US Dollar Savings | BDO Unibank, Inc. (2024)

FAQs

What is a US dollar savings account? ›

What is a US Dollar Savings Account? A US dollar savings account holds US funds and works like a regular savings account in that you expect it to earn interest and grow over time.

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. Member: PDIC.

Having a U.S.-dollar account means you can buy and sell U.S. stocks and limit foreign-exchange costs because you don't have to convert from one currency to another with each trade.

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). You may also be asked to submit additional documents in compliance with bank regulatory requirements.

If it is a dollar account, the money will be sent in dollars, this means that the person sending you the money must send it in dollars. Once you receive your alert, you can go to your bank and withdraw the dollars by filling your foreign currencies withdrawal slip.

You can open an instant Dollar account on Grey without leaving the comfort of your home. All you need is a valid ID card and a copy of your recent utility bill.

To withdraw funds from any dom account, you need to visit the nearest bank branch and fill out a bank teller. Once you receive the withdrawn sum in cash, you can change that sum to your local currency at any bureau de change office.

These fees are charged at the time of the transaction. Unless otherwise noted, the daily limit for ATM cash withdrawals is $500 per banking card, and the daily limit for POS purchases is $2,500 per banking card. There are no bank overdraft fees on this account.

US dollar accounts are often free to open, but do require a minimum opening balance of around $100 to $500 depending on the bank.

Dollar investments are good for diversification purposes. It is one of the most stable currencies and can be readily used and exchanged in all parts of the world.

Is it good to open a dollar account? ›

Here are the major benefits of opening a dollar account in the Philippines. Everyone wants to save money and avoid high fees. Having a dollar account will enable you to buy and sell foreign currencies straight away, or use your foreign currency without having to convert it to another one.

The Dollar Debit MasterCard. An international debit card issued in partnership with MasterCard Worldwide and directly linked to your MasterCard account. It is denominated in US Dollars, but can also be used to settle purchases in other currencies. *On POS and Online transactions.

BDO offers its own remittance service for people in the USA, and this article explains how it works. It will also introduce Wise as an alternative way of getting your money where it needs to go.

Your BDO Debit Card is accepted worldwide at ATMs and stores wherever Visa or Mastercard is accepted.

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.

Is DollarSavingsDirect FDIC insured? Yes, as a division of Emigrant Bank, DollarSavingsDirect is FDIC insured (FDIC# 12054). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.