Overseas Filipino Workers (OFWs) who are holders of BDO Kabayan Savings Accounts are reminded that to avoid the PHP 300 monthly deduction and to maintain the zero-maintaining balance feature, you should make a transaction overseas at least once a year every 2 years.
UPDATE as of October 2018: BDO Posted an update about the remittance requirements to maintain your BDO Kabayan Savings account. Account holders are advised to remit to the account at least once within two (2) years to continue enjoying the no maintaining balance feature. If there’s no remittance within two (2) years, your BDO Kabayan Savings will automatically convert to a regular ATM savings with a maintaining balance requirement of Php2,000.
This means that OFWs should be able to remit to the account at least once every 2 years. Otherwise, the account will automatically be converted into a savings account with a minimum monthly maintaining balance of PHP 2,000. If you do not reach the PHP 2,000 balance per month, you will be deducted PHP 300 monthly which will have the risk of you ending up with no savings at all.
So please be aware of this rule everyone, you do not want to end up losing your hard-earned savings because you forgot to remit to your account.
How to Avoid Getting Php 300 Monthly Deduction for BDO Kabayan Savings Account Holders
The Banco De Oro is one of the largest banks in the Philippines with around 120 branches, and with such a huge presence domestically and internationally, OFWs can easily remit and perform transactions wherever they are in the Philippines or around the world.
And with over 2 million overseas Filipino workers around the world, what makes the BDO Kabayan Savings Account a must-have?
First, the BDO Kabayan Savings Account isfastandsafe. Remittance is credited immediately to your or your beneficiary’s BDO Kabayan Savings Account.
Next, it isconvenient. With BDO Kabayan Savings ATM Debit Card, you can withdraw anytime, anywhere from over 20,000 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.
If that isn’t convenient enough, the BDO Kabayan Savings Account also comes with a passbook so you can monitor your remittance transactions.
If you haven’t opened a Kabayan Savings Account yet and are interested in getting one for yourself and/or your loved ones, you can read our guidehere.
The BDO Kabayan Savings Account is fixed interest-bearing peso savings account that’s ideal for OFWs abroad and their beneficiaries in the Philippines.
That said, there are some more unique features offered by the dedicated BDO account for OFWs.
Other than the convenience that comes with BDO’s whopping 20,000 ATM locations all over the Philippines, on top of paying for items at SM and other accredited stores with point of sale (POS) terminals, account holders may also qualify for free life andaccident insurance. How exciting is that? But of course, there are certain requirements to meet…
How to Qualify for FREE Life and Accident Insurance:
At the minimum, here are the criteria for qualification for life and accident insurance:
You should have a minimum of 6 remittances to the account in the last 12 months and;
You should have a monthly balance of PHP 25,000 in the last 12 months.
To register and apply for free insurance, the account holder must access thisform.
Furthermore, with a BDO Kabayan Savings Account, OFW account members can easily apply for acar,home, orbusinessloanin the Philippines.
While there are several good points in getting a Kabayan Savings Account, BDO also reminds account holders to make sure to keep their accounts active by sendingat least one (1) remittance every year.
Otherwise, your BDO Kabayan Savings account will revert to a Regular Savings Account that needs to have a minimum monthly maintaining balance of PHP 2,000, and the account could not be converted to a Kabayan Savings Account anymore.
To all OFWs, please be aware of this important reminder because it’s really bad if you lose your money. No matter how big or small that money left in your account is, it is still your hard-earned money.
We have experienced this ourselves when we lost at least 3000 Pesos just because we forgot to maintain our account for failure to have an active transaction. So please be wise about it. Now, we applied for another Kabayan Savings Account and now we keep updated with it by having a reminder on our smartphone to alarm us at a certain date.
Use BDO Internet Banking
On another note, we also advise accountholders to set up a BDO Online Banking account for more convenience and to track your transactions online. We have set up an online account so we could easily transfer money to other BDO accounts or send funds to other people. Here’s a guide about BDO Online Banking here.
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.
If there's no remittance within two (2) years, your BDO Kabayan Savings will automatically convert to a regular ATM savings with a maintaining balance requirement of Php2,000. BDO Kabayan Savings Account holders can conveniently pay for their loans and insurance through an auto-debit arrangement (ADA).
The BDO Kabayan Shipping Dollar Savings Account is a US Dollar Denominated (USD), fixed interest-bearing savings account designed for seafarers of shopping companies accredited by the Philippine Overseas Employment Administration (POEA). Interest rate – 0.125% p.a.
With BDO Kabayan Savings ATM Debit Card, withdraw anytime, anywhere from over 20,000 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 you can monitor your remittance transactions.
If the account goes below the required Monthly Average Daily Balance (MADB), which is Php 2,000 for ATM Savings Account, there is a Service Charge of Php 300. The service charge is automatically debited from an account at the end of the month if the MADB fell below requirement for 2 consecutive months.
Febe Luzuriaga and 134,189 others like this. Hi Warly, Thank you for your interest in opening an account with BDO. For Peso Passbook Savings Account, the initial deposit is PHP 5,000 and the minimum Monthly Average Daily Balance (MADB) to maintain is PHP 10,000.
If the account is unable to meet the required maintaining balance for 2 consecutive months, a penalty of Php 300.00 will be deducted to the account at the end of the 2nd month and will continue to deduct monthly if it is still below the maintaining balance. Account may eventually close if it reaches zero balance.
BDO Kabayan Savings Accounts A. 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.
CIMB has the highest interest rate among all available banks with 2.5% to 4% interest rate. CIMB Philippines provides an all-digital banking experience: from applications, to deposits, and withdrawals.
BDO Cards bearing the Mastercard/Visa logo can be used to make withdrawals/payment transactions at Mastercard/Visa ATMs/POS/Online/Web Merchants located at countries outside the Philippines.
BDO Cards bearing the MasterCard/Visa logo can be used to make withdrawals/payment transactions at MasterCard/Visa ATMs/POS/Online/Web Merchants located at countries outside the Philippines, from/involving his/her Account in the Philippines.
A bank account is considered dormant when there is no financial activity—deposit or withdrawal—for a period of two years for a savings account and one year for a checking account. Dormant accounts are subject to dormancy fee, under the regulations of the Bangko Sentral ng Pilipinas (BSP).
To further check on the status of your BDO account, kindly call our 24/7 BDO Contact Center hotline. A Bank Officer will conduct a short account verification with the account holder via a recorded phone conversation to ensure the authenticity and validity of the request.
When you withdraw abroad, the ATM will ask you whether or not you want to be billed in your card's original currency (PHP if your card is from the Philippines) or in the destination's local currency. If you agree to be billed in your home currency, you're letting them set their own exchange rate.
The Depositor may close the account by filling out the prescribed form for withdrawal. The Depositor will pay a service charge in such amount as may be reasonably imposed by BDO if the account is closed within thirty (30) days from date the account was opened.
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. Wait for the activation email.
You can be penalized for not keeping the minimum balance. There is no limit on the penal charges that a bank will charge for the non-maintenance of the minimum balance. The charges have to be approved by the bank's board. Charges will vary from bank to bank and from branch to branch as well.
What is a Monthly Average Daily Balance (MADB)? A. It is equal to the end-of-day balances for all the days of the month and then divided by the days in that month. MADB is a computation to determine if an account meets the Minimum Maintaining Balance.
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.
That said, cash withdrawals are subject to the same reporting limits as all transactions. If you withdraw $10,000 or more, federal law requires the bank to report it to the IRS in an effort to prevent money laundering and tax evasion.
Summary: Average Monthly Balance (AMB) non-maintenance charges are the charges that are levied as penalty if you do not maintain your bank's requisite AMB in a given month. It varies depending on the type of savings account you hold and your bank's schedule of charges.
What is a dormant account? When there has been no financial activity for a long period of time, other than posting of interest, an account can be classified as dormant. BDO charges a dormancy fee of P300.
What is a minimum balance? An account holder is required to maintain a certain minimum balance in his account over a certain period. This amount is termed as average balance or minimum balance.
With Kabayan Remit, you can send money online directly to a BDO bank account from anywhere in the UK, Ireland, Netherlands, Germany and Gibraltar. You can rest assured that your money is delivered safely and securely.
Tell your loved ones in the Philippines to open a BDO Kabayan Savings! Only Php100 & 1 valid ID, with passbook & ATM debit card. Zero maintaining balance.
While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.
Mango Money pays up to 6% APY on the Mango Savings account. To start, you must open a Mango Card, a prepaid debit card. You don't need a credit check, and there's no activation fee; plus, all cardholders can open a savings account with a $25 deposit. You can earn up to 6% APY on balances of $25 to $2,500.
What is the ideal emergency fund amount? It is recommended that you have a sum of at least three to six months of your current monthly income for an emergency fund. However, there are a few factors that may affect your target goal.
(BDO Capital) the best domestic investment bank in the Philippines in the recently concluded The Asset Triple A Country Awards 2012 Southeast Asia. BDO Capital, the investment-banking arm of BDO Unibank, Inc. (BDO), has been a recipient of the award for seven consecutive years.
BPI is definitely better - BDO charges you a "deposit fee" if you deposit to a BDO account that was opened in another province. BDO does not charge anything if you deposit CASH to a deposit-only ATM. There are no charges (at least for now). But not all branches have these machines yet.
The Top 10 banks in the Philippines include CIMB Bank, Lucio Tan's Philippine National Bank (PNB), Ayala-led Bank of the Philippine Islands, Aboitiz-led Union Bank of the Philippines, and Sy-led BDO Unibank.
The Monetary Board decided to raise the interest rate on the BSP's overnight reverse repurchase facility by 25 basis points to 6.25 percent, effective 24 March 2023. Accordingly, the interest rates on the overnight deposit and lending facilities will be set to 5.75 percent and 6.75 percent, respectively.
BDO is the country's largest bank in terms of total assets, loans, deposits and trust funds under management. The Bank has the country's largest distribution network, with over 1,500 consolidated operating branches and more than 4,500 ATMs nationwide.
BDO Cards bearing the Mastercard/Visa logo can be used to make withdrawals/payment transactions at Mastercard/Visa ATMs/POS/Online/Web Merchants located at countries outside the Philippines.
With BDO Kabayan Savings ATM Debit Card, withdraw anytime, anywhere from over 20,000 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 you can monitor your remittance transactions.
Yes, you can use your debit card internationally, though you may incur foreign transaction fees. Depending on where you travel, you might find merchants that only accept cash — or may only accept cards from specific issuers — so it's a good idea to have a mix of payment methods with you.
Febe Luzuriaga and 134,189 others like this. Hi Warly, Thank you for your interest in opening an account with BDO. For Peso Passbook Savings Account, the initial deposit is PHP 5,000 and the minimum Monthly Average Daily Balance (MADB) to maintain is PHP 10,000.
ATMs are the best way to access money abroad and are increasingly available. Your bank or credit card company may charge fees for withdrawals overseas and may have a limit on the amount you can withdraw daily, so be sure to consult with your bank about this.
BDO Online Banking is banking through the convenience and privacy of any Internet-enabled device. You can do secure banking transactions anywhere in the world anytime, all the time.
Things just got even more convenient for BDO Debit Cardholders! Now you can withdraw and check your balance for free at ATMs in selected 7-Eleven branches. ... Withdrawal Limits for BDO Cards.
In compliance with BSP Memorandum No. M-2019-020, non-BDO cards using BDO ATMs will be charged a fee. Non-BDO accounts will incur fees of PHP 18 for withdrawals and PHP 2 for check balance.
Introduction: My name is Pres. Carey Rath, I am a faithful, funny, vast, joyous, lively, brave, glamorous person who loves writing and wants to share my knowledge and understanding with you.
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