Guide on Chinabank Online Kababayan Savings Remittance Account (USD) Features & Opening Requirements
CHINABANK ONLINE KABABAYAN SAVINGS (USD) REMITTANCE ACCOUNT – Here are the features of this remittance account offer.
Are you looking for a bank where you may apply for a remittance account? Chinabank is one of the entities that you may turn to. In fact, in the case of the Chinabank offers, they include both the Peso and US Dollar currencies.
Chinabank Online Kabayan Savings (USD) Remittance Account
The US Dollar remittance account offered by Chinabank has the following details:
- Initial Deposit Required by the Bank – USD 10
- Minimum Balance to Earn Interest – USD 1,000
- Minimum Monthly Average Daily Balance Requirement – None
- Interest Rate – 0.050% per annum
- Withholding Tax – 15%
- Evidenced by – Passbook
Requirements for Application
If you are applying as an individual:
- duly-accomplished and signed Chinabank Online Kababayan Savings Remittance (USD) Account
- two (2) 1×1 ID photos
- original and clear copy of at least one (1) valid IDs. You can choose from the following:
- Postal ID
- Passport
- Barangay Certification
- National Bureau of Investigation (NBI) Clearance
- Driver’s License
- Professional Regulations Commission (PRC) ID
- Police Clearance
- Government Service and Insurance System (GSIS) e-Card
- Voter’s ID
- Senior Citizen Card
- Barangay Certification
- Social Security System (SSS) Card
- Seaman’s Book
- Integrated Bar of the Philippines ID
- Overseas Filipino Worker (OFW) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- School ID
- Department of Social Welfare and Development (DSWD) Certification
If you are applying for a Business / Sole Proprietorship:
- duly-accomplished and signed Chinabank Passbook Savings Account
- Application for Registration with DTI
- Certificate of Tax Exemption / Preferential Tax Treatment
- Certificate of Registration of Business Name with DTI
- Special Power of Authority (SPA) if the signatory is other than the owner of the business
If you are applying for Partnership Accounts:
- duly-accomplished and signed Chinabank Passbook Savings Account
- Articles of Co-Partnership
- Certificate of Registration by the Securities Exchange Commission (SEC)
- Partnership Resolution or Agreement duly notarized, designating the following:
- China Bank as its depository bank
- Authorized signatories
- Certificate of Tax Exemption / Preferential Tax Treatment
To apply for the remittance account, go to a Chinabank branch and submit the aforementioned documents needed based on your application type. All applications for a savings account is subject to the approval of the bank.
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