How to Apply for a Chinabank OFW Savings Account

There is no doubt that you want to protect the money you have worked so hard to earn as an Overseas Filipino Worker. Opening a Chinabank OFW savings account is a more secure place to save your money than hiding it in your closet or putting it under your pillow. After all, if you’re currently making money, you should start putting it into something that will benefit you while remaining secure. If you are a present resident of the Philippines and have a substantial amount of savings, creating a bank account in the Philippines should be straightforward.

When you were hired as an Overseas Filipino Worker, you presumably had the idea of opening a bank account in the Philippines. Many people still want to get a bank account but are unsure where to start. This article will explain how and where you can open a Chinabank OFW Savings Account in a safe place.

Contents

What is Chinabank OFW Savings Account?
Features
Who can open a Chinabank OFW Savings Account?
Requirements needed in opening a Chinabank OFW Savings Account
Where can I apply for Chinabank OFW Savings Account?
How to Open a Chinabank OFW Savings Account?
Frequently Asked Questions
Tips on Opening an Chinabank Savings Account Online:
Conclusion

What is Chinabank OFW Savings Account?

The Chinabank OFW Savings Account was designed with the needs of overseas workers in mind from the very beginning. It combines a standard bank account, a personal bank account, a savings account, and an investment product all into one convenient package.

You won’t have to worry about going over your limit or having your money taken from you if you use this account to save your savings. If you keep it in your Chinabank OFW Savings Account, which is protected against overdrafts and unauthorised transfers, you won’t have to be concerned about any of those things happening to it.

Keep reading if you are unsure whether this is something that interests you!

Features

The Chinabank OFW Savings Account is ideal for OFWs who are working overseas and want to save money in a simple and straightforward way. This is a savings account that pays interest on deposits. Some of its qualities are as follows:

Initial deposit
- ATM: P2,000
- Passbook: P5,000

Maintaining balance
- ATM: P2,000
- Passbook: P5,000

Minimum balance to earn interest
- ATM: P5,000
- Passbook: P10,000

Interest rate:
- 25% per annum, subject to 20% withholding tax

Who can open a Chinabank OFW Savings Account?

As the name implies, the Chinabank OFW Savings Account is available and is meant for overseas Filipinos. If you are a Filipino citizen working abroad and receiving a salary in Philippine Pesos, you can apply for this account online. Other prerequisites include:

You must be at least 18 years old when your application is approved.
You must have a valid passport from the Philippines or another country in which you presently reside.

Requirements needed in opening a Chinabank OFW Savings Account

Two (2) 1×1 ID Pictures

Original/s and clear copy/ies of at least one (1) of the following valid IDs*:
- Passport
- Driver’s License
- Professional Regulations Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- Government Service and Insurance System (GSIS) e-Card
- Social Security System (SSS) Card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- Overseas Filipino Worker (OFW) ID
- Seaman’s Book
- Government Office and GOCC ID [e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs]
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development (DSWD) Certification
- Integrated Bar of the Philippines ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC
- School ID, duly signed by the principal or head of the school (for students who are beneficiaries of remittances or fund transfers who are not yet of voting age)
- *Please note that China Bank may require you to present additional IDs to establish and verify your identity.

Additional Requirements

For Aliens and Non-residents to establish residency and for positive identification
- Passport
- Alien Certificate of Registration / Immigrant Certificate of Registration (ACR/ICR)
- Contract of employment (for citizens only)
- For Business Name / Sole Proprietorship Accounts
- Certificate of Registration of Business Name with DTI
- Application for Registration with DTI
- Special Power of Authority (SPA) if the signatory is other than the owner of the business
- Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)
For Partnership Accounts
- SEC Certificate of Registration
- Articles of Co-Partnership
- Partnership Resolution or Agreement duly notarized, designating the following:
- China Bank as its depository bank
- Authorized signatories
- Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For Domestic Corporate Accounts
- SEC Certificate of Filing Articles of Incorporation
- SEC Certificate of Filing Articles of By-Laws
- Articles of Incorporation and By-Laws
- Board Resolution duly certified by the Corporate Secretary, designating the following:
- China Bank as its depository bank
- Authorized signatories Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)
For Foreign Corporate Accounts The following documents authenticated by the Philippine Consul:
- Articles of Incorporation
- By-Laws
- Board Resolution duly certified by the Corporate Secretary, designating the following:
- China Bank as its depository bank
- Authorized signatories
- SEC License to do business/to operate in the Philippines

Where can I apply for Chinabank OFW Savings Account?

A Chinabank OFW Savings Account can be opened in two ways. You are welcome to visit any of the bank’s branches or to contact their customer service line.

You can also apply online, however in order to print the application form, you need need a printer and an active email account.

The bank will send you an email with your account number and activation instructions.

Once your new savings account has been established and activated, you will be able to begin depositing funds into it.

How to Open a Chinabank OFW Savings Account?

Step 1: Visit any Chinabank branch in your area.

Step 2: Bring the following documents with you:

Passport that is valid for at least one year and has at least one blank page so that the OCC or other job credentials that may be sought by Chinabank can be affixed to the passport, if necessary.

Take a photo of yourself that is passport size and has your name written clearly on it in front of a white background. The photo should be taken on the left side of your head (you can download passport photo from this link). Please bear in mind that any photo taken for the purposes of identification needs to be taken against a white background and must be clear of red eye; otherwise, it may be rejected by our staff at any point along the application process. In addition, please dress appropriately by donning long slacks or skirts, dress shirts with collars, and appropriate footwear by donning clean slippers or shoes; open-toed sandals and shoes without closed toes are not permitted.

Frequently Asked Questions

1. How much is the minimum deposit for a Chinabank OFW Savings Account?

A minimum deposit of PHP5,000.00 is required to open a Savings Account for Overseas Filipino Workers (OFW) with Chinabank.

2. What are the fees for a Chinabank OFW Savings Account?

To get started, all you need is 5,000 pesos, which is about equivalent to $100. There are no monthly service costs associated with your account, nor is there a minimum balance required for it to be open. Nevertheless, a charge will be made for each of the following kinds of transactions:

ATM withdrawals at non-Chinabank ATMs: P50 per transaction
Overdraft protection: P100 per month
Statement copy request (monthly): P100

3. How is the Chinabank OFW Savings Account different from other bank accounts?

There is no requirement for a minimum balance to be maintained. Chinabank is one of the few financial organisations that does not mandate that you keep a specific amount of money in your account on a monthly basis, in contrast to many other financial institutions. You have total control over how much of everything you keep at any one time, regardless of the circumstances. You can choose to have as much or as little as you like.
Access to internet banking and the services that are made available through internet banking. Because both of these activities may now be completed online, going to a physical branch of a bank is no longer required in order to check your account balance or transfer money.

4. How can I find the Chinabank branch nearest me?

Simply clicking on the following link will lead you to a page that lists the Chinabank locations nearest to you: https://chinabank.ph/locate_branch_atm.aspx

Simply clicking on the following link will take you to a page that provides a list of Chinabank branches that are located in close proximity to your current location: https://chinabank.ph/locate branch atm.aspx

Tips on Opening an Chinabank Savings Account Online:

1. Research about your Account Type

You should familiarise yourself with the many kinds of bank accounts that are accessible to you before opening your first bank account. Which type of financial account—checking or savings—do you choose for your money? You never know, you might find that trying a little bit of everything is enjoyable. Make sure you inquire about the advantages and disadvantages of the other available accounts, regardless of which one you decide to go with. You are required by law to undertake an investigation into the state of your current finances and compile the relevant information.

2. Learn how to keep your account up to date.

There are currently deposit policies in effect at a number of different institutions. While the deposit is being processed, it is possible that you may not have immediate access to the funds. This is because of the processing time. You really ought to do some more research on this topic! There is also a need for a “minimum balance,” which is a form of restriction that many different kinds of financial institutions impose. If the balance in your account drops below that threshold, you may be subject to a fine or have the ability to use your debit card or ATM restricted.

3. Inquire about the bank’s fees

Before you go ahead and open a bank account, there are a few things you ought to think about first. Customers of some banks aren’t always informed about the fees that their bank charges them right away. A few examples are ATM costs, bank fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees. Other expenses include fees for maintaining a minimum usage or activity. It’s possible that all of these fees will quickly add up. You need to familiarise yourself with these costs so that you won’t be caught off guard when you get your bill.

4. Don’t settle for the first bank you come across when opening an account.

You are not to open your first bank account with the first bank that comes to your mind. There are many more options available to you. You have access to a plethora of extra possibilities to choose from. It is recommended that you investigate a couple other potential financial institutions. Simply walking around to the different branches of the banks you visit will allow you to collect information from those branches. Research the bank that a member of your family, a close friend, or even a casual acquaintance has been using for a considerable amount of time. If the bank learns that you were referred to them by a client who has done business with them for a long time, they will almost certainly offer you further incentives.

5. Look for digital platforms

One of the most useful capabilities that are offered by the technologies that are available today is the capability to carry out financial transactions via the internet. It is possible that certain financial institutions, despite the fact that the vast majority of them will offer it, will opt not to. Make getting information on this instrument your first priority, and get it checked out as soon as you can. Internet banking comes with a plethora of helpful qualities built right in, two of which are the capability to pay bills and the capability to transfer money between accounts. Having the option to handle one’s banking online can be an extremely helpful convenience to have when one is juggling a busy day and packed schedule. It is possible that you may still be able to properly manage your finances even if you are unable to go to the bank as frequently as you would want.

6. Weigh the Benefits

When opening your first bank account, there are a few things you should keep in mind. It is of the utmost importance to make inquiries concerning the benefits offered by a financial institution. The use of automated teller machines and debit cards, the issuance of free checks, and the elimination of the need for paper invoices are only some of the additional benefits offered by some financial institutions to their clientele in addition to the provision of free checking and savings accounts. Find out what services are provided by the financial institution you are considering working with before you make a commitment to doing business with them.

7. Take charge of your account

When the owner of an account does not have any control over that account, it is one of the most frustrating outcomes that may occur in the financial world. Keep in mind that as a young adult, you are expected to accept responsibility for the decisions and actions that you make. Cheque balancing is a task that requires you to use your arithmetic skills, and learning how to do so is a prerequisite. Bring your cash register with you, as well as a debit card, if you have access to one, and make sure it is up to date. You should never be in the dark about the quantity of money in your account, and you should always have full control over it.

You can now easily open a bank account if you are an Overseas Worker, especially if you are using the salary you are earning abroad.

The process of creating a bank account in the Philippines has been much simpler in recent years, making it possible to do so even if you are working outside of the country at the present time.

Even if you are not a resident of the Philippines but would still like to open a bank account there, you will have no trouble doing so because there are many banks in the nation that are happy to work with customers who are not locals. If you are interested in opening a bank account in the Philippines, you can find more information here. It is not necessary for you to be a resident of the Philippines in order to open a bank account there; doing so will not present you with any challenges. They are willing to admit people into their system regardless of where they are from or what nationality they have, regardless of the background they come from or the country they come from.

In addition, it is not difficult for them to open bank accounts, and this is especially true if they have money sent from outside the country through OFW savings accounts or another method, such as PayPal or Payoneer, etc.

Conclusion

We sincerely hope that you found this tutorial to be informative and beneficial. We have discussed the several criteria that must be satisfied in order to open a Chinabank OFW Savings Account, as well as the procedures that must be carried out in order to achieve this objective in the most efficient manner.

Chinabank operates numerous locations all throughout the Philippines and maintains a sizable online presence. In order to indicate your interest in opening an OFW savings account with Chinabank, we suggest that you conduct research on their website or make direct contact with them.

CONTACT INFORMATION

Address: 8745 Paseo de Roxas, Makati, Metro Manila
Telephone Number: 28855555
Website: http://www.chinabank.ph/
Email: online@chinabank.ph
Contact Information: