Bank of Commerce: A Look into the Company and Their Services

Established in 1963, Bank of Commerce is one of the largest commercial banks in the Philippines. Founded by Emerito Ramos as the Overseas Bank of Manila, the banking company offers a broad range of products and services, including personal banking, corporate banking, consumer banking, credit cards, and trade and remittances.

At present, Jose Pardo (Chairman) and Roberto Benares (President and CEO) lead the bank’s executive team. More than 58% of the company, however, is under San Miguel Corporation. By asset, Bank of Commerce is the largest lender in the Philippines.

As Bank of Commerce continues to grow (they registered a net income of PHP 600 million in 2016), Filipinos can expect more services from the company. From deposit accounts to remittance services, let's see what BankCom has to offer.

Bank of Commerce Services

List of Savings and Checking Accounts

Bank of Commerce offers a broad range of services when it comes to personal and corporate banking. Here is a rundown of their savings and current accounts.

1. Savings Account Plus

If you’re looking for a basic bank account with passbook and ATM access, this is the ideal service for you.

Features:

• Passbook and ATM option for individual accounts
• Over-the-counter transactions at any Bank of Commerce branch
• Monthly interest
• Online banking access

Initial deposit: PHP 10,000

Maintaining balance: PHP 10,000

Maintaining balance to earn interest: PHP 50,000

2. Savings Account Passbook

This account is similar to BankCom’s Savings Account Plus except that it also caters to small businesses and corporations.

Features:

• Passbook option for individual accounts
• Fixed interest rate
• Monthly interest
• Over-the-counter transactions at any Bank of Commerce branch
• Online banking access

Initial deposit: PHP 5,000

Maintaining balance: PHP 5,000

Maintaining balance to earn interest: PHP 10,000

3. Savings Account ATM

Amongst all BankCom accounts, this has the lowest deposit and maintaining balance requirement. It’s ideal for individuals who don’t need a passbook and wish to use their account for debit and online transactions.

Features:

• Debit card option for individual accounts
• Fixed interest rate
• Monthly interest
• Over-the-counter transactions at any Bank of Commerce branch
• Online banking access

Initial deposit: PHP 500

Maintaining balance: PHP 500

Maintaining balance to earn interest: PHP 5,000

4. Sikap Pinoy OFW Account

Sikap Pinoy is a special Bank of Commerce account for Overseas Filipino Workers. Apart from savings, it also allows OFWs to send and accept money to/from their families in the Philippines.

Features:

• Comes with Sikap Pinoy customized ATM card
• Fixed interest rate
• Monthly interest
• Bancnet ATM access
• Online banking access
• Online payment and cashless shopping access

Initial deposit: None

Maintaining balance: None

Maintaining balance to earn interest: PHP 5,000

5. Dollar or Euro Savings Account

If you want to deposit in dollar, consider opening a foreign currency account with Bank of Commerce. They are one of the several banks who require a low maintaining balance to dollar depositors.

Features:

• Passbook option for individual accounts
• Fixed interest rate
• Quarterly interest
• Over-the-counter transactions at any Bank of Commerce branch
• Withdrawals via telegraphic/fund transfers or notes (in USD)

Initial deposit: USD 200 or EUR 500

Maintaining balance: USD 200 or EUR 500

Maintaining balance to earn interest: USD 200 or EUR 500

6. Junior Smart Savers

Junior Smart Savers is designed for children who want to have an early start on banking. Accountholders can enjoy exclusive promos and discounts from merchant partners.

Features:

• Passbook option for individual accounts
• Fixed interest rate
• Monthly interest
• Over-the-counter transactions at any Bank of Commerce branch

Initial deposit: PHP 200

Maintaining balance: PHP 200

Maintaining balance to earn interest: PHP 10,000

7. Checking Account

Meant for individuals and corporations, this basic checking account works as a regular debit account as it allows cashless shopping and automatic fund transfers.

Features:

• Comes with checkbook, ATM option for individual accounts, and monthly statement of account
• Over-the-counter transactions at any Bank of Commerce branch
• Online banking access

Initial deposit: PHP 5,000 (for individual) PHP 10,000 (for corporate)

Maintaining balance: PHP 5,000 (for individual) PHP 10,000 (for corporate)

8. Complete Checking Account

Bank of Commerce’s Complete Checking Account allows depositors to earn interest with a minimum maintaining balance of PHP 50,000 to PHP 100,000.

Features:

• Comes with checkbook, ATM option for individual accounts, and monthly statement of account
• Fixed interest rate
• Monthly interest
• Over-the-counter transactions at any Bank of Commerce branch
• Online banking access

Initial deposit: PHP 25,000 (for individual) PHP 50,000 (for corporate)

Maintaining balance: PHP 25,000 (for individual) PHP 50,000 (for corporate)

Maintaining balance to earn interest: PHP 50,000 (for individual) PHP 100,000 (for corporate)

Credit Cards

Bank of Commerce offers three types of credit cards to individuals and businesses in the Philippines. Powered by Mastercard, interested cardholders can apply for the following:

 Basic Card Features

• Rewards Plus – Earn 1 rewards point for every PHP 25 spent. Earn 5x more when you use your card on partner dining and shopping establishments
• Installment Plus – Shop at selected establishments and enjoy installment offers at 0% interest
• Installment Convert – Enjoy low monthly interests and longer payment terms when you use your card for big purchases such as school fees and hospital bills
• Dual Currency Billing for Platinum Cardholders – Get two separate billings for local and international purchases

Application Requirements

• Applicant must be between 21 to 65 years old for principal cardholder and at least 15 years old for supplementary
• Filipino resident or local resident foreigner
• Minimum annual income requirement: PHP 120,000 for Classic, PHP 455,000 for Gold, and PHP 1,200,000 for Platinum
• Must have an office or business landline and a residence landline or postpaid mobile phone

 Documents Required

•  Completely accomplished Bank of Commerce credit card application form
• Photocopy of one valid ID with photo
• Proof of income

Apply for a Bank of Commerce credit card with MoneyMax.ph. Visit here for the complete list of credit card providers.

Remittance Services

Bank of Commerce has joined the remittance industry as well.

BOC Remit allows Overseas Filipino Workers to send their remittances through Bank of Commerce partners all over the world. Beneficiaries can pick up their money in any M Lhullier, Cebuana Lhullier, LBC, and Bank of Commerce branch in the Philippines. Cash door-to-door is also available for those who wish to send their remittances directly into their loved ones’ home.

Bank of Commerce also accepts SSS, PhilHealth, and Pag-IBIG payments of OFWs through their foreign remittance partners. Remittance rates depend on the money involved and location of the beneficiary.

Found a Bank of Commerce service that can cater to your needs? Discover more about it by visiting a BankCom branch nearby or by visiting their website. For a list of Bank of Commerce branches, click here.