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.
Also Read: List of Philippine Bank Codes & SWIFT, BIC, and Routing Numbers
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 is fast and safe. Remittance is credited immediately to your or your beneficiary’s BDO Kabayan Savings Account.
Next, it is convenient. 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 guide here.
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 and accident 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 this form.
Furthermore, with a BDO Kabayan Savings Account, OFW account members can easily apply for a car, home, or business loan in 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 sending at 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.
Here’s a reminder as shared by BDO via Facebook:
ALSO READ: How to Find Your BDO Account Number
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.