How to Open a BDO Kabayan Savings Account
As an OFW, your own bank account is as important as your passport. Before leaving the Philippines, it is in your best interest to have your own account for your financial purposes.
One of the most popular savings account these days for OFW is the BDO Kabayan savings account. It is targeted particularly for those people who will be working overseas.
If you are an OFW or you have family member, both of you can open a Banco de Oro Kabayan savings account at any branch in the Philippines. It is very easy and accessible to start an account as you can go in SM malls where there are at least one BDO bank that will cater for your needs.
How to Open an Account
- First of all, visit a branch nearest you or go to any SM mall and look for a BDO bank.
- Bring enough money to be used for your initial deposit. For Peso account, you’ll need PhP100. For USD account, the initial deposit is US$100
- Bring with you one valid ID and 1×1 photo
This type of account has passbook and ATM debit card which can be convenient when you or wife want to withdraw money. There will be zero maintaining balance when you do one remittance within 2 years.
If there will be no remittance within the 2-year period, your Kabayan savings account will be directly converted to a regular savings account. The maintaining balance for this regualar account will be PhP2,000 and terms and conditions will be applied thereof.
Another good feature of this account for OFW is that you may qualify for the free life and accident insurance.
This thing is very important for your family because it can help them in times of your lost. Let’s face it, we don’t know when will be our time, but at least you can leave something for your loved ones.
With this account, you can also earn BDO Rewards points which you can use in SM malls.
Last thing, if you are a seaman employed by a shipping company accredited by POEA, you can open a BDO Kabayan Shipping account with only US$10 initial deposit, 1×1 photo, your seaman’s book and another valid ID.
Discalimer: Some of the information mentioned in this post are up-to-date as of this writing. If you want relevant and latest information, you may visit directly a BDO branch or head to BDO website.