Best Small Business Bank Accounts in the Philippines

Opening a business bank account in the Philippines can feel daunting, especially for small business owners navigating paperwork, requirements and fees for the first time.

This article provides a clear, step-by-step guide to opening a local business bank account, covering the essential documents required, fees, and practical tips to make an informed choice. You will find a list of the most popular small business and non-bank accounts in the Philippines to consider. And, we will also introduce Wise Business, a flexible solution that enables you to manage payments efficiently and cut costs, especially if your business deals internationally.

Table of contents
Why every Filipino small business needs a dedicated corporate account Best small business accounts for Philippine businesses Navigating bank fees and choosing the right account Digital banks vs. Traditional banks for your business: What's best? How to open a small business account in the Philippines Frequently asked questions (FAQ)

Why every Filipino small business needs a dedicated corporate account

Using a dedicated corporate bank account keeps personal and business finances separate, making records clearer for bookkeeping and tax filing while reducing compliance risks. It also helps ensure deductible expenses aren’t missed and boosts credibility with clients, suppliers, and partners compared to using a personal account.

On the regulatory front, corporate accounts must comply with the Bangko Sentral ng Pilipinas (BSP) guidelines¹ and Know Your Customer (KYC) rules. These requirements are designed to protect your business and the wider financial system from fraud and money laundering. You will be required to provide proper registration documents when opening your account.

At the same time, small business owners face a practical pain point: many Philippine corporate banks limit foreign currency options to the basics, such as USD or EUR. If you deal internationally, this can force you into costly conversions. That’s why businesses increasingly look for cost-effective, accessible solutions that go beyond traditional offerings. Multicurrency alternatives like Wise Business account offer reduced fees, support multiple currencies, and make global payments simpler and significantly faster.

Best small business accounts for Philippine businesses

Here's a handy table comparing the popular bank and non-bank options in the Philippines. We will cover each account in a little more detail below.

Account	Minimum balance	Monthly fees	Currencies supported	Payment options	Digital banking features
Maya Business²	No minimum balance ³	No monthly fee	PHP	Free transfers via InstaPay, PESONet or Maya. Collect customer payments via credit cards, debit cards, WeChat Pay, QRPh, GrabPay, GCash and more.	Maya App
First Circle⁴	No minimum balance	No monthly fee	PHP	Free transfers via InstaPay or PESONet. Batch payments.	First Circle banking app
UnionBank Biz Starter⁵	5,000 PHP	No monthly or annual fees	PHP	Free Transfer via PESONet. 10 PHP per transaction via InstaPay. 1 USD per transaction via PDDTS⁶	MSME business banking app
BPI BizLink Checking Account⁷	10,000 PHP	No monthly fee. Fall below fee is not publicly stated.	PHP	50 PHP per transaction via PESONet⁸.	BPI BizLink
Chinabank Peso Checking Account¹⁰	5,000 PHP	No monthly fee. 300 PHP if account balance is below minimum balance¹¹.	PHP	20 PHP per transaction via PESONet¹². 10 to 15 PHP per transaction via InstaPay.	Chinabank online corporate banking portal
Wise Business¹⁴	No minimum balance.	No monthly fee.	40+ currencies.	Send money locally and internationally with low fees from 0.57%	Fully digital provider (non-bank)

*Details are correct at the time of research - 19 September 2025

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Navigating bank fees and choosing the right account

Traditional banks often come with hidden costs that can quietly drain your business funds. Monthly maintenance fees or fall-below charges may apply if your balance dips under a set amount, eating into cash flow.

If your business handles foreign transactions, you may notice that banks tend to add a markup on their foreign exchange rates. Over time, these hidden exchange rate markups add up, reducing your profitability, making it harder to manage expenses transparently and efficiently.

When choosing a business bank account for your small business in the Philippines, you should also take note of the following:

Minimum Initial Deposit

Most traditional banks require an opening deposit to activate your business account, depending on the account type. While it may not seem like a big deal, tying up cash here can be limiting for small businesses that need every peso for operations.

Account Maintenance Fees

Banks often charge monthly maintenance fees or “fall-below” fees if your balance dips under the required minimum. These costs can quickly add up, especially during lean months, affecting your cash flow.

Transaction Fees (PESONet, InstaPay)

Fund transfers will not always be free. While some accounts offer fee waivers on transactions made via PESONet or InstaPay, banks could revise their policies periodically. If your business relies heavily on local transfers for supplier or payroll payments, keep an eye out for updates.

Foreign Exchange Rates

If you pay or receive money in foreign currencies, banks add a markup on the prevailing exchange rate. This means you don’t get the true mid-market rate, which is the rate you see when you search for exchange rates online.

The hidden spread makes cross-border payments much more expensive. So if your business handles international payments, you may want to consider alternatives like Wise Business, which offers the mid-market rate with transparent, low conversion fees.

SWIFT/BIC Codes

Banks typically rely on the SWIFT network for international transfers. Each transaction requires a SWIFT or BIC code and often involves intermediary banks. This process can take days to process and incur additional fees at each step, making it less cost-efficient. Businesses with frequent global payments should account for these delays and costs when choosing a bank.

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Maya Business Deposit²

Maya Business Deposit allows Maya Business clients to receive payments, transfer funds, send bulk payments and earn an interest of 2.5% on deposits. There are no minimum deposits or balance required, and fees for transfers via PESONet and InstaPay are waived³.

While Maya Checkout allows collection of payments in PHP and USD, there are no indications that Maya Business Deposits can support foreign currencies at the point of writing.

Unfortunately, Maya Business Deposits are only available to select Maya Business Manater merchants at the point of writing. You would need to contact Maya Business to become a merchant before you can gain access to this business account.

First Circle⁴

First Circle is a digital financial platform in the Philippines that offers affordable business loans and financial services via its free online business bank account. There are no fees to maintain the account, transfers are fee-free without limits, and you can open an account within minutes.

There are no indications that First Circle can support foreign currencies at the point of writing.

UnionBank Biz Starter⁵

UnionBank Biz Starter is a business checking account designed for small businesses in the Philippines. It offers a low entry point with just a 5,000 PHP opening deposit and convenient digital banking features via the MSME business banking app. It provides credibility and the structure of a traditional bank while keeping onboarding relatively simple.

While they do not state explicitly, you should note that while PESONet transfers may be free, there may be a 10 PHP charge per transaction made via InstaPay⁶. There are no indications that UnionBank Biz Starter can support foreign currencies at the point of writing.

Bank of the Philippine Island (BPI) Bizlink Checking account⁷

BPI BizLink Checking account offers a checking facility and digital banking services through BizLink Mobile, giving small businesses a wider range of options. However, this account requires a 10,000 PHP initial and maintaining balance, which could be restrictive for smaller enterprises, and can only support transfer via PESONet⁸.

While BPI supports 11 foreign currencies⁹, there are no indications that BPI’s business banking accounts allow foreign transactions. Should you prefer a savings or current account for your business, you would need to visit a BPI branch for more information.

Chinabank Peso Checking Account¹⁰

Chinabank’s Peso Checking Account is a practical choice for businesses, requiring only a 5,000 PHP initial deposit and maintaining balance, with features like a cheque book and monthly statements. The account offers the reliability of a long-established bank and access to Chinabank’s branch and ATM network. You also get access to digital banking services via an online corporate banking portal.

However, maintaining a balance requirement could be restrictive, and there are charges for local fund transfers made via PESONet and InstaPay¹², which may rack up to a significant expense for small Philippine businesses that make local transfers frequently.

While there are no indications that Chinabank’s business bank accounts can support foreign currencies, the bank can support USD, EUR, CNY and JPY¹³. However, you would be required to open separate foreign currency savings accounts with separate minimum deposit requirements.

Wise Business

Wise Business is a low-cost banking alternative with no minimum balances required. A one-time fee of 1,400 PHP gives you access to a multi-currency account that lets you get paid locally in 10 major currencies including USD, EUR, GBP, and SGD. Simply share your US routing number, EUR IBAN, and more to receive payments from international clients quickly with zero fees. You can send and receive local payments via PESONet and InstaPay at zero costs¹⁴, while enjoying mid-market exchange rates(i.e. no hidden exchange rate markups) on currency conversions that occur for cross-border transactions.

While Wise Business is not a full-service bank - there are no physical branches or cash handling services - it offers useful features for small businesses, such as:

• batch payments (useful when you need to pay multiple suppliers or handle payroll for several employees frequently)
• debit cards (for managing your team spend)
• integrations with accounting tools like Xero and QuickBooks.

*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.

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Digital banks vs. Traditional banks for your business: What's best?

• Digital Banks (e.g., Maya): Digital banks offer speed and convenience with quick online onboarding and full mobile app access, removing the need for branch visits. Many provide free or low-cost transfers, making them ideal for startups and SMEs seeking flexible banking with minimal paperwork and lower fees.
• Traditional Banks (e.g., UnionBank): Traditional banks offer established credibility, a wider range of financial products such as loans and credit lines, and nationwide branch access for personalised service. Their extensive ATM networks make cash handling easy, making them a reliable option for Philippine business owners who value in-person support.

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

• 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

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How to open a small business account in the Philippines

Step 1: Business registration

Register your business with the Department of Trade and Industry (DTI) for sole proprietorship or the Securities and Exchange Commission (SEC) for corporations or partnerships. You will need to provide the certification of registration from DTI or SEC when opening a business account.

Step 2: Obtain necessary permits

To operate your business, you would need to obtain a Mayor’s Permit or Business Permit from the Local Government Unit (LG) where your company is located at¹⁵. Requirements for the applications of these permits vary depending on the local regulation of your city.

Step 3: Tax identification

Businesses in the Philippines must obtain a Taxpayer Identification Number (TIN) from the Bureau of Internal Revenue (BIR)¹⁶. Your TIN will be used as an identifier for tax purposes. You may be required to provide a TIN number when applying for a business bank account.

Step 4: Choose a bank

Compare banks based on fees, branch/ATM access, and digital banking features such as local fund transfer and foreign currency support, depending on your business needs. Digital options may suit lean businesses, while traditional banks offer wider coverage.

Step 5: Prepare required documents

Depending on the bank and your business’s nature, your requirements may vary. Here is a list of required documents that most banks may ask for:

• DTI or SEC Registration
• Business TIN number or BIR Certificate of Registration (COR)
• Mayor’s/Business Permit
• Valid government IDs of owners/signatories
• Proof of business address (e.g., utility bill or lease contract)

Step 6: Application submission:

Submit your application online (where available) or visit a branch.

Step 7: Account activation

Once approved and the initial deposit is made (if applicable), your account is activated. You’ll receive your account number, access to online banking, and a cheque book (if applicable).

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Frequently asked questions (FAQ)

Which type of bank account is best for a small business in the Philippines?

The best small business account depends on your needs. Traditional business accounts, such as those offered by UnionBank and BPI, are great for local payments and provide credibility, cheques, and branch access. For international dealings, multicurrency business account options like Wise Business help to lower costs incurred from conversion fees and hidden exchange rate markups. Depending on your needs, small businesses in the Philippines may benefit from using both.

How much does it cost to open a business account in the Philippines?

The cost to open a business account in the Philippines varies by bank, but traditional banks have started offering business accounts that require initial deposits starting from 5,000 PHP. You should note that many such accounts have a monthly maintenance balance requirement to avoid fall-below fees. Digital alternatives like Wise Business charge only a one-time setup fee, with no minimum deposit or monthly fees.

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Conclusion

Opening a dedicated business bank account is essential for clear bookkeeping, tax compliance, and building credibility. When choosing a bank account for your small business in the Philippines, remember to always compare fees, maintaining balances, and digital features that serve your business’s needs.

For small businesses with international dealings, Wise Business offers a low-cost, fuss-free solution to streamline payments, cut hidden costs, gain access to mid-market exchange rates, and manage over 40+ currencies within a single account easily.

➡️Get started with Wise Business today

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Sources:

1. Manual of Regulations for Banks (MORB) | BSP
2. Maya Business Banking
3. What are the fees charged to my Maya Business Deposit account?
4. Online Business Bank | First Circle Philippines
5. UnionBank Biz Starter
6. Help Center | UnionBank
7. BizLink Checking | BPI
8. Transfer features | BPI
9. Foreign Exchange | BPI
10. Business Checking Accounts | Chinabank
11. Account Fees and Charges | Chinabank
12. Frequently Asked Questions Fund Transfer | Chinabank
13. Foreign Currency Accounts | Chinabank
14. Fees for getting paid & adding money | Wise Business Account
15. Business Permit (Mayor’s Permit) Registration in the Philippines
16. BIR Business TIN Registration in the Philippines | BRP

Sources checked on 19th Sep 2025