How to Open a Security Bank OFW Savings Account

Opening a savings account in one’s home country can be difficult, especially for overseas Filipinos who are trying to do so in the Philippines. In order to open an account with the majority of financial institutions, including Metrobank and BPI, you will be required to provide the institution with an address. Nevertheless, what about workers from other countries who are only in the Philippines for a period of six months at a time? This is where a Security Bank OFW savings comes in handy. Their goal at Security Bank is to make it as simple as possible for our overseas Filipino workers (OFWs) to put aside some of the money or fund their accounts for their families, for whom they work tirelessly.

The process of opening a Security Bank OFW Savings account is quick and simple. You can still open an account at the financial institution in a reasonable amount of time even if you live in a different country than the institution does. In order to successfully open a bank account with Security Bank, you need to be familiar with and adhere to the procedures outlined in the following sections.

Image Credit: Better Banking at SECURITY BANK – Olongapo Branch

What is Security Bank OFW Savings?

When it comes to taking care of our finances, we frequently look online for information regarding the most advantageous savings accounts. We can put money away for unforeseen events or expenses in the future with relative ease thanks to this method. Another option that is worthy of consideration is a savings account that allows for indirect transactions. One of these choices is the Security Bank OFW Savings Account, which rewards account holders with a higher interest rate in exchange for increased vigilance and awareness regarding their financial situation.

Security Bank is a universal bank based in the Philippines that caters to retail, commercial, corporate, and institutional clients alike. It is an establishment that is held in high esteem and is well-known. It has demonstrated experience in financial management, stability, consistent profitability, and continuous expansion over the course of decades of dedicated banking activities. In addition to this, it has accomplished all of this while preserving a high level of satisfaction among its customers.

Security Bank has reaffirmed its commitment to its brand promise, which states that the bank will prioritise the needs of its customers in meeting their banking requirements. In addition, the bank will provide a wide range of financial services to Filipinos, such as financing and leasing, foreign exchange and stock brokerage, investment banking, and asset management. Security Bank has reaffirmed its commitment to its brand promise. “You deserve better.”

In recent years, Security Bank has been able to establish a nationwide presence across the Philippine archipelago by successfully implementing aggressive growth strategies. This has been accomplished in spite of the fierce competition that the bank faces. One of these strategies was to increase the number of branches that provided customer service as well as the number of strategic ATM locations.


  • Interbranch Banking: You won’t incur any fees when you move money to another Security Bank account.
  • Prioritized Security: Receive Text Message Updates on Selected Transactions
  • Formless Transactions: By eliminating the inconvenience of filling out forms, you can save yourself time and effort.
  • Online Banking: Take advantage of the bank’s solution, which has won awards and is lauded for being user-friendly and versatile.

The Security Bank OFW Savings Account is a term deposit account that requires a minimum balance of P500 and has a maximum balance that can go up to P50,000. You can have the account opened for you at any Security Bank location across the country.

When compared to the interest rates offered by other banks, the Security Bank OFW Savings Account at offers a superior rate of 1.5 percent per annum compounded monthly. You will not be subject to any fees or a reduction in the interest rate on this account in the event that you take money out of it at any point in time. You are also eligible to make free withdrawals from any Security Bank ATM in the country, in addition to having the ability to make an unlimited number of free online banking transfers via eBanking or Phone Banking.

The Security Bank OFW Savings Account allows you to open multiple accounts under one or more names; however, each account can only be used by one person at a time. You have the option to open multiple accounts with the bank. This means that if you want to create a new account with a different name, you must first close the old one before creating a new one with that name. If you do not close the old account first, you will not be able to create the new account with the new name. Close your current account before making a new one with a different name; otherwise, you won’t be able to use the new one.

Why Open a Security Bank OFW Savings Account?

If you want to earn interest on your money while living outside of the country, a Security Bank OFW savings account is a great option to consider. You can either use it to send money back to your family or to pay for things while you are away. If you intend to work abroad in the near or distant future, you should open an account for overseas workers (OFW).

Security Bank, one of the most prominent financial institutions in the Philippines, has over 1,000 branches and over 500 automated teller machines throughout the country. The bank has been in operation for more than 60 years and has branches in several countries and regions, including China, Hong Kong, Singapore, Japan, and Korea.

What are Security Bank Deposit Products (Savings)?

All-Access Checking Account (Initial Deposit: PHP 5,000.00). This is a savings and checking account in one that is ideal for depositors who manage a high-volume personal cash flow. It includes a passbook, a chequebook, and an ATM MasterCard for easy access to funds for daily personal and business transactions.


Easy Savings Account (Initial Deposit: PHP 5,000.00) This is Security Bank’s most basic and straightforward savings account; it is also the best option for newcomers. It includes a debit MasterCard that can be used to shop, dine out, and make payments online or offline. This card can be used for any of the above purposes.


eSecure Online Savings Account (Initial Deposit: PHP 5,000.00) This high-yield savings account is available to the customers of Security Bank Peso Casa who are already banking with the institution. It is possible that it will be a useful companion while working towards achieving financial goals.


Build Up Savings Account (Initial Deposit: PHP 5,000.00 [regular] and PHP 50,000.00 [premium]) This ensures that you will receive an interest rate that is more than three and a half times higher than the standard rate that is offered by traditional savings accounts. This account might be ideal for you if you are a disciplined saver with a lot of self-control and you want to put money away for the long term.


Money Builder Savings Account (Initial Deposit: PHP 10,000.00) It may be beneficial to recommend Security Bank’s high-interest savings account, which is one of several accounts of this kind that the bank offers, to people who save money on a regular basis, including sole proprietors of businesses, freelancers, and even companies.


US Dollar Savings Account (Initial Deposit: USD 500) This is an account for savings that is denominated in a different currency, and it provides the use of a safe and secure remittance depository for dollars. The interest rate that Security Bank offers for this specialised kind of account is one of the highest possible rates currently offered by financial institutions.


Chinese Yuan Savings Account (Initial Deposit: CNY 3,500) Customers of Security Bank who have indicated an interest in maximizing their earnings potential through the use of CNY are eligible for this type of account, which the bank makes available to those customers.


Third Currency Accounts. These are savings accounts that do not accumulate interest but do offer you safety and security for any money that you have saved in a different currency. To gain access to them, you will need one of the following forms of acceptable payment: Hong Kong and Singapore each use their own distinct currencies, which are the Hong Kong Dollar (HKD), the Singapore Dollar (SGD), the Australian Dollar (AUD), the Canadian Dollar (CAD), the Chinese Yuan (CNY/RMB), the Japanese Yen (JPY), and the British Pound (GBP).

Who can Open a Security Bank OFW Savings Account?

If you are a Filipino national working outside the country, you have the option of opening a Security Bank OFW Savings Account (OFW Savings Account) with. This straightforward savings account was created with the intention of giving you access to a safe location to store your money while you are away from home.

In addition to the members of their families who remain in the Philippines, the Security Bank OFW Savings Account is open to all Filipinos who are employed elsewhere in the world. Returning workers who have already spent their contract period abroad or those whose contracts have been terminated prematurely due to job loss or other circumstances are also eligible to register an account with the company. Those who are eligible to register an account with the company are workers who have already spent their contract period abroad.

What are the Documents Required to Open a Security Bank OFW Savings Account?

When creating a savings account with Security Bank, the following pieces of documentation are required at a minimum (the criteria for opening other types of bank accounts may differ):

  • Accomplished Account Opening Online Form (submitted online)
  • SMS-Received Reference Number
  • 1 Primary or 2 Secondary ID Cards
  • Required initial deposit

The following is a list of valid identification documents with photographs that have been issued by official authorities, have been signed by those authorities, and are recognised by Security Bank:

Primary Identification Cards

  • Passport
  • Driver’s License
  • Professional Regulations Commission (PRC) ID
  • Digitized Voter’s ID
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) Card
  • Senior Citizen Card
  • Unified Multi-purpose ID
  • Alien Certification of Registration (ACR) I-Card
  • Integrated Bar of the Philippines ID
  • School ID
  • Postal IC (PVC Plastic Card)

Secondary Identification Cards

  • Company ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Barangay Certification/Clearance
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Government Office and GOCC ID, e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
  • Department of Social Welfare and Development (DSWD) Certification
  • PhilHealth Insurance Card ng Bayan (PHICB)
  • City Health Card/Health Certificate Card
  • Tax Identification Number (TIN) Card

How to Open a Security Bank OFW Savings Account

Opening a savings account or other deposit account, as well as the requirements for doing so, are likely to be nearly identical across all Philippine banks. In my experience working with large commercial banks, the standard procedure entails completing a few pieces of paperwork, presenting identification cards and sometimes other criteria, and providing personal information that can be verified. The process of opening a bank account with Security Bank has been simplified into three simple steps:


[1] Complete the New Account Opening Form that can be found online. Visit the primary website of Security Bank and click the “Open an Account” button (links can be found on the mid-page promotional photo, on the page footer, and on the Accounts menu). Fill out the forms for opening an online account, and then click the Submit button.


[2] Receive a text message with your Reference Number. After you have finished filling out the Account Opening Online Form, you will get a confirmation by SMS (a mobile message), which will include your reference number.


[3] Proceed with the process by going to the Servicing Branch of the Security Bank of your choice. Give the bank employee your completed list of requirements for opening an account (Check Account Opening Requirements listed above). Your initial deposit should be made, and you should get your debit MasterCard and/or passbook, if any of those are available to you.

Frequently Asked Questions

How can I fund my account?

The following are some more methods for funding your account, in addition to making a deposit in person at a branch counter:

  • Security Bank Cash acceptance machines (CAMs) – If you already have your ATM card with you, simply visit any of our CAMs to make deposits to your Security Bank account. Click here to find the CAM nearest to you
  • Fund Transfer from other Bank’s using Instapay or PESONet – when sending, select Security Bank and make sure to input the correct account number, account name, and amount. Applicable transfer fees may apply.
  • Fund Transfer via Digital Wallets such as GCash and PayMaya – The “Send Money to Bank Account” feature lets you transfer money from your digital wallet to Security Bank.

Can I do the video call interview on a weekend or holiday?

Security Bank currently provides the Account Opening service provided by MS Teams on weekdays between the hours of 9:00 a.m. and 4:00 p.m. (excluding holidays). Once the online form has been successfully submitted, you will receive an SMS and email confirmation with the reference number and instructions on how to proceed.

How can I claim my ATM or Checkbook?

You can pick up your chequebook and/or ATM card at the bank you specified in the online account opening form as your preferred location. Please wait for our email instructions, which will contain information about your account, before coming to the branch.

You will be asked to sign a signature card on the day of your visit to replace the temporary signature you uploaded to our website. This signature card will replace the one you previously uploaded.

How will I know when to expect the call?

You should receive a phone call on one of the days you specified in the online account opening form. Their Customer Associate (CA) will send you a text message fifteen minutes before the call is scheduled to begin.

I want to open a Joint or Business Account via Skype.

For the time being, opening an online account with Security Bank is only possible through MS Teams for individual accounts. Keep up with the latest news.

Is the service available in all branches?

At the moment, only a few branches are able to offer account opening through the use of Microsoft Teams. More branches will be added in the not-too-distant future.

Tips Before Opening an OFW Savings Account

1. Research about your Account Type

Before opening your first bank account, you should become acquainted with the various types of bank accounts available to you. Which type of financial account do you prefer for your money—checking or savings? You never know, you might discover that trying a little bit of everything is fun. Make sure you ask about the benefits and drawbacks of the other available accounts, regardless of which one you choose. You are required by law to conduct an investigation into your current financial situation and compile the necessary information.

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

A variety of different institutions currently have deposit policies in place. It is possible that you will not have immediate access to the funds while the deposit is being processed. This is due to processing times. You should definitely do more research on this subject! There is also a requirement for a “minimum balance,” which is a type of restriction imposed by many different types of financial institutions. If your account balance falls below that level, you may be fined or have your ability to use your debit card or ATM restricted.

3. Inquire about the bank’s fees

Before you open a bank account, there are a few things you should consider first. Customers of some banks are not always immediately informed of the fees that their bank charges them. ATM fees, bank fees, overdraft fees, fees for maintaining a minimum balance, fees for maintaining a minimum usage or activity, and monthly or annual account fees are a few examples. Other costs include fees for maintaining a certain level of usage or activity. It’s possible that all of these fees will add up quickly. You should become acquainted with these costs so that you are not caught off guard when you receive your bill.

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

It is not necessary for you to open your first bank account with the first bank that comes to mind. You are free to select any bank you want. You have a plethora of additional options to choose from. It is advised that you look into a couple of other potential financial institutions. Simply walking around to the various branches of the banks that you visit will allow you to gather information from those branches. Investigate the bank that a member of your family, a close friend, or even a casual acquaintance has used for a long time. If the bank discovers that you were referred to them by a long-term client, they will almost certainly offer you additional incentives.

5. Look for digital platforms

One of the most useful capabilities provided by today’s technologies is the ability to conduct financial transactions over the internet. Despite the fact that the vast majority of financial institutions will offer it, it is possible that some will choose not to. Make gathering information about this instrument your top priority, and have it checked out as soon as possible. Internet banking includes a plethora of useful features, two of which are the ability to pay bills and transfer money between accounts. When juggling a busy day and packed schedule, having the option to handle one’s banking online can be a huge convenience. Even if you are unable to visit the bank as frequently as you would like, you may still be able to manage your finances properly.

6. Weigh the Benefits

There are a few things you should keep in mind when opening your first bank account, which we’ve listed below. It is critical to ask questions about the benefits provided 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.

Before you make a commitment to doing business with a financial institution, find out what services they offer.

7. Take charge of your account

One of the most frustrating outcomes in the financial world is when the owner of an account has no control over that account. Remember that as a young adult, you are expected to accept responsibility for your decisions and actions. Cheque balancing is a task that necessitates the use of your arithmetic skills, and learning how to do so is required. Bring your cash register, as well as a debit card, if you have one, and make sure it is up to date. You should never be unaware of the amount of money in your account, and you should always have complete 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.

In recent years, the process of opening a bank account in the Philippines has become much simpler, making it possible to do so even if you are currently working outside of the country.

Even if you are not a resident of the Philippines but would like to open a bank account there, you will have no trouble doing so because there are many banks in the country that welcome non-local customers. More information about opening a bank account in the Philippines can be found here. You do not need to be a resident of the Philippines to open a bank account there; doing so will not present any difficulties. They are willing to accept people into their system regardless of where they are from, what nationality they have, or what background or country they come from.

Furthermore, opening bank accounts is not difficult for them, especially if they have money sent from outside the country using a Security Bank OFW savings account or another method, such as PayPal or Payoneer, etc.

Video: How to Apply for a Security Bank OFW Savings Account Using DOBS

This video shows how anyone, including OFWs, can open a Security Bank Savings Account. As you are aware, there are numerous options. And this video is about Security Bank’s Easy Savings Account, which is a good account for OFWs looking for an alternative to traditional bank accounts. It has a Php 5,000 minimum balance requirement and allows you to withdraw your money whenever you want, wherever you are in the world. Keep watching this video guide until the end to learn more about the features of this savings account and how to open one.


If you are an OFW, you should immediately begin saving money in an investment account because the timing could not be better. You have nothing to lose by putting your money in a Security Bank Overseas Financial Worker Savings Account. If nothing else, this thing could turn out to be the key that unlocks the door to the world of independent living in the future.

The Security Bank OFW Savings Account provides customers with several appealing features that have the potential to be very beneficial to OFWs. Friends and family members in the Philippines who receive monthly remittance payments from Filipinos working abroad will appreciate the ability to conduct transactions in pesos, the Philippines’ national currency. This is a significant benefit that comes on top of earning a good interest rate on other products, such as loans.

READ NEXT: Manage Your Bank Accounts Effectively with 4 Tips

Contact Information

Address: 6776 Ayala Avenue, Makati City, Metro Manila
Telephone Number: 8887-9188
Website: https://www.Security
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