Savings Accounts for OFW Remittances

Here are savings accounts designed by Philippine banks for OFW remittances.

1.  BDO Kabayan Savings AccountBDO = Banco de Oro

You can read about this account in this BDO Kabayan article.

2.  Global Filipino Deposit Accounts PNB = Philippine National Bank

Both you and your recipient can open a savings account.
You can open:
—  Peso ATM
—  Peso passbook
—  Dollar passbook
No opening deposit
No maintaining balance
Earn interest for balances of at least 10,000 pesos or $500

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3.  Abot-Pangarap Savings PlanRCBC and RSB

This is a helpful plan. It encourages you to save something every month.
You will be given 2 accounts: your recipient’s account and your own savings account
A portion of the remittance will be credited to your savings account.

No opening deposit
No maintaining balance
Minimum balance to earn interest is 10,000 pesos
You can request for a statement of account

4.  Overseas Kababayan Savings (OKS) AccountCHINABANK

No initial deposit
No maintaining balance
Minimum balance to earn interest is 1,000 pesos.
You can enroll this account in China Bank Online for free

5.  Remittance Savings AccountAllied Bank

Initial deposit of 100 pesos
Maintaining balance of 100 pesos
Choose between passbook and ATM card
Minimum balance to earn interest is 3,000 pesos for ATM and 10k for passbook

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