Chinabank Business Account: Everything Philippine Businesses Should Know

With the growing demand for business finance solutions in the Philippines, banks now offer business bank accounts with a lower barrier of entry that come with a comprehensive suite of business banking tools for Filipino entrepreneurs and business owners.

Chinabank has established itself as one of the country’s trusted banks, offering business accounts that provide essential features such as access to a nationwide branch and ATM network, cheque facilities, and other banking services designed to support your operations. In this guide, we outline everything you need to know about the Chinabank business account, including its fees, requirements for opening an account, and key features that could benefit your business.

We will also introduce Wise Business as a modern banking alternative that helps Philippine businesses transact globally with ease. From holding and managing multiple currencies in one account to sending and receiving international payments at low, transparent fees, Wise Business can be a smarter solution if you’re looking to expand beyond local borders.

What is a Chinabank business account, and how does it work?

Chinabank offers a range of business accounts¹ to meet the needs of Filipino businesses. These include:

• Peso Savings Account¹: A business savings account with a low opening deposit and minimum balance of 5,000 PHP, while giving businesses access to critical banking features and the capability to earn interest on their deposited Pesos.
• Peso Checking Account²: A business checking account with a low opening deposit and minimum balance of 5,000 PHP with essential banking features, along with the ability to issue checks and earn interest on deposits.
• Foreign Currency Savings Account³: A business savings account that lets businesses transact and earn interest on their foreign currencies. These are limited to USD, EUR, CNY, and JPY, and you’ll need to maintain a separate account for each currency. Telegraphic transfers are available for USD, EUR and CNY foreign currency savings accounts⁴, while you’ll have to visit a branch to receive or send JPY.

Chinabank business accounts have access to the Chinabank online corporate banking⁵ portal, from which account holders have access to banking services and tools such as transactions, e-payments, reports, intra and inter-bank transfers and much more.

Chinabank business accounts pricing⁶

Details accurate as of 3 Oct 2025

What types of businesses in the Philippines stand to benefit most from having a Chinabank business account?

Chinabank business accounts have their strengths and limitations. Whether they are a good fit for your business will depend largely on the scope of your operations and the unique needs of your business.

As one of the trusted banks in the Philippines with a long history, Chinabank is seen as a reliable and secure business finance solution provider. The bank’s business Peso savings and Peso checking accounts require minimum balances of just 5,000 PHP, which should not impact your cash flow significantly.

In addition, funds deposited in the Peso savings accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP 1,000,000 per depositor, giving business owners peace of mind. Businesses also benefit from access to Chinabank’s corporate online banking portal and physical branch network.

However, there are important limitations to consider.

If your company handles cross-border payments, Chinabank’s international services may be complex and difficult to navigate. The bank does not publicly disclose its telegraphic transfer fees, making it hard to anticipate costs.

With many traditional banks, foreign currency transactions often come with hidden foreign exchange markups, slower processing speeds, and additional fees passed on by intermediary banks.

Furthermore, Chinabank’s foreign currency savings accounts only cover four currencies (USD, EUR, CNY, and JPY), and you’ll need to maintain a separate account for each currency. In contrast, with Wise Business you can manage over 40 currencies, including PHP, all within a single consolidated account that gives you access to mid-market exchange rates and transparent fees.

Taking the above advantages and limitations into consideration, the Chinabank business account is best suited for:

1. Businesses that operate solely within the Philippines: Small and medium-sized enterprises that primarily trade in pesos, serve local customers, and want the assurance of PDIC-insured deposits will find value in Chinabank’s business savings account. If your business requires checking facilities, you can consider Chinabank’s checking savings account. The affordable opening balance and wide branch presence make it a practical option for businesses that collect local payments and pay their suppliers and employees in Pesos.
2. Traditional businesses needing a local banking partner: Companies that rely heavily on issuing cheques, require passbooks or teller-based services, or want face-to-face support from a local bank they know and trust may find Chinabank’s offerings more suitable than a digital-only alternative.

However, for Filipino businesses with international suppliers, overseas clients, or plans to expand abroad, the limited foreign currency coverage and opaque fees of Chinabank can quickly become a disadvantage.

In such cases, a Wise Business account could provide you with an account that comes with more local account details to receive foreign currency payments, as well as a transparent fee structure that won’t leave you wondering where your hard-earned money disappeared to every month.

How to open a Chinabank business account in the Philippines: Step-by-step guide

Prepare required documents

Here are the required documents you should prepare before heading down to a branch to open your Chinabank business account⁸:

Sole Proprietorship businesses should prepare:

• Certificate of Registration of Business Name from the Department of Trade and Industry Philippines (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 or Preferential Tax Treatment, if your business is exempt from withholding taxes

Partnership businesses should prepare:

• Securities and Exchange Commission (SEC) Certificate of Registration
• Articles of Co-Partnership
• Notarised Partnership Resolution or Agreement, designating the following:
• Chinabank as its depository bank
• Authorised signatories
• Certificate of Tax Exemption or Preferential Tax Treatment, if your business is exempt from withholding taxes

Domestic Corporate business should prepare:

• 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:
• Chinabank as its depository bank
• Authorised signatories
• Certificate of Tax Exemption or Preferential Tax Treatment, if your business is exempt from withholding taxes

Visit a Chinabank branch

To open a Chinabank business account in the Philippines, you will need to visit a Chinabank branch with the required documents.

Wait for approval

After you have submitted your business bank account application, you will need to wait for Chinabank to verify your documents before your business bank account is set up and approved for your use. You may be required to transfer the opening deposit during the application process.

Wise Business: A great alternative to Chinabank business accounts

• 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

Conclusion

Chinabank business accounts provide businesses in the Philippines with a reliable and familiar way to manage day-to-day finances. With affordable opening deposits and minimum balances, access to a nationwide branch and ATM network, they offer a trusted banking solution for SMEs and traditional businesses that operate mainly in pesos.

However, if your Filipino business needs to send or receive payments abroad, Chinabank’s limited foreign currency options may not suit your long-term goals. The lack of transparency on international charges and slower transfer speeds can also add unnecessary complexity to your operations.

For companies with regional suppliers, overseas clients, or global ambitions, a Wise Business account offers a smarter alternative. With the ability to hold, send, and receive 40+ currencies in one account, transparent mid-market rates, and no hidden fees, Wise makes it easier for Philippine businesses to transact confidently worldwide.

Learn more about Wise Business

Sources:

1. Business Accounts | Chinabank Philippines
2. Business Checking Accounts | Chinabank Philippines
3. Foreign Currency Savings | Chinabank Philippines
4. Foreign Currency Savings Account Details | Chinabank Philippines
5. Online Corporate | Chinabank Philippines
6. Account Fees and Charges | Chinabank Philippines
7. Fund Transfer FAQs | Chinabank Philippines
8. Account Opening | Chinabank Philippines

Sources checked on 3 Oct 2025