Most Overseas Filipino Workers or OFWs work hard abroad to give the best life to their families in the Philippines.
They have varied reasons on why they decided to work overseas. Some of them work abroad to be able to send their children to college, or to support a family member’s health or financial needs, or so that they could buy their dream house, car, appliances, gadgets and other personal needs and wants.
In order to do all these, an OFW must secure a bank account where he could keep his savings and an account where he would send his remittance to the Philippines.
BPI’s answer to this is their BPI Pamana Padala Savings Account.
What is BPI Pamana Padala?
BPI Pamana Padala is a savings account that is specially designed for Overseas Filipino Remitters. Once you receive your monthly salary from your company or employer abroad, you can then remit it to your BPI Pamana Padala Account.
Enroll your BPI Pamana Padala Account in BPI Express Online so that you can maximize the advantages and convenience of online banking.
For example, instead of making a separate remittance to your beneficiaries in the Philippines, what you can do is just transfer the money ONLINE from your BPI Pamana Padala Account to their BPI account in the Philippines.
Why Transfer Money through BPI Express Online?
The main advantage of transferring money online is that it’s easy and fast. You just have to log in to your BPI Express Online Account using your smartphone or computer that is connected to the internet, and transfer money easily from your BPI Pamana Padala account to the BPI account of your beneficiary or recipient.
You don’t have to go to the remittance center or bank anymore. You can do this anywhere and anytime. If your family member needs the money immediately, even if it’s midnight at where you’re at, you don’t need to wait til the remittance center opens. Just open your computer or smartphone, login to your BPI Express Online Account and do your banking transaction right there and then.
Also, transferring money online is much cheaper than sending money at the remittance center. You can send or save more when you pay less on remittance fees.
Why should you open BPI Pamana Padala?
BPI Pamana Padala account comes with a free Personal Accident and Life Insurance coverage by BPI-Philam Life Assurance Corp.
1. FREE 90-day Personal Accident Insurance
You are automatically entitled to a Personal Accident coverage worth P100,000 when you open a BPI Pamana Padala Account. This is valid for 90 days from the date of your account opening.
2. FREE Life Insurance Coverage
You have to regularly remit or deposit to your BPI Pamana Padala account in order to get the free life insurance coverage.
On your 4th remittance within a 12-month period, you will be entitled to this Free Life Insurance Coverage, which is equivalent to the total amount of remittances sent, up to a maximum of Php 300,000 and USD 6,000.
In the unfortunate event of your death while you’re working abroad (knock on wood), your family or beneficiaries back home will continue to receive remittance for 12 months, care of by BPI. I know it’s hard to think about life’s uncertainties, but it pays and it helps if you’re well prepared, not only for yourself but also for your loved ones who are depending on you.
Here is an example:
Marlon is an Overseas Filipino Remitter who opened his BPI Pamana Padala Account in May 2016 before he left for Saudi to work as a Janitor. He remits an amount of P10,000 monthly to his BPI Pamana Padala account since June 2016.
Basing on a 12-month period, he has already remitted a total of P120,000 (P10,000 x 12 months).
In the unfortunate event of Marlon’s death (while he’s abroad), his family or his nominated beneficiary will continue to receive Php 10,000 for the next 12 months for free.
This is how the Free Life Insurance Coverage works for BPI Pamana Padala Account which makes it really beneficial not only to account holders but also to their beneficiaries.
3. Earn Interest when you open BPI Pamana Savings Account with Life Insurance
With BPI Pamana Padala Savings, you can also earn interest on your savings. You work hard to earn money and you let your money work hard for you too when you save it through BPI Pamana. Below is the Interest Rate per annum, which is subject to change without prior notice.
For example, for BPI Pamana Padala with Debit ATM Card, the required daily balance to earn interest is only P5,000 and the interest rate per annum is 0.250%.
How to Open BPI Pamana Padala Account
BPI Pamana Padala account is only available in the Philippines. Therefore, OFWs can open an account while they’re still here or before they go abroad.
- Prepare Initial deposit: Php 500 or USD 500
- Photo-bearing Valid ID with signature
- 1×1 ID picture (most recent)
- 1 Utility Bill with your billing address
- Any of the following docucments as proof that you are an OFW
- Overseas Employment Certificate (from POEA)
- Work contract
- Work visa / Work permit
- OWWA ID
- Seaman’s book
- CFO Certificate
- PDOS Certificate
- Local residence id
2. Visit the nearest BPI bank branch, fill out these bank forms, and submit your account opening application form and requirements.
- Standard Account Opening forms
- BPI Pamana Padala Enrollment for Group Life Insurance Coverage, to indicate:
- Name of Insured
- This is also the name of the account holder. For joint “OR” accounts, only the primary account holder shall be designated as the Insured Individual, provided that the designated Insured Individual is an eligible individual.
- Name of Beneficiary/ies
- It is recommended to nominate beneficiary/ies with blood relation to the Insured (ie spouse, children, parents or brothers and sisters) or the estate administrator of the latter.
- Name of Insured
You will receive the Proof of Coverage for your Free 90-day Personal Accident Insurance after your BPI Pamana Padala Account Opening has been processed and approved.
Your Free Life Insurance coverage will take effect on the date of the 4th Foreign Inward Remittance made within a 12-month period. You will receive your Proof Coverage for the Life Insurance through Email.
You can claim your BPI Pamana Padala Debit Card at the branch where you opened the account after 3 banking days.
How to Enroll in BPI Online Banking
- Open bpiexpressonline.com in your Internet Browser (ie. Internet Explorer).
- Click Enroll Now! below Personal Login.
- Fill out the Registration Form with your correct information.
- You may enroll your other BPI Accounts, Third Party Accounts, and Utility Bills to your BPI Express Online Account.
- To Activate your Enrollment to BPI Express Online, go to the nearest BPI ATM Machine, insert your BPI Card. Choose Special Services > Activate Enrollments > Express Online.
- To Activate Third Party Accounts, print the Enrollment Form or get a copy from the bank, fill out the form with the required info, and submit it to the BPI bank officer.
Once you have enrolled and activated your BPI Online Banking account, you can now check your account balance online anytime and anywhere. You can also start paying your bills and transferring funds to your enrolled third party accounts.
How to Send Money using Send-to-Anyone Feature
If you want to make sending money to other accounts easier and faster without having to enroll their account anymore, download the BPI Mobile Banking App to your smartphone or tablet. Activate Send-to-Anyone feature at the ATM machine with your ATM card, and you can now start sending money to any BPI account.
My Tip: Always double check the account number of your recipient before confirming your money transfer to avoid any issues.
For inquiries about BPI products and services, you may contact BPI Hotline 89-100 or visit BPI website.
Click here to read: How to Open BDO Kabayan Savings Account