How to open a bank account in the Philippines as a foreigner?

How to open a bank account in the Philippines in 6 steps

Opening a bank account in the Philippines as a foreigner is straightforward. They only have to provide the necessary documentation and meet the bank’s requirements. Here are the steps to follow:

1. Choose the best bank: There are several banks you can choose from, such as Banco de Oro (BDO), the Bank of the Philippine Islands (BPI), or Wise, for a wide range of services and convenience.
2. Visit the bank in person: You are required to visit the bank in person to open an account. Do you want to open a bank account in the Philippines while abroad? Opt for a Wise account!
3. Submit the required documents: The requirements to open a bank account in the Philippines typically include a valid ID or passport, proof of address, Alien Certificate of Registration Card (ACR) or Immigrant Certificate of Registration, and passport-sized photos.
4. Make an initial deposit: The amount varies by bank, usually around ₱ 5,000 ($89.25).
5. Complete the bank application process: Completing the application process includes signing forms and possibly meeting the bank manager if something isn’t right.
6. Obtain your debit card: Once completed, you will receive your Philippines bank debit card. You can use this debit card across the whole of the Philippines.

Can a foreigner open a bank account in the Philippines?

Foreigners can open a bank account in the Philippines. Previously, non-residents could only open a foreign currency deposit account or a peso account funded by foreign currency deposits converted to the Philippine peso (PHP). However, recent changes have expanded the funding sources for foreigners’ peso accounts. This includes income from services rendered, proceeds from property purchases or sales, funds of international students enrolled for at least one semester, and more.

There are three different types of bank accounts available in the Philippines:

• Savings accounts: Standard accounts for depositing and withdrawing money.
• Checking accounts: Useful for those who need to issue checks.
• Time deposit accounts: Fixed-term accounts with higher interest rates.

The type of account a foreigner can open depends on their Philippine residency status. People living in the Philippines for more than 180 days a year are considered residents and can open accounts available to Filipinos. Non-residents staying in the Philippines for less than 180 days can only open foreign currency deposit accounts. Opening a bank account in the Philippines as a foreigner is possible, but the account you can open depends on your resident status.

Requirements to open a bank account in the Philippines

The requirements for foreigners to open a bank account in the Philippines are:

1. Immigration documents (such as the Alien Certificate of Registration Card (ACR) or the Immigrant Certificate of Registration).
2. Passport or a valid ID.
3. Proof of address (rental contracts, utility bills, etc.).
4. A minimum initial deposit.
5. Passport-sized photos (5×7 size).
6. Some banks might require a reference letter from your current or previous bank.

Best banks in the Philippines

Knowing how to open a bank account in the Philippines brings us to selecting a bank. It’s hard to tell which bank in the Philippines is the best for savings, current, or checking accounts, as this depends on someone’s situation and preferences. The banks below are considered the five best banks in the Philippines for foreigners.

1. Banco de Oro (BDO)

Banco de Oro, or BDO, is the largest bank in the Philippines, with over 1,400 branches and 4,400 ATMs nationwide. They offer various services, including savings, investment, and multi-currency accounts. Many foreigners set up a bank account in the Philippines at BDO, as, according to some, it’s the best bank for a savings account in the Philippines.

• Can foreigners set up a bank account at BDO? Yes, foreigners can get a bank account at BDO if they meet the requirements.
• Products and services: Checking and savings accounts, interest-earning accounts, US dollar savings accounts, debit cards, and credit cards.
• Initial deposit: ₱ 5,000 ($89.25)
• Requirements: Passport or identity card, proof of address, and a Philippine resident visa.
• SWIFT/BIC code: BNORPHMM

2. Metrobank

Metrobank is another famous bank in the Philippines, with over 950 branches and 2,300 ATMs nationwide. They offer personal and private banking, accounts for small businesses, and services such as foreign currency savings accounts and cashback. These services attract foreigners to create a bank account in the Philippines at Metrobank.

• Can foreigners get a bank account at Metrobank? Yes, foreigners can create a bank account at Metrobank if they meet the requirements.
• Products and services: Personal checking and savings accounts, business bank accounts, foreign currency savings accounts, debit cards, credit cards, and more.
• Initial deposit: ₱ 10,000 ($179)
• Requirements: Passport or identity card and the initial cash deposit.
• SWIFT/BIC code: MBTCPHMM

3. Land Bank of the Philippines

Land Bank of the Philippines is a government bank with a vast network of branches and ATMs. They offer checking and savings accounts, debit and credit cards, insurance, and loans. Some Land Bank cards come with perks like cashback, which is why many foreigners apply for a bank account at Land Bank.

• Can foreigners apply for a bank account at Land Bank? Yes, foreigners can get a bank account at Land Bank if they meet the requirements.
• Products and services: Checking and savings accounts, mobile application for online banking, US dollar savings accounts, debit cards, and credit cards.
• Initial deposit: ₱ 5,000 ($89.25)
• Requirements: Passport or identity card, proof of address, and a Philippine resident visa.
• SWIFT/BIC code: TLBPPHMM

4. Bank of the Philippine Islands (BPI)

BPI has locations all over the Philippines and offers quality online and phone banking. They provide various account options for individuals, entrepreneurs, and investors, which is why many foreigners want to have a bank account in the Philippines at BPI.

• Can foreigners have a bank account at BPI? Yes, foreigners can make a bank account at BPI if they meet the requirements.
• Products and services: Checking, savings, and time deposit accounts, mobile banking, debit cards, and credit cards.
• Initial deposit: ₱ 10,000 ($179)
• Requirements: Passport or identity card, proof of address, and a Philippine resident visa.
• SWIFT/BIC code: BOPIPHMM

5. Wise

Wise, known as TransferWise, was founded in 2011 and offers international money transfers and multi-currency accounts with actual exchange rates. Wise has become a popular choice for foreigners and international businesses. You can hold over 40 currencies in your Wise bank account, including Philippine pesos. Many expats consider Wise the best bank to open dollar and peso accounts in the Philippines.

• Can foreigners open an account at Wise? Yes, foreigners can open an account at Wise.
• Products and services: Personal or business checking and savings accounts, earning interest, and debit cards.
• Initial deposit: None
• Requirements: Passport or identity card and proof of address.
• SWIFT/BIC code: TRWIGB2L

Wise also supports company accounts. Individuals and companies can create an account at Wise in less than ten minutes and directly start using their account. You can obtain a Wise debit card for any ATM in the Philippines without paying extra fees or exchange rates.

Philippines banking costs and fees

Opening a bank account in the Philippines comes with certain costs. As the banking fees and costs vary by bank, it’s hard to tell how much it costs to open a bank account in the Philippines. Most banks ask for an initial deposit to open the bank account, usually between ₱ 5,000 ($89.25) and ₱ 10,000 ($179).

Several banks require their customers to maintain a minimum daily balance, which is often similar to the minimum initial deposit. If you fall below this, you may be required to pay an account maintenance fee of around ₱ 200 ($3.57).

Depending on the bank and type of account, there might be additional fees, such as for account maintenance, card usage, and specific ATM networks. Philippine Deposit Insurance Corporation (PDIC) insured deposits in the Philippines up to ₱ 500,000 ($8,925) per depositor.

Frequently Asked Questions (FAQs)