As an Overseas Filipino Workers, it is important to secure an account and have your own savings for your future needs.
One of the most popular bank accounts in the Philippines especially for OFWs is the BDO Kabayan Savings Account. This can also benefit the OFWs families and other beneficiaries here in the Philippines. One of the things that you should take care of before leaving the country for employment abroad is to open a remittance account. BDO Kabayan Savings is an account where you can deposit your salary for your savings or an account where your family can receive or withdraw your remittance.
It is now very easy and affordable to open the BDO Kabayan Savings Account. Every OFWs can now maximize all the features that will be included in the BDO Kabayan Savings plus you may be able to avail the free insurance come with it if you meet the qualifications and requirements.
Initial Deposit for BDO Kabayan Savings Account
- Kabayan PHP Account – initial deposit is only Php100
- Kabayan USD Account – initial deposit is only $100
Requirements for BDO Kabayan Savings Account
- 1 Government ID (also bring another valid IDs or any supporting document just in case the bank officer asks for it)
- 1×1 photo
- initial deposit
Go to the nearest BDO branch in your area of residence once you already have the requirements. BDO is quite strict with their policies now, you should reside within the area where the bank branch is located.
Features of BDO Kabayan Account
Here are the 6 features that you can guarantee once you open a BDO Kabayan Account
- BDO Kabayan Savings Account comes with a passbook and ATM Debit Card.
- It has zero maintaining balance, provided you remit to your account at least once a year.
- The Free Life and Accident Insurance may also qualify to the Remitter of the BDO Kabayan Savings Account.
- Earn BDO Rewards pointsfrom your BDO Kabayan savings and remittances.
- You may use your BDO Kabayan Savings Account to pay for your loans and insurance through an auto-debit arrangement (ADA).
- 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
If you are a Seafarer employed by POEA-accredited shipping companies, you may also 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
Once you already submitted your account application and all the requirements, you can already check the status of your BDO Kabayan Savings Application by visiting the BDO Branch of Account and 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
Note: While you are still in the Philippines, it is better to enroll your BDO Kabayan Savings Account as well as your Family’s BDO account where you would be sending remittance when you’re abroad in order for you to activate the enrollment in the ATM machine. Then after that, it is already easy for you to send money using your BDO Kabayan Savings Account
How to Avail of the Free Life and Accident Insurance
Remitters who are 18 to 65 years old and currently employed may qualify for the Free Life and Accident Insurance.
Note: You have to 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.
In the last 12 months, the enrolled BDO Kabayan Savings Account must meet the following requirements.
- 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?
- The Insured Amount for Average Daily Balance is 50% plus 50% of total remittances in the last 12 months, not exceeding Php 1,000,000.00 per enrolled remitter.
For your inquiries and more information about this article, you may visit BDO Kabayan Savings Account.
You may also call BDO Hotline number at 631-8000.
Click here to read:
- How to Get the OFW iDOLE Card
- PhilHealth Benefits and How to be a PhilHealth OFW Member
- How to Avoid Illegal Recruitment for OFWs