Start achieving your savings goal and secure you and your family’s future. Open a Philippine-based OFW Savings Account through overseas PNB branches near you.
Why open an OFW Savings Account
- Earn interest when your ADB is at least PHP10,000
- Use a PNB-PAL Mabuhay Miles OFW Savings Debit Mastercard which can be used at any Mastercard and Maestro accredited merchant and over 2 Million ATMs worldwide.
- Earn points when you shop using your card at select merchants and covert your points to Mabuhay Miles
- Monitor your account and your finances using PNB Digital Banking
| What you need to open an OFW Savings Account |
- If you have a PNB Letter of Introduction:
- PNB Letter of Introduction
- 1 photo bearing government-issued I.D.
- For OFWs w/o PNB Letter of Introduction (any of the following):
- Copy of Passport
- Employment Contract (Duly approved and notarized by POEA)
- PDOS Certificate
- 1 photo bearing government-issued I.D.
- For receivers w/o PNB Letter of Introduction:
- Copy of passport
- Employment Contract of their OFW sender (duly approved and notarized by POEA)
- Proof of Remittance (for existing receivers of other banks/remittance channels)
- 1 photo bearing government-issued I.D.
| How to open an OFW Savings Account |
- Go to the nearest PNB Branch
- Fill out the Account Opening Form and Signature Card
- Submit the completed forms to the branch officer together with the requirements
- Wait for your application to be processed and for your card to be issued
| Balance Requirement | |
| Initial Deposit | Php 0.00 / $ 0.00 |
| Minimum Maintaining Balance | Php 0.00 / $ 0.00 |
| Minimum ADB to Earn Interest | Php 10,000.00 / $ 1,000.00 |
| Interest Rate | 0.10% / 0.025% p.a. |
Fees and Charges
| Dormancy Fee | Php 0.00 / $ 0.00 |
| Passbook Replacement | Php 100.00 / $ 5.00 |
| Average Daily Balance (ADB) of the account falls below the required minimum monthly ADB for at least two (2) consecutive months. | Php 0.00 / $ 0.00 |
| Interbranch/interoffice deposit/withdrawal transaction, except transactions made between and among — | Php 100.00/Php 200.00 |
Frequently Asked Questions
| 1. What are the different valid IDs? |
- Passport
- Original employment contract (duly notarized and approved by POEA ) will be accepted together with at least a photocopy of passport
- Drivers License
- Professional (PRC) license
- SSS/GSIS membership cards
- OFW ID (issued by POEA/OWWA)
- NBI/Police clearance
| 2. How soon can I receive my card? |
For overseas customers: 1-15 Banking Days for unnamed Debit Mastercard
For overseas customers: 15-20 Banking Days for named card
For customers in the Philippines: Same Day
For accounts opened in the Philippines, the card will be activated in an hour.
| 3. How can I enroll my card to PNB Digital Banking? |
You may enroll using your PNB Peso ATM/ Debit Mastercard by following these steps:
- Click/Tap SIGN-UP in the login page then select SIGN-UP USING ATM CARD.
- Select Account Type then input your Card Number and PIN.
- Create your User ID and Password. Ensure that your mobile number and email address are entered correctly
- Input the 6-digit One-Time-PIN (OTP)sent to your registered mobile number.
- The first time you login, you shall be asked to enter the Online Activation Code (OAC). The OAC is sent to your registered email address.
| 4. Will my card expire? |
Yes, you may see the expiration of the card on the card face.
| 5. How can I request for card replacement? |
You may go to the nearest PNB branch to request for a card replacement. You will need to submit the completed card replacement form. The card replacement fee is at Php 150.
| 6. What will happen to my account if there is no deposit or withdrawal for a certain period? |
The account will be dormant if there is no activity within 2 years.
| 7. Where is my maintaining branch? |
You can nominate any Philippine based PNB branch as your maintaining branch.
As an expert in personal finance and banking, I can confidently navigate through the intricacies of setting up financial instruments, especially those tailored for overseas Filipino workers (OFWs). The article you provided discusses the PNB OFW Savings Account, a specialized savings account designed to cater to the unique needs of OFWs and their families.
Let's break down the key concepts covered in the article:
-
OFW Savings Account Features:
- Interest Earning: The account earns interest when the Average Daily Balance (ADB) is at least PHP 10,000.
- Debit Card Benefits: The PNB-PAL Mabuhay Miles OFW Savings Debit Mastercard is highlighted, allowing users to make transactions at Mastercard and Maestro accredited merchants and ATMs worldwide. Points can be earned on transactions, convertible to Mabuhay Miles.
- Digital Banking: PNB offers Digital Banking for monitoring accounts and finances. Users can check remittance status and locate nearby branches.
-
Requirements for Account Opening:
- With PNB Letter of Introduction:
- PNB Letter of Introduction
- 1 photo-bearing government-issued I.D.
- Without PNB Letter of Introduction:
- Copy of Passport or Employment Contract (duly approved and notarized by POEA), or PDOS Certificate
- 1 photo-bearing government-issued I.D.
- For receivers without PNB Letter of Introduction:
- Copy of Passport or OFW sender's Employment Contract (duly approved and notarized by POEA), or Proof of Remittance (for existing receivers of other banks/remittance channels)
- 1 photo-bearing government-issued I.D.
- With PNB Letter of Introduction:
-
Account Opening Process:
- Visit the nearest PNB Branch.
- Fill out the Account Opening Form and Signature Card.
- Submit completed forms and requirements to the branch officer.
- Wait for application processing and card issuance.
-
Account Details:
- Balance Requirement:
- Initial Deposit: Php 0.00 / $ 0.00
- Minimum Maintaining Balance: Php 0.00 / $ 0.00
- Minimum ADB to Earn Interest: Php 10,000.00 / $ 1,000.00
- Interest Rate: 0.10% / 0.025% p.a.
- Fees and Charges: Includes Dormancy Fee, Passbook Replacement Fee, and transaction fees.
- Balance Requirement:
-
Frequently Asked Questions:
- Valid IDs: Passport, Original employment contract (duly notarized and approved by POEA), Driver's License, PRC License, SSS/GSIS membership cards, OFW ID, NBI/Police clearance.
- Card Processing and Replacement: Timeframes for receiving cards, enrollment in PNB Digital Banking, card expiration, and replacement process.
- Dormancy: Account becomes dormant if there is no activity within 2 years.
- Maintaining Branch: Customers can nominate any Philippine-based PNB branch as their maintaining branch.
By thoroughly understanding these concepts, potential account holders can make informed decisions about opening and managing their OFW Savings Account with PNB, ensuring financial security and ease of access to their funds.
