Opening a savings account for an overseas Filipino worker has never been easier. The procedure of opening a bank account used to require customers to go through a lot of steps and give a substantial amount of personal information. The process of creating a bank account grew more difficult as a result of this development. Fortunately, much has changed since then. The PBCom OFW Savings account is one of the accounts you presently have access to. Accounts of a different sort are also accessible for those who prefer.
PBCom is recognised as being among the most reputable and well-known financial companies in the Philippines. It also provides savings accounts to Filipinos working abroad; however, it is vital to remember that the only people who are qualified to create an account with them are those who are currently employed in a position that requires them to work outside the country. The process of opening an account is quite easy. After providing some basic information about yourself and the company for which you work, you will be given the option of submitting everything online or at any PBCom site in the Philippines or abroad. This choice will be made after you have provided some basic information about yourself and the company for which you work. You can call their customer service number at any time of the day or night if you have any questions or concerns about their products or services. Continue reading if you are interested in finding out more information on how to open a PBCom OFW Savings account.
- Opening a PBCom OFW Savings Account
- Why Open a PBCom OFW Savings Account
- Types of PBCom Savings Accounts
- PBCom Savings Account Features
- PBCom OFW Savings Account: Eligibility
- PBCom OFW Savings Account: Requirements
- PBCom OFW Savings Account Opening – Offline: Procedures
- PBCom OFW Savings Account Opening – Online: Procedures
- Frequently Asked Questions
- 1. How much initial deposit should I make to open a Choice Saver Account (Choice Saver)?
- 2. How much balance do I need to maintain to avoid penalty?
- 3. Can I get a copy of the Customer Information Form (CIF) without going to the branch?
- 4. How and when can I request for the optional instruments?
- 5. How long will it take for me to receive my PBCOM EMV Debit Card?
- Tips on Opening an Account Online:
- Video: How to Open a PBCom Savings Account Using the PBCOMobile App
- Final Thoughts
- Contact Information
Opening a PBCom OFW Savings Account
The savings account is one of the varieties of bank accounts that is used the most frequently. Due to the fact that they are long-lasting, they are helpful for holding money that is not required right away. When you put money into a savings account, you protect that money from any unfavourable events that might take place in the future. For instance, if someone tried to steal the information from your credit card or debit card, your bank would compensate you for any losses you had as a result of the theft, even if you were partially responsible for the crime.
To qualify for an “Overseas Filipino Worker” savings account, an individual must have a permanent residence in the Philippines, hold a job outside of the country, and routinely send money to support their relatives in the Philippines. These savings accounts typically have lower fees than other types of accounts because they require more attention; for instance, customers of these banks are frequently requested to produce additional documentation when opening an account with these banks.
This is just one example of how customers of these banks are frequently asked to produce additional documentation when opening an account with these banks. Because many of these institutions compete with traditional banks throughout the world to offer reduced prices to customers, opening an Overseas Filipino Worker Savings Account is rather simple. The majority of Filipinos hold the opinion that the fees they are now required to pay for their banking requirements are already excessively high.
Why Open a PBCom OFW Savings Account
The more money you put away in savings, the more rewards, bonuses, and interest you will be eligible for. There is also the possibility of receiving cash back from the bank, in addition to freebies and discounts from local companies. In addition, the more you utilise the features of the account and the more money you put into it, the more points you will accumulate on the account.
Not only that, but by opening a PBCom OFW Savings account today, you are contributing to the development of a solid credit history. This can come in handy in the future when applying for a personal loan or another form of financial product, such as insurance. In addition to that, by opening a PBCom OFW Savings account today, you are helping to contribute to the development of a solid credit history. The following is a list of some further persuasive arguments in favour of opening a savings account with PBCom:
- The bare minimum required to keep a Savings Account in good standing in the Philippines is 5,000 Philippine Pesos (P5,000).
- POP makes the convenience of internet banking available (PBCOM Online Platform)
- Enjoy the independence that comes with selecting account options that are tailored to your particular requirements, whether those requirements are professional or personal in nature.
- You can increase your balance while while receiving bigger incentives thanks to our tiered interest rate structure.
Types of PBCom Savings Accounts
- PBCom Savings Account: The traditional savings account, which at the time it is opened can have any amount of money deposited within it, can have any amount of money placed within it.
- PBCom Investment Account: An investment account that enables you to invest in a selection of stocks and mutual funds, as well as make use of the financial counselling services that are made available by the firm. In addition, the account enables you to take use of the company’s offerings.
- PBCom OFW Savings Account: This is an alternative to the traditional savings accounts and fixed deposits that other banks in the Philippines offer, and it is designed specifically for Overseas Filipino Workers (OFWs) or their dependents who are working abroad or who are planning to work abroad in the near future. Other banks in the Philippines offer these traditional savings accounts and fixed deposits. Traditional savings accounts and fixed deposits are also services that may be obtained from a number of other Philippine banks.
PBCom Savings Account Features
PBCom Savings Account features include:
- MINIMUM DEPOSIT
- P5,000 (Savings)
- P10,000 (Checking)
- MINIMUM BALANCE TO EARN INTEREST
- P10,000 (Savings)
- P25,000 (Checking)
- INTEREST RATE
- From 0.10% to 0.15%
- TRANSACTION RECORD
- ATM or Passbook for Savings; Checkbook, ATM or Passbook for Checking
PBCom OFW Savings Account: Eligibility
- You have to be a citizen of the Philippines in order to be eligible to open an Overseas Filipino Worker Savings Account (OFWSA).
- possess a minimum age of 18 years (unless you are an OFW).
- To qualify, you must have resided in the Philippines for at least one full year before to applying for this programme.
- When you go to fill out the application for the account, you need to make sure that you have your PBCom ATM card on hand (they will not accept other ATM cards from other banks).
PBCom OFW Savings Account: Requirements
You are required to submit the following papers in order to gain access to this account:
- For private clients, one (1) valid ID only
- For corporate entities to open an account, they are required to provide one (1) valid ID per party or signatory, as well as proof of registration (DTI or SEC), and a board or partnership resolution.
PBCom OFW Savings Account Opening – Offline: Procedures
Anyone is free to seek assistance regarding account opening concerns from PBCom at any of its offices, but in order to do so, you must ensure that you have the following items with you:
- Valid identification (Philippine passport, driver’s licence, SSS card, etc.)
- proof of work, which must include your employer’s full name and phone number, as well as any other essential information
- a proof of residency in the Philippines, supported by relevant documentation (utility bill or bank statement)
PBCom OFW Savings Account Opening – Online: Procedures
Enter your personal information into the PBCom website and click “Open an Account” from the menu on top right to begin the process of opening a savings account. That’s all there is to it. You’ll then be sent to a screen from which it’s possible for you to select a type of account and its accompanying features.
- Before you can access your account on PBCom.com, you must first log in.
- Go to the sign-up page and select “Open an Account” to begin the process of creating a new account.
- Just click the option that corresponds to your case to get help from PBCom in setting an OFW savings account.
- To begin the application process, pick “Apply Now” from the drop-down menu at the top of the page.
- Do a last check to make sure that all of the necessary fields have been filled out before pressing “Submit.”
If you already have the PBCom app on your phone, you can use it to start a savings account. When you click the “Open an Account” option in the app, a screen appears where you can select the sort of account you want to open and the features that go along with it.
Frequently Asked Questions
1. How much initial deposit should I make to open a Choice Saver Account (Choice Saver)?
Savings accounts for individuals and businesses both require an initial deposit of at least 5,000 Philippine Pesos (PHP). The minimum deposit for personal checking accounts is 10,000 PHP, while the minimum deposit for business checking accounts is 15,000 PHP.
2. How much balance do I need to maintain to avoid penalty?
Minimum initial deposit and account balance requirements must be satisfied in order to avoid incurring any fees or penalties from a financial institution.
3. Can I get a copy of the Customer Information Form (CIF) without going to the branch?
On the PBCOM website, you’ll find a fillable copy of the CIF. You can save this version of the form under the titles “Downloadable Forms” and “Forms” on your computer.
4. How and when can I request for the optional instruments?
Once you’ve completed the proper paperwork and paid any applicable fees, you’re all set. Nothing else has to be done for the time being. In terms of the requirements, this is the last item you are supposed to do. You are free to ask for these things at any time and at any PBCOM location, regardless of whether or not you have tenure or an existing business connection. At the same time, you can request these goods at any PBCOM site and at any time. You can request any of these items at any time during the process, from the beginning to the end, and even while you are in the process of making an account.
5. How long will it take for me to receive my PBCOM EMV Debit Card?
You will be able to buy cards at that time, but you will be unable to write anything on them to personalise them for the recipient. If, on the other hand, you want your name to appear on the card, it will take between seven and ten working days to get the card from the branch of your choice. If you don’t want your name on the card, you can get it right away. You can obtain the card right quickly, even if you do not want your name to appear on it.
Tips on Opening an Account Online:
1. Research about your Account Type
Before opening your first account with a financial institution, you should educate yourself on the several banking options available to you and become acquainted with these options. Have you considered opening a checking account as well as a savings account with a bank or other financial institution? Trying a little bit of everything is likely to be a lot of fun for you! Before making a final decision on which of the numerous accounts you will use, you should inquire about the benefits and cons associated with each of the other accounts that are accessible. The law requires you to conduct an investigation into your current financial situation and gather the necessary proof.
2. Learn how to keep your account up to date.
A number of the world’s financial institutions have devised and implemented distinct deposit policies. You will most likely not have immediate access to the funds until the deposit is being processed, which might take anywhere from a few hours to a few days. This delay could be due to a variety of circumstances. In the event that this occurs, you will be notified as soon as the funds become available to you. It’s probable that several factors contributed to the holdup at the same time. You must give serious consideration to the prospect of conducting additional research on this issue! A “minimum balance” requirement is yet another form of limitation that many different financial institutions impose on their customers in order to keep their accounts open with them. These financial organisations demand their customers to follow this restriction in order to maintain their accounts with them. If the balance in your account goes below that amount, you may face a fine or have your ability to access your account by debit card or ATM restricted. If your account balance falls below that threshold, you may face both of these repercussions. You face the danger of being vulnerable to one or both of these consequences. If the balance in your account goes below that threshold, you will face both of these repercussions. It is possible that you will be subjected to both of these outcomes.
3. Inquire about the bank’s fees
When opening a bank account, it is critical to consider the following factors to the greatest extent possible. There are various sorts of financial organisations that are subject to charges that are not immediately apparent but have the potential to balloon into significant amounts over time. You must be aware of a variety of things, including fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, monthly or annual account fees, and fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity. You should be informed of the fees involved with using ATMs and bank accounts, overdraft fees, expenses associated with maintaining a minimum balance, and fees associated with maintaining a minimum usage. Make sure you are aware of these charges so that you are not caught off guard when you receive your account and discover that you have been charged for something you did not expect to be charged for.
4. Don’t settle for the first bank you come across when opening an account.
When it comes time to create your first bank account, you should not feel obligated to choose the first bank that comes to mind; instead, you should feel free to browse around. There is a large number of banks to choose from. You should not be limited in your capacity to shop around until you locate the financial institution that best meets your needs. It is strongly advised that you investigate a few different banks and other financial institutions. You will be able to get information from each bank in the area by visiting several of them. Investigate the bank that a member of your family, a close friend, or even a casual acquaintance has been patronising for a considerable amount of time, whether for commercial or personal dealings. You will almost probably be eligible for further perks if the financial institution finds out that you were referred to them by a customer who has been doing business with the company for a significant amount of time.
5. Look for digital platforms
Online banking has evolved into one of the most useful tools available in this day and age. It is one of the technologies that has evolved into one of the most beneficial options available. Conducting financial transactions through the internet is one alternative that can be pursued. This is one of the technologies that has evolved into one of the most useful possibilities as time goes on. Despite predictions that the vast majority of financial institutions will make information available, there is still a chance that some will not. Verify that one of your main priorities is to acquire as much knowledge as you can about this instrument in the lowest amount of time that is feasible. Two of the many useful tools that come standard with internet banking are the ability to make electronic payments to bills and the ability to transfer monies across accounts. These are only two of the several options available. People who are dealing with hectic schedules and days may find that the chance to do their banking online can be a very helpful way to save time. Even if you are unable to visit the bank on a daily basis, you can still exert influence over your current financial situation and transform it into something useful for you to use.
6. Weigh the Benefits
Make it a high priority in your inquiry to inquire about and do an in-depth study of the services provided by a financial institution, and emphasise this strongly. Some of the various perks offered by a growing number of banks and credit unions include the elimination of costs associated with the use of automated teller machines and debit cards, the provision of free checks, and the elimination of paper bills entirely. One of the numerous benefits is the availability of free checking and savings accounts. Another advantage is the decrease of fees that are generally associated with the use of debit cards and automated teller machines. It is in your best advantage to educate yourself about the services provided by a given organisation before deciding on the exact financial institution with which you will do business. It is in your best advantage to educate oneself about the services provided by a specific organisation before making this decision.
7. Take charge of your account
If you do not have authority over your bank account, you risk finding yourself in one of the most aggravating and incapacitating financial situations you could ever imagine. Consider the fact that accepting increasing degrees of responsibility is one of the distinguishing traits of young adulthood. If you are prepared to put in the effort to figure out how to balance your chequebook mathematically, you will be able to do it. If you wish to make a purchase, bring your cash register as well as a debit card (if you have one) and a credit card (if you have one), all of which are currently in use (if you have one). You should always ensure that you have complete control over the amount of money in your account and that you are constantly informed of the quantity of money in your account. You should also maintain constant awareness of the amount of money in your account.
Video: How to Open a PBCom Savings Account Using the PBCOMobile App
Through the use of the PBCOMobile App, which will be demonstrated in this video, you will learn how to open a PBCom OFW Savings Account. In addition to this, we will go over the necessary documentation that needs to be handed in at the time an account is opened. Due to the fact that each step in the process of opening a savings account is relatively straightforward, fundamental, and easy to comprehend, the process may be completed whenever it is most convenient for you and from any location in the world.
You do not need to be physically present at any moment in order to take part in the savings programme that PBCOM is offering; you can do so from anywhere in the world. You will be able to accomplish this goal by utilising the PBCOMobile App that is installed on your device. Managing your account with the mobile app is uncomplicated and straightforward provided that you have access to an internet connection.
If you are an Overseas Filipino Worker who is constantly on the move and needs to put money away for the future, opening a PBCom OFW Savings Account today can assist you in meeting your financial goals and will help you get one step closer to achieving the life you want to live. If you are an Overseas Filipino Worker who is always on the move and needs to put money away for the future, you can open one today by visiting any PBCom branch. You won’t have any trouble fulfilling your financial responsibilities if you create an account in one of the many different types of savings accounts that are currently accessible. There are currently a wide variety of savings accounts to choose from. You are free to make use of the additional features whenever it is convenient for you, such as receiving text message alerts and doing financial transactions online. You will have access to each of these possibilities.
READ NEXT: List of OFW Loans for Filipinos in Japan
Address: PBCOM Tower, 6795 Ayala Avenue corner V.A. Rufino St. 1226 Makati City, Philippines P.O. Box 3281
Telephone Number: (+632) 8777-2266
Facebook Messenger: PBCOM
Google Map Location: