We are now in a time of technology where transactions can be made online. Faster, easier and more convenient, all we need is an internet and a computer or a smartphone. With that in mind, there is a new digital-only and first branchless government bank in the Philippines-The Overseas Filipino Bank (OFBank).
The OFBank is a wholly-owned subsidiary of the Land Bank of the Philippines. From the name itself, it is made to cater the Overseas Filipino Workers (OFW) and their beneficiaries. Since it is a digital-only bank, it has no physical branch. All of the transactions can be made online like the opening of an account, and, transfer of funds, etc. However, landbank can accommodate the following transactions:
- Claiming of ATM/Debit Card
- Replacing of ATM/Debit Card
- Deposit of Checks and Cash (for areas without LBP Cash Deposit Machine)
- Withdrawal exceeding P50,000.00
How to open an account in OFBank online?
In order to open an OFBank, you need to download the OFBank Mobile Banking App in Google Playstore or Apple App Store. Other things you need include an active email address, your mobile number, and one valid ID for verification. When you are ready, proceed by following the guide below.
- After downloading the App, Click the Open an OFBank Account button.
- Choose whether you are an Overseas Filipino Worker, OFW Beneficiary or an Overseas Filipino. Tap proceed and answer the FATCA declaration.
- Read the terms and Conditions of the OF Bank, Tick the box and Click “Next”.
- Fill out the Form with your details, the click “Next”.
- Make your user ID and password. Make sure to read the instructions on choosing your user ID and password found below.
- You will then recive a One Time Pin (OTP) in your mobile number you have entered, input that within 5 minutes. If you have not receive any OTP, you can click the button resend via SMS.
- Another OTP will be sent to you, this time authenticating your email address, Just input the OTP again and tap “Submit”.
- For your security, you will be asked to nominate three Security Questions. You need to remember the answer to that as well.
- Complete your Personal Information, Financial Information, and Account Purpose. Afterward click “Next”.
- Choose a document or ID to upload. Passport, UMID ID, or PRC ID is acceptable for an OFW or OF while for beneficiaries, they can choose among these valid ID’s: COmpany ID, Driver;s License, GSIS, OFW ID, OWWA ID, Passport, Postal ID, PRC ID, School ID, Senior Citizen ID, SSS, UMID ID, Voter’s Comelec ID, then Click “Next”.
- Using the Zoom Identity Check, take a Selfie and follow the instructions in the app for your identity verification.
- Take a picture of the ID you will submit. Tap Submit and type the ID Number.
Review your details before clicking confirm. If everything is accurate, Tap”Confirm”. Your OFBank Account is done! That’s how easy making an OFBank.
OF Bank Accounts
OFBank offers different ATM Saving Accounts for OFW, OF and their beneficiaries. These include OFBank Visa Debit Card for Overseas Filipinos and Overseas Filipino Workers, OFBank Visa Debit Card for Beneficiaries, and OFBank Regular Debit Card for Beneficiaries (for customers below 18 years old, but at least 7 years of age).
To get your OFBank ATM Card, you can visit any LandBank branches in your area. Make sure to bring your ID.