Are you an OFW looking for wiser banking options? This one is definitely an advantage for you! Sending money is now made easy for Filipinos working overseas. Banco de Oro designed a fixed interest-bearing peso savings account for OFWs and their beneficiaries to maximize the potential of their salaries when remitting money back home.
Filipino foreign workers, commonly labeled as OFWs or Overseas Filipino Workers, can now benefit from the exclusive arrangements made especially for them. Securing an account designed for them not only provides an easier way of remitting but also gives a safer choice now that the money is sent directly into their BDO KABAYAN SAVINGS ACCOUNT. For the OFW, an international ATM account will be issued while a local ATM account will be provided for the beneficiary in the Philippines. It also comes with a passbook so the account can be easily monitored.
Opening and maintaining a bank account used to cost a lot. Most banks require a P2,000 to P5,000 deposit to open a savings account with at least P1,000 to P2,000 maintaining balance. Now, with the BDO Kabayan Savings Account, OFWs and their beneficiaries can open an account with an initial deposit for as low as P100.00 with no maintaining balance required. Just make sure to use a remittance transaction at least once a year to keep the account active.
Maximizing their breadwinner’s hard-earned salary used to be a hurdle for the beneficiaries receiving the remittances. Now, upon knowing the advantages of opening an account with lesser charges and Zero maintaining balance, each remittance encourages them to save even more. The beneficiary no longer needs to worry in case the full amount needs to be withdrawn since a maintaining balance is not required. It also has a potential to earn a 0.500% interest for as long as the minimum account balance is P5,000.00. They can easily pay their loans and insurance premiums through this savings account as well.
With perks such as this and more financial literacy programs in tow, a brighter future awaits the Filipino foreign workers. In no time, they could return home and retire earnestly so they could be with their families back again.
Indeed, sending remittances couldn’t be more fulfilling. You can check out more details about the BDO KABAYAN SAVINGS ACCOUNT here:
|Dollar Account Option||Yes|
|What are the requirements?||Valid I.D, Initial Deposit, Application Form|