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 Unibank.
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 especially designed for OFWs and their families.
BDO Account for Overseas Filipino Workers
To hardworking Filipinos abroad, the bank offers the BDO Kabayan Savings Account. 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.
BDO Kabayan Savings Account Features
What can you expect from a BDO Kabayan Savings Account? Here are some of its features:
- Comes with a passbook & ATM debit card
- Zero maintaining balance with at least one (1) remittance per year
- Remitters may qualify for FREE accident & life insurance
- Savings & remittances earn BDO Rewards points
NOTE: If the account holder fails to remit within a year, the BDO Kabayan Savings Account is converted into a regular account with a PHP 10,000 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 10,000 maintaining balance.
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 Open an 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 an application form 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).
Over time, once you have established a 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 loans are made easier through the bank’s auto-debit arrangement (ADA) with BDO Kabayan Savings Account holders.
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.