If you do business or spend time in the Philippines, you may be interested in opening a BDO dollar account or savings account. BDO is a full-service bank that offers a wide variety of personal and commercial financial products and services, including checking accounts, savings accounts, loans investments, trusts (in both the currency of Philippines pesos and American dollars), insurance and more.
BDO Dollar Account
According to BDO, with a dollar account, you can deposit American dollars. This makes it much easier to transfer funds internationally and can help you avoid exchange rates. BDO goes above and beyond to make foreign banking easy. They make it simple to access and use your account from anywhere in the world. BDO has service desks for Korea, Japan and China.
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However, conducting business in foreign countries can be complex, and because of domestic and international laws, you can't merely go online and open an account with BDO. Luckily, it isn't as complicated as you may think.
Requirements for Opening a Savings Account With BDO
Americans looking to open a savings account with BDO must have a current residential address in the Philippines. While this address does not have to be your primary residence, this is required, nonetheless. In addition to this, you will also need two forms of valid identification. According to U.S. Birth Certificates, you can use a passport, a government-issued ID, a tax ID, a school ID or another government-issued ID. Finally, you also need the minimum deposit amount ($200).
Many wonder whether they can open their BDO dollar account online, or if they must appear in person in the Philippines – because of the COVID-19 pandemic, even individuals with residences in the Philippines may not be able to travel. Luckily, you can open a BDO dollar account online on BDO's website. Anyone who is eligible to open an account can do so online or in person. You will need to upload all your documentation and wait for a BDO account specialist to approve them. BDO has online guides that can walk you through the process step by step.
More About BDO Dollar Accounts
It's essential to gather all the information you need and get all your questions answered before deciding where to bank. Like a savings account, to open a BDO dollar account, you must have the minimum of $200. Your minimum average daily balance (MADB) must be $500. Furthermore, if you wish to earn any interest, you'll need to maintain that $500.
If you wish to use either a passbook or ATM card, you can use both with your BDO. And luckily, all deposits you make with BDO are insured. The Philippines has an institution like the FDIC in the U.S. called the Philippines Deposit Insurance Corporation (PDIC). Finally, BDO has English-speaking customer service representatives, so if you're looking to open a BDO dollar account but need some more information, you may choose the appropriate international access code and the right agent will be able to help you.