BDO Kabayan Account: Best bank account for OFWs, relatives

I went to BDO SM Manila earlier to update my account. When an officer checked my records, she asked me where and when was my last transaction. I told her that it was just last week when I made a deposit in one of their branches in Makati near my office.

She also verified my account details including my address which is still in Bulacan. She's wondering why I'm still keeping my account with them knowing that I live in Bulacan and I work in Makati. She went on to advised me to just open an account near my place of residence or office for convenience. However, this would entail closing my account with them and opening a new one in another branch. This would require me to present another set of requirements. Also, since BDO is my main bank, all my banking transactions are tied up to this account - my autoloan, UITF and bills. I told her I will keep this account. Anyway, I'm still happy with the convenience of having a Kabayan account.

What is a Kabayan account?

BDO Kabayan Account is specifically made for Overseas Filipino Workers (OFWs) and their beneficiaries. The account comes with a passbook and an ATM - similar to what a normal savings account has. Compared to other regular savings account, the BDO Kabayan Account has no maintaining balance. As far as I know, it has also the lowest initial deposit requirement - P50.

As for the interest rate, BDO gives 0.5% for a minimum balance of P5,000.

It is also worth noting that BDO charges an interbranch fee if you are transacting beyond your region though this only applies for regular deposit accounts. For example, if you open a regular deposit account within Metro Manila, any over-the-counter deposits made outside NCR will have a corresponding charge. For BDO Kabayan Account, they are lifting this. Basically, you can transact at any BDO branch nationwide without any additional fees.

The only requirement that BDO needs you to fulfill for you to enjoy these Kabayan Account benefits is that there should be remittance made through this account within a year else the account will be automatically converted to a regular savings account. Note that their regular savings account has a maintaining balance and if your money falls below it, a corresponding charge will be deducted on your account.

By the way, this is not a paid post. I'm personally enjoying the perks of having a Kabayan account and am just sharing with you my experience. If you ever wanted to have that bank account that doesn't need to be maintained with a larger amount of money, this is definitely something you should consider.

Interested? Visit any BDO branch near you. Just bring at least 2 valid IDs to open an account.