How to Apply for a PSBank OFW Savings Account

If you want to put your hard-earned money away in a place where it will earn a higher interest rate because it will be used as collateral security, then you will need to open a savings account with PSBank. If you are an OFW, it is in your best interest to open a PSBank OFW savings account with one of the most reputable banks in the Philippines. You will benefit more from doing so.

This is due to the fact that in Philippine banks, only bank tellers are allowed to pay the application fee as well as any other processing fees associated with the account. When you open a PSBank account in a country other than the Philippines, you won’t have to pay any fees. The procedures involved in opening a PSBank OFW savings account are straightforward and uncomplicated, and account opening can take place either in Manila or elsewhere outside of the Philippines. Here is why thousands of overseas Filipino workers (OFWs) all over the world have opened a savings account with PSBank, and here is what you need to do if you want to open one as well.

Image Credit: PSBank FB Page

Opening a PSBank OFW Savings Account

Overseas Filipino Workers and their families have access to PSBank OFW savings accounts, which come with a number of advantages, including the following: – The minimum deposit required to open a PSBank account is only one hundred pesos.

– You will be provided with the number of PSBank OFW savings account that you can use to facilitate the transfer of funds to your family members residing in the Philippines.

– As soon as you place the money in your PSBank OFW savings account, your loved ones will be able to use it. They are free to do so at any automated teller machine (ATM) or in person at any PSBank branch in the Philippines.

Why Open a PSBank OFW Savings Account

– No maintaining balance. After opening the account, all that is required of you is to make a deposit of one hundred pesos, and you will be good to go.

It is not necessary to use your debit card at this time. Use the account number that is associated with your PSBank account in order to send money to a member of your family who lives in the Philippines.

– MoneyGram and Western Union both provide a free service for sending and receiving money transfers.

They offer an OFW hotline that you can call from anywhere in the world to receive up-to-date information on the activities associated with your bank account.

Features of a PSBank OFW Savings Account

It is in the best interest of Overseas Filipino Workers (OFWs) to open a PSBank Savings Account. This is due to the fact that the account confers a number of advantages on OFWs.

The annual percentage yield (APY) of the account’s interest rate is 0.25% per year, calculated on an annual basis.

If you decide to buy one of these, you won’t be required to pay any additional fees in order to make use of the passbook or ATM card that comes packaged along with it.

Your deposits will be protected up to a maximum of P500,000 by the Philippine Deposit Insurance Corporation (PDIC), provided that they satisfy the conditions imposed by the agency.

– Banking services that can be accessed both online and through mobile devices, giving you the ability to keep track of your finances at any time of the day or night.

– Interest rates on savings accounts are consistently among the best that are currently available.

– Complimentary life insurance for the individual who holds the account Account holders have the opportunity to apply for PSBank Debit Master Cards and PSBank Credit Cards on an annual basis for the rest of their lives if they choose to do so.

– Complimentary life insurance for the individual who holds the account – If you want to open an account with a larger required initial deposit, they give you two options: the Passbook Savings Account, which requires a deposit of one thousand pesos, and the Peso Savings Account, which requires a deposit of five hundred pesos. – Both of these accounts have a minimum opening deposit of one thousand pesos (10,000 pesos)

You are able to make deposits at any PSBank branch or partner bank, in addition to doing so through the online portal on the bank’s website.

The person who holds the savings account has the option of purchasing a passbook, which will keep a record of any and all transactions pertaining to the account.

It comes with a debit card that can be used at any of the nation’s more than 10,000 automated teller machines (ATMs) to withdraw cash.

You are able to make payments using your ATM card at any point of sale terminal that acknowledges the use of cards of this type.

The ATM card allows for a maximum of six withdrawals each month, though this number may be adjusted based on the amount of money in your account. – It comes with a passbook that records all transactions involving your money. – It comes with a passbook that records all transactions involving your money. There are over 10,000 distinct businesses that acknowledge the ATM card. Users are able to make deposits of cash and checks into their accounts using the PSBank Mobile app, which can be downloaded for free on users’ mobile devices.

What are the PSBank Deposit Products?

PSBank ATM Savings

The PSBank ATM Savings account enables you to conduct financial transactions at any PSBank ATM, as well as those located at Metrobank, BanNet, and Mastercard ATMs located in countries all over the world.

When you shop at establishments that accept BancNet cards, you won’t need cash because you can pay your utility bills, loans, and credit cards with your card. Additionally, you can shop cash-free.

The maximum amount that can be spent using your ATM card at a POS terminal in a single day is PHP 20,000. This amount, however, may be increased depending on your current and future financial circumstances.

When you open an ATM Savings account, you will almost immediately receive your ATM card. On the same day that you open your account, you will also have the option to enrol in PSBank Mobile and PSBank Online.

PSBank Regular Passbook Savings

You have the option of opening a PSBank Regular Passbook Savings account if you feel that having an account that is linked to an ATM will prevent you from reaching your savings goals.

It offers fixed interest rates as well as an easy way to check or keep track of your transactions by using your passbook.

A new account can be opened at any PSBank branch in a matter of minutes, and once it is, you can immediately enrol it in online and mobile banking services, giving you the flexibility to complete banking transactions whenever and wherever you choose.

PSBank Passbook with ATM

In addition to fixed interest rates and hassle-free banking, the PSBank Passbook with ATM Account provides its customers with a debit card that enables them to access their funds regardless of where they are located, be it in the Philippines or elsewhere.

You are permitted to make one deposit or withdrawal per day without being subject to any inter-regional transaction fees.

You can also link your account to PSBank Online and PSBank Mobile, which will give you access to banking services that are uncomplicated, safe, and convenient whenever you need them, 24 hours a day, seven days a week.

You will have an easier time tracking and monitoring your banking transactions if you use your Passbook. You can access your funds whenever you need to with your ATM card, saving you the time and effort of travelling to your branch to conduct a transaction over the counter.

PSBank Dollar and Euro Savings

Would you also like to save money in U.S. dollars or European currency, respectively?

PSBank Dollar or Euro Savings is a good choice if you want to save money and keep a traditional passbook to record your funds and transactions. You can save in either currency.

However, you will be required to visit the PSBank branch located on Paseo de Roxas in Makati City in order to open an account of this kind.

PSBank Overseas Filipino Savings

OFWs also have the option of opening an Overseas Filipino Savings Account with PSBank in order to put some of the money they earn abroad to good use.

There is no requirement for an initial deposit, and the ATM card is activated and ready to use right away.

It grants you the ability to carry out financial transactions at any automated teller machine (ATM) in the Philippines as well as any Mastercard ATM in any other country, and it also pays a fixed interest rate.

In addition to electronic banking that is available around the clock, paying bills and conducting cashless transactions, you can deposit and withdraw cash at any PSBank branch.

Who are eligible to open a PSBank Savings Account?

The PSBank Savings Account can be used for a variety of different things, some of which are listed below:

-Self-employed people and one-person businesses

-Partnerships and corporations as legal entities

-Minor accounts are for users who are younger than 18 years old

-Associations, clubs, and other types of organisations

What are the Requirements to open a PSBank Savings Account?

  • In order to open an account with PSBank, you must have one of the following in your possession:
  • A valid ID (e.g., driver’s licence, passport)
  • Documentation to verify your residence (e.g., electric bill, rental contract)
  • To verify your status as a student or senior citizen, a valid ID from your school or the government is required.
  • For non-citizens, current work or resident visa is required.
  • The original birth certificate of your child along with government-issued photo identification is required for accounts held by minors.
  • In order to open an account for a child younger than seven years old, the account holder must present a valid ID and an adult representative must be present.
  • A minimum opening balance of P500 or an initial deposit of P100 is required.
  • A properly filled out and submitted application form
  • At least two forms of identification are required for joint accounts.

How to Open a PSBank Savings Account

If you would like to open an account, you must comply with the following requirements in order to do so:

How to Open a PSBank Savings Account Online:


  1. Tap on the Open a New Deposit Account button.
  2. Read and accept the Terms and Conditions.
  3. Take a photo of the valid ID you have from the list.
  4. Provide the required information and take a selfie.
  5. Nominate log-in credentials for PSBank Mobile App and enter OTP.
  6. Select whether you want an ATM card or request it later.
  7. Schedule/conduct a video call.
  8. Once approved, you may start funding your account through InstaPay / PESONet fund transfer or deposit at any PSBank branch.


To open an account via the Side Menu:

  1. Choose Open an Account, then pick the kind of account you want to establish for yourself.
  2. Select the account that will serve as your primary funding source, enter the total amount of your first deposit, and designate a nickname.
  3. Choose whether you want an ATM card now or whether you want to request one later.
  4. Enter OTP.
  5. You can find information about your newly opened account in the “My Accounts” section of the website.

To open an account via Create a Transaction:

  1. To create a transaction, go to View My Accounts and click the Create a Transaction button.
  2. Choose Open an Account, then pick the kind of account you want to establish for yourself.
  3. Enter the amount of your initial deposit, and choose a handle for your account.
  4. Choose whether you want an ATM card now or whether you want to request one later.
  5. Enter OTP.
  6. You can find information about your newly opened account in the “My Accounts” section of the website.


  1. Choose the Sign Up for an Account option from the menu on the side.
  2. Please take the time to read and agree to the Terms and Conditions.
  3. Take a picture of the ID that is currently valid for you to use from the list.
  4. Give the requested information, then take a picture of yourself.
  5. Enter OTP.
  6. Choose whether you want an ATM card now or whether you want to request one later.
  7. Make arrangements for and carry out the video call.
  8. As soon as your application has been processed, you will be able to begin funding your account through InstaPay, PESONet, or a deposit at any PSBank location.


– You can get your money at any of the PSBank branches that are spread out across the Philippines. They can be found in a variety of shopping centres across the country, in addition to existing on their own, and they are dispersed across the entirety of the country.

– Remember to bring your passport with you, please. You will also be required to provide proof of identification for the member of your family who will be receiving the money in the Philippines. A driver’s licence or an identification card issued by the postal service are both acceptable forms for this.

Tips on Opening a PSBank Account Online:

1. Research your Account Type

Before you open your first bank account, you should familiarise yourself with the various options available to you. Have you given any thought to the possibility of opening a checking or savings account? Maybe you’d enjoy trying a little bit of everything! Make sure you ask about the benefits and drawbacks of the other available accounts, regardless of which one you ultimately decide to go with. You are required by law to investigate your current financial situation and obtain the relevant documentation.

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

There are specific deposit policies in place at some banks. It is possible that you will not have immediate access to the funds while the deposit is being processed, which could take anywhere from a few hours to a few days. You really ought to do some more research on this topic! A “minimum balance” requirement is yet another type of restriction that many financial institutions implement. If the balance in your account drops below that threshold, you may be subject to a fine or have your ability to access your account through your debit card or an ATM restricted.

3. Inquire about the bank’s fees

When opening a bank account, it is important to keep the following considerations in mind. Some banks have expenses that aren’t readily apparent but can add up over time. A few of the things that you need to be aware of include ATM fees, checking fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees. Make sure that you are aware of these charges so that you are not caught off guard when you receive your statement.

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

When it comes to opening your first bank account, you shouldn’t feel compelled to choose the first bank that comes to mind. Instead, you should feel free to shop around and find the bank that best suits your needs. It is recommended that you visit a number of different banks. By going to a variety of banks in the area, you will be able to collect information from each of them. Investigate the bank that a member of your family, a close friend, or a casual acquaintance of yours has been patronising for a considerable amount of time. If the bank determines that you were brought in by a client who has been with the institution for a significant amount of time, they will almost certainly provide you with additional benefits.

5. Look for digital platforms

Online banking is one of the technologies that has emerged as one of the most helpful options available in this day and age. Although it will be provided by the overwhelming majority of financial institutions, there are some that might not provide it. Ensure that you make it a priority to inquire about this instrument as soon as possible. The ability to move money between accounts and to pay bills electronically are just two of the many useful services that are included with online banking at no additional cost. When dealing with jam-packed schedules and hectic days, having the option to handle one’s banking online can be of great assistance to the individual. Even if you are unable to visit the bank on a daily basis, you can still take charge of your current financial situation and make it work for you.

6. Weigh the Benefits

To assist you in opening your first bank account, here are some useful tips that you can use. Make it a priority to investigate the advantages offered by a financial institution and ask questions about them. A number of financial institutions now offer free checking and savings accounts, in addition to waiving fees associated with the use of ATMs and debit cards, providing free checks, and doing away with paper bills entirely. Find out what services are provided by the financial institution you are considering using before making a decision to do business with them.

7. Take charge of your account

It is possible to be in one of the most frustrating financial situations imaginable if you have a bank account that you do not have control over. Keep in mind that one of the hallmarks of young adulthood is the assumption of increasing levels of responsibility. You will learn how to maintain a balanced chequebook if you put some effort into doing the math. Bring your cash register with you, as well as an updated debit card (if you use one) if you have one. Maintain full command of the amount of money that is currently in your account and keep a constant awareness of it at all times.

Frequently Asked Questions:

1. What can I do with the PSBank ATM savings account?

If you have a PSBank ATM Savings account, you have access to any and all of the automated teller machines (ATMs) offered by PSBank, in addition to those offered by Metrobank, BancNet, and Mastercard, no matter where you are in the world. When you go to stores that accept BancNet cards, in addition to being able to pay for things like your utility bills, loans, and credit cards, you can also make purchases without having to carry cash with you.

2. What are the benefits of banking with PSBank?

You will receive an interest rate that is fixed and will be able to conduct financial transactions at any automated teller machine (ATM) in the Philippines or anywhere else in the world that accepts Mastercard. In addition to providing services such as electronic banking, which is accessible at any time of day or night, bill payment, and the completion of cashless transactions, PSBank branches also allow customers to make cash deposits and withdrawals.

VIDEO: How to Open a PSBank Savings Account

This is a short video that will explain why you should think about opening a savings account with PSBank as well as how to open an account in the most time- and cost-effective manner possible. This information may prove useful to those of you who are Overseas Foreign Workers (OFWs) and are currently working to build up your savings, either for yourself or for your loved ones and family members who remain in your home country. You can accomplish your objective of amassing wealth in a way that is uncomplicated and risk-free by taking advantage of all of the bank’s notable features and benefits. The bank provides a wide variety of these features and benefits. Watch the following video to obtain further information regarding it:


If you want to make a significant amount of money, you might need to investigate alternative methods of saving or investing your money. There is not the slightest possibility that the interest that you earn at the bank will allow you to accumulate tens of thousands of pesos, much less hundreds of thousands of pesos.

On the other hand, one of the most fundamental, uncomplicated, and productive ways to save money is to keep your cash in a savings account with PSBank.

It is not difficult to keep your PSBank savings account in good standing because there are only a few standards to meet. Additionally, it is not difficult to open an account because there are no requirements to meet.

If you are able to conduct financial transactions using both your personal computer and a mobile device, it will be much simpler for you to get access to your money in the event that you have unanticipated or urgent financial needs.

It is a good solution for Filipinos who simply want to save money, particularly recent college graduates who are just starting their careers or middle-income earners, and it is especially advantageous for those individuals. This is especially true because it is a good solution for Filipinos who simply want to save money.

The minimum initial deposit requirements for this financial product as well as the criteria for maintaining a balance are both appealing aspects of this product.

READ NEXT: Manage Your Bank Accounts Effectively with 4 Tips

Contact Information

Address: PSBank Center 777 Paseo de Roxas Avenue corner Sedeño Street Makati City, Philippines
Telephone Number: (+632) 885-8208 / 944-1753 / 944-1772
Google Map Location:

Leave a Comment

error: Content is protected !!