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BDO business bank accounts for September 2022 in the Philippines

Open a business bank account at BDO. On 25.09.2022 there are 3 options available to you.

Offers: 3

Updated:
26.08.2022
07:44
BDO
Optimum Savings
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱50,000 minimum initial deposit
Rate
i

Effective interest rate on the product

contact the bank for the latest interest rates
BDO
Smart Checking
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱50,000 minimum initial deposit
Rate
i

Effective interest rate on the product

0.0625% gross interest rate per year
BDO
Peso Checking
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱5,000 minimum initial deposit
Rate
i

Effective interest rate on the product

0% gross interest rate per year

Interest rates on loans in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

Other types of business bank accounts

How to open a business bank account

Fill out your application
Fill out your application
On our website you can fill out a short application form for a business bank account.
Send your application online to the suggested banks
Send your application online to the suggested banks
After the parameters being checked, you will be able to send your application to the appropriate companies.
Wait for a response from the bank
Wait for a response from the bank
If necessary, a bank specialist will contact you to clarify the details.
Open your account!
Open your account!
Sign the contract and open your account online or at the bank's branch.
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BDO business bank accounts for September 2022

BDO business banking is an online service that gives you and your business partners access to real-time data for all your financial needs 24 hours a day. The accounts come with multi-factor authentication (MFA) and multi-level approval facilities.

With a BDO checking account, you may conveniently monitor your transactions using a passbook or an electronic statement of account (eSOA) while also having the ease of disbursing money by issuing checks.

Types of BDO business accounts

There are two types of BDO business accounts.

  • Peso checking account. Secure your check payments while taking advantage of the ease of the BDO EMV debit card.
  • Smart checking account. A checking account with fixed interest and the comfort of a BDO EMV debit card.

Features

Digital cash management solutions

When running your day-to-day business operations, you have no time for laborious procedures, manual labor, or sluggish transactions. One service that has developed into a full suite of cutting-edge solutions for your management of the cash and liquidity of the company is BDO cash management services. The four pillars of digitalization, optimized service and solutions, security, and compliance served as the foundation for their change.

BDO business loans

You can get funding for projects, business growth, office construction, and ongoing business expenses with BDO business loans. They pledge to offer you not only the most incredible prices but also a quality of service that, in their opinion, only BDO can deliver. The loans you can apply for are:

  • Project finance loan

  • Term loan

  • Working capital loan

  • SME loan

BDO business treasury

Bonds (fixed income securities), foreign exchange, and financial derivatives are some products that BDO treasury offers to assist you in managing your money and any financial risks you could be exposed to. They offer:

  • Foreign exchange

  • Bonds

  • Derivatives

BDO trade facilities

BDO assists you in expanding your import and export business. They will help you with all aspects of commerce, including the necessary letter of credit, remittances, trade financing, insurance, and even your need for working capital. They offer:

  • Trade settlement

  • Export bill purchase

  • Letter of credit

  • Trust receipt

Other features of the BDO business banking include:

  • BDO investment banking

  • BDO business insurance

  • BDO leasing and financing

  • Truth and investments

  • Business corporate cards

  • Merchant partnerships

How to apply for a business account?

Application for a BDO business account can only be made offline. To apply offline, visit any BDO branch closest to you, state your reason for the visit, and follow the customer service personnel directives. You can follow the steps below to see the complete requirements and documents you must go to the bank with:

  1. Visit the BDO website and click on Business.

  2. Click on Downloadable forms. Then select the form applicable to the account type you want - corporate, partnering, or sole proprietors accounts.

How to apply for a checking account?

  1. Choose an account and fill out the application form.

  2. Upload the following:

    1. Valid ID with your photo and signature.

    2. A selfie of you holding your ID.

    3. Picture of your three signatures.

  3. Meet a BDO representative via zoom for account opening evaluation.

  4. Fund your account within seven days from the day it was approved. Funding could be done through:

    1. Cardless deposits through any BDO cash deposit machine.

    2. Deposit at any BDO branch. Applicants that stay abroad can remit via any BDO remit office or partners.

    3. Sending money online.

Pros and cons

BDO provides excellent business accounts for those who require extra functionality to assist their operations and enable them to grow their businesses. However, weighing all the benefits and drawbacks before applying is crucial.

Pros

  • Finances are kept separate from personal accounts with a BPO business account. This makes tax preparation more manageable and supports any financial concerns relating to the business from involving the owner's private funds.

  • Services included with BDO business accounts are aimed at enhancing the effectiveness of your company. Payroll services, cost-free Internet banking, and aid with loan applications are a few examples.

Cons

  • The costs that apply to BDO business accounts are numerous. For instance, a well-established company is frequently required to maintain a somewhat large minimum balance and may incur fines if they don't.

FAQ

How do I send money out of my BDO business account?

  1. Login to your BDO business account by using the website or app.

  2. Select Standard services > Outward payment > PESONET.

  3. Input the needed information.

  4. Verify information.

  5. Click or tap on Confirm.

Can I transfer money to a third party corporate account from my BDO business account?

Yes. Up to 30 additional party accounts may be enrolled. The system administrator must enroll the account before it can be used to send money to a third party. When it is successful, you can begin sending money.

How will I be able to tell whether my fund transfer from my business account at BDO to a third party corporate account has been successful?

Through the user's registered email address, the sender will be informed of the transaction's status. The BDO mobile app allows you to see the status of your fund transfer as well.