How to Choose the Right Philippine Bank for Your Savings as an OFW in Canada

Working in Canada gives Filipinos the chance to build a better future. Saving part of your income can help you achieve your long-term financial goals and support your family back home.

In this guide, we’ll compare the best bank for OFWs in Canada and explore their savings options to help you make informed financial decisions.

Top 3 Most Popular Major Banks in the Philippines

The Bangko Sentral ng Pilipinas (BSP) ranked BDO, BPI, and LANDBANK as the country’s three largest universal and commercial banks by total assets as of March 31, 2026. Metrobank also ranked among the five largest banks. These rankings measure assets rather than popularity, but they provide a useful starting point when comparing major Philippine banks.

1. BDO Unibank

BDO Unibank is the Philippines’ largest bank by total assets, with an extensive nationwide network of nearly 2,000 branches and more than 7,700 ATMs and other machines reported for 2025. Its wide range of services includes savings accounts, remittances, foreign exchange, loans, and digital banking.

2. Bank of the Philippine Islands (BPI)

Established in 1851, BPI is one of the oldest banks in the Philippines. It remains a major player because of its substantial deposit base, established banking operations, and combination of branch and digital services. In 2025, BPI reported approximately ₱3.65 trillion in total assets and ₱2.84 trillion in deposits.

3. Metrobank

Metrobank is a major Philippine bank known for its corporate and commercial banking operations, alongside personal savings, loans, and digital services. In 2025, it reported ₱3.9 trillion in consolidated assets, ₱2.7 trillion in deposits, and a network of 967 branches. Its scale and broad range of financial services make it another established option for Filipinos managing savings and family finances.

Why BDO, BPI, and LandBank Are Trusted Banks for Savings

BDO, BPI, and LandBank are among the established banking institutions in the Philippines. Their regulatory oversight, established operations, and financial safeguards make them options worth considering for Filipinos who want to save money in the country.

An important protection is the Philippine Deposit Insurance Corporation (PDIC), which insures eligible deposits up to ₱1 million per depositor, per bank. This means qualifying deposits may be protected even if a bank closes, subject to PDIC rules.

While no bank can guarantee absolute safety, choosing a regulated bank, understanding deposit insurance, and practicing secure banking habits can help OFWs protect their hard-earned savings.

Top 3 Traditional Banks Offering Savings Products Worth Comparing

If your goal is to grow your money, look beyond the bank’s name. Compare the specific savings product, applicable interest rate, minimum balance, withdrawal conditions, and fees.

1. Security Bank: Money Builder

Security Bank Money Builder is designed for customers who want to earn more interest without locking their savings into a time deposit. It offers monthly and quarterly bonus interest on top of the base rate, with a published maximum rate of up to 3.25% per annum. The account requires an opening and maintaining balance of ₱10,000.

Why consider it?

• Bonus interest rewards customers who avoid withdrawals.
• Savings remain accessible without a fixed time-deposit term.
• It can suit OFWs building long-term savings in the Philippines.

2. RCBC: OneAccount

RCBC OneAccount combines savings and checking features in one account, with tiered interest rates based on the balance and number of withdrawals. RCBC’s published rates vary by balance, reaching higher tiers for larger deposits and fewer withdrawals. The account can also offer a debit card, checkbook, and other optional features.

Why consider it?

• Combines savings and transaction features.
• Rewards customers who maintain larger balances and make fewer withdrawals.
• Offers flexibility for people who want to save while retaining access to their money.

Important: RCBC announced interest-rate adjustments effective July 1, 2026. Therefore, check the latest rate schedule rather than relying on an older advertised rate.

3. BPI: Maxi-Saver

BPI Maxi-Saver is a savings account that offers base interest and bonus interest for qualifying balances. It is designed to reward customers for building their savings while retaining access to their funds. BPI identifies Maxi-Saver as part of its deposit portfolio for customers seeking to grow their balances.

Why consider it?

• Offers bonus interest on qualifying balances.
• Allows access to savings without a fixed time-deposit lock-in.
• May suit customers who can maintain a substantial balance.

Important: BPI’s published terms specify a ₱2 million average daily balance requirement for its standard Maxi-Saver interest structure, with a ₱300 monthly service charge potentially applying after falling below the required balance for two consecutive months. Confirm the latest terms with BPI before opening an account.

Save Money in the Philippines from Canada Using the Smiles App

Choosing the best bank for OFWs in Canada is only one part of your savings plan. You also need a practical way to move money from Canada to your Philippine account.

Smiles Mobile Remittance app helps Filipinos in Canada send money to the Philippines through a mobile remittance service.

How Smiles App Helps Filipinos in Canada

• Send money from Canada using your smartphone : You can initiate eligible remittances without visiting a physical remittance counter.
• Transfer money to Philippine bank accounts : Smiles supports bank transfers to eligible beneficiaries. Its published partnership information highlights AUB, RCBC, and PNB as banking partners for remittance services.
• Compare the exchange rate and transfer cost : The amount your family receives depends on the exchange rate, transfer fee, and selected receiving method. Smiles provides a transfer calculator so you can review the applicable quote before completing a remittance.
• Support your long-term savings goals : Instead of transferring money only when your family needs it, you can establish a savings routine. For example, you might transfer a planned amount each payday to your Philippine account, then move a portion into an eligible savings product or time deposit.
• Track your remittances : Review your transaction records, verify beneficiary details, and keep confirmation receipts.

Top 3 Recommended Traditional Banks for OFWs in Canada

The best bank for OFWs in Canada depends on your priorities. Some Filipinos want to maintain a long-standing account, while others want to build peso savings or receive international remittances conveniently.

Here are three traditional banks worth considering for different needs.

1. Philippine National Bank (PNB) — Best for OFW remittance services

PNB has a long history of serving overseas Filipinos and maintains a remittance presence in Canada, making it a strong choice for sending money to family in the Philippines.

2. Bank of the Philippine Islands (BPI) — Best for digital banking and financial management

BPI offers online remittance tracking, international remittance partners, and services designed for overseas Filipinos.

3. Rizal Commercial Banking Corporation (RCBC) — Best for flexible savings and remittance options

RCBC offers remittance savings accounts, international transfer partnerships, and online banking. Some account options have no maintaining balance when specific conditions are met.

Final Thoughts: Choosing the best bank for OFWs in Canada

Choosing the best bank for OFWs in Canada can help you save for family needs, property purchases, and retirement. Compare security, interest rates, fees, and online banking services to find the bank that best fits your financial goals.

With Smiles Mobile Remittance, you can send money from Canada to supported Philippine bank accounts, including through its partnerships with AUB, RCBC, and PNB. Compare exchange rates and transfer fees to make the most of every remittance and grow your savings back home.