In a previous post, we shared about how you can open a Metrobank savings account. Today, we are going to talk about another trusted financial institution in the Philippines: BDO. BDO offers an affordable savings bank account for OFWs and seafarers called BDO Kabayan Savings Account. Here we share details on the requirements, features and benefits, process on how to apply, and reminders about this type of product.
For Overseas Filipino Workers (OFWs), there are few things that are more important than saving money. Even if you stay abroad for many years, but are unable to save — then all your hard work would be in vain! Fortunately, BDO Unibank offers a financial service specially designed for OFWs and their families.
Contents
BDO Kabayan Account for Overseas Filipino Workers and Seafarers
BDO OFW Account Requirements
How to Apply for a BDO Kabayan Savings Account
Seaman BDO Kabayan Savings Account for Seafarers
How Much are the Fees and Interest Rates for BDO Kabayan savings Withdrawal Abroad?
What is the BDO Kabayan Savings Maintaining Balance?
How to Get FREEFree Life and Accident Insurance with BDO Kabayan
Qualifications
Requirements
BDO Insurance Application Process
Additional BDO Kabayan Services and OFW Loans
Video: Remit to BDO Kabayan Account
BDO Kabayan Account for Overseas Filipino Workers and Seafarers
To hardworking Filipinos abroad, the bank offers the BDO Kabayan Savings Account. BDO Kabayan Savings aims to build a relationship between BDO Unibank and Filipinos abroad.
Through this service, BDO promises financial security, speed, and convenience. The account may be opened by OFWs and their families at any BDO Unibank branch in the Philippines.
In case you are wondering what are the features and benefits of getting this account, please see the following items below:
Fast and Safe Remittance – You can credit your account instantly when you deposit money from an Exchange Center to your BDO Savings account.
Convenient Withdrawals – Your family can easily withdraw the money you send from abroad quickly and easily as tehre are many BDO ATM locations, Megalink, Bancnet, and Expressnet ATM locations in the Philippines.
Cashless Shopping – Easily pay for shopping using your BDO Kabayan Account through SM stores and other accredited merchants.
Passbook & ATM card – Comes with a passbook & ATM debit card
Zero maintaining balance – so long as you deposit money/remit once (1) per 2 years
FREE Accident & Life Insurance – so long as you remit at least 6 times in a year.
NOTE: If the account holder fails to remit at least once within 2 years, the BDO Kabayan Savings Account is converted into a regular account with a PHP 2,000 maintaining balance. Once it becomes a regular savings account, there will be a deduction of PHP 300 every month IF you do not meet the PHP 2,000 maintaining balance.
BDO OFW Account Requirements
To open a BDO Kabayan Savings Account, you need to prepare:
One (1) 1×1 ID picture
One (1) Valid ID. BDO accepts company IDs as well as government-issued IDs (e.g. passport, UMID, Voter’s ID, PRC ID, OWWA ID, etc.)
Initial Deposit. To open a peso account, you only need to make an initial deposit of PHP 100. Meanwhile, to open a dollar account, you will need USD 100.
NOTE:Seafarers who are employed by POEA-accredited companies may send their allotment directly to a BDO Kabayan Shipping Dollar Account. They only need to submit one (1) 1×1 ID picture, one (1) valid ID, and a valid seaman’s book. The initial deposit required is USD 10.
How to Apply for a BDO Kabayan Savings Account
Here is a step-by-step guide to opening a BDO Kabayan Savings Account:
Bring the above requirements to the BDO Unibank branch nearest you.
Fill out a BDO Kabayan applicationform with true and accurate information.
Make the required initial deposit and keep the deposit slip.
After five (5) business days, bring the deposit slip to claim your passbook and ATM card.
Enroll your account for online banking and phone banking for greater convenience (optional).
Seaman BDO Kabayan Savings Account for Seafarers
For seamen and sea women who are employed by POEA-accredited shipping companies, you may open a BDO Kabayan Shipping Dollar Account where you can directly credit their allotment.
Only a USD $10 initial deposit, one (1) valid ID with picture, one (1) 1×1 ID picture, and a valid seaman’s book are needed to open an account.
How Much are the Fees and Interest Rates for BDO Kabayan savings Withdrawal Abroad?
In case you are wondering how much you will pay or what are the rates if you make a transaction via ATM machine using your BDO Kabayan savings ATM, then here are the following fees:
Balance Inquiry – US$ 1.00 – for Balance Inquiries
Withdrawal – US$ 3.50 – for Withdrawals
US$ 1.00 – for unsuccessful ATM transactions such as wrong PIN, insufficient funds, exceeds limit, etc.
An assessment fee of 1% plus service fee of 1% of the converted amount – for purchases abroad as this is the Foreign Exchange Conversion fee
Note: The equivalent conversion will rate will be applied depending on the country where you are making the transaction.
What is the BDO Kabayan Savings Maintaining Balance?
An important note for all account holders of BDO Kabayan Savings ATM. While there is ZERO maintaining balance for this type of account, you must remit/deposit money at least once every 2 years to take advantage of this feature.
Because if you do not remit at least once every 2 years, this account will be converted to a Regular BDO ATM account and you will need to maintain a balance of PHP 2,000.
How to Get FREEFree Life and Accident Insurance with BDO Kabayan
So as mentioned, one of the great benefits, if you remit via BDO Kabayan, is that you can get a life and accident insurance for FREE. To qualify, you have to remit with 6 transactions per year and you should maintain a balance of PHP 25,000.
The insured amount is 50% of ADB plus 50% of total remittances in the last 12 months not exceeding PHP1M per enrolled remitter.
Below are more details about the BDO Kabayan Life and Accident Insurance:
Applicant must have at least 6 remittance transactions in the last 12 months
Applicant must have an average daily balance (ADB) of at least PHP 25,000 maintained in the BDO Account.
Submit the application online. The enrolled remitter is covered by insurance for every month above requirements are met.
Additional BDO Kabayan Services and OFW Loans
Over time, once you have established good credit history with BDO, it would be easier to apply for the following loans:
BDO Kabayan Auto Loan
BDO Kabayan Home Loan
BDO Kabayan Personal Loan
Paying for these BDO loans available for OFWs is made easier through the bank’s auto-debit arrangement (ADA) with BDO Kabayan Savings Account holders.
Video: Remit to BDO Kabayan Account
Below is a video from BDO Unibank regarding the Kabayan account and remittance:
DISCLAIMER: The details presented above are for information-sharing purposes only. To learn more about opening a BDO Kabayan Savings Account, please visit the BDO Unibank official website.
Only $10 initial deposit, one (1) valid ID with picture and a valid seaman's book or Marina ID are needed to open an account. Remit to the account at least once within two (2) years to continue enjoying the no maintaining balance feature.
Click “Online Banking Login” > “Enroll Now”.Select “Outside the Philippines” , fill-out the form and click on “Submit”. Wait for a call from our BDO Customer Service Officer to verify your enrollment within five (5) working days.
The Kabayan Dollar Savings Account is a US Dollar Denominated (USD) fixed interest-bearing savings account designed for Overseas Filipino Workers and their beneficiaries. They can deposit and withdraw through the passbook and also will be given an international ATM card.
Open a BDO account without stepping into a branch. Now you can enjoy the features of a BDO Account and access it easily via Online Banking! Instead of a branch visit, all you have to do is join a Zoom video call from the safety and comfort of your own home.
Can I open a bank account from abroad? Due to documentation requirements, it isn't possible to open a Philippine bank account online. However, that doesn't mean you have to wait until you move to get started.
To open a BDO Kabayan Savings Account, visit any BDO Unibank branch and bring one valid ID with photo and an initial deposit of P100. Please note that physical presence at BDO Unibank branches is required.
Visit your BDO branch on your scheduled date and time.Proceed to the account opening section and present the reference and valid ID. An authorized BDO personnel will evaluate your application based on existing account opening policies of BDO.
Yes, as long as you have a valid resident visa and resident address in the Philippines. Just submit your Passport (with English characters) and a second ID from the list of acceptable IDs (i.e. ACR I-Card, National ID for select countries).
It's not possible to open an account in the Philippines as a non-resident. All banks ask for proof of your address in the country. If you want to get started before you move, try an international bank who also operate in the Philippines.
What is the difference between “BDO Online Banking” and “BDO Digital Banking”? “BDO Online Banking” is what customers access via www.online.bdo.com.ph. “BDO Digital Banking” is the app that customers can download from Play Store, App Store, or AppGallery for their mobile device/s.
IAC is the access number required to be connected to the International Toll-Free No. of BDO Phone Banking, (IAC)+ 800-8-6318000. The required access no. ... Body.
Personalized debit cards can be picked up at your chosen BDO branch in 3 to 5 banking days (Metro Manila) or in 2 to 3 weeks (Provinces) after you receive the email confirmation that your account is opened. NOTE: You may be asked to submit additional documents at the BDO branch after further evaluation.
You typically almost must provide some form of identification in order to open a bank account. If you live in California and have a driver's license through the AB-60 program, you can use your driver's license as a form of identification. You also can use an unexpired passport, consular ID card, or birth certificate.
Withdraw up to Php 50,000.00 cash per day* Transfer money (Fund Transfer) to enrolled or unenrolled BDO accounts or select MegaLink-member bank accounts.
Do you want to open a savings account without going to the bank? Thanks to digital banks like CIMB Bank, Tonik, and Maya Bank (formerly PayMaya), they let you open an account through their mobile apps. You can even submit the required documentation in real time.
The commercial banking system includes three U.S. foreign-branch banks: Citibank, which operates six full-service Citibank branches in key locations in Metro Manila and Metro Cebu; Bank of America; and JP Morgan Chase.
Withdraw anytime, anywhere from over 11,000 BDO, MegaLink, Expressnet and BancNet ATMs across the Philippines, and pay for items at SM and other accredited stores with point of sale (POS) terminals. It comes with a passbook so one can monitor remittance transactions.
Account Restriction BDO Kabayan Savings Account is being o ered primarily for crediting of remittances, coursed through BDO Remittance Unit. Only cash deposits shall be accepted over the counter. Check deposit may be accepted upon presentation of the required valid identification cards.
You may have entered the wrong authentication details, resulting in a failed authentication attempt. Your account has been locked for security reasons. Please reset your password or call the BDO Contact Center.
No visa required for a stay not exceeding thirty (30) days. Traveler must hold valid ticket for return journey to country of origin or next country of destination and a passport valid for a period of at least six (6) months beyond the stay in the Philippines.
Visitors who are admitted as balikbayan are given an initial stay of one (1) year. Their stay may be extended for an additional one (1), two (2) or six (6) months at the Visa Extension Section of a Bureau of immigration office.
Overseas Filipinos and their beneficiaries may open a BDO Kabayan Savings online or at any branch in the Philippines. Remitters may qualify for free life and accident insurance. Click here to register. Earn BDO Rewards points too from your savings and remittances!
Can I open a bank account from abroad? Due to documentation requirements, it isn't possible to open a Philippine bank account online. However, that doesn't mean you have to wait until you move to get started.
YES, foreigners can open a bank account in the Philippines.
Even branches of the same bank might have different rules. Obviously, banks in communities with a lot of expats will be more ready to accommodate you, as they already have relevant experiences.
You will get your OTP if your registered international mobile number or local mobile number on international roaming is enabled to receive SMS. Do I pay anything for the OTP? It is free of charge except when your mobile number is on international roaming.
The Philippines' BALIKBAYAN PROGRAM allows a one-year visa-free stay for Filipinos working overseas and for former Filipinos who have acquired citizenship in certain countries (refer to list of countries below).
Is it legal to have an offshore bank account? There is nothing criminal about opening an offshore bank account. However, it is a crime to use an offshore account to avoid paying taxes or to attempt to shield funds from the U.S. government. Offshore banking should not be used for those purposes.
In case you are overseas, you will still receive the OTP as long as you are subscribed to your Philippine network's international SMS service. You may incur additional charges from your network provider in this scenario.
Yes.You'll need to activate international roaming on your mobile phone before you travel overseas in order to receive the One-Time Pin (OTP). Contact your network provider as SMSs may incur an additional cost.
A local SIM card is a SIM card that is associated with a local carrier in the country you are visiting. By using a local SIM card, you can access the local carrier's network and receive SMS OTPs from any country in the world.
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