Are you interested in reading an honest SeaBank Philippines review?
Ever since ING Philippines announced their exit from retail banking in the Philippines, more and more Filipinos are looking for a credible digital bank they can use. One of the most popular digital banking services is SeaBank Philippines.
In this post, we’ll talk about how to get stated with SeaBank Philippines, its membership with BSP and also some SeaBank features in partnership with Shopee that we can use.
- What is SeaBank Philippines?
- How are SeaBank and Shopee connected?
- How to sign up for SeaBank Philippines online
- What’s SeaBank Philippines interest rate?
What is SeaBank Philippines?
Launched in June 2022, SeaBank Philippines is a part of SeaMoney, the digital finance services arm of Sea Limited. As a leading internet company, Sea has been serving consumers since 2009 so it’s been around for more than a decade now.
Wondering where SeaBank Philippines branch is located?
Actually, SeaBank is a mobile banking application.
By using the SeaBank app, you can perform financial transactions such as depositing money and fund transfer. Here are other features of the digital banking app:
- Your account is free (NO fees to open)
- Competitive interest rates
- Daily payout of interest earnings
- Free transfers (InstaPay and PESONet)
- Sign up easily with 1 valid ID
- No minimum balance is required
- No lock-in period
- No deposit cap
How are SeaBank and Shopee connected?
SeaBank Philippines is the partner bank of Shopee, one of the largest e-commerce platforms in Southeast Asia.
Shopee has a partnership with SeaBank Philippines, which allows customers to use their Shopee account to pay for purchases at participating merchants.
Actually, when you use Shopee’s SPayLater, the partnership bank that helps them implement this feature is SeaBank Philippines.
How to sign up for SeaBank Philippines online?
Right now, SeaBank Philippines offers a savings account bank product for Filipinos.
Want to open a SeaBank savings account? Follow the steps below.
1. Download the SeaBank app on Google Play or Apple App Store
When you search for it in your digital downloads store, here’s what SeaBank’s logo looks like:
2. Register using your mobile number and OTP (one-time PIN)
After you’ve downloaded the SeaBank app to your mobile phone, the next step is signing up using your mobile number. Make sure to press on Sign up with Mobile Number.
Then, enter the One Time Pin (OTP) that SeaBank Philippines will send to your mobile number so you can go to the next step below.
3. Undergo facial verification
Next, you need to undergo facial verification so click on Start Facial Verification.
SeaBank Philippines will just ask you to place your face near the camera, blink or nod for a bit, so this is an easy step.
4. Upload 1 valid ID and complete personal details
After facial verification, it’s now time to upload a valid ID. You can choose from the following main IDs that SeaBank Philippines accepts:
- Driver’s License
- Postal ID
- PhilID (National ID)
Personally, I submitted my UMID and I didn’t have any issues uploading it to SeaBank’s mobile app. The process was seamless and smooth — there weren’t any errors at all.
Once you’re done submitting your ID, you’ll be asked to fill out your complete personal information such as country of birth, occupation and addresses. Fill them out accurately, then press Next.
5. Wait for bank account verification
Finally, after submitting your facial verification, ID and personal details online, you’ll receive this confirmation message from SeaBank Philippines.
This doesn’t mean that you already have a bank account with SeaBank — it just means that you need to wait for a while before your application gets approved.
Based from my experience, I applied on a Saturday afternoon and my SeaBank savings bank account got approved on Monday morning.
On the other hand, my friend applied on Monday afternoon and got approved within an hour or so, that’s why it’s better to sign up for a SeaBank savings account on a weekday.
What’s SeaBank Philippines interest rate?
The interest rate of SeaBank Philippines is 6% p.a. interest earnings (effective from 1st June, 2022) on any account balance. This is a time-limited promo, so the bank can discontinue it anytime they choose to.
Does SeaBank Philippines have an ATM card?
As of this writing, SeaBank currently does not offer an ATM or debit card.
If you want to withdraw cash from your SeaBank account, you can do this by transferring to other banks or e-Wallets that offer ATM withdrawals.
Is SeaBank Philippines regulated by BSP?
SeaBank Philippines Inc. (A Rural Bank) and their products are regulated by the Bangko Sentral ng Pilipinas (BSP) and are insured by the Philippine Deposit Insurance Corporation (PDIC).
Final Thoughts on SeaBank Philippines
Right now, there are more and more digital banks launching in the Philippines, and SeaBank is a good bank to consider especially since it’s partnered with Shopee.
Take note that deposits in SeaBank are insured by the PDIC for up to ₱500,000 per depositor, so personally I wouldn’t advise depositing more than the insured amount, just to be safe.
Liked this article? You can see our next post on the best savings account with no maintaining balance in the Philippines.
Or you can also check out this article on the top credit card for beginners in the Philippines.