Guide to Opening a Business Bank Account in the Philippines

Opening a business bank account is a crucial first step for any business in the Philippines — whether you’re a sole proprietor, part of a partnership, or managing a corporation. It helps separate personal and business funds, ensuring clearer financial records, easier accounting, and better tax compliance.

Having a dedicated business account is also the proper and professional way to manage your company’s finances. Clients and suppliers are more likely to trust and work with a business that uses an official corporate account.

In this guide, we’ll cover the benefits of having a business bank account, the different types of accounts available, the required documents, and the steps involved in opening one. We’ll also introduce the Wise Business account, which can help you send, receive, and hold money in multiple currencies — making it ideal for international transactions.

Why you need a separate bank account for your business

Having a dedicated business bank account is strongly recommended and considered best practice for several reasons:

• Clear separation of finances: Keeping business and personal funds apart simplifies accounting, makes tax reporting easier, and helps avoid compliance issues.
• Professionalism: A business account signals to clients, partners, and investors that the business is legitimate and well-organized, building trust and credibility.
• Better cash flow management: Enables easier tracking of income and expenses, providing a clearer picture of the business’s financial health and supporting more accurate budgeting.
• Access to specialized services: Many banks offer services like business loans, lines of credit, corporate cards, and merchant services only to business account holders.

Types of business bank accounts in the Philippines

There are different types of business bank accounts available in the Philippines to suit a range of operational and financial needs. Many businesses choose to hold multiple accounts. Here’s a closer look at the main options:

Local vs foreign currency accounts

Depending on your business activities, you may open a local Philippine peso (PHP)-denominated account, a foreign currency account, or both:

• Local business accounts: Best suited for domestic operations that involve transactions in PHP, such as payroll, rent, utilities, payments to local suppliers, and taxes.
• US dollar or multi-currency accounts: Ideal for businesses with international clients and suppliers, allowing them to receive and make payments in foreign currencies while helping reduce currency conversion costs.

Checking vs savings accounts

Another consideration is whether you need a business checking account, a business savings account, or, like many businesses, could benefit from having both:

• Checking accounts: Used for everyday business transactions like writing checks, transferring money, ATM withdrawals, and paying suppliers and other regular expenses.
• Savings accounts: Ideal for setting aside surplus funds, earning interest, and building reserves for future needs or emergencies.

Requirements for opening a business bank account

Banks in the Philippines will ask for a set of documents to open a business account. The specific requirements can vary slightly from one bank to another, but here’s a general list of what you’ll usually need, depending on your business structure:

For sole proprietorships

For businesses owned and operated by a single individual, such as freelancers, independent contractors, or other self-employed professionals, the typical requirements include:¹

• Certificate of Registration of Business Name with the Department of Trade and Industry (DTI)
• Application for Registration with the DTI
• Valid government-issued IDs of the owner
• Tax Identification Number (TIN) issued by the Bureau of Internal Revenue (BIR)

For partnerships and corporations

If your business is a partnership or corporation, you’ll need to provide more documents to prove it’s legally registered and to identify your authorized signatories. Common requirements include:

• Securities and Exchange Commission (SEC) Certificate of Registration.
• Articles of Incorporation/Co-Partnership and By-Laws.
• A notarized Board or Partnership Resolution authorizing the account opening and designated signatories.
• A list of directors, officers, and stockholders.
• Valid IDs and TINs for all authorized signatories.

How to open a business bank account

Whether you’re a sole proprietorship or a corporation, the process of opening a business bank account in the Philippines is similar. Follow this step-by-step guide to navigate the application process smoothly:

• Step 1: Decide on the account type. Consider whether a checking, savings, PHP-denominated, USD, or multi-currency account best fits your operations.
• Step 2: Research and choose a bank. Compare banks such as BPI, BDO, and UnionBank based on their features, fees, and services to determine which one best suits your business needs.
• Step 3: Gather the Required Documentation. Prepare all the necessary legal and identification documents outlined in the previous section, and check if your chosen bank has any additional requirements.
• Step 4: Visit the bank or apply online. Fill out the bank’s application form completely and accurately. Most traditional banks require a branch visit to submit documents, sign forms, and verify your identity when opening a business account, although some allow online applications.²
• Step 5: Deposit the initial amount. Fund the account with the bank's required minimum initial deposit, which can range from 10,000 PHP to 100,000 PHP or more, depending on the bank, account type, features, and size of your business.³⁴
• Step 6: Activate your account and online services. Once approved, your bank will provide your account details. Complete the activation process, which may include confirming your deposit or collecting your checkbook or debit card. Then, enroll in online banking to manage your account and finances.

Key factors to consider when choosing a bank

Not all banks or business accounts are the same, so it’s important to ensure the one you choose will meet your company’s current and future financial needs. Below are some key factors to consider when evaluating your options:

• Look for an account with reasonable and transparent fees for transactions, cash deposits, and other banking activities.
• Ensure the bank offers a reliable and user-friendly online and mobile banking platform for managing funds on the go.
• If you work with international clients, prioritize banks that offer good international banking features and competitive foreign exchange rates.
• Consider how easily you can reach customer support and how quickly they respond to resolve issues so you can avoid disruptions.
• Check the minimum balance requirement and any fees charged if your account falls below it.
• Assess the bank’s reputation and the accessibility of its branches and ATMs.

💡When comparing different banks and business accounts, it’s also worth exploring non-bank alternatives — especially if your business works with international clients or suppliers.

Traditional banks often impose steep fees on cross-border transactions through inflated exchange rates, high conversion fees, and hidden charges.

Modern fintech solutions like Wise Business offer a smarter way to manage international payments. With Wise, you always get the real mid-market exchange rate, and can hold and transact in 40+ currencies. This means that, no matter where you do business globally, you have more options to receive payments from overseas customers and send payments to foreign suppliers and employees more cheaply, and with faster turnarounds.

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Frequently asked questions (FAQ)

Can a foreign-owned business open a bank account in the Philippines?

Yes. However, you’ll need additional documents, such as a Certificate of Authority to Operate from the SEC and proof of a local representative.

What is a Treasurer’s Trust Fund Account (TTFA)?

A TTFA, also known as a Treasurer-in-Trust Fund (TITF), is a temporary bank account opened during the company registration process. It’s used to hold the paid-up capital, as you cannot open a regular corporate bank account until after your business is registered with the SEC.

The paid-up capital is the amount of money you must deposit to start a corporation. The minimum is often 5,000 PHP, but it can be significantly higher depending on the nature of the business.⁵

Once the SEC registration is complete, the TTFA is converted into a regular corporate account.⁶

Do I need a business account to accept credit card payments?

You don’t always strictly need a business account for every payment processor; however, in many cases, it’s required. For example, if you use Stripe to accept card payments on your online store, you can link a personal bank account if you’re operating as a sole proprietor. But if your business is incorporated, a business account is mandatory.⁷

That said, using a business account is highly recommended to maintain clear financial records. Mixing business revenue with personal funds is not considered best practice and may raise red flags with tax authorities and regulators. Most payment processors allow you to use a business account from traditional banks or non-bank providers like Wise.

Conclusion

Opening a dedicated business bank account is a smart first step for any serious entrepreneur in the Philippines. It lays the foundation for sound financial management, supports legal and tax compliance, and boosts your business’s credibility with clients, suppliers, and partners.

By carefully choosing a bank and account type that match your business needs — whether a PHP checking account for local operations, a USD account for international payments, or a savings account for building reserves and growth — you can establish a strong financial footing for your company’s long-term success.

You may also want to explore business accounts from fintech alternatives like Wise Business, which let you transact in multiple currencies and avoid many of the fees and complexities associated with traditional banks — especially useful if your business regularly handles cross-border payments.

➡️Get started with Wise Business today

Sources:

1. Business Regular Checking Account | Metrobank
2. How To Open A Business Account Via UB Negosyante - YouTube
3. Business Checking | BPI
4. Corporate Deposit Rates | BPI
5. Paid-Up Capital – Incorporation in the Philippines
6. Corporate Treasurer-in-Trust Fund Account | BDO ASEAN, Australia Desk
7. Stripe: Help & Support

Sources checked on: 29th September 2025