EXPATS GUIDE: How to Open a Bank Account in the Philippines
Updated as of April 3, 2023
It’s normal to have a lot of questions running through your mind when starting a new life in a different place. Money management, for instance, can seem complicated to those who have freshly arrived in the Philippines, but it doesn’t have to be that way.
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Opening a bank account, familiarizing yourself with the local banks, and learning about ATM transactions can be just as easy as adapting to the warm and accommodating nature of Filipinos once you have settled down. Here are the most essential things you should know about banking in the Philippines!
Requirements
Banks in the Philippines require a minimum deposit for opening a bank account. The fees differ from company to company, so it’s best to check online before heading to the bank to avoid the hassle.
Once you have your bank of choice, go directly to the counter, fill out the documents that will be given to you, and submit the duly accomplished form.
You will also need to submit at least two (2) government-issued IDs with your photo to successfully open a bank account. IDs that can be presented to the bank may include the following:
1. Passport
2. Philippine Driver’s License
3. International Driver’s License
4. Alien Employment Permit (AEP)
5. Alien Certificate of Registration (ACR)
In principle, cards for Automated Teller Machines (ATMs), passbooks, and checkbooks are issued on the same day, and the PIN for ATM cards can be changed by following the instructions on the screen when using the ATM.
Also Read: Expats Guide to Valid IDs in the Philippines
Major Banks in the Philippines
IMAGE from BDO Unibank, Inc.
To give you an idea where to start, you might want to check out our directory of major banks in the Philippines:
BDO Unibank, Inc.
Contact Number: 02-8663-4001
Website: www.bdo.com.ph
E-mail Address: callcenter@bdo.com.ph
Metrobank
Contact Number: 02-8870-0700 / 1-800-1888-5775 (Domestic Toll-free)
Website: www.metrobank.com.ph
E-mail Address: customercare@metrobank.com.ph
RCBC
Address: 11/F, Yuchengco Tower, RCBC Plaza, Ayala Avenue, Makati City
Contact Number: 02-8877-7222 / 1-800-10000-7222 (Domestic Toll-free)
Website: www.rcbc.com
E-mail Address: customercare@rcbc.com
Security Bank
Contact Number: 02-8887-9188 / 1-800-1-888-1250
Website: www.securitybank.com
E-mail Address: customercare@securitybank.com.ph
Cashless & Online Banking
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With online and cashless transactions on the rise, it can definitely be an option for you to choose online banking when living in the Philippines. For payments of your utilities or bills, cashless payments may be done by simply scanning a QR code with a smartphone.
Here are some of the major cashless payment and online banking services you might wish to try!
GCash and Maya
Being the two major online payment mobile applications used in the Philippines, GCash and Maya can also be your option for cashless transactions. You can register for a free account and easily use services including bills payment, e-load, cash-in, cash-out, and more.
A key process to creating an account is the validation of your identity in which a government-issued ID is required.
Once an account is made, deposits can easily be made at convenience stores and supermarkets nationwide, while bank accounts and Paypal accounts can also be linked. You may also open a savings account with a maximum annual interest rate of 8% for GCash and 10% for Maya.
GCash also offers GCash Jr., which allows minors aged 7 to 17 years old to register an account. It is useful for managing your child’s finances as the account must be linked to a parent or guardian’s account.
Previously, GCash could only read GCash QR codes, but due to the mandatory national standard “QR PH”, QR codes for almost all payment services are now the same.
GCash and Maya can be downloaded for free on the Google Play Store or App Store on your phone.
BDO Pay
BDO Pay is a mobile application that can be directly linked to your BDO account. It allows you to send money to family and friends and pay utility bills by simply searching for the person by their phone number.
You may also use it to pay your bill at a restaurant or split your bill with a friend. This feature allows you to divide your restaurant bill within a group of five just by tapping the request money option. For other bills or expenses that require more, you may also request money of up to Php 50,000 from your friend and a notification from BDO Pay will be sent to you confirming the successful transaction.
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Cashless payment for other services is also possible by scanning the shop’s QR code. What’s great is that the application can be downloaded for free on the Google Play Store or App Store on your phone.
Also Read: 12 Useful Mobile Apps for Foreign Travelers and Expats in the Philippines
What other questions do you have about banking in the Philippines? Share them with us and let us help you with your fresh start in Manila!
