The Philippine government aims to help OFWs to manage their savings, finances, and their families while they are out of the country. In fact, there are programs tailored to fit for the needs of OFWs and their families. These include business loan opportunities, OWWA emergency fund, and others.
With this, the Philippine National Bank or PNB also want to help OFWs manage their finances through the OFW PNB Savings Account. Unlike other savings account, the PNB Savings Account for OFW does not require an initial deposit and the maintaining balance.
If you’re an OFW and interested to open this savings account, read this post.
OFW PNB Savings Account Documentary requirements
If you will apply for PNB OFW Savings Account, you should prepare the following documents:
- Original employment contract certified and notarized by POEA.
- Photocopy of passport
- Driver’s license
- Professional license
- GSIS/SSS membership cards
- Police/NBI clearance
- OFW ID issued by OWWA or POEA
Make sure that all the documents that you will submit have your photograph. Otherwise, you should prepare an identification card with your updated photo.
PNB Savings Account Charges and fees
Just like opening a savings account from other banks, you need to prepare for the charges and fee such as the following:
- Balance to earn interest – Php10,000 or $1,000 for USD account
- Interest rates – 0.100% annually
- Passbook replacement – Php100 and $5 for USD accounts
The good thing is that there’s no maintaining balance and initial deposit required. Other account options like PESO Passbook or PESO ATM have no balance and deposit requirement.
Thus, OFWs and their beneficiaries can open PNB OFW Savings Account anytime they want. You can use your PNB ATM 24/7 through PNB, BancNet, ExpressNet, and MegaLink nationwide.