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BDO kabayan inquiry

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Ace Contributor
John Noel O Member Since: Jan 22, 2017

Greetings,

 

Anyone here that can give me additional information regarding BDO kabayan for LFT?

 

I have a BPI account associated right now and I am having issue with my online account with BPI (the issues is more than few months already). I am planning to opne a BDO kabayan account since it is affordable and I will have an oppurtunity to have a clean online account slate.

 

Base on my research I found the following information.

 

 

  •  Only PHP100 (for PHP account) or US$100  (for USD account) initial deposit
  •  With passbook and ATM debit card
  •  Zero maintaining balance with at least one (1) remittance each year*

 

My INQUIRY for today is, would the LFT from Upwork be considered a "remittance"? that is all.

 

Best.

~John

 

8 REPLIES 8
Community Guru
Juvy Ann P Member Since: Oct 29, 2015

@John Noel O wrote:

Greetings,

 

Anyone here that can give me additional information regarding BDO kabayan for LFT?

 

I have a BPI account associated right now and I am having issue with my online account with BPI (the issues is more than few months already). I am planning to opne a BDO kabayan account since it is affordable and I will have an oppurtunity to have a clean online account slate.

 

I am not sure if the solution that you are proposing is good, that is, based on your objective of having a "clean online account slate".

 

Base on my research I found the following information.

 

 

  •  Only PHP100 (for PHP account) or US$100  (for USD account) initial deposit
  •  With passbook and ATM debit card
  •  Zero maintaining balance with at least one (1) remittance each year*

 

My INQUIRY for today is, would the LFT from Upwork be considered a "remittance"? that is all.

 

Each local funds transfer is classified as an inward remittance.

 

 

Best.

~John

 


 

Ace Contributor
John Noel O Member Since: Jan 22, 2017

Hi Juvy,

 

I have been dealing with BPO regarding my online account because one depositor should only have one online account, however I have two. I have been with their office and talked to many cs but did not received any resolution.

 

changing my preference to shift my online transaction from BPI to BDO as my own solution looks better on my part than waiting in vain.

 

Also, I would like to thank you for clarifying that LFT is considered "inward remittance". I appreciate your help Juvy. Have a wonderful day Smiley Happy

 

Best,

~John

 

 

Community Guru
Juvy Ann P Member Since: Oct 29, 2015

@John Noel O wrote:

Hi Juvy,

 

I have been dealing with BPO regarding my online account because one depositor should only have one online account, however I have two. I have been with their office and talked to many cs but did not received any resolution.

 

changing my preference to shift my online transaction from BPI to BDO as my own solution looks better on my part than waiting in vain.

 

Also, I would like to thank you for clarifying that LFT is considered "inward remittance". I appreciate your help Juvy. Have a wonderful day Smiley Happy

 

Best,

~John

 

 


Just to clarify this thing out, the LFT fee is not reflected in my bank statement.  The amount that is transferred (our earnings, in other words) are considered as the INREM.

 

 

Ace Contributor
John Noel O Member Since: Jan 22, 2017

No worries, as long as it is considered a remittance, I have no issue.

 

~John

Ace Contributor
Althea Maefe S Member Since: Nov 6, 2014

Another tip: When I opened my BDO Kabayan account they asked for "proof of remittance" as BDO Kabayan accounts as they say, are accounts for OFWs and their families. So I had to ask someone overseas to send me money through Western Union as the 2 branches I went to said that Paypal transaction records and the Bank Statement from BPI where I was sending my withdrawals from Upwork that time is not enough. Smiley Happy

As long as the money was sent to you, it would not matter to them if the sender is your relative or an OFW or Filipino. 

Ace Contributor
John Noel O Member Since: Jan 22, 2017

Thanks for the tip Althea.

 

In my case, I printed out the "proof of earnings" under "reports" and BDO accepted it as my proof of remittance. I got frustrated first as I have experienced the same thing wherein BDO didn't acknowledge my BPI statement as well and I needed to go back home (not that far, but its so hot that day and I considered it a hassle at the moment) and print out the said document.

Frequent Visitor
Lenie A Member Since: Sep 9, 2018

Hi sir. Then LFT is consider as remittance? I mean for example no need to have a money from abroad to transfer it to your BDO kabayan account yearly?

Community Guru
Juvy Ann P Member Since: Oct 29, 2015

Hi Lenie,

 

Let me try as Noel might be busy with his projects right now.  Local Funds Transfer is synonymous with an inward remittance as it appears in my bank statement.  Remittances may either be domestic or international.  With LFT, we are referring to international or foreign remittances.  I hope that I was able to be of help although Avery has more expertise when it comes to BDO accounts.