A list of banks in the Philippines

Thinking of opening a bank account in the Philippines, or want to know about how banking works there? Read on, as we’ve put together a handy list of banks in the Philippines, with some more information about each of the largest.

But let’s start with an overview of the banking system in the Philippines.

Banking in the Philippines (an overview)

There are around 45 commercial and universal banks in the Philippines, all supervised by the Central Bank of the Philippines. There are also hundreds of smaller rural and cooperative banks, responsible for the development of rural areas and their economies.¹

The official currency of the country is the Philippine peso (PHP).

Most major banks offer online banking, along with mobile banking. If you want to visit a branch in person, you’ll usually find them open between 9am and 3pm, Monday to Friday. Philippine banks tend to be closed on weekends and public holidays.²

To open a bank account in the Philippines, you’ll need to take your ID and other documents to a branch - although some banks now accept online applications. You’ll usually need to have proof of address in the Philippines.

Like other global banks, Philippine banks tend to charge high fees for international transfers. You may also face fees when using ATMs in other countries, or those provided by operators other than your bank.

To avoid these expensive fees, consider using an alternative such as the Wise multi-currency account. It’s ideal for international transactions, and could save you a bundle.

Top banks in the Philippines

Now, let’s take a look at some of the largest and most popular banks in the Philippines:

BDO Unibank Inc.

First launched back in 1968, BDO Unibank is one of the largest banks in the Philippines. It also operates internationally, with full-service branches in both Hong Kong and Singapore.

The bank offers a choice of checking and savings accounts, including a Peso Checking account and interest-earning Smart Checking account. Both accounts come with a debit card and digital banking services. BDO Bank also offers a wide range of credit cards.

Metrobank

The Metropolitan Bank and Trust Company, commonly known as Metrobank, is another of the Philippines' big banks. It was established in 1962 and is partly public-owned.

Metrobank offers a range of savings, checking and time deposit accounts, including AccountOne. This is an interest-earning account with a debit card. It also has a dedicated account for young people and students - the Spark Savings Account, for people aged 7 to 21 years old.

It also offers a selection of credit cards, along with digital and mobile banking services.

Bank of the Philippine Islands (BPI)

One of the oldest banks in the Philippines, BPI offers both consumer and business banking services.

BPI offers a choice of checking, savings and time deposit accounts, including a Regular Checking Account. There’s also the Maxi One Account, which combines the features of a checking and savings account. All come with access to digital and mobile banking services.

You can also apply for a selection of credit cards with Bank of the Philippine Islands.

Landbank

The government-owned Landbank started life as an agricultural bank. Even today, it fulfils its goal of promoting countryside development - while still offering a range of accounts and services for retail and commercial customers.

Landbank offers a wide range of checking and savings accounts, in pesos and US dollars.

This includes its Regular Current Account and Easy Savings Plus (ESP) account. It also offers a number of credit cards, along with e-banking services and a dedicated mobile banking app.

Philippine National Bank (PNB)

One of the largest private banks in the country, PNB offers both personal and corporate banking services.

New customers can choose from a range of current and savings accounts, including its Regular Checking, Budget Checking and Priority Checking accounts. For savers, there’s a Debit Savings, Passbook Savingsand Top Saver Account.

PNB also offers a selection of credit cards and pre-paid cards.

Security Bank

With a history dating back to 1951, Security Bank Corporation is one of the most stable and established universal banks in the Philippines.

As well as serving businesses and institutions, it has a range of accounts for personal customers. This includes the All Access Account, combining the features of a savings and checking account in one. There’s also an Easy Savings Account, along with a Junior One Account for children.

China Bank

China Bank was founded in the Philippines in 1920, which means it has over 100 years of banking experience.

Along with a nationwide network of branches and ATMs, China Bank offers a choice of deposit and savings accounts for personal customers. This includes its no-fuss Peso Savings Account, Peso Checking Account and Peso Term Deposits account. You can compare accounts easily here.

China Bank also offers credit cards, loans, investments and a range of other banking services.

UnionBank

Another of the popular universal banks in the Philippines, UnionBank offers accounts, cards and other products for personal and business customers. It even has dedicated services for Fintech companies.

For everyday banking, you can choose from the UnionBank Savings+ Account, UnionBank Peso Time Deposit, and UnionBank Regular Checking Account. Details of all accounts are available here.

Development Bank of the Philippines (DBP)

The Development Bank of the Philippines provides development banking, financing and other services to agricultural and industrial enterprises within the country.

However, it also offers accounts and services to personal customers. This includes the DBP Current Account and Peso Savings Account. The bank has a choice of term deposit accounts, along with a dedicated account for young people - the Young Earner’s Savings Account.

Rizal Commercial Banking Corporation (RCBC)

While mainly a development bank, RCBC also offers commercial banking services to personal and business customers. It has a wide network of ATMs and branches nationwide.

RCBC has a range of savings, checking, time deposit and foreign currency accounts available. Among its most popular products is the OneAccount, which combines the features of a checking and savings account into one convenient everyday account. There’s also an online iSave savings account and a Basic Savings account.

Top online bank accounts in the Philippines

Along with traditional banks, the Philippines also has a number of digital banks to choose from. This includes:

• GoTyme - a newcomer on the digital banking scene, GoTyme offers a physical debit card, interest on your savings, money transfers and rewards on shopping. It’s all available when you open an account and use the GoTyme Bank app.
• Tonik - one of the first digital banks in the Philippines, Tonik lets you open multiple ‘stash’ accounts and time deposit accounts all at once. It even has physical debit cards. Everything’s managed through a customisable mobile app.
• Maya Bank - a money app packed with features including airtime top ups, money transfers and cashless payments.

Manage your money internationally? Check out the Wise multi-currency account

Pretty much all of the Philippine banks we’ve covered above have fees for international transfers. So if you regularly send money between the Philippines and another country, you could find it very expensive.

Luckily, there’s an alternative available. Open a Wise multi-currency account and you can send money worldwide for low fees and fair exchange rates.

You can even get an international debit card for spending in 175 countries, including the Philippines. It automatically converts your money to the local currency at the mid-market exchange rate, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

Sources last checked on date: 04-Apr-2023