Following the successful launch of the OFW Bank at the Liwasang Bonifacio last Thursday, a lot of our OFW netizens asked questions on how they can apply and avail of the services of the OFW Bank.
The Filipino Times, an online publication based in the United Arab Emirates, had a phone call with the Department of Labor and Employment Secretary Silvestre Belo III where he explained how interested OFWS can open an account and do transactions with the OFW Bank.
What Are the Requirements for the OFW Bank?
According to Secretary Bello, the requirements and process of opening an account are the same as the requirements and process of opening an account in a regular bank. All you need to do is to visit the OFW Bank office, bring the needed requirements, and choose whether you want to open a savings or a checking account.
The requirements may include:
- Two valid IDs (one being your passport)
- Photo with white background
- Proof of address
- Proof of employment
To Be Available Online Soon
The Labor Secretary also revealed the good news that OFWs will be able to apply through their website one it is up for operational. This will make the transactions easier and more convenient for everyone.
Other than the official websites, overseas branches will be open very soon and once it is readily available, OFWs from abroad can do transactions directly in the country they are working on.
This coming February, OFW bank branches will start operating in Abu Dhabi, Bahrain, and Dubai.
Although the services are currently exclusive and limited to OFWs only, the bank’s services will also be extended to the OFW’s dependents and beneficiaries.
Dollar remittances will also be accepted and to avail of the service, OFWs do not need to open an account anymore. They can send the remittances and enjoy lower cost. Bello also revealed that they are planning to make OFW remittance fees free of charge when done in the OFW bank.