Overseas Filipino Bank (OFBank) for OFWs

The Overseas Filipino Bank (OFBank) is the first government digital-only and branchless bank in the Philippines. It was relaunched in 2019 by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK) to provide convenient, reliable, and secure banking solutions to overseas Filipino workers (OFWs) and their beneficiaries.

Credits: OFBank / Facebook

Background of the Overseas Filipino Bank (OFBank)

History and Establishment

  • The OFBank has a storied legacy that began as the Philippine Postal Savings Bank (PPSB) in 1906, initially serving rural communities. However, facing stiff competition and operational challenges, it ceased operations in 1976.
  • In a significant move to support Overseas Filipinos (OFWs), the bank was revitalized in 1994 under the Philippine Postal Corporation, laying the groundwork for its future transformation.
  • Recognizing the critical role OFWs play in the nation’s economy through remittances and the need for tailored financial services, President Rodrigo Duterte, in 2017, signed an Executive Order transforming PPSB into the OFBank. This marked a pivotal transition from a traditional postal bank to a digital-first government bank dedicated specifically to the needs of OFWs and their families.


Mission and Vision


OFBank was established with a clear mission to serve and empower the Overseas Filipino community. Its objectives include:

  • Providing Tailored Financial Services: Offering reliable, secure, and accessible banking solutions specifically designed for OFWs and their beneficiaries.
  • Efficient Remittance Solutions: Ensuring that OFWs can send earnings back home quickly, safely, and cost-effectively.
  • Promoting Financial Literacy: Educating OFWs on managing finances, investing, and planning for a secure future.

Empowerment Goals

The bank is committed to empowering OFWs by helping them manage their earnings effectively, invest in their future, and contribute to their communities’ development in the Philippines. By addressing the unique financial challenges OFWs face, OFBank aims to enhance their economic stability and growth.


OFBank envisions itself as a virtual bridge connecting Filipinos abroad with their homeland. Its mission extends beyond just financial transactions; it seeks to:

  • Facilitate Easy Financial Management: Providing a platform for OFWs to handle their banking needs from anywhere globally, breaking geographical barriers.
  • Secure and Quick Transactions: Enabling fast and secure money transfers, helping OFWs support their families back home efficiently.
  • Investment Opportunities: Offering avenues for OFWs to invest in their future and the future of their families, ensuring long-term security and prosperity.
  • Connection and Community: Ensuring that OFWs stay financially connected with their loved ones and the broader Filipino community through comprehensive banking services.

Through its transformation from a postal entity to a modern digital bank, OFBank has not only adapted to the changing financial landscape but also redefined its role to resonate with and support the aspirations of millions of Filipinos working overseas. With its customer-centric approach, OFBank stands as a testament to the Philippine government’s commitment to nurturing and empowering its most valuable overseas assets – its people.

OFBank logo
logo of OFBank

Services Offered by OFBank

With an array of services accessible through advanced digital platforms, OFBank provides a convenient and secure way to manage finances and achieve financial aspirations. Here’s an in-depth look at the offerings of OFBank.

  1. Deposits: OFBank understands the importance of secure and flexible banking solutions for OFWs and their families. They offer several deposit products designed to cater to various needs:
  • OFBank Visa Debit Card: This card is linked to a Peso savings account and is equipped with Visa functionality, allowing for seamless remittances via Visa Direct. Users can transfer funds effortlessly to other local banks through InstaPay and PESONet, and make daily purchases. It’s a convenient tool for managing and accessing funds globally.
  • OFBank Regular Debit Card: Designed for beneficiaries aged 7 to 17, this card is ideal for managing allowances and receiving funds. With no minimum deposit or maintaining balance, it’s an accessible option for the younger segment.
  • OFBank Visa Debit Beneficiary Card: For beneficiaries aged 18 and above, this card enables the receipt of funds from any OFBank or LANDBANK ATM without any charges, facilitating easy access to remittances.
  1. Loans: OFBank offers various loan programs to assist OFWs and their families in achieving their financial goals, whether it’s starting a business, investing in education, or home improvement.
  • OFW Reintegration Program: Tailored for returning OFWs, this program provides financial aid to start or expand businesses or invest in educational ventures.
  • Multi-purpose Loan: A versatile loan that can be used for various purposes, including home improvement, medical expenses, or education costs, providing a financial solution for diverse needs.
  • Bahay para sa Bagong Bayani (3B): In partnership with Pag-IBIG Fund, this program aims to facilitate homeownership for qualified OFWs, turning the dream of owning a home into a reality.
  1. Treasury: For those interested in investment, OFBank offers:
  • Premyo Bonds Para sa Bayan: An investment opportunity that allows Filipinos to support government development initiatives while earning attractive returns, contributing to national growth and personal wealth.
  1. Remittance: Recognizing the importance of sending money home safely and quickly, OFBank partners with various remittance providers like MoneyGram and Western Union, ensuring convenient and secure money transfers.
  2. E-Banking: Embracing the digital era, OFBank provides comprehensive e-banking services for utmost convenience.
  • Retail Internet Banking: Manage accounts online, view transactions, pay bills, and transfer funds securely.
  • Alternative Payment Channel: An easy way to top up mobile phone load, pay bills, and shop online through accredited partners.
  • OFBank Mobile Banking App: All the features of Internet banking are packed into a mobile app for banking on the go.
  1. Others: Beyond the usual banking services, OFBank also offers:
  • Leasing Facility: A service catering to both businesses and individuals, offering flexible leasing options for various needs.

Technological Advancements and Digital Banking

Digital Platforms

OFBank has harnessed the power of technology to revolutionize banking for Filipinos worldwide. With a suite of online banking services and a feature-rich mobile app, the bank ensures that geographical boundaries do not hinder financial management.

Online Banking Services:

  • Account Management: Customers can effortlessly view their account balances, peruse transaction histories, download statements, set up alerts, and manage beneficiaries—all from the comfort of their homes.
  • Fund Transfers: The platform supports local and international transfers through InstaPay, PESONet, and Visa Direct, making it convenient to send and receive money.
  • Loan Applications: Applying for loans is now a breeze with online applications, status tracking, and payment management.
  • Investments: Customers have the option to invest in government securities like bonds and bills through the portal.
  • Bill Payments: The platform allows for the easy payment of utilities, insurance, and other services.
  • Customer Support: A robust support system includes FAQs, chat, and email options, along with appointment management.

Mobile App Functionalities:

  • Fast and Easy Account Opening: With DOBSAI (Digital Onboarding System with Artificial Intelligence), opening an account is fast and secure, requiring just a smartphone and a valid ID.
  • Secure Login: Multi-factor authentication with fingerprint or PIN ensures secure access.
  • Personalized Dashboard: Customers get a personalized view of their key account details and recent transactions.
  • Quick Transactions: The app facilitates effortless money transfers, bill payments, and mobile load top-ups.
  • 24/7 Availability: Financial management is possible anytime, anywhere, providing unparalleled convenience for Filipinos abroad.

Accessibility for Filipinos Abroad:

  • No Physical Branches Needed: Eliminating the need for physical branches, OFBank provides full banking services to Filipinos, no matter where they are.
  • Convenience: The need to visit a branch is completely removed, offering 24/7 banking services from anywhere.
  • Reduced Costs: The platform helps save on remittance fees and other charges typically associated with traditional banking.
  • Faster Transactions: Quick transfer services ensure the money reaches its destination swiftly.
  • Real-time Monitoring: Customers can keep a close eye on their financial activities and stay informed in real-time.

Security Measures

OFBank takes customer security seriously, implementing stringent measures to safeguard data and funds:

  • Data Encryption: All sensitive information, including passwords and account details, is securely encrypted.
  • Multi-Factor Authentication: Access to accounts requires additional verification, enhancing security significantly.
  • Fraud Monitoring: Transactions are continuously monitored for suspicious activities, with immediate alerts for potential fraud.
  • Regular Security Audits: Independent security firms conduct frequent audits to protect against evolving threats.
  • Compliance with Regulations: OFBank strictly adheres to the Data Privacy Act (RA 1405) and BSP Circular 808, ensuring compliance with all cybersecurity norms.
  • Employee Training: Staff receive ongoing training in cybersecurity best practices to ensure customer data is handled with utmost care.
  • Transparent Security Policy: OFBank maintains a clear, concise security policy detailing its commitment to protecting customer information.

Video: OFBank Virtual Launch Event

Watch the launch of the much-anticipated Overseas Filipino Bank, a digital-only, branchless Philippine government bank. The virtual launch event, set to be a significant milestone, was hosted by renowned TV host and media personality Gretchen Ho. Attendees not only got to witness the unveiling of this innovative banking institution but also had a chance to win a P500 Lazada e-voucher courtesy of Visa. This event provided an in-depth look at OFBank’s new services and offerings, all tailored to cater to the unique banking needs of Overseas Filipinos, Overseas Filipino Workers, and their families, marking a new era in convenient and accessible banking solutions.

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