Philippine Bank Account for Foreigners

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davemre
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Philippine Bank Account for Foreigners

Postby davemre » Fri Nov 11, 2016 8:28 pm

http://www.cebuanas.com/blog/2014/09/08/Administrator/philippine-bank-account-for-foreigners


Foreign residents can open a bank account in the Philippines. For those who have stayed for at least 180 days can open accounts similarly to Filipino citizens. Non-resident foreigners are usually allowed to open foreign currency deposit accounts only.

When opening an account, you may present your passport and/or Alien Certificate of Registration (ACR I-Card). Other banks may let you open an account without the ACR I-card, but check out with the bank first because other banks have different requirements. You can get the ACR I-card at the nearest Immigration Office. After the approval process, you can have your ATM Card that allows you to withdraw money at ATM machines nationwide.

Philippine banking hours is from 9:00am to 3:00 in the afternoon from Monday to Friday. Other banks, like BDO and Metrobank, and the ones in the shopping malls are open on Saturday except for public holidays. All banks in the Philippines, either private or government-owned, always make sure that your deposits are safe and secure.

For ATM withdrawal, daily transaction limits per bank may vary but commonly it is:
Maximum amount per day: Php 50,000
Maximum amount per single transaction: Php 25,000

For Peso Savings account opening, initial deposit or maintaining balance ranged from Php3,000 - Php10,000.

For Dollar Savings account opening, initial deposit or maintaining balance is from $100 - $500 USD.

The information here is general. You may inquire to the bank where you plan to open an account because different banks have different rates.


Best banks in the Philippines include:
1. Banco de Oro Universal Bank (BDO Unibank)
2. Metropolitan Bank and Trust Company (Metrobank)
3. Bank of the Philippine Islands (BPI)
4. Land Bank of the Philippines
5. Philippine National Bank (PNB)
6. Union Bank of the Philippines

Global banks like Citibank and HSBC also provide consumer-banking services in the Philippines.

As at 17 February 2014, there were 36 universal and commercial banks, 71 thrift banks, 533 rural banks, 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under Republic Act No. 8791, also known as the General Banking Act of 2000. (source: Wikipedia)


Additional Information:

Below are the list of major banks in the Philippines that allow Foreigners to open a bank account with its requirements and maintaining balance.

METROBANK
Passport
Alien certificate of registration
Proof of billing (under the your name)
Php 10,000 or 500usd for passbook maintaining balance
Php 2,000 for ATM card for maintaining balance
Non resident or resident can have a bank account at Metrobank
Savings account only


BPI
Passport
ACR I card
2x2 or 1x1 picture
1 government issued ID
Php 3,000 for ATM card for maintaining balance
Savings account only
Non resident or resident


BDO
Passport
ACR
Savings only
Residents only


UNIONBANK
Passport
ACR
1 government issued ID
Php 25,000 or 500usd for passbook or ATM maintaining balance
Savings account only
Non resident or resident


CITIBANK
Passport
Landline number
Proof of billing under your name
2 valid ids
Resident
Php 100,000 maintaining balance



        

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