Many OFW are looking for a good savings account (SA) where they can send their remittances from the country they are working to the Philippines. Most Philippine banks responded to these needs of expat Pinoys so they provide special SA catered exclusively for OFW.
One best example of these special savings account being offered to OFW is BDO Kabayan savings account. We know that BDO bank is the largest bank in the Philippines with many branches and ATM all over the country. Compared in the past years, it is easier and more convenient now to open an account because many banks are more accessible now than before.
In this post, I would like to review BDO Kabayan savings account by giving you information about its features, benefits, how to open an account and related information about it.
Overview and Features of BDO Kabayan Savings Account
As I have said before, Kabayan savings account is especially created for Overseas Filipinos Workers to help them get a savings account with very low initial deposit. It is a part of BDO’s Asenso Kabayan program which aim to help OFW in managing their finances, savings and investments. It permits OFWs to make loan and insurance payments through their Kabayan SA with an auto-debit arrangement (ADA), which is convenient and hassle-free.
With a Kabaan savings account, OFW can have easier access to BDO loans, investment opportunities like UITF, and insurance even if they are working abroad. You can see below some of the features and benefits you can receive from Kabayan savings account.
1. Very Low Initial Deposit
When opening this type of account, you will be required to make a very low initial deposit of Php 50 for peso account and USD 100 for dollar account. Once your application is approved, Kabayan savings account comes with a BDO MasterCard ATM debit card and passbook.
If you are a seaman working for shipping companies accredited by by BDO, you can open the Kabayan SA with passbook for $10.
2. Only One Valid ID for Opening an Account
Actually, as per Bangko Sentral ng Pilipinasregulation, anyone can open a bank account using only one ID. You can see the list of valid ID here: List of Valid ID for Opening a Bank Savings Account in the Philippines
If you are applying an account and you belong to an accredited shipping company by BDO, you will be required to present a valid seaman’s book.
3. No Maintaining Balance
Kabayan SA has no maintaining balance provided you will make at least one remittance to that account per year. It is one good feature of this account since you can use the money for maintaining balance in other purposes. You can withdraw your funds anytime from over 7,000 BDO, Megalink, Expressnet and BancNet ATMs all over the country.
How to Open a BDO Kabayan Savings Account
First of all, opening a BDO savings account is easy because you can do it when you go to SM malls or even in POEA where there is one branch. You should open the account before you leave the Philippines if you are working abroad for a long time because you cannot open an account outside the Philippines.
In order to open an account, you must bring one valid photo-bearing ID and your initial deposit of P50. Make sure to fill out application forms once you arrive at the bank. This forms should be submitted together with the ID and the initial deposit.
Normally, the application process will take only less than one hour but of course this depends on case-by-case situation so you should wait and be patient until you are informed when can you get the ATM and passbook. You may also ask the bank agent if it takes too long, no one will be hurt if you ask.