How to open a bank account with Overseas Filipino Bank

The OF Bank will also compete with remittance centres to provide the “cheapest, fastest, secure, and convenient mobile credit-to-account-system remittance service for overseas Filipinos”.

OFWs remitted $23.06 billion (Dh84.6 billion) from January to October 2017, according to figures from the Central Bank of the Philippines.

“Initially, the remittance fee will be much cheaper than the present rate, and eventually it will become free. So, for example, if your remittance fee now is $20, the remittance fee with the OF Bank will be $15 or $10 and eventually it will become free.”

“I would like to reiterate to our compatriots in Dubai, Abu Dhabi and anywhere in the Middle East and the world, that this bank is solely dedicated to serve our overseas Filipinos and OFWs. This is their bank. Eventually, the whole bank will be owned by them [as they can become its biggest shareholders and owners],” Bello said.