A lot of Filipinos, especially Overseas Filipino Workers, are getting interested and preferring to open a dollar account rather than the regular peso account. It is because when it comes to foreign exchange, US dollars and Europe exchange rate always surge upward better than the Philippines peso. Also, if you’re one of the OFWs who is already or planning to have a business, importing goods from other countries need money to be converted too.
BDO, one of the trusted and considered best banks in the Philippines, has received numerous awards here and outside the Philippines for its quality service. And when it comes to catering OFWs money that needs to be saved in dollar accounts, it has less interest rates than peso accounts.
Types of BDO USD Account
|Product Nam||Minimum Initial Deposit||Minimum Monthly Average Daily Balance Requirement||Minimum Monthly Average Daily Balance Dollar Interest Rate|
|Dollar Savings Account||USD 200.00||USD 500.00||USD 500.00|
|Prime Savers Dollar||USD 200.00||USD 200.00||USD 500.00|
|Direct Deposit Dollar Saving Account||USD 0.00||USD 0.00||USD 500.00|
Note that: Direct Deposit Dollar requires no maintaining balance.
How do I open a BDO Dollar account in Philippines?
- Go to the nearest BDO branch in your place or in SM Malls because they also have BDO branches inside.
- Bring your valid documents that will serve as your proof of identity.
- Go to the New Account Desk and inform the bank officer in-charge your aim to open a dollar account. You will be given forms that you need to fill up.
- Give the initial deposit for your account as stated above. See to it your balance will not fall below the minimum balance requirements.
- You can claim your BDO ATM card or passbook after 3-5 banking days.
What are the requirements in opening Dollar Account?
- Two (2) valid ID’s with your name, picture and signature.
List of Valid IDs:
Passport, Driver’s license, PRC ID, NBI clearance, Police clearance, Postal ID, Voter’s ID, Barangay certification, GSIS e-Card, SSS ID, Phil health 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 in order to verify your address. This can be Electric bill, Telephone bill, Water bill, Credit Card bill, Cellphone bill, Internet bill etc.
Note that once your account is active, you can now perform dollar account ATM withdrawal or the usual over the counter withdrawal.
Can I view my dollar account online?
Yes, you can and you may also do online transactions like money transfer and checking account balance. Just go to BDO’s official website and log in through their online banking. If you do not have an account, all you need to do is to click the Enroll Now.
If you’re in the Philippines:
- Select “Within the Philippines”, fill-out the form and click on “Submit”.
- Take note of your ATM Activation Code found on the acknowledgment page. You will use this for your enrollment activation.
- Go to any BDO ATM. Using your ATM Debit Card, select “Other Services” “Activate Electronic Banking”, and enter your ATM Activation Code. Your BDO Online Banking account will be active after 24 hours.
If you’re outside the Philippines:
- Select “Outside the Philippines”, fill-out the form and click on “Submit”.
- Wait for a call from our BDO Customer Service Officer to verify your enrollment within five (5) working days.
- Wait for the activation email