If you are working as an OFW, having a dollar account can actually be very useful. First off, you need to keep in mind that US dollars and European exchange rates are always on an upward trend in the country.
Moreover, it can be handy if you are planning to run a business and have to transact using the dollar currency.
In case you are interested to open such an account, you would be glad to know that BDO (Banco De Oro) offers that service in the Philippines.
Requirements for Opening a BDO Dollar Account
To open your own account, just visit the BDO branch in your area, go to the New Account Desk and tell them that you intend to open a dollar account. You will then be asked to fill up an application form.
Along with that, you will need to submit the following requirements:
- Two valid IDs with your name, picture, and signature (such as Passport, Driver’s license, PRC ID, NBI clearance, Police clearance, Postal ID, Voter’s ID, Barangay certification, GSIS e-Card, SSS ID, PhilHealth card, Senior Citizen Card, OWWA ID, OFW ID, Seaman’s Book, Alien Certification of Registration/Immigrant Certificate of Registration, and other Government office IDs)
- Two (2) Photocopies of your valid IDs
- One (1) copy 1 x 1 recent ID picture
- Proof of Billing and 2 photocopies to verify your address (such as electric bill, telephone bill, water bill, credit card bill, cellphone bill, internet bill etc.)
Different types of BDO USD Account
Now you have to know that there are different types of BDO dollar accounts namely:
Dollar Savings Account, Prime Savers Dollar, and Direct Deposit Dollar Savings Account.
Both the Dollar Savings Account and Prime Savers Dollar require a minimum initial deposit of $200 while Direct Deposit Dollar Savings Account doesn’t require any amount.
For the most part, you can claim your BDO ATM card or passbook after 3 to 5 banking days. Go visit your local BDO branch for more information about their dollar accounts.