We’ve been getting questions from our readers regarding how to open a bank account in the Philippines. Some questions they’ve frequently asked us include:
- What are the requirements to open a bank account?
- What IDs are accepted by banks?
- Can a foreigner open a bank account in the Philippines?
We answer these questions in this article.
How to Open a Savings Account in the Philippines (Filipino applicants)
1. Prior to visiting the bank, make sure you have the following requirements:
- at least one (1) valid ID, but preferably bring two since some banks still require two;
- photocopy of the ID, although some banks will photocopy the ID for you so confirm with the bank beforehand if you need to bring a photocopy;
- two (2) 1×1 photos (sometimes waived because of the ID requirement);
- minimum amount needed to open an account
2. Visit the bank branch you would like to open an account with. This branch will be your “branch of account.”
3. Present your ID and the photocopy. Click here for a list of valid IDs accepted by banks when you open an account. The Bangko Sentral ng Pilipinas (Central Bank) has required banks since 2008 to require only one ID, but there are some banks until now that still ask for two. To be safe, bring two (2) valid IDs and a photocopy of each.
4. You will be given forms to fill out. The Account Information (AI) form is for individuals or joint depositors while the Business Information (BI) form is for businesses or corporate accounts.
5. You will also be asked to sign the Signature Card. This is what the bank will use in the future to confirm if your transactions are valid by comparing the signatures on the transaction form with the specimen signatures in the Signature Card. It is thus very important for you to remember how you signed in the Signature Card. In your future transactions, the bank might ask you to sign the transaction forms again if they saw a discrepancy in the signatures.
6. Submit your initial bank account deposit. Double-check what the minimum amount is before you go to the bank. The minimum deposit requirement varies per bank but for typical savings account, this ranges between P1,000 and P5,000. Warning: Make sure you give your cash only to an authorized bank teller or employee of the bank!
7. If approved, you will be given a passbook or ATM card. Some banks, however, will ask you to come back after several days to pick up your brand-new ATM card.
8. Your ATM card package will contain your randomly-generated PIN number. In some cases, you are required to activate the card in an ATM before you can use it. You are also advised to change your PIN number as soon as you receive your ATM card.
How to Open a Checking Account in the Philippines (for Filipinos)
For checking accounts, most banks require first that you maintain a savings account with them for at least six (6) months. Most of the big banks in the Philippines won’t allow you to open a checking account unless you’ve met this requirement.
You need not anymore fill out the Account Information or submit another ID or photo. Just go to your branch of account and tell the “New Accounts” staff that you’d like to open a checking account with them. Checking accounts have higher balance requirements so check what this amount is before opening an account.
How to open a Philippine Bank Account (for Foreigners)
Are foreigners allowed to open a bank account in the Philippines?
Yes! But depending on the status of the foreigner, the type of bank account allowed may differ.
Resident aliens, or those foreigners who been staying in the Philippines for at least 180 days, can open accounts similarly available to Filipino citizens. The steps to open an account are the same as the steps above (for Filipino applicants). As for the accepted ID, however, banks require that you show your passport and Alien Certificate of Registration (ACR I-Card) when opening an account.
Non-resident aliens, or foreigners who have been here in the Philippines for less than 180 days, are usually allowed to open a foreign currency deposit account only.
So why is PDIC asking for a third government ID in case of bank closure and claims with them. Is there any logic at all?
How sure are you that your money is insured? by the PDIC logo?? You better be kidding…
PDIc has not paid me a dime since they closed since Dec 2008. You think, I will deposit a single dime in the Phil again? You bet… NADA!
Awesome.. Just the information that I needed.
Maraming salamat : )
hi im jhen just want to ask if the kabayan dollar saving account is having atm card too or only passbook?
Also, nowadays banks would like clients to bring a copy of proof of billing o kaya ID with your complete address. The proof of billing doesnt have to be on your name, because the Bank just want to verify the address. I was at BDO SM Fairview yesterday, and a Teller and Client is arguing about this, hindi daw kasi specifically sinabi sa kanya when he asked previously
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Wenn ich sage, Parteien, wei? ich nicht, wie betrunken am Verbindungshaus an einem Samstag Abend, ich meine die Firmenfeier, die Ihr Unternehmen hat jedes Jahr zu Weihnachten und Sie und Ihr Freund / Freundin muss in formelle Kleidung zu besuchen. Alkohol ist eigentlich in Gl?sern serviert und nicht die roten Solo Cups.
This is good information on How to open a bank account in the Philippines
I just want to ask if it is possible, for example if you have an account here in the philippines but one of your relatives abroad were going to deposit in your account in dollar.
Thank you for this informative guide. Opening a bank account is a must since you’ll never know what could happen in the future. In case you’re looking for a bank that you can build a financial relationship with, here is a comparison of every bank’s savings account feature, interest rate, and other fees and charges – http://ofwbank.ph/save-your-hard-earned-money-with-the-help-of-these-banks/
Hi regarding non-resident foreign currency deposit only account, do you have a recommended banks? I have walked in to a few and all required ACR.
Thanks.
Same thing.. Even for non resident. They are asking for ACR I Card..
May we know where did you get your basis in applying for a foreign currency deposit? I checked with major banks and most of them clearly are asking for ACR card. May we know which bank are you referring to?
Just call the bank of your choice, and ask if can open an account and what documents they require.
Most chance opening an account without ACR are tbe smaller bankoffices or newly opened who are dying to get customers.
I had called one closest to my hotel and BAMM I was told to come in for an interview and after some paperwork i walked out with a passbook and ATM card on my name.
Only showed two id’s, no proof of address in phil. Had only the 30 days stamp in passport.
What’s the name of the bank you opened your account without an ACR I-card?
I have opened at BDO also without ACR, only a checking account was not possible without ACR, I have 2 accounts there, one with VISA and the other MASTERCARD.
this info is not correct and incomplete. It would be better if you deleted this post.
the info here is wrong and unfounded I took all my required paperwork THAT THE BANK ASKED FOR which included a letter of endorsement for the US Embassy ACR card Passport to 3 different BDO banks I got 50 diferent different answers and all 3 refused to open an account for me! one bank told me the letter of endorsement was the “wrong one” the other told me i needed a “permanent resident ACR card” not a tourist one (ive been here 2 yrs now) and the 3rd bank told me i had to be married for at least 3 yrs to a filipina!
i strongly believe that this is disrimination if not racism. I know at least a half dozen American pensioners that had absolutely ZERO issues opening an account … i rather continue to be hijacked for 3,000 pesos a month in fees by BPI & BofA … in ATM fees and international fees. its not worth going to jail here for the incompetentness of non professional just plain stupid bank employess.
having the same issues..
CAn no longer open an account with tourist acr. Better move to Cambodia. We are welcome there.
My friend from Mumbai, India wants me to open him a CORPORATE FOREIGN EXCHANGE ACCOUNT here.
Is this ever allowed here in the Philippines?
He is not here physically.
If yes, will you process this request for a fee?
You just advise us what to provide for you, ok?
Please let me know so I may advise my friend about.
Thank you very much and more power.
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This is funny as hell because every Filipino bank I’ve ever been to asks:
1. if I am married to a Filipino citizen
2. If I am not married, they do not want to open an account for me.
3. If I am married, then they want HER on the account as a primary even though I am the only person making any money.
Filipinos…racist fucks…all of them.
Am encouraging to used it