Bank accounts are one of the things you need so your money is can be kept safely and securely. Especially for OFWs, to keep their money and to ensure that it won’t be lost. There are a handful of banks to choose from here in the Philippines and one of the more known is Banco De Oro (BDO). BDO is known because of the number of branches and ATMs. Moreover, a lot of Filipinos choose them because of accessibility and easy transactions. However, the BDO Savings Account is quite lucrative in terms of the maintaining amount.
The BDO Kabayan Savings Account is one of the best types of accounts OFWs can be a part of. Why?
- Maintaining balance on this savings account is limited to zero (0);
- Php100.00 is the initial deposit required for this specific savings account;
- Lastly, remitters can also qualify for free life and accident insurance
So if you’re an OFW and you’re funding a Filipino citizen, getting a BDO Kabayan Savings might possibly be the best plan for their banking and financing.
So what are the requirements in getting a BDO Kabayan Savings Account?
The requirements in being an associate of BDO through the BDO Kabayan Savings would be:
- One (1) valid ID;
- A decent 1 x 1 photo;
- A passbook and ATM debit card;
- **Remitters of the savings account may qualify for free life and accident insurance.
- **Earn BDO Rewards points from your savings and remittances!
POEA-accredited shipping companies seafarers can open a BDO Kabayan Shipping Dollar Account where they can credit their allotment straight. This would only require a $10 initial deposit, one (1) valid ID with picture and signature, one (1) 1 x 1 ID picture and a valid seaman’s book are needed to open an account.
Having this BDO Kabayan Savings bank can:
- Train your child/family in handling or managing a savings bank account;
- It can help you manage your income by being aware that the bank you are with can be trusted; and;
- Can ultimately help you in building credit history with banking institutions.
Having that said, it’ll be easier if you’ll apply for a car loan, home, business, even personal loans in the event you would need one.
Thus, having a BDO Kabayan Savings Account can be an ultimate financial strategy especially if you’re looking to build a strong financial foundation for your family here in the Philippines while you’re overseas.