Question 1

How do I open a Komo account?

Accepted Answer

Step 1: Visit the Play Store, App Store, or App Gallery and download the Komo app for free.

Step 2: Once installed, open the Komo app, read through the introduction screens, and tap 'Create Your Bank Account'. Confirm your intention to open a bank account by tapping 'Got it!' on the next page.

Step 3: Next, you will be asked to answer some questions to allow us to get to know you better. Please answer as accurately and honestly as possible.

Note: Komo is currently available to Filipino citizens only, however we are always striving to make Komo better. If you would like to suggest any features or services, feel free to send us a message through our social media or support channels.

Step 4: Before creating your account, please read and agree to the Terms and Conditions for using Komo.

Step 5: You will receive a one-time-PIN (OTP) through text message. Enter this number into the app to continue. 
Remember: Never share your OTP with anyone. Komo representatives will never ask you for your passcode, PIN, or OTP under any circumstances. 
 
Step 6: Create and confirm your 6-digit passcode. This is what you will use to log in to your Komo app in the future. Again, make sure to keep this passcode safe and do not share it with anyone. 
 
Step 7: For the next part, we will be capturing your valid ID and selfie. Allow access to your camera and follow the instructions that are shown on the screen. Make sure you also have a stable internet connection and are in a well-lit area.

Step 8: Select the type of ID you want to use and take a clear picture of it. The details and photo on your ID must be clear and readable so that our team can verify your account properly.
 
For some IDs, you may be required to submit a photo of the back as well as the front. Make sure to check the indicator and submit the correct photo to avoid issues with your account approval.
 
We accept the following valid government IDs:
Passport
Driver’s License
Unified Multipurpose ID (UMID)
Social Security System ID (SSS ID)
Professional Regulation Commission ID (PRC ID)
Postal ID
Voter’s ID
National ID

Step 9: Next, you will be asked to take a live selfie. Follow the on-screen instructions and move the phone closer or farther away as instructed. Make sure you are in a well-lit area, your entire face is visibile, and you are dressed appropriately to avoid issues with account approval.

Step 10: Allow a few minutes for the photos to be uploaded. Once your ID and selfie have been successfully uploaded, we will just need you to provide some basic information for your account. This is to comply with BSP regulation and ensure the safety of your account. Again, please make sure to give complete and accurate answers (i.e. full name including your middle name, complete address, etc.) to avoid delays or account disapproval.

Step 11: Next, you will be asked to choose the name you would like to be printed on your Komo debit card. Remember to double check the spelling since we will not be able to change this anymore after the application is submitted.

Step 12: Lastly, double check all your information to make sure it's correct and complete. Once you've submitted, editing any and all information you've provided will not be possible during the account application review.

Question 2

Who can open a Komo account?

Accepted Answer

All Filipino citizens who are 18 years old and above, living in the Philippines, and who own a smartphone with a local mobile number can open a Komo account.

Question 3

What are the valid government IDs?

Accepted Answer

NEW! PhilSys ID
Passport 
Driver’s License 
Unified Multipurpose ID (UMID) 
Social Security System ID (SSS ID) 
Professional Regulation Commission ID (PRC ID) 
Postal ID 
Voter’s ID

Question 4

How long does it take to open a Komo account?

Accepted Answer

We usually take 24-48 hours to approve an account application, but given the ongoing quarantine protocols, our team running on a skeletal workforce, and the large volumes of new applicatons coming in, we will try our best to review your account application within 1 week from the date of submission.

Question 5

Does Komo have a minimum deposit to open an account or to earn interest?

Accepted Answer

Komo does not require a minimum deposit to open an account. However, to keep your account active, you are required to maintain an Average Daily Balance (ADB) of at least ₱2,000 for 2 consecutive months.

Question 6

How do I verify my email address?

Accepted Answer

Log in and tap the menu icon (three lines) on the upper left of the app dashboard. Then, tap 'View Your Profile' under your name and tap the 'Verify' button next to your email. This will send a verification link to your email address. Simply open the email and click the link to verify your email address.

Question 7

Can I open more than 1 account?

Accepted Answer

Currently, we are only allowing 1 account per customer but we are working on product features that will allow you to have access to multiple accounts within Komo! Don’t forget to join the Komounity on Facebook to send us your suggestions on how we can improve our services for you.

Question 8

Can I open a joint account, business account, or checking account?"

Accepted Answer

We only offer individual savings accounts for the meantime, but are looking to improving Komo and its product and services in the future. If you’d like to send us feedback on how we can improve our services, make sure to join the Komounity on Facebook. We’d love to hear from you!

Question 9

Can I convert my EastWest account into a Komo account so I can do my transactions online?

Accepted Answer

Unfortunately, this is not possible on our current system. You can always enroll your account in the EastWest online banking facility by visiting https://personal.eastwestbanker.com/. 
If you would still like to open a separate Komo account, you can download it for free on the Play Store, App Store, or App Gallery. You can send money from your EastWest account to Komo using the transfer feature on the EastWest online banking facility.

Question 10

What can I do with Komo?

Accepted Answer

With Komo, you can keep your money online and enjoy all the benefits that come along with doing so! 
Open an account in minutes. No need to go to a branch or wait in line. Just download the app on your smartphone and open an account in minutes with just 1 valid ID. 
Enjoy high interest rates. Get up to 2.5% interest per annum on your savings account without any minimum maintaining balance. You can even track your daily interest earnings easily from the app!
Pay bills in just a few taps. Do more with your time when you don’t have to worry about paying bills. Just open the app and pay in a few taps with no fees or hidden charges.
Transfer money for free. Move your money however and whenever you want without paying additional fees. Transfer to a Komo account, another bank, or even load up your e-wallets with the Komo app. 
Withdraw your money for free. Access your money when you need it with unlimited free withdrawals from ATMs under the EastWest network, plus up to 4 free** withdrawals per month for other Bancnet-affiliated ATMs in the Philippines. 
Pay with your Komo debit card. Your Komo account comes with a free Visa debit card that can be used via ATMs, in-store, online, and wherever Visa cards are accepted. 
Request money from another Komo user. Request, track, send reminders, and collect payments easily—not to mention skipping any potential awkwardness! 
Looking for other features? Don’t forget to join the Komounity on Facebook to send us your suggestions on how we can improve our services for you. 
** Withdrawal fees for ATMs outside the EastWest network will initially be charged to your Komo balance but will be automatically returned after 2 log-ins to the app.

Account Opening