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OFBank Account Opening Guide for Overseas Filipinos

Rouselle Isla

Rouselle Isla

Last updated October 27, 2022

When a bank goes fully digital, expect more convenience and faster transactions. One of the fully digital banks in the Philippines is OFBank, which was given a license by the Bangko Sentral ng Pilipinas in March 2021. 

As a bank for overseas Filipinos, it provides financial services to migrant workers, multi-generational immigrants, and long-term travelers in 119 countries. This way, Filipinos can conveniently and safely access digital banking and investment products regardless of their location.

Last March 26, 2022, OFBank attained the required ₱1 billion minimum capitalization set for digital banks.[1] Its online banking transactions also reached a total of ₱7.22 billion. 

If you’re unsure which bank may be used by overseas Pinoys, check out this guide and learn more about Overseas Filipino Bank by LANDBANK―from OFBank account opening to its features, products, and services. 

What is OFBank? 

ofbank account opening - what is ofbank

Formerly known as the Philippine Postal Savings Bank Inc. (PPSB), Overseas Filipino Bank (OFBank) fully transformed into the government's first digital-only and branchless bank. 

It’s a wholly-owned subsidiary of the Land Bank of the Philippines (LANDBANK). It was created in accordance with Executive Order No. 44, signed in September 2017 by former President Rodrigo Duterte. 

OFBank is mandated by the government to provide various financial services and products suited to the needs of overseas Filipinos. 

What are the Services Offered by OFBank? 

Some OFBank services that overseas Filipinos can avail of include the following: 

  • Accessible, fast, safe, and cost-effective remittance method 
  • Enhanced credit facilities and financial assistance for OFWs and their families
  • OFBank mobile banking app 


OFBank Products and Features 

Here are OFBank’s product offerings and features you can avail of:

1. Deposits

Overseas Filipinos and their beneficiaries can open the following deposit accounts and access and manage them through digital banking. 

OFBank Visa Debit Card

With the OFBank Visa Debit Card, you can send remittances to your loved ones via Visa Direct through Visa partners abroad. 

It’s an interest-bearing Peso savings account with no minimum initial deposit and maintaining balance. The required daily balance to earn interest is ₱500, with an interest rate of 0.05% per annum. 

Transfer funds to any OFBank or LANDBANK ATM account for free or any local bank account via PESONet and Instapay with applicable fees.  

You can also use the OFBank card to pay online or in-store, withdraw cash at local and international ATMs, or make over-the-counter withdrawals at any LANDBANK branch. 

OFBank Regular Debit Card

The OFBank Regular Debit Card is also an interest-bearing Peso savings account for overseas Filipinos or OFW beneficiaries who are at least seven years old but not older than 18. 

It requires no initial deposit and maintaining balance. The required daily balance and interest rate per annum are the same with the Visa Debit Card account at ₱500 and 0.05%, respectively. 

You can also use the OFBank ATM card at BancNet POS terminals, for online transactions with LANDBANK-accredited online merchants, and for over-the-counter withdrawals at LANDBANK branches. 

OFBank Visa Debit Beneficiary Card

This Peso savings account caters to overseas Filipinos and OFW beneficiaries at least 18 years old. With the OFBank Visa Debit Beneficiary Card, you can transfer funds to any OFBank or LANDBANK ATM account for free. There’s no minimum initial deposit and maintaining balance as well. 

2. Loans 

Soon to launch is OFBank’s Opportunity for Financial Wellness (OFW) Lending Program. For now, you can finance your business needs through LANDBANK’s lending programs such as the OFW Reintegration Program,[2] Multipurpose Loan,[3] or Bahay para sa Bagong Bayani (3B).[4]

Read more: OFW Loan Options in the Philippines for Every Kind of Need

3. Retail Internet Banking 

Manage and access your OFBank account safely and conveniently through iAccess,[5] its official Internet Banking Channel, and via the OFBank Mobile Banking App.[6]

The OFBank app is free to download and install. You can access OFBank’s services anytime, anywhere. Use OFBank mobile banking to open an account, check your balance, transfer funds, pay bills, make a cardless withdrawal, lock your account, and more. 

4. Remittance

With an OFBank account, you also get more convenient and affordable remittance options. Aside from remittance through OFBANK Mobile Banking, you can also remit from any Philippine Bank, GCash, or Maya account via PESONet or Instapay. You can do it via Visa Direct or through overseas remittance centers as well. 

5. E-Payment Facility

Stay on top of your bills and financial obligations with no hassle. You don’t need to queue at payment centers to pay your bills because you can easily do so through Link.BizPortal,[7] OFBank’s online payment facility. 

OFBank Account Opening Requirements

ofbank account opening - requirements

Interested in opening an OFBank account? As a fully digital bank, OFBank account opening is also done online. You can complete the application in minutes. But you’ll need a stable and secure internet connection, as well as the following: 

  1. Active email address and mobile number 
  2. One valid ID
  • For overseas Filipinos and OFWs: 
    • Passport 
    • PRC ID 
    • UMID 
  • For beneficiaries: 
    • Passport 
    • Driver’s License 
    • Company/School ID
    • PRC ID
    • Postal/Voter’s COMELEC/Senior Citizen ID

Note: The details you provide in your OFBank account opening should match the details in your chosen ID. 

Read more: Overseas Employment Certificate (OEC): A Complete Guide for OFWs

OFBank Eligibility Requirements 

You must also meet the following eligibility requirements: 

  • At least 18 years old (or at least seven years old if opening an OFBank Regular Debit Card account)
  • Can read and write 
  • Not suffering from any legal disability
  • Owns a valid identification

How to Open an OFBank Account

  1. ofbank account opening - successful application

Download the OFBank Mobile Banking App and follow the steps below to open your OFBank account. 

  1. Enter your user ID and password on the login screen and click Continue.
  2. Choose OFW, OF, or Beneficiary, and then choose Proceed. 
  3. Confirm the terms and conditions. 
  4. Enter the required information on the Profile Details page. 
  5. Key in the one-time PIN.
  6. Click Submit to authenticate your mobile phone number and email address. 
  7. Next, create your user profile and password. 
  8. After making your selection for the Security Questions and Answers, click Next.
  9. Enter the required information about your personal, financial, and account purposes.
  10. Upload a valid ID and take a selfie. 
  11. Review all the entered information. 
  12. Click Confirm to submit the application and wait for the confirmation email. 

How to Claim Your OFBank Card

Wondering how to get your OFBank atm card? To claim your OFBank Card, visit your preferred LANDBANK branch. Proceed to the New Accounts Counter, present the same ID you uploaded during the OFBank account opening, and answer some essential Know Your Customer (KYC) questions.

How to Deposit Money to Your OFBank Account 

Head to the nearest remittance center, bank, or Visa Direct partner to cash into your OFBank account. You may also use electronic banking channels like Instapay or PESONet to transfer funds to your OFBank account. 

How to Do a Fund Transfer in OFBank 

ofbank account opening - fund transfer

  • For fund transfers via the OFBank Mobile Banking app, log in and choose Transfer to Anyone. Key in the account number and how much you want to transfer. 
  • To transfer funds from OFBank to GCash, Maya, or any Philippine bank via PESONet or Instapay, choose LANDBANK as the destination bank. Enter the recipient’s 10-digit account number. 
  • To do a fund transfer via Visa Direct from your bank abroad, access your account via ATM or online/mobile banking. Then enter the recipient’s 16-digit Visa card number and the amount you want to transfer. (Note: Visa Direct is unavailable for OFBank Regular Debit Cards.) 
  • Transfer funds through money remittance centers overseas and provide the following: 
    • Accountholder’s name
    • 10-digit account number 
    • Name of bank: Land Bank of the Philippines (not OFBank)
  • You can also transfer funds through your foreign bank account to your OFBank account with the following information: 
    • Accountholder’s name 
    • 10-digit account number 
    • Name of bank: Land Bank of the Philippines (not OFBank)

How to Invest in Treasury Bonds in OFBank 

ofbank account opening - invest in treasury bonds

For as low as ₱500 and in as short as five minutes, you can invest in Premyo Bonds right from the OFBank online banking app. Here’s how. 

  1. Launch the OFBank app and log in with your username and password. 
  2. On the main menu, click Payments.
  3. Choose Purchase Treasury Bonds and Premyo Bonds under Product Selection. 
  4. Read the terms and policies and then tick the box. 
  5. Click Next to proceed. 
  6. Fill out the transaction form and then click Submit.
  7. Review the details before confirming the transaction. 

Read more:

Final Thoughts

Through OFBank, overseas Filipinos and their beneficiaries now have better options for online banking and transferring or remitting funds. OFBank account opening is also free, quick, and easy. Moreover, you can enjoy its many features and benefits at zero or minimal fees. 

Explore the OFBank mobile app and open an account today! 

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Rouselle has over eight years of writing experience in the personal finance niche. She has written feature stories, articles, and how-to guides on various personal finance and trending lifestyle topics. Before that, she briefly worked in banking and was a licensed life insurance advisor. When not writing, Rouselle likes to read books and binge-watch films and series. Follow Rouselle on Linkedin.


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