9.16.2012

Open a BPI Direct Savings Bank Account While Abroad

By Nora
BPI Direct Savings Bank is the Internet bank of the Bank of the Philippine Islands (BPI). It's the first Internet bank in the Philippines, and has grown to become the 12th largest savings bank in the country by total assets, as of March 2012.

You can open a BPI Direct account while abroad if you are in the following countries:

Bahrain
Hong Kong
Italy
Spain
UAE
US

Of course, you can open a BPI Direct account while in the Philippines.

Go to bpidirect.com. Click Open a Deposit Account. Follow instructions. Fill up the application form, submit, and then wait for instructions via email for the completion of your account opening.

What accounts are offered by BPI Direct?

Savings Accounts:

BPI Direct Express Teller Savings Account

Initial Deposit: 500 pesos
Maintaining Balance: 500 pesos
Minimum Average Daily Balance for the Month (ADBM) to Earn Interest: 500 pesos, 1% annual

BPInoy Savings

Initial Deposit: None
Maintaining Balance: None, but there should be at least one remittance from abroad every 6 months
ADBM to Earn Interest: 500 pesos, 1% annual

BPI Direct Save-Up Automatic Savings Plus Insurance

Initial Deposit: None
Maintaining Balance: 1,000 pesos
ADBM to Earn Interest: 1,000 pesos, 1% annual for balances less than 400k, 1.5% for balances more than 400k

Features:
1. You are issued a Save-Up Info card, instead of an ATM card. This way, you cannot withdraw easily. Withdraw by transferring your funds to another account.
2. Your free life insurance is 5 times your average daily balance for the past 3 months up to 2 million pesos.
3. Your free accident insurance is 5 times your average daily balance for the past 3 months up to 2 million pesos.
4. You can set an automatic transfer of a certain amount to your Save-Up account every payday or every month. You can also transfer money to this account at any time, aside from the automatic transfer.

Maxi-Saver Savings with ATM

Initial Deposit: 25,000 pesos
Maintaining Balance: 25,000 pesos
ADBM to Earn Interest: 25,000 pesos, 1.25% annual for balances less than 300k, 1.375% for balances less than 500k, 1.5% for balances less than 1M, 1.625% for balances 1M and higher.
Bonus Interest: 1% annual added to the interest for the month if you DO NOT withdraw within the month

Checking Account:

BPI Direct Maxi-One Checking Account

Initial Deposit: 25,000 pesos
Maintaining Balance: 25,000 pesos
ADBM to Earn Interest: 25,000 pesos, 0.75% annual


Where are the Branches of BPI Direct?

BPI Direct has no offices or branches, but you can use the facilities of BPI. You can deposit at any BPI branch.

You will choose one BPI branch where you will present your IDs after opening your account online, where you'll get your ATM card, and where you can withdraw amounts higher than the daily ATM withdrawal limit.

Daily ATM withdrawal limit: 50,000 pesos


Where Can I Deposit Money?

- BPI cash deposit machines (No envelope, no writing, instant credit)
- any BPI branch
- funds transfer through your BPI Express online account (link your BPI Direct account to your BPI or BPI Family account)


Transaction Fees at ATMs Abroad:

Balance inquiry: US$ 1
Withdrawal of US$ 175 and lower: US$ 3.50
Withdrawal of more than US$ 175: 2% of amount withdrawn
Denied transaction: US$ 0.50

Monthly Service Charge for Falling Below Required Daily Balance for 2 consecutive months:  250 pesos per month

Monthly Dormancy Charge after 2 years of no deposit or withdrawal: 300 pesos per month

Open a BPI Direct Savings Bank Account While Abroad

6 comments:

bigwas said...

i am an ofw, can i open a dollar savings account with bpi or bdo for example, How? thanks.

Nora Tamba said...

Hi bigwas, with BPI, you can open a BPI Direct account online if you're in one of the countries listed above. If you're in London, you can ask assistance from BPI Europe in London.
With BDO, you can open a US dollar Kabayan account at a bank or company which is a remittance partner of BDO and which is offering Kabayan account opening assistance. Write here where you are so I can give the link to a list of BDO remittance partners there, if there are.

Richard Narciso said...

I am here in kuwait..what is the fastest way to open a savings account while abroad

Nora Tamba said...

Hi Richard, sorry, there's no fast way. You can go to Oman Exchange or Etemadco Exchange and ask if they're offering assistance in BDO Kabayan account opening. See this list of BDO remittance partners in Kuwait. You won't get your passbook immediately; they'll forward your application to BDO Philippines. After approval, you can send to your account, but you cannot use yet your atm card abroad -- you need to activate your atm card at a BDO atm in the Philippines

Anonymous said...

Hi Am here in the SFO, USA area. I would like to open a dollar saving account here so as to have my SSA pension go thru this and be able to withdraw while at home in the Philippines. Would this be possible with BPIdirect? Thanks...

Nora Tamba said...

Question about opening a BPI Direct account while in the U.S. for receiving US pension while in the Philippines8/19/15:
Sorry, no, you can't open a dollar account while there in SFO because BPI, BPI Family, BDO, Chinabank and Metrobank (banks offering Direct Deposit accounts for US pensions) don't have branches there. But all these banks offer a Direct Deposit account for US pensioners who want to receive their pensions while in the Philippines. You can open your account here when you get here in the Philippines. Here's info about Direct Deposit accounts
PNB has a branch in Los Angeles, so if you like, you can email losangeles@pnb.com.ph, or call 213-401-1800 ext 201, 202 or 206