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OFBank

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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

  1. 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.

  2. 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.

  3. 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.

  4. 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

  1. 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.

  2. 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

  1. iAccess is an OFBank and LANDBANK Retail Internet banking portal that you could use to manage your OFBank account reliably and conveniently.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

Overseas Filipino Bank

FAQ

Is Overseas Filipino Bank legit?

OFBank is the first government branchless digital-only bank, a wholly-owned subsidiary of the state-owned Land Bank of the Philippines (LANDBANK), established pursuant to Executive Order No. 44, signed by President Rodrigo R. Duterte in September 2017. 

Overseas Filipino Bank is regulated by the Bangko Sentral ng Pilipinas. PDIC insures deposits up to Php 500,000 per customer.

How to contact OFBank?

To reach Overseas Filipino Bank 24/7 customer service, call the Customer Care Hotline (+632) 8-405-7000 or PLDT Domestic Toll-Free at 1-800-10-405-7000. You may also email Customer.care@mail.ofbank.com.ph. Business Address is OFBank Center Liwasang Bonifacio, Ermita, Manila 1000.

Is Landbank the same as OFBank?

Land Bank of the Philipines (LANDBANK) wholly owns the OFBank. LANDBANK is a government-owned financial organization that primarily serves fishermen and farmers.

Am I eligible to get an OFBank Visa Debit Beneficiary Card?

To qualify for an OFBank Visa Debit Beneficiary Card, you should be an Overseas Filipino or Overseas Filipino worker beneficiary over 18 years old, be able to read and write, not suffering from legal disability with credible identification: valid ID including Philippine Identification (PhilID) Card.

Company documents

Security Policy
Terms and Conditions
Security Tips

OFBank is the first digital bank in the country and the official digital bank of the  Philippine government  committed to  provide convenient, reliable and secure banking solutions responsive to the needs of  the global Filipinos. 

© Overseas Filipino Bank

Financial products

OFBank
Small business loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
OFBank
Multi-purpose loan
Rating by Finanso®
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Recommended FinScore™
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650
1000
OFBank
OFBank Visa Debit Beneficiary Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱500
Rate
i

Effective interest rate on the product

0.05% per annum
OFBank
OFBank Regular Debit Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱500
Rate
i

Effective interest rate on the product

0.05% per annum
OFBank
OFBank Visa Debit Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

from ₱500
Rate
i

Effective interest rate on the product

0.05% per annum

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All OFBank’s reviews by december 2022
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