Business Checking Account in the Philippines: Compare Fees, ADB, & Global Payment Options

Sanjeed V K

Choosing the right business checking account in the Philippines isn’t as simple as walking into a branch and picking a plan, especially if you invoice clients abroad, pay overseas suppliers, or need to hold more than just PHP.

Most Philippine business bank checking account options are great for local checks, payroll, and PESONet/InstaPay transfers, but they can feel limiting once you need multiple currencies or faster, cheaper cross-border payments.

Many providers still focus on a handful of major currencies (USD/EUR/GBP), which leaves a gap if your business also deals in AUD, SGD, JPY, or others.

This guide helps you navigate this.

We’ll compare leading banks side by side, so you can quickly weigh initial deposits, ADB (average daily balance), monthly fees, digital tools, and global payment features, then decide what the best business checking account looks like for your company.

We’ll also show how a modern, non-bank alternative like Wise Business can empower your business to make payments, get paid and spend globally in 40+ currencies — useful if you’re a small business that’s starting to go global.

Table of contents

Why a business checking account matters in the Philippines

To understand the importance of a dedicated business checking account, you’ll first need to know the difference between personal and business accounts.

In short, a personal account is built for one person’s everyday spending, while a business checking account is built for a registered business’s money, with extra controls, documentation, and tools that keep operations, tax, and compliance clean.

And here’s why that matters:

  • Legal and compliance requirements (BSP). Banks follow Bangko Sentral ng Pilipinas (BSP) rules on Know Your Customer (KYC) and Anti-Money Laundering (AML)¹. Keeping your transactions in a proper business account makes it straightforward for the bank to verify owners and authorized signatories, document beneficial ownership, and complete ongoing reviews.
  • Benefits for financial management. A dedicated business account makes adding up numbers faster and cleaner. You get clearer expense tracking, smoother payroll runs, and quicker tax preparation. Statements map neatly to cost centers and invoices, approvals are easier to manage, and the month-end close turns into a predictable process instead of a scramble.
  • Building credibility and keeping finances separate. Vendors, clients, and potential lenders take you more seriously when payments come from a registered business account in the company’s name. Separating personal and business money also prevents avoidable disputes, strengthens your paper trail for audits, and sets you up to scale, whether that means adding new signatories, setting spend controls, or integrating directly with your accounting software.

➡️Here’s a more in-depth look at why using a personal bank account for business in the Philippines could backfire.


Popular business checking accounts and non-bank alternatives in the Philippines

Below is a side-by-side look at well-known bank providers plus a non-bank, multicurrency option (Wise Business).

ProviderInitial depositMinimum balance/ADB (average daily balance)Monthly account feesCurrencies supportedInternational transfer feesNotable features
BPI (Bank of the Philippine Islands) Business Checking²PHP 10,000PHP 10,000Not listed (fall-below penalties may apply)PHPService charge PHP 600 per transfer, plus documentary stamp tax of PHP 0.60 for every PHP 200 remitted); third-party charges (correspondent/settlement and beneficiary bank fees) likewise vary and can be borne by the recipient or the sender³BizLink corporate platform; PESONet/InstaPay; outward remittance via app/online; gpi status tracking
UnionBank BizStarter⁴PHP 5,000PHP 5,000None (fall-below penalty of PHP 1,000 if ADB falls below ADB for 2 consecutive months⁵)PHPGlobal Transfer (non-SWIFT): USD 20 per transfer⁵

SWIFT: USD 5 commission + USD 15 cable fee⁵

If “OUR” (sender covers correspondent fees): add correspondent charges by currency⁵:

USD: + USD 20

EUR: + USD 20 + EUR 10

JPY: + USD 20 + JPY 2,500

GBP: + USD 20 + GBP 10

AUD (ANZ beneficiary): + USD 20 + AUD 15

AUD (non-ANZ beneficiary): + USD 20 + AUD 25

AUD (beneficiary outside Australia): + USD 20 + AUD 35

Other currencies: + USD 20 (or equivalent)

If funded by third-currency notes (including notes deposited to a FCDU, within 30 days): 0.25% of the amount (minimum USD 5)

Online business account opening; “The Portal”; deposit checks in-app; approvals & payments online
China Bank ChinaCheck Plus⁶PHP 5,000PHP 5,000None (fall-below penalty of PHP 500 if ADB falls below ADB for 2 consecutive months⁷)PHPSWIFT available; fees vary by channel/partner and may include correspondent charges (bank directs customers to check per channel)⁸Checkbook; monthly statement of account; passbook option on some variants
Metrobank Business Regular Checking⁹PHP 10,000PHP 10,000None (fall-below penalty of PHP 300 if ADB falls below ADB for 2 consecutive months¹⁰)PHPForeign transfer USD 10 or PHP 500 per transaction; correspondent/beneficiary bank fees may apply¹¹Branch opening, business checking with checkbook; wide branch footprint
RCBC Corporate Regular Savings¹²PHP 10,000PHP 10,000None (fall-below penalty of PHP 750 if ADB falls below ADB¹³)PHPForeign outward remittance (via SWIFT)¹³:

Over-the-counter (OTC): USD 10 per transfer

Online (RCBC Online Corporate “ROC” or RCBC Online Retail “ROR”): USD 8 per transfer

Charge type “OUR” (you cover intermediary/recipient bank fees): USD 25 additional¹³

Corporate checking tiers (Regular/Dragon); online check deposit for RCBC checks below 500k PHP(cut-off applies)
Wise Business¹⁴1,400 PHP one-time fee to unlock local account detailsNoneNoneHold 40+ currencies; local account details in 10+ currenciesTransparent, per-currency conversion fee shown upfront starting from 0.57%; conversions always use the mid-market exchange rateBatch payments; Xero/QuickBooks sync; business cards; fully digital onboarding

Details accurate at time of research — 18 September 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.


Choosing the right business checking account in the Philippines

Finding the best business checking account comes down to

  • how you move money day to day, and
  • what it costs when you do.

Here’s a quick checklist for Filipino businesses comparing options across banks and modern providers.

Minimum deposits and average daily balance (ADB)

Check both the initial deposit and the required ADB. Falling below ADB typically triggers a monthly penalty.

🎓Quick refresher: ADB is the sum of each day’s end-of-day balance divided by the number of days in the cycle. If you’re frequently near the threshold, choose a small business checking account with lower ADB or flexible fee waivers.

Fees (read the fine print)

  • Fall-below/maintenance: Charged when your ADB isn’t met.
  • Transactions and branch services: Checkbook issuance, per-check clearing, stop-payment, over-the-counter deposits/withdrawals, cashier’s checks.
  • Domestic transfers: PESONet (good for scheduled payroll/vendor runs) and InstaPay (near-instant, lower amounts). Some providers price them differently for business users.
  • International transfers: Expect your bank’s outward fee plus potential correspondent/recipient bank charges and a foreign exchange markup when converting. Time frames are usually business-day based.

Digital banking and mobile experience

Ideally, you want multi-user access with clear maker–checker approvals, batch payments for payroll and vendors, and visible cut-off times so value dates aren’t a guess.

Exports should be instant in comma-separated values (CSV), Excel (XLS/XLSX), and Portable Document Format (PDF). Bonus points for in-app approvals, scheduled payments, and, where offered, mobile check deposit.

Global currencies support

If you earn or spend in foreign currencies, confirm you can hold them (often via a Foreign Currency Deposit Unit (FCDU) account) instead of auto-converting to pesos.

Ask how foreign exchange is priced: mid-market rate paired with a small, transparent conversion fee helps you understand exactly how much you are paying upfront for every transaction (as opposed to an exchange rate that actually contains a hidden-exchange rate markup).

For cross-border transfers over the SWIFT network, Global Payments Innovation (gpi) tracking helps, but you should still clarify who covers intermediary and recipient bank fees before you hit send.

Accounting integrations

Close the books without firefighting. Direct feeds into Xero and QuickBooks cut reconciliation time and errors; when a live feed isn’t available, clean CSV exports with payee, invoice/reference, and memo fields keep your ledgers tidy.

Customer support and onboarding

Speed varies by entity: sole proprietors are typically quicker; partnerships, corporations, and One Person Corporations (OPCs) require more time because more people and documents need to be verified. Before you commit, ask about business support hours, a named point of contact, and typical turnaround for everyday requests like adding signatories, changing limits, or issuing cards.


Wise Business vs traditional business checking accounts

Wise Business keeps costs predictable and straightforward: you see a transparent per-currency fee before you send, and any conversion uses the mid-market exchange rate with no hidden margin.

Compare that with traditional banks, which often quote a headline transfer fee, then recover more through the foreign exchange spread and layered third-party charges that emerge only after the payment is made.

Wise Business also functions as a single, unified platform with features like multi-user access with role-based approvals, batch payouts, real-time payment status, and native syncing to Xero and QuickBooks. In contrast, legacy bank setups tend to be split across separate remittance modules and manual processes with limited user roles, slowing teams down and causing multiple inefficiencies in your workflow.

Ready for more predictable pricing and a cleaner, faster financial workflow?

➡️ Open a Wise Business account and run your global payables with transparent fees

How to open a business checking account

Here’s a practical requirements checklist by business type, plus a simple step-by-step account opening guide you can follow¹⁵.

For sole proprietorship accounts:

  • Certificate of Registration of Business Name with DTI
  • Application for Registration with DTI
  • Special Power of Authority (SPA) if the signatory is other than the owner of the business
  • Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For partnership accounts:

  • SEC Certificate of Registration
  • Articles of Co-Partnership
  • Partnership Resolution or Agreement duly notarized, designating the following:
  • Applied bank as its depository bank
  • Authorized signatories
  • Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For domestic corporate accounts:

  • SEC Certificate of Filing Articles of Incorporation
  • SEC Certificate of Filing Articles of By-Laws
  • Articles of Incorporation and By-Laws
  • Board Resolution duly certified by the Corporate Secretary, designating the following:
  • Applied bank as its depository bank
  • Authorized signatories Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For foreign corporate accounts:

The following documents authenticated by the Philippine Consul:

  • Articles of Incorporation
  • By-Laws
  • Board Resolution duly certified by the Corporate Secretary, designating the following:
  • Applied bank as its depository bank
  • Authorized signatories
  • SEC License to do business/to operate in the Philippines

Step-by-step application process

  1. Choose your account type and confirm costs. Check the initial deposit, ADB, fall-below penalties, and whether you need a checkbook.
  2. Assemble your documents. Make clear scans and bring originals. Prepare your Board/Partnership resolution with exact signing rules (e.g., any two of three).
  3. Pre-apply online (if offered). Some banks allow SMEs to initiate the process digitally. Corporations/partnerships typically finalize in a branch.
  4. Visit the branch for KYC and signatures. Authorized signatories should be present to submit IDs, provide specimen signatures, and sign account opening forms.
  5. Fund the initial deposit and request check services. Order checkbooks (if needed) and ask about stop-payment, replacement, and per-check fees.
  6. Enroll in business online banking. Set user roles, approval limits, and notifications. Test a small PESONet or InstaPay transfer to confirm access.
  7. Connect accounting and set controls. Link or export to Xero/QuickBooks, map categories, and turn on alerts for large/foreign transactions.
  8. Roll out to the team. Add additional signatories or view-only users, issue cards (if available), and document the approval flow to ensure finance operations are consistent.

Business checking account FAQs

Can I open a business checking account online in the Philippines?

Sometimes, especially for sole proprietors and micro/SME products. Many banks let you start online, then finalize at a branch for ID checks and signatures. Partnerships, Corporations, and OPCs are more likely to require in-person KYC for all authorized signatories.

What fees should I expect with a business checking account?

Plan for:

  1. Initial deposit and average daily balance (ADB)
  2. Fall-below penalties if ADB isn’t met;
  3. Check services (checkbook issuance, per-check clearing, stop-payment);
  4. Domestic transfers (PESONet/InstaPay pricing may differ for business users); and
  5. International wires, which typically include your bank’s fee plus intermediary/recipient bank charges and a foreign exchange markup when converting currencies.

Monthly “maintenance” fees are less common but do exist on some tiers; always check the fine print.

How can I receive international payments more cost-effectively?

Avoid the currency conversions by collecting payments like a local from your clients, using local account details.

With Wise Business, you get access to 10+ local account details, so overseas clients can pay you via their domestic method — often faster and with fewer third-party fees than traditional cross-border wires. Your client pays you into the account details you provided. The money arrives in your Wise Business account in the currency they sent (e.g., USD, EUR, GBP, etc.).

This way, no foreign currency conversion is needed when the payment is received, so you can avoid incurring expensive conversion fees and unfavorable foreign exchange rates.


Build your business from the ground-up with Wise Business

Choosing the right business checking account isn’t just about opening the first corporate account you’re offered.

It’s also about:

  • matching your cash-flow patterns,
  • ADB tolerance, and
  • day-to-day operations with the features (and fees) that actually matter.

For local payments, checks, payroll, and PESONet/InstaPay, a peso Philippine business bank checking account from a major provider works great. But if you also send or receive money across borders, then using a modern multicurrency business account that gives you clearer foreign exchange rates and fees, alongside faster collections, and fewer surprises, is the smarter way to go.

Ready to streamline your business finances and save on international transactions?

➡️Open a Wise Business account today.


Sources:

  1. Signzy AML/KYC in the Philippines
  2. BPI Business Checking
  3. BPI remit fees
  4. UnionBank MSME products
  5. UnionBank fees and charges
  6. Chinabank accounts
  7. Chinabank fees and charges
  8. Chinabank remittance fees and charges
  9. Metrobank Business Regular Checking Account
  10. Metrobank application requirements
  11. Metrobank how to create domestic foreign transfer
  12. RCBC Corporate Regular Savings
  13. RCBC fees and charges
  14. Wise Business pricing
  15. Chinabank accounts application requirements

Sources checked on: 18 September 2025


*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location