Savings account is very important if you will work abroad since you will need it for remittance purposes or just a secure place for your money. However, some people don’t realize its importance or maybe just forgot to open when they are still in the Philippines.
Is there a Way to Open a Savings Account Outside the Philippines?
Since I am posting topics related to banking and savings account, many visitors and readers of this blog asked me how to open a savings account abroad. Generally, when opening an account in the bank, you should go there in person because you will sign some application forms that should be witnessed by the bank employee that it is your real signature.
Because of this reason, most of the banks do not allow opening an account without the applicant’s appearance. However, if there’s a branch of Philippine bank in your place, you have no problem because you will just go there and apply personally. On the other hand, there are only few places in the world that there’s a Philippine bank so maybe in your area there’s none.
It is really hard to apply for a bank account outside the Philippines, it is not enough to send your requirements to the bank or some people are asking question if they relatives can open an account for them. The answer for this question is NO. You are the only one that can open an account in your name, no other people even your spouse or children.
If you will staying abroad for a long time and you don’t have a savings account but you want to send money to the Philippines through the bank, I suggests you ask your spouse or any trusted relatives to open an account with online banking so you can also monitor the in and out of your money in his or her account. You will be be also to check the balance or verify if your remittance is already credited to your spouse’s account.
Are there Any Alternatives when Opening an Account?
To give you some good news, there’s one bank that provides online application when you want to have a savings account. It is called BPI Direct, a subsidiary of BPI. Take note that is only limited to the countries specified in their website so not all countries in the world is serviced by BPI Direct.
I made an article about opening an account at BPI Direct, you can see it here: How to Open a Savings Account Online through BPI Direct
Photo Credit: Danilo Rizzuti