Last Updated on December, 2024
Have a trip to the Philippines coming up, or frequently visit the country? You need to have a bank account in the Philippines to fulfill your financial needs.
Whether for recreation or business, you must have a local bank account in the Philippines and if you don’t have a Filipino bank account already, this guide will help you out with it.
Apart from that, we’ll also shed light on some non-banking or fintech solutions that can help you own a multi-currency account that you can access from anywhere and hold more than 40 currencies in addition to USD and PHP.
Quick Summary
Non-residents cannot open a bank account in the Philippines from the USA. Only Filipino residents in the US can do so by following a specific process.
Choose the right bank, gather necessary documents, make an appointment (possibly online for overseas Filipino workers), and fund the account through international transfers.
Fintech solutions like Wise or Revolut offer multi-currency accounts with lower fees and better exchange rates, allowing users to hold and manage money in multiple currencies including PHP and USD.
Contents
- Can I Open a Filipino Bank Account From the USA as a Non-Resident?
- A Step-By-Step Guide On How to Open a Bank Account in the Philippines From the USA (For Filipino Residents in the US)
- What Documents Do I Need to Open a Bank Account in Philippines?
- Which Bank to Consider?
- What Bank Charges Do I Have to Deal With?
- What’s the Best Way to Deal With These Charges?
- How to Fund My Bank Account in the Philippines?
- Wise Account Features for Filipino Customers
- Final Thoughts
- FAQs
Can I Open a Filipino Bank Account From the USA as a Non-Resident?
As various documentation requirements are in place, opening a Philippine account from the US isn’t possible. Now, this option might be available for Filipino residents from the US.
Therefore, you need to be a resident of the Philippines to open an account in this country. However, the minimum deposit must be made as an international money transfer and not in cash. Now, that’s an admin-heavy procedure and, hence, will take plenty of time.
You use a fintech solution, such as Wise, to deal with this issue. A multi-currency account enables you to hold your cash in multiple currencies including the Philippine peso.
A Step-By-Step Guide On How to Open a Bank Account in the Philippines From the USA (For Filipino Residents in the US)
Now, there’s a simple process that you need to follow to open an account in the Philippines. Here’s the step-by-step guide that you need to adhere to in this regard,
Step #1: Choosing the Right Philippine Bank Account
The Philippines’ banking system comprises different financial institutions licensed by the Philippine Central Bank. These include national banks, large international banks, rural banks, and thrift banks.
There are some fintech options as well that allow you to open multi-currency accounts as well. You can make the right choice based on your requirements and preferences.
Step #2: Gathering Your Documents
The next step is to gather all the mandatory documents. To open a bank account in the Philippines from the US, you need to show them proof of your identity, and proof of address and make a minimum deposit.
Step #3: Making an Appointment
For overseas Filipino workers, some banks allow you to make an appointment online from abroad. But you need to have a video call with your bank representative for your identity verification.
Step #4: Opening Your Account
During the appointment, you can discuss your banking requirements and your eligibility will be checked to open your Philippine bank account.
Step #5: Funding Your Account
The final step here is to fund your newly opened account. For this, you need to find the cheapest way possible to avoid any unnecessary banking fees.
What Documents Do I Need to Open a Bank Account in Philippines?
If you’re in the Philippines, for opening an account in person you must bring some mandatory documents to prove your residency and identity.
If you don’t have the necessary documents according to the bank’s requirements, getting the process of account opening started is still possible if you can meet the bank manager. You can discuss your circumstances upon meeting the bank manager.
Now the documents you might need here are:
Which Bank to Consider?
As mentioned above, there are different types of banks in the Philippines. There are large international banks as well as regional financial institutions.
Foreigners can stick to an international bank for account opening. They can also choose large national banks instead of an international bank that can cover the entire country of the Philippines.
However, regional banks can be a tougher option as they are more cumbersome to use and offer limited services. Here are some of the largest banks in the country that you can consider for opening an account from the US as a Filipino resident.
BDO Bank
It’s one of the largest banks in the entire country and has more than 1600 branches along with 4600 ATMs. It also has full-service overseas offices in Singapore and Hong Kong, along with some other international offices.
It offers debit card and credit card services, checking accounts, and some other discounted products and services. You can even open a savings account in USD or PHP, ideally suitable for US citizens living in the Philippines.
Metrobank
This bank has over 940 branches in the country and more than 2300 ATMs as well. They also have a range of account types on offer, including checking, savings, and fixed-term deposit accounts. This bank caters to overseas Filipino citizens with checking accounts that you can open from abroad.
Landbank
The Filipino government owns the Landbank, and it has over 530 branches and more than 2900 ATMs spread across the country.
They have different products including debit card and credit card services, checking accounts, and so much more. Moreover, they have remittance offices across the Middle East, Asia, and Europe.
Bank of Philippines Island
This is the first bank established in the country back in 1851. Now, they have more than 1100 branches and a large network of ATMs throughout the country. They also have a checking account, suitable for entrepreneurs who are looking to open a current account with interest earnings.
What Bank Charges Do I Have to Deal With?
Now, before you go for an account opening in a Filipino bank, be sure to go through their terms and conditions in detail. And, this is especially the case when it comes to banking charges.
For instance, you can check if there are any account opening fees that you might have to pay to keep your account active. Moreover, there can be separate charges for using a debit card or a credit card.
Apart from that, there might be fees for withdrawals using ATMs operated by a different bank than your bank. Now, how much these charges will affect you entirely depend upon how you use your account, so it’s better to know beforehand.
What’s the Best Way to Deal With These Charges?
These solutions will enable you to have a multi-currency account. This enables you to spend conveniently, and you also have the option of sending payments in more than 160 countries with low transaction fees (starting from 0.43%) and mid-market exchange rates.
Now, these services are not essentially a bank. They are registered money service businesses in the US, the Philippines, and many other countries. Moreover, they are much easier to get started, and you can operate your account from your smartphone as well.
How to Fund My Bank Account in the Philippines?
Once you have your bank account opened in the Philippines, you need to fund it. For that, you can use various means, including SWIFT transfers, depositing money at a logical branch, and online transfers.
But banking fees can be unnecessarily high for international remittances, along with exchange rate margins that can go even up to 7%. Therefore, using a multi-currency account is a better option. This is because they have low fixed fees and much better exchange rates.
Wise
Wise is among the most popular international money transfer services around. Now, it might not offer cash pickups, but it works well for small to medium transfers to the Philippines, especially if you’re sending from the US. You won’t have to deal with any markups on the mid-market exchange rate.
Remitly
The exchange rate markup you will get here will range around 0.5% to 3%. Therefore, it’s another excellent option you can try out once you have opened your Filipino account.
Revolut
Revolut is another option you can opt for when opening a multi-currency account. Very similar to Wise and Remitly, Revolut enables you to cut down international transfer charges and hefty markups on mid-market exchange rates.
Wise Account Features for Filipino Customers
After opening your Wise account, you can add, receive, or send money up to PHP 490,000 (or equivalent) per transaction. You can also convert your money into more than 40 currencies.
You can move your funds to any local bank account in the Philippines or even an e-wallet, including the likes of Maya, GCash, GrabPay, StarPay, etc.
Each month, you will get a couple of free ATM withdrawals on transactions totaling up to PHO 12,000. It means you can use your Wise card at any local ATM, but you might have to deal with third-party charges.
Wise card works at ATMs of BDO Unibank, Euronet, Bank of Philippine Islands, Metrobank, and EastWest Bank.
Relevant guides:
Final Thoughts
There are different options you can explore if you’re looking to open a bank account in the Philippines from the US using your Philippines-origin ID. From a savings account to a current account, as well as various other checking accounts and products, are available.
But if you’re looking to transact using these accounts, you might have to deal with high banking fees and international transaction charges.
Apart from that, you must deal with high markups on mid-market exchange rates. Whereas going for any regional bank is not an option as they offer limited services.
So to tackle these charges we recommend you go for various fintech solutions including the likes of Wise, and others. With these services, you won’t have to deal with high international transaction fees or markups.
Plus, you’ll have a multi-currency account that enables you to hold money in more than 40 currencies, including PHP and USD. Now, if that’s not financial freedom, don’t know what is.
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