The BDO Kabayan Savings is a service offered by BDO to overseas workers. This service facilitates easy, convenient, and secured sending of money to OFW families in the Philippines. It is apparent that sending money to the Philippines can be difficult especially if you are in other parts of the world.
With BDO Kabayan Savings you can expect that your family will receive the remittance easier. Opening such a savings account is not only for easy remittance but also the key to build a good credit record with the bank. With this, it would be easier to apply for a home, business, or car loan when you go back to the Philippines.
The BDO Kabayan Savings account carries three product loans including the following:
- Kabayan Personal loan – This product loan can help to finance a startup business and other important needs.
- Kabayan Auto Loan – You can borrow money using this product loan if you’re planning to purchase your dream car.
- Kabayan Home Loan – Start building your dream home through the Kabayan home loan.
The good thing about having Kabayan Savings Account is that you can pay loans and even insurance conveniently through the ADA or auto-debit arrangement.
Basic requirements to open BDO Kabayan Savings Account
- Opening a BDO Kabayan Savings account will cost you only a hundred peso. You can also open a dollar account for only $100.
- Bring with you any valid ID that carries your signature and photo such as SSS ID, passport, PRC ID, Philhealth card, school ID, or PSA birth certificate. Likewise, the bank also accepts government-issued IDs like Voter’s ID, OWWA ID, Senior Citizen ID, and many others.
- 1 x 1 photo
- Seafarers employed by POEA can directly send the allotment to BDO Kabayan account. All you must do is to deposit $10, present your seaman’s book and a 1×1 photo.
Why Choose BDO Kabayan Account?
While working abroad it is best not only to keep your hard-earned money safely but also to let it grow. Opening BDO Kabayan Savings account offers several advantages including the following:
- Instant remittance – Using this account for remittance would reduce the waiting time. The family in the Philippines can easily receive the remittance because it is credited in the Kabayan account.
- Minimal initial deposit – With a minimal amount of initial deposit you can open your own Kabayan account.
- Withdraw even outside the country – This type of savings account does not require maintaining balance. But it requires sending money at least once a year to keep the account active.
- Convenient – Funds withdrawal is very convenient as you or your beneficiaries can withdraw money anywhere through ATMs.
- How to Withdraw your Pag-IBIG Funds Contributions
- Guide for Professionals and Self-employed in Filling out the BIR Form 1701A
Having a BDO Kabayan Savings account offers a lot of advantages but make sure to send money into your account at least once a year to avoid expiration. Once it expires, it will be converted to Kabayan account that requires Php5,000 for maintaining balance.