the Profile Details page, fill out the necessary fields.
  7. Confirm your mobile phone number by entering the one-time PIN and tapping Submit.
  8. Authenticate your email address to proceed.
  9. Next, create your User Profile and Password.
  10. Continue by choosing Security Questions and Answers and click Next.
  11. Enter your personal, financial, and account purposes details
  12. Upload 1-valid ID and take a selfie.
  13. Double-check the information you have provided and click Confirm.
  14. You’ll receive a confirmation via email indicating if you’ve completed opening an OFBank account.


To learn more about the OFBank, watch the video below:

As discussed in the video, the OFBank ATM card is claimable at any LandBank branch. All you have to do is to bring the ID you used during the online application. However, you may not be able to get your OFBank ATM card if the branch you’re visiting doesn’t have available ATM cards.

Frequently Asked Questions

Please check out these FAQs for more information about the OFBank:

1. Is LandBank and Overseas Filipino Bank the same?

The Overseas Filipino Bank or OFBank is a wholly-owned subsidiary by LandBank, so it’s the same.

2. How do I open an OFBank account?

Meet the qualification criteria to open an OFBank account and download the OFBank Mobile Banking App to set up your account.

3. How do I deposit money into OFBank?

There are many ways to deposit money to OFBank via fund transfer from other Philippine banks, GCash or PayMaya.

4. Where are OFBank’s branches located?

OFBank doesn’t have physical branches since it’s a branchless and digital-only government bank. Nonetheless, LandBank branches can accommodate certain transactions, such as claiming or replacing ATM cards, withdrawals exceeding P50,000, and deposits of Cash and Checks for areas with no access to LBP cash deposit machines.

5. How can I get my OFBank ATM card?

You may visit the nearest LandBank branch New Accounts counter and show the valid ID you uploaded for the OFBank application. Then, answer the Know Your Customer (KYC) questions.

6. What to do if my OFBank ATM card got lost or stolen?

If your OFBank ATM card got stolen or lost, immediately report it to OFBank customer care or block it via the iAccess online banking facility.

7. Is OFBank safe?

Yes, OFBank is safe since it’s a government-owned bank.

overseas filipino bank logo
Overseas Filipino Bank for OFWs


The OFBank is a good choice for those who are looking for an online-based savings account with good interest rates and no maintaining balance. The application process is fast and easy. It is a great step in the right direction for the Philippine banking industry.

The OFBank will greatly benefit overseas Filipinos, OFWs, and their beneficiaries, making it more convenient to perform banking and financial transactions anytime and anywhere. Through the OFBank, Filipinos can easily manage their finances and receive and transfer funds in real-time to their loved ones.

Contact Details

Website: https://www.ofbank.com.ph/
Facebook Page: https://www.facebook.com/OFBank
Email: customer.care@mail.ofbank.com.ph
24/7 Hotline: (02) 8405-7000
PLDT/Smart Toll-Free Number: 1-800-10-405-7000

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