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OFWs, Parents, Take Advantage of Free Internet Banking to Manage Your Children’s Weekly Allowance
If you’re a parent whose high-school or college-age kid is living in a dorm or studying in another city or an OFW who likes to control your child’s weekly allowance, take advantage of free Internet banking services offered by local banks.
Most large banks now in the Philippines offer free Internet banking, and they offer lots of services that prompts you to say Wow.
However, in this article, I would describe only two, BPI Express Online and My BDO Internet Banking, because they’re the ones I use.
BDO Kabayan Savings, BDO Remit Cash Card for OFWs
BDO Kabayan Savings for OFWs
This is a special savings account for OFWs and their families in the Philippines.
You can open an account here in the Philippines, or abroad if you work near BDO correspondent banks.
- Can be in pesos or U.S. dollars
- Initial deposit of 100 pesos for a peso account or $100 for a dollar account. (Update as of March 2010: was changed to 50 pesos)
- No maintaining balance as long as you make at least 6 remittances a year. (Update as of March 3, 2010: was reduced to one remittance a year )
- You will receive a passbook and an international ATM card.
- Additional update for seafarers: You can open a BDO Kabayan Shipping dollar savings account with passbook for only US$10.
Check BDO correspondent banks here.
BDO Remit Cash Card for OFWs
This card is similar to the regular BDO Cash Card,
but you can get this card abroad — in BDO accredited remittance
services.
This also has a higher load balance and deposit limit. While the
regular BDO Cash Card is limited to 10,000 pesos, BDO Remit Cash Card can be loaded with up to 100,000 pesos.
You can remit directly to this BDO Remit Cash Card account.
Your beneficiary can also check the status of your remittance
online at
https://www.bdocashcard.com/rts/remitinquire.asp
