Overseas Filipino Bank (OFBank) is eliminating transaction fees for remittances, a move that aims to ease the financial burden on millions of Filipinos working abroad. The announcement was made by OFBank President and CEO Elcid Pangilinan during the 6th edition of The Chairman’s Report, hosted by Commission on Filipinos Overseas (CFO) Secretary Dante “Klink” Ang II.
“The only cost to our kababayans abroad is the foreign exchange from their bank abroad to the OFBank,” Pangilinan said, noting that traditional remittance charges average around 6.5% globally, while banks often charge even more.
He stressed that one of OFBank’s core mandates is to lower remittance costs for Filipinos. “OFBank offers it at zero percent. It will not cost you anything,” Pangilinan said, comparing it to the United Nations’ goal of reducing global remittance costs to just 3%.
To further bolster this effort, OFBank is partnering with the CFO to promote financial literacy among Filipinos overseas. The CFO’s flagship campaign, Peso Sense, aims to equip OFWs and their families with the knowledge to manage finances, avoid scams, and plan for the future.
“Financial education and access are essential pillars of long-term reintegration and resilience,” Ang said, emphasizing the importance of initiatives that empower Filipinos financially both abroad and at home.
OFBank, the country’s first fully digital and branchless bank, allows clients to open accounts remotely without an initial deposit or maintaining balance. This accessibility is central to the Marcos administration’s Bagong Pilipinas agenda, which seeks to modernize public services and broaden financial inclusion.
“We accept this challenge to make it more efficient for our kababayans abroad to be able to send money to their loved ones, in a very secure, very efficient, and very safe manner at no cost,” Pangilinan added.
