Here’s what you need to know about Overseas Filipino Bank (OFBank)
OVERSEAS FILIPINO BANK – This article will teach you about OFBank and the step-by-step process on how to open an account.
An OFBank is one of the six digital banks that are currently in operation in the Philippines. Other digital banks are UnionDigital Bank, MAYA Bank, UNObank Inc., Tonik Digital Bank, and GoTyme Bank Corp.
The OFBank is a digital-only bank that is a wholly-owned subsidiary of Land Bank of the Philippines (LANDBANK). It is also the first branchless government bank.
This digital bank was created in order to cater to the banking and financial requirements of overseas Filipinos, Overseas Filipino Workers (OFWs), and their beneficiaries. Also, this digital bank is dedicated in providing secure and reliable financial services and products in order to meet those requirements.
Since Overseas Filipino Bank doesn’t have a physical branch because it’s a digital-only and branchless government bank, how can you open an account?
In order for you to open an OFBank account, the first step is to download and install the OFBank Mobile Banking App via App Store (iOS) or Google Play Store (Android) and follow the steps provided for account opening.
After downloading and installing the app, you need to open the app and enter your user ID and password on the login screen and tap “Continue” on the welcome page to proceed to the next step.
The next step is to select an appropriate description – if you’re an overseas Filipino, OFW, or a beneficiary – and then choose “Proceed” on the reminders page. You also need to tap “Confirm” to indicate that you have read and agreed to the terms presented in the Terms and Conditions agreement.
After that, you need to fill out the Profile Details section.
You need to input the one-time PIN and click “Submit” in order for you to authenticate your mobile phone number. Follow the same step in order for you to authenticate your e-mail address.
The next step is to create a User Profile and Password and then proceed to the selection of Security Questions and Answers. You need to select “Next” to continue to the next step.
After that, you need to input your personal, financial, and account purposes information. You also need to upload your ID and take a selfie as well.
The last step is to review all the information provided and then choose “Confirm” once done. Keep in mind that once your account opening is successfully completed, you shall receive a confirmation on the OFBank Mobile Banking App and through email.
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