Before an OFW leaves the country for his/her employment abroad, one of the things that he/she should take care of is the opening of his remittance account – an account where he can deposit his salary for his savings or an account where his family can receive or withdraw his remittance.
BDO Kabayan Savings Account is one of the most popular bank accounts for OFWs and their families or beneficiaries here in the Philippines.
BDO Kabayan Savings has all the features that every OFW needs to ensure that he is able to save his hard earned money in a secured account plus he may be able to avail of the free insurance that comes with it if he meets the qualifications and requirements.
Another good thing about this BDO Kabayan Savings Account is that it’s very easy and affordable to open this account.
Initial Deposit for BDO Kabayan Savings Account
- PHP Kabayan Account – initial deposit is only Php 100
- USD Kabayan Account – initial deposit is only $100
Requirements to BDO Kabayan Savings Account
- 1 valid ID (just bring another valid ID or any supporting document just in case the bank officer asks for it)
- 1×1 photo
- initial deposit
Once you have the requirements, just go to the nearest BDO branch in your area of residence. BDO is quite strict now. As much as possible you reside within the area where the bank branch is located. Otherwise, they may require you to submit additional documents such as a barangay clearance.
Features of BDO Kabayan Account
1. You will be provided with a passbook and ATM debit card for your BDO Kabayan Savings Account
2. BDO Kabayan Savings Account has zero maintaining balance, provided you remit to your account at least once a year.
Remitting to your BDO Kabayan is very doable especially because it is probably the very reason why you opened that account – to save or to remit funds to it.
Otherwise, or if there’s no remittance within one year, your BDO Kabayan Savings Account will be converted to a regular account. And a regular account has a maintaining balance of Php 10,000. If your balance falls below the Php 10,000, there would be a corresponding fee.
3. The Remitter of the BDO Kabayan Savings Account may also qualify for FREE life and accident insurance.
A lot of people still do not understand the importance of having an insurance. But if you think about it, if something happens to you while you’re abroad, your insurance will save your family or will at least keep them protected financially with the proceeds that they will get from your insurance.
Yes, it’s hard to think about that fact that you do not directly benefit from it, but just think of it as a very special gift to your family in case something happens.
4. You can earn BDO Rewards points from your BDO Kabayan savings and remittances.
5. Through an auto-debit arrangement (ADA, you may use your BDO Kabayan Savings Account to pay for your loans and insurance.
6. In terms of interest, your BDO Kabayan Account may earn interest if you are able to maintain the required minimum balance.
- For Peso Account: Php 5,000 is the minimum balance to earn interest (0.50% per annum)
- For Dollar Account: USD 200 is the minimum balance to earn interest (0.25% per annum)
How to Open a BDO Kabayan Savings Account for Seafarers
Seafarers who are employed by POEA-accredited shipping companies may open a BDO Kabayan Shipping Dollar Account. This is the account where your company can directly credit your allotment.
Only $10 is the initial deposit and you just need to submit 1 valid ID with photo, 1 piece of 1×1 ID picture and a valid seaman’s book to open an account.
Check the Status of your BDO Kabayan Savings Application
If you have already submitted your account application and all the requirements, and you want to know the status of your application, just visit your branch of account to inquire personally. Or, you may call BDO Hotline 631-8000.
If you’re overseas, you may contact BDO’s International Toll-Free Number: (Intl. Access Code) + 800-8-6318000.
How to Inquire Balance with BDO Kabayan Savings
- BDO Online Banking – enroll your account online to access BDO Online Banking Facilities including checking your current account balance
- ATM Machine – use your ATM card in any accredited ATM machine to inquire balance
- Visit any BDO branch – use your Passbook to check your balance over-the-counter
My tip for you is to enroll your BDO Kabayan Savings Account while you’re still in the Philippines, because you will need to activate the enrollment in the ATM machine. After that, you may enroll other BDO accounts (your family’s account) where you would be sending remittance when you’re abroad. This way, sending money would be much easier, faster and convenient for you. You can do it online.
How to Avail of the Free Life and Accident Insurance
BDO Kabayan Savings Remitters who are 18 to 65 years old and currently employed may qualify for the Free Life and Accident Insurance.
To avail of this, just enroll your Kabayan Savings Account in Free Life and Accident Insurance and make sure it’s under the name of the remitter or the remitter’s spouse, child, parent or sibling.
The enrolled BDO Kabayan Savings Account must meet the following requirements, in the last 12 months:
- At least 6 remittance transactions
- Average Daily Balance of at least Php 25,000
You need to meet the above requirements on a monthly basis to be covered by the insurance.
How much is the Insured Amount?
- It is 50% of ADB plus 50% of total remittances in the last 12 months, not exceeding Php 1,000,000.00 per enrolled remitter.
For more info, click here: BDO Kabayan Savings Account. Fill out the form to be assisted by a BDO customer service representative.
BDO or Banco De Oro Unibank is one of the largest banks in the Philippines. You will never go wrong with opening a BDO Kabayan Savings Account with more than 17,000 BDO, MegaLink, Expressnet and BancNet ATMs across the Philippines.
So, if you think BDO Kabayan Savings is for you, go ahead and inquire or apply now at the nearest BDO branch.