About bank
Overseas Filipino Bank (OFBank) is the first government digital-only bank without branches in the Philippines, explicitly made for Filipinos living or working abroad. They could open a deposit account and apply for a loan or debit card 100% online, using a mobile app or an online account.
OFBank was established as Philippine Postal Savings Bank Inc. (PPSB) in 1906. It was acquired and converted to a wholly-owned subsidiary of Land Bank of the Philippines (LANDBANK) in September 2017, operating as a bank created for the banking needs of migrant workers worldwide.
Features
Overseas Filipino Bank is claimed to be the first official branchless bank. It is government regulated and guaranteed. Access to LANDBANK branches and ATM infrastructure is free for OFBank customers.
Online banking and account opening allows you to use banking products conveniently and quickly anywhere. However, OFBank is operating fully online, which could be a potential drawback for customers who prefer in-person communication.
OFBank offers services tailored to the needs of Overseas Filipinos with online access to accounts, fund transfers to debit cards without cost, mobile and internet banking, e-payment facility, cardless withdrawal, 24/7 customer care service, etc.
Online account opening is available via OFBank’s mobile app working through Digital Onboarding System with Artificial Intelligence (DOBS AI). It employs image recognition technology which lets you capture and upload your facial image and the front of your identification (ID) card.
Products
OFBank Visa Debit card allows clients to send money to any OFBank or LANDBANK ATM accounts for free via Visa Direct through Visa partners abroad. In addition, customers can use it as a Peso savings account. No minimum deposit or balance is required.
The OFBank Mobile banking App is a full-service mobile application available through Google Play or App Store. You may open an online account, view your balance, transfer funds, pay bills, withdraw money cardless, purchase treasury bonds, apply for a loan, contact the bank, etc.
Services
iAccess is an OFBank and LANDBANK Retail Internet banking portal that you could use to manage your OFBank account reliably and conveniently.
OFBank Remit is a safe and accessible way to transfer money between a sender and a receiver. You may send funds via LANDBANK/OFBank Mobile Banking, from any Philippine Bank, Gcash, or Paymaya via Instapay/PESONet, Visa Direct, or Remittance Centers overseas and from your account through your foreign bank account.
Link.BizPortal is an alternative payment channel, an e-payment facility available through LANDBANK of the Philippines to pay any fees, dues, and charges anytime.
Lending is provided through LANDBANK services: OFW Reintegration Program, Multi-purpose Loan, and Bahay para sa Bagong Bayani (3B). In addition, OFBank will launch the Opportunity for Financial Wellness (OFW) Lending Program.
Deposits are OFBank Visa Debit Card, OFBank Regular Debit Card, and OFBank Visa Debit Beneficiary Card. They are Peso savings accounts for Overseas Filipino and Filipino workers or their beneficiaries aged at least seven years old. You may transfer funds inside OFBank, and LANDBANK accounts via Visa Direct, pay bills and purchase online, pay cashless, and withdraw and collect interest of 0.05% annually. No maintaining balance is needed to operate the card, but interest will be earned only with a Php 500 daily balance.
OFBank’s Treasury services allow you to invest and grow your banks through LANDBANK. Investing options include corporate securities, government securities, and GICs.
Pros and cons
Pros
Reputable governmental bank
Services designed especially for Filipino migrants abroad
Online application and internet banking
Mobile App with all essential features
No-cost fund transfers
No fee withdrawals (at OFBank, Landbank)
Visa partnership
Pay and manage your funds anytime, anywhere
24/7 customer service
Cons
Designed exclusively for Filipino migrants and their families
One can't apply in person
No banking offices
Limited choice of products
The low-interest rate for savings accounts
A minimum balance is necessary to gain interest
