Put yourself at ease by protecting those you love
04 May 2021
Did you know that 51.2M Filipinos remain unbanked as of 2020? Many people from this figure cannot open accounts due to financial constraints or the lack of requirements. However, it’s interesting to know that many of our countrymen believe that they can get by without having a bank account. Now that the financial sector is turning digital, it’s safe to say that it will eventually become necessary.
If you’ve never owned an account before, you should open one as soon as possible. The security and ease of use it provides will help you manage your finances and make payments seamless. But before we walk you through the application process, let’s discuss why you need to open one in the first place.
Why Do I Need to Open a Bank Account?
● Keep your finances safe from various threats
The most obvious benefit of owning a bank account is the protection you get. Storing cash in a safe may give you a sense of security, but in the event of a theft or fire, you may not be able to recover the money you’ve lost. By depositing money into the bank, your cash is digitally encoded to your account and insured by your service provider.
● Conveniently withdraw cash wherever and whenever
If you decide to keep your savings at home, you’ll need to bring a lump of cash whenever you head out. While this practice may seem relatively harmless, it can be risky and inconvenient.
In case you lose your wallet or run out of money, you may end up putting yourself in a tricky scenario. Having a bank account will let you avoid this dilemma. Applying for an ATM or debit card is ideal since it will allow you to withdraw cash at any time and place.
● Manage your cash flow with ease
Banking systems can help you manage your cash flow by religiously taking note of your transactions. Knowing when and where you’ve sent or received payments may sound simple, but this feature saves you a ton of time and effort. With just a quick look at your banking history, you already have the info you need without recording data manually.
● Remote and cashless transactions
It’s good to know that more vendors and stores are starting to be open to electronic payment methods. And with a deadly and highly-contagious virus still looming in the background of daily life, many businesses and establishments keep it safe by allowing digital or no-contact transactions and payments.
One of the best parts about having a bank account is that you can download a mobile application that will let you conduct transactions remotely. Instead of going out to the payment center to pay for monthly utilities, you can have a hassle-free experience by settling your bill at home.
● Improves your financial literacy
Opening a bank account will improve your financial literacy tenfold. As you utilize the service, you’ll eventually understand how the banking system works. At the same time, it will introduce you to basic financial concepts such as interest, loans, and more.
● Gain access to various financial instruments
In case you require financial assistance, you’ll be glad to know that owning a bank account can grant you access to various financial instruments. As long as you have a positive credit score, your banking provider will be glad to give you a loan with favorable terms.
How to Open a Bank Account with BPI
Opening a BPI bank account is as easy as 1, 2, 3! You can conveniently register online or apply in person by visiting a branch near you (following safety precautions, of course). Regardless of your chosen method, the requirements are the same.
● Valid ID
● Proof of Billing
● 1x1 ID Picture
● Tax Identification Number (TIN)
● Initial Deposit (Ranging from P100 to P100,000)
2. Online Registration
● Register to BPI Online and download the BPI Mobile App
● Select “I’m ready to log in to BPI Online and open a new account now”
● Enter your login credentials
● Select an account type
● Read through the terms and conditions and click Agree
● Confirm your details and enter the One-Time PIN sent to your device
● Deposit the required balance before 10:00 PM of the same day that you opened the account
3. Branch Visit
● With the documents mentioned above, visit a BPI branch during regular banking hours (Mondays to Fridays, 9:00 AM to 4:30 PM)
● Head on over to the new accounts section to get in touch with a teller
● After expressing your intention to open an account, the teller will require you to fill out an application form
● Once finished, pay the initial deposit accordingly
● Wait around 24–48 hours for your account to be activated
● After five to seven banking days, claim your ATM card or passbook at the branch you’ve registered in
● Head over to an ATM and change your PIN
Open a Bank Account Easily
As financial technology evolves, the need for banking will continue to increase as well. If you still haven’t opened a personal account, you should get on board as soon as possible. The security and convenience a bank account provide won’t just make your daily transactions easier; it will also help you pursue financial independence.
Looking to open a bank account? BPI AIA has you covered! Our team will give you easy access to reliable banking services and other financial instruments, such as a variable life insurance plan. To learn more about our products and services, don’t hesitate to contact any of our Bancassurance Sales Executives through our online portals.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.