A lot of people is asking me on how to open a col financial account for OFW (Overseas Filipino Workers). That’s why I immediately went to work and write this step-by-step guide on how to open a COL Financial (formerly known as Citiseconline).
I also created a checklist that will be your guide on the opening of your account.
How To Open A COL Financial Account For OFW – Step-By-Step Guide
1. Check your Finances
I want you to check your finances first before opening a COL Financial account. Even if you are an OFW and with a high salary, make sure you understand where you are at today.
Pay all your credit card debts especially those debts with high interest.
Build your emergency funds. Your emergency funds should be 3 to 6 months worth of your monthly expenses.
If you have a monthly expenses of let’s say P30,000.000, your emergency funds should have P90,000.00 to P180,000.00.
Why do you need emergency funds? Because when your relatives ask for money from you, you can withdraw the money from it and not from your savings or COL Financial account.
This is one of the mistake that I encountered when I am starting, so it is hard to invest when you keep on withdrawing money from your savings. So it is very important to get it from your emergency funds. As the name implies, it is for EMERGENCY!
Stick to your BUDGET!
2. Educate yourself about investing in the Philippine Stock Market.
Formal education will make you a living; self-education will make you a fortune. By Jim Rohn
The above quote is one of the principle in life that I want to follow. It is true and if you see all the successful people in the world, their lives revolve around self-education.
So it’s your turn to educate yourself, read books about saving and investing. It will help you a lot. If you are in the Philippines and having a vacation, you can join COL Financial Easy Investment Program Seminar, its free.
For those who are living in the provinces, you can check-out PesosAndSense website for their online seminars. Or much better if you join the Truly Rich Club founded by Bo Sanchez, the club will guide you on how to invest in the stock market just like what his Maid and Driver did.
3. Prepare your Philippine Tax Identification Number. Apply one if you don’t have.
You can’t open a COL Financial account if you don’t have a TIN. Why? Blame the BIR and the Government.
When you earn money like dividend earnings or you sell your stock, it is subjected to withholding tax. It’s not that big so don’t worry about it.
Just get one. Click here to learn how to apply for a TIN!
4. Choose your account type
Since you don’t have existing debts like bank loan or credit card debt (except mortgage), I suggest you open an COL PLUS account, you need P25,000 to open an account.
But if you want to try it out first, then just open COL Starter, you only need P5,000 to open an account.
Eventually your account will be converted to COL Plus once it reach P25,000. So don’t worry about your account type. Just open an account!
5. Send the following email to COL Financial support.
Dear Ms. Lhiz,
I am interested to open a COL Financial account. I am an OFW currently based here in Singapore. I heard from my good friend “PinoyandMoney.com” that you are the no. 1 online broker in the Philippines.
The type of account that I would like to open is the COL starter, which is suitable for me because I want to invest long term.
Hope to hear from you soon!
The email of Lhiz is email@example.com, and make sure to cc firstname.lastname@example.org.
You need to send this so that they will help you in completing the application forms and prepare the other important documents you need.
COL Financial is one of the top web broker in the Philippines and combining it with Bo Sanchez Truly Rich Club will make you a millionaire in the near future. So start investing today!