Personal Finance Bank accounts

How to open a bank account in the Philippines

Wise

11.05.26 (last updated)

Read time 4 minutes

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The Philippines is well known for their hospitality, so it’s no surprise that some rank the country as one of the best places in the world for an expat to live.

If you’re thinking of joining those who have already made the move to the Philippines, then you’ll need a local bank account. Figuring out a new banking system can feel daunting - but a local account is key to accessing many of the everyday services that will help you settle in your new home.

Use this guide to help you open a bank account in the Philippines.

What documents do I need to open a bank account in the Philippines?

If you’re opening a bank account in person in the Philippines, you’ll need to bring documentation to prove your identity and residency.

The documents you’ll likely need are:

Passport with English characters¹
Proof of your right to be in the Philippines - usually an ACR (Alien Certificate of Registration) Card.¹ Some banks will accept the Immigrant Certificate of Registration instead.
Philippine National ID (PhilID/ePhilID) for resident aliens⁴
TIN or iTIN⁵
Documents that prove your address. Usually banks request a rental contract or several recent utility bills.
Minimum deposit (the amount varies from bank to bank).

Do note that additional requirements may be asked depending on the bank. They may contact your home bank directly or ask for statements that show you were a good customer. This is less likely if you are opening an account with an overseas branch of your own bank.

Some American expats in the Philippines have experienced problems opening accounts with local banks. Although not official bank policy, local branches might be wary of opening accounts because of the stringent anti-money laundering laws that are applied to U.S. citizens, even overseas. If this is the case, you can open an account with an international bank such as HSBC⁷ more easily.

Can I open a bank account from abroad?

It is now possible to open a Philippine bank account online. For one, foreign nationals can open Gotyme account through their mobile app.⁵ Because many of the banks operating in the Philippines also have overseas branches, you can also open an account more locally before you set off.

The best place to start is with your regular bank. If they operate in the Philippines, asking them to help transfer your account will make things simpler. If you don’t have that option, you might find a local branch of a different bank that operates in the Philippines.

Wherever you open your account, the documentation required will be similar to the previous list. It’s an admin-heavy process, so expect it to take some time.

Can I open an account as a non-resident?

It’s not possible to open an account in the Philippines as a non-resident. All banks ask for proof of your address in the country.

If you want to get started before you move, try an international bank who also operate in the Philippines. That way you can switch your account to their local partner more easily once you have residency.

Which Bank should I choose?

Banking in the Philippines is advanced, with a network of international banks as well as regional institutions. For foreigners opening accounts, it’s usually best to stick to an international bank or one of the large national banks which cover the Philippines as well as the broader area. Regional banks can be more difficult to use and only offer limited services.

BDO Bank - Philippines¹

Feature	Description
Locations	1800 sites and 6000 ATMs in the Philippines, plus overseas locations in Hongkong and Singapore
Currencies	Some accounts available in PHP, USD, or several other currencies.
Services	Checking accounts, debit and credit cards as well as some other discounted goods and services are available.

Metrobank - Philippines²

Feature	Description
Locations	Find the closest location with Metrobank’s online branch locator
Currencies	Savings accounts in Philippine Pesos, US Dollars, and Euros (at select branches).
Services	Offering savings, checking, and fixed-term deposit accounts as well as some savings options. They cater a lot to overseas Filipinos with accounts that can be opened from abroad.

Landbank - Philippines³

Feature	Description
Locations	615 Branches and 3,268 ATMs
Currencies	Savings accounts in Philippine Pesos and US Dollars
Services	Checking accounts and debit/credit cards. They also have remittance offices throughout Asia and much of the Middle East, as well as some parts of Europe.

BPI (Bank of the Philippine Islands⁴)

Feature	Description
Locations	Has over 1250 branches and 2000+ ATMs. Use BPI’s branch locator to find the nearest.
Services	Good online and telephone banking. Among their checking accounts, there are options specifically for entrepreneurs who want an interest-earning current account. You may also receive additional discounts or perks in local businesses.

In general, opening an account in the Philippines can be quite bureaucratic. Give the process time and be prepared to provide a lot of paperwork. Although some online forums report local branches willing to circumvent the rules (such as allowing you to open an account with limited paperwork), it’s probably not a good idea to do so. Plan ahead so you don’t need to worry about the documentation required.

Banking fees and charges

Before you open a bank account in the Philippines, go through the terms and conditions carefully - especially when it comes to banking fees and charges. The structure of charges might be quite different to what you're used to, so be wary.

Check, for example, if there are account handling fees to keep your account open, or separate charges to be able to use a credit or debit card. You might also fees for withdrawing cash from an ATM operated by a different bank.

How much these charges will impact you will depend on how you use your account, so think carefully before you choose.

If - like many expats - you need to regularly move money between accounts which use different currencies, you’ll want to find the most cost-effective way of doing it. Usually bank fees are very high for this service. As well as a charge for processing the transaction, the exchange rates used can be far from favourable because banks tend to add fees as well as their own profit margin into the exchange rate they offer. This isn’t transparent and is rarely the best deal for the customer.

To get the best deal available, find an exchange service that uses the mid-market exchange rate when they convert your money from one currency to another, like Wise.

With Wise, you can transfer money between bank accounts using the real exchange rate - no mark up, and no hidden fees, just a small, transparent fee for your transaction.

Sources:

BDO - BDO Unibank
Metrobank - Metropolitan Bank and Trust Company
Landbank - Landbank of the Philippines
BPI - Bank of the Philippine Islands
Gotyme - Gotyme Bank Corporation
MariBank - MariBank Philippines
HSBC - The Hongkong and Shanghai Banking Corporation Limited

Sources checked on 19/04/2026

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