About bank
Komo is the EastWest’s online platform extending financial services to Filipinos via digital banking. Komo’s digital banking services enable customers to use its mobile banking application to save, grow their deposits, and manage their money entirely online. EastWest’s Komo has no physical branches; everything from account opening to operating it can be done using the mobile phone application.
Komo is a legitimate digital banking platform registered by EastWest Corporation to offer digital financial services in the Philippines. The digital platform allows Komo users to open an account online, make deposits, save money, apply for a card, and operate their accounts completely online without visiting any physical branch. Since its inception in 1994, EastWest Bank has introduced cutting-edge technologies and innovations in the banking sector. Komo is one of the bank’s digital innovations offering customers an efficient and convenient banking experience with reliable and secure banking provisions.
The online banking system is designed to give customers full control over their banking accounts, allowing them to enjoy fast and convenient banking as well as money management from a mobile application. The platform also allows users to enjoy interest rates when they save with Komo and safer experience when transacting online. Other than saving, Komo Philippines also offers insurance products. However, the company does not provide loan opportunities currently. Customers can apply for a debit card connected with their mobile banking application.
Pros and cons
Komo is a unique banking platform where customers can enjoy convenient banking services without having to visit a physical bank branch. The platform facilitates quick services from the mobile application that users can access from any mobile device. However, Komo does not offer loan opportunities. Besides, since users share their personal details online, customers might be affected in case of a breach or unauthorized entry into the company's systems.
Pros
Convenient and reliable banking services
No minimum deposits
No hidden fees
Flexibility in managing money
The platform is safe to use
High-interest savings accounts
Free withdrawals
Secure bills payments
Free fund transfer services
Cons
No loan products
Although Komo secures its digital banking platform, it is still prone to cyberattack just like any other mobile application.
Komo services
Komo is a fully digital bank offering online transactions, such as making deposits, withdrawing, and transferring money through the online platform. Users can open different accounts with Komo. With a Komo account, you can also pay bills, register a debit card, and grow your savings. You can also get full control over your insurance plans by choosing which plan works for you.
Komo savings account
Komo's savings account enables you to choose a savings plan that works for your needs and tracks your savings over the period you choose to save. Customers can get interest rates of up to 2.5% on their savings. You can also track all your savings using the mobile application, which makes it simple and convenient to plan on your savings. Besides, Komo has a transparent banking platform with no hidden fees, allowing customers to manage their banking conveniently. Some of the features of Komo saving account include the following:
You can grow your money faster. Savers can benefit from interest rates of up to 2.5% per annum on their savings.
You can monitor your earnings via the mobile app.
There are no hidden fees. When saving, there is no minimum deposit, and you can enjoy a zero maintaining balance.
Saving with Komo is also safe because EastWest Bank backs your savings. Besides, the company is regulated by the Banko Sentral ng Pilipinas, meaning that your deposits are held with the EastWest Rural Bank, managed by BSP.
Your savings are also PDIC-insured. Customers enjoy PDIC insurance for deposits of more than ₱500,000, which ensures that your money is secured.
Komo insurance services
Customers can also build their insurance plans using the Komo insurance product. Ideally, Komo insurance allows users to take full control of how much they can pay and the type of protection they need with Troo Flex. The Komo insurance package, Troo Flex, collaborates between Ageas and EastWest Bank to provide customers with a flexible insurance plan. Some advantages of the Komo insurance plan include the following:
It enables users to build their own customized protection program, which means that you can build your own protection plan as per your needs and preferences.
You get on-demand insurance. Users can access their insurance from their phones at any time.
Komo offers an affordable plan. You can pay your insurance premium from as low as ₱428 every year.
Komo debit card
Komo allows its customers to apply for a Komo card and use it freely without fees. The company will send you your card within seven days. The credit card has the following limits on transactions:
There are no limits for balance inquiry.
₱20.000/transaction|₱/50.000/day for ATM cash withdrawal.
₱10.000/transaction|₱100.000/day for E-comm purchase.
₱10.000/transaction|₱100.000/day for POS purchase.
No limits for POS balance inquiry.
Requirements
Before a customer can open a Komo account, they must meet the eligibility criteria. All users must have the following to create an account:
A Filipino citizen.
At least 18 years old.
Provide valid ID (driver’s license, PhilSys ID, passport, postal ID, PRC ID, or voter’s ID).
Depositing to your account
After opening an account, you can make deposits in two easy ways and start enjoying high-interest rates. The first method is to deposit money into your account using the Komo app. To do this, follow these simple steps:
Open your Komo mobile application.
Tap the plus (plus) sign on the dashboard.
Enter the amount you would like to deposit into your account and tap Proceed.
Select the bank of your choice.
Log in using the username and password of the selected bank.
An OTP will be sent to your phone number; enter it.
Select your source account.
You will receive a code to your mobile phone; enter it.
You will receive a message confirming a successful transfer.
You can also deposit money from another bank to your Komo account. To do that, you can follow these simple steps:
Open your Komo mobile app.
Select deposit money using the Transfer to Other Banks feature.
Enter your Komo account name and number.
Select the receiving bank.
Enter amount.
Complete deposit.
Paying bills using Komo
You can pay water and electricity bills using your Komo account. To pay the Manila water bill, for instance, you can follow these steps:
Open your Komo mobile app.
On the main dashboard, tap Pay.
Select Water.
From the list of water utilities listed, choose Manila Water.
Enter the Customer Account Number.
Enter amount.
Tap the Review Info to check that you have entered the correct details.
Pay bill.
You will receive an OTP to your mobile number; enter it.
You will get a message confirming that you have paid your Manila water bill.
