Guide on BDO Business Account: Features, Fees, and Requirements

When choosing the right partner for your company’s finances in the Philippines, one name often comes to the forefront: BDO Unibank. It has over 1,700 branches and more than 5,800 ATMs nationwide¹ which for a local business, offers the kind of reach that is hard to beat when managing physical cash flow and provincial operations.

Whether you're starting a new venture or scaling an existing one, your choice of business account impacts your liquidity, payroll efficiency, and government compliance. BDO offers a robust suite of tools for the "boots on the ground" reality of Philippine commerce.

This guide reviews BDO’s account structures, fees, and requirements, while also touching on how a Wise Business account can help your Filipino company work around the wall of expensive fees and hidden exchange rate markups when handling international transactions.

What is a BDO business account?

A BDO business account is a type of corporate bank account solution designed to handle the operational needs of registered business entities. Unlike personal savings accounts, these are built for higher transaction volumes and offer features like checkbooks, payroll systems, and multi-user access.

BDO offers a few types of business-oriented account solutions catering to different cash flows and goals:

• The Smart Checking Account: This is BDO’s business account offering which requires a PHP25,000–PHP50,000 Monthly Average Daily Balance (MADB). It also offers both interest (around 0.0625% p.a.) and a checkbook².
• Regular Checking (Non-Interest) Corporate Account: While this is the standard corporate checking account with a lower MADB of PHP10,000, it does not offer any interest yields³.
• US Dollar Savings (Business) Account: Businesses that need to handle USD transactions would usually pair this account with BDO’s Cash Management Services⁵ for their company’s financial operations. This USD account typically requires a USD200 initial deposit and a USD500 MADB to earn interest⁴.

Overview of BDO business account offerings

Managing your expectations regarding costs is key to a healthy banking relationship. Here is a breakdown of what to expect from BDO's primary business solutions:

*Check with BDO Unibank directly for details.

Breakdown of BDO’s fees and what it means for your operations

Here is what maintaining a BDO business account could imply for your bottom-line.

• Maintenance Thresholds: Most BDO accounts require an MADB which varies on the type of account you open. If you fall below this for two consecutive months, a monthly service charge of PHP200-500 will be applied.
• Interbank Transfer Fees: While BDO-to-BDO transfers are often free for most of their accounts⁶, outgoing transfers via InstaPay (for real-time amounts under PHP50k) or PESONet (for larger batches) incur standard industry fees, typically ranging from PHP10 to PHP50 per transaction⁶.
• Foreign Wire Fees: Sending money abroad via traditional SWIFT wire can be pricey, as it costs USD10 per transfer. Furthermore, additional charges may be incurred. For instance, if the transaction is routed through a correspondent bank, intermediary bank charges may also be applied.

Security and control: Business Online Banking (BOB)

BDO’s digital platform, Business Online Banking, is built for corporate governance. BDO Business Online Banking ensures session confidentiality through multi-factor authentication, requiring Corporate IDs and One-Time Passwords. The platform utilizes 128-bit SSL encryption and firewalls to block unauthorized access and protect data. Additionally, automatic log-outs and password strength meters provide critical security layers to maintain account privacy and integrity¹².

Advanced BDO Business features: Payroll

For companies with growing teams, BDO provides payroll solutions that automate employee data management and streamline salary processing via Business Online Banking. These packages are designed to help businesses efficiently settle government agency contributions and loan payments⁵.

For businesses requiring more robust disbursement options, BDO offers tailored cash management solutions specifically designed to address industry-specific pain points and create a seamless experience for high-volume financial operations⁷.

How to open a Business Account in BDO Unibank

Opening a BDO business account requires significant documentation to remain compliant with local regulators⁸.

Sole Proprietorship Prerequisites:

• DTI Certificate of Registration.
• Valid Mayor’s Business Permit.
• Two valid government-issued IDs.

Corporate Legal Pack:

• SEC Certificate of Registration.
• Articles of Incorporation and Bylaws.
• The most recent General Information Sheet (GIS) stamped by the SEC.
• The Board Resolution: A notarized document specifically authorizing the account opening and designating authorized signatories.

Step-by-step guide: The BDO account opening process

Note that if you're still in the process of incorporating, you might need a Treasurer-in-Trust-For (TITF) account. This is a temporary account used to deposit the initial paid-up capital required by the Securities and Exchange Commission (SEC). Once your incorporation is complete and you receive your Certificate of Registration, you transition this into a regular business account.

BDO does offer a TITF option so do enquire while consulting with them.

1. Pre-Processing Consultation: Visit the specific BDO branch where you want to maintain your account. Meeting the branch manager or marketing officer early helps clear up document confusion.
2. Document Verification: Submit original documents for "sighting." The bank will keep photocopies for legal review.
3. Minimum Funding: Once cleared, deposit the initial capital to activate the account.
4. Enrollment in Cash Management: Separately apply for payroll or supplier payment modules during setup to avoid back-and-forth later.

💡Further Reading:

➡️Check out our Guide to Opening a Business Bank Account in the Philippines

Businesses that could benefit from a BDO account

BDO is a powerhouse for businesses that require:

• Massive Local Distribution: If you have suppliers in remote provinces, BDO's branch network is unrivaled.
• Physical Check Usage: Many local landlords and government agencies still require post-dated checks (PDCs).
• Complex Local Payroll: Managing statutory contributions for a large local workforce is more efficient with a major local bank.

The trade-off is often higher maintaining balances and rigid documentation. If your business is 100% digital or serves international clients, you may find traditional banking processes move slower than your operations.

Wise Business: Alternative multi-currency account for global needs

With a Wise Business multi-currency account, you can access over 8+ local account details — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account.

With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders. Here's what you get with a Wise Business account:

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Wise Pilipinas Inc. is regulated by the Bangko Sentral ng Pilipinas. You may visit the BSP website for more information about its regulatory framework and consumer protection policies. To reach Wise, visit help center here.

FAQs for Prospective BDO Business Clients

What is the difference between a BDO Personal Account and a BDO Business Account?

• Unlike personal accounts, a BDO business account — like other corporate accounts — will be registered under a trade name or corporation. BDO Business accounts in general offer higher transaction ceilings, and provide access to corporate tools like payroll modules and bulk check printing that are unavailable to individual account holders.

Can a foreigner open a business account at BDO?

• Yes, provided the business is legally registered with the SEC or DTI. Foreign signatories must typically present a valid Alien Certificate of Registration (ACR I-Card)¹⁰.

Is there a mobile app for BDO Business Online Banking?

• Yes, BDO provides a dedicated mobile app for corporate users, but enrollment must be completed through the web portal first¹¹.

Sources

1. About BDO: BDO Unibank
2. Smart Checking Account: BDO Unibank
3. Regular Checking: BDO Unibank
4. US Dollar Savings: BDO Unibank
5. Cash Management Solutions: BDO Unibank
6. Limits and Fees: BDO Unibank
7. Cash Management | Expanding, Established Organizations: BDO Unibank
8. Corporate Account Application Requirements: BDO Unibank
9. TITF: BDO Unibank
10. Documentary Requirements for Foreign Corporate Account: BDO Unibank
11. Digital: BDO Unibank
12. Business Online Banking Security Features: BDO Unibank