If you are working as an overseas Filipino worker (OFW) and you want to send money to the Philippines via a bank account, one of the ways to do that is by using Banco De Oro (BDO)’s Kabayan Savings account. Sending money can be cheap and fast compared with other remittance channels. Also, you can use online tools to transfer funds and monitor your account so it’s really convenient.
On top of that, you can keep the account active as long as you use it to send money at least once a year. BDO also doesn’t require a specific amount as a maintaining balance.
With the BDO Kabayan service, account owners may even avail of personal loans for properties purchase, home improvement, travel, medical emergencies, education, special occasions, furniture, and debt payment, among others.
Here are the requirements for opening a Kabayan Account:
- For a peso account, you will need an initial deposit of Php100.00. For a dollar account, you will need $100.00.
- One (1) valid ID such as SSS ID, PhilHealth card, PRC ID, valid school ID, driver’s license, plastic TIN Number ID card, GSIS, Voter’s ID, NSO copy of birth certificate, and company ID (as long as the company is registered or supervised by the BSP, SEC, or IC). Other acceptable IDs include postal ID, OWWA ID, HDMF ID, IBP ID, Senior Citizen ID, police clearance, marriage certificate, seaman’s book, firearms license, AFP ID, PNP ID, NBI clearance, and barangay certificate or barangay clearance.
- One 1X1 ID picture.
However, POEA-employed seafarers are allowed to send their allotment directly to a BDO Kabayan account. They will need an initial deposit of only $10.00, one 1X1 ID photo and a valid seaman’s book.
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Customers should visit the BDO branch and then present the requirements mentioned above. You will also be asked to fill up a form. Afterwards, deposit the required amount. The ATM card or the passbook will be available after 5 days so be sure to keep the deposit slip because you will use that for claiming.
To experience greater convenience using your Kabayan account, you may also enroll for online banking and phone banking.