How to open a bank account in the Philippines as a non-resident

Thinking of moving to the Philippines from the UK? Whether you’re going there for work, study or just an adventure, you’ll need to work out how best to manage your money. It can be handy to have a local bank account, but how easy is it to open one?

In this guide, we’ll walk you through how to open a bank account in the Philippines. This includes how it works for foreigners, the documents you’ll need, an overview of Philippine banks and whether there are any fees.

But it’s also useful to know that a traditional bank account isn’t your only option.

The Wise account is a great alternative for managing your money in the Philippines and worldwide. It lets you send, spend, convert and receive 40+ currencies, at the mid-market exchange rates for just a small, transparent fee*.

How to open a Philippines bank account as a non-resident?

To open a bank account in the Philippines as a UK national, you’ll usually need to have been living there for at least 180 days. This classes you as a ‘resident alien’ and gives you the right to open all of the same bank accounts as Filipino citizens.¹

You can still open a bank account if you’re a new arrival, but may be limited to foreign currency accounts only.

Not living there yet? You might find it tricky to open a Philippines bank account from the UK. This is because most banks usually ask for proof of an address in the Philippines.²

Do you need a bank account in the Philippines?

It isn’t absolutely essential to have a local bank account in order to move to the Philippines, nor is it a legal requirement.

You may be able to manage without one, and you can always make use of multi-currency solutions such as the Wise account to send, spend and receive money.

But you might find that day-to-day life in the Philippines is a little more difficult if you don’t have any kind of local or international current account.

Everyday things like paying taxes, rent and bills can be more of a headache, as can getting a mortgage and getting paid if you’re working. Even things like signing up for a mobile phone contract can be more complicated without a bank account.

Can you use your UK bank account in the Philippines?

Don’t want the hassle of opening a new account in an unfamiliar country? You might be tempted to keep using your UK account while in the Philippines.

Unfortunately, this may not be possible, depending who you bank with in the UK.

Major UK banks such as Barclays only let you keep your account when moving overseas if you meet certain conditions. For example, if you’re a UK Crown employee or you’re only planning to live abroad for less than 6 months.³

Other banks approach things a little differently. For example, international bank Santander says it will continue to service accounts when the holder moves abroad.⁴

So if you’re an existing customer, you should in theory be able to continue using your account in the Philippines. The only drawback is that Santander doesn’t operate there, so you won’t have access to branches and ATMs if you need them.

Can you open a bank account in the Philippines as a British expat?

Yes, opening a bank account in the Philippines as a new arrival from the UK is perfectly possible. However, you’ll need to have your documents in order, including proof of residency. And you’ll need a local address.

As we’ve mentioned, you may be restricted to a foreign currency account when you first arrive. But after you’ve been in the country for at least 180 days, you’ll be able to access a full range of current and savings accounts.

Can you open a Philippines bank account online as an expat from the UK?

In the Philippines, it used to be the case that you had to visit a bank branch in person to open an account. But things appear to be changing, and some banks now accept online applications.

For example, one of the country’s major banks BDO lets you apply online and participate in a Zoom video call to verify your identity.⁵

However, not every applicant will be eligible to open an account online. You’ll need to check with the bank whether this service is available to non-residents and non-citizens.

Can you open an account as an international student?

Some Philippines banks also offer accounts for students, often in the form of savings accounts.

For example, there’s the Spark Savings Account at Metrobank, another of the country’s major banks. Available for applicants aged 7 to 21 years old, this account offers 24/7 access, a debit card and has no initial deposit requirement.⁶

What documents do you need to open a bank account in the Philippines?

If you’re opening a bank account in person in the Philippines, you’ll need to bring documentation to prove your identity and residency.

If you don’t have the exact documents the bank specifies, it may still be possible to start the process. But you’ll need to contact the bank and perhaps even meet with the bank manager to talk through your personal circumstances.

While it can vary from bank to bank, the documents you’ll likely need are:¹

• Proof of your right to be in the Philippines
• Photo ID
• Proof of address
• Passport-size photographs
• Minimum deposit.

Proof of your right to be in the Philippines

To prove your legal right to live in the Philippines, you’ll need to provide an ACR (Alien Certificate of Registration) Card.¹ Some banks may accept the Immigrant Certificate of Registration instead.

Photo ID

All banks will accept a valid passport as proof of ID, although you could also use a national identity card.

Proof of address

A recent utility bill or your rental contract should suffice as proof of address.

Other requirements

You’ll also need to provide passport-sized photographs (5x7 size, although some banks take your picture using a webcam), and the initial deposit if required (the amount varies from bank to bank).

Some banks also require a reference from your previous bank. They may contact your home bank directly, or ask for statements that show you were a good customer.

Best Philippines bank accounts for expats

The banking sector in the Philippines consists of a network of international banks as well as regional institutions.

For foreigners opening a new account, it’s probably a sensible idea to stick to an international bank or one of the country’s large national banks. You’re more likely to find English-speaking services, while regional banks can be more difficult to use and only offer limited services.

To help you find the best Philippines bank account for expats, here’s what you need to know about the country’s largest banks.

These include: BDO Bank, Metrobank, Landbank and BPI.

BDO Bank

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

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.

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 the Bank of the Philippine Islands. And the bank has accounts for businesses too, which could be useful if you’re looking to start a company in the Philippines.

Other banks and alternatives worth looking into

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

• GoTyme - GoTyme is a licensed digital bank which 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 licensed 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 neobank and money app packed with features including airtime top ups, money transfers and cashless payments.

You can also check out non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

This includes the money services provider Wise, which has a multi-currency account, international debit card, transfer services and app available to use in the Philippines.

Sign up for a Wise account 🌍

What are the banking fees and costs in the Philippines?

Now, how much does it cost to bank in the Philippines? There are a few key costs and figures you need to know. This includes fees for money transfers, debit cards and monthly maintenance fees.

These vary between banks, but take a look below for a rough idea of what costs to expect.

Transaction/fee type	Typical fee
Opening an account	Usually free
Current account - monthly fee	Usually free
Failure to maintain minimum monthly balance requirement	Around 3005 to 3507 PHP
ATM cash withdrawal	Usually free at your bank’s ATMs
Getting a debit card	Free. Around 200 PHP for a replacement card8
Domestic payments (i.e. within the Philippines)	0 to 25 PHP9
International payments (i.e. to the UK from the Philippines)	Around 600 PHP + additional fees10

Is there a free Philippines bank account for non-residents?

There are many accounts in the Philippines that have no monthly fees, and that are free to open. However, you’ll need to keep a minimum balance (set by the bank) in your account or there will be a fee to pay.

Wise – An international alternative to a bank account

Need to manage your money in multiple currencies or send transfers back home to the UK or to the Philippines? There are alternatives to using a bank, such as Wise.

Open a Wise account and you’ll only pay a small, transparent fee to send money in 40+ currencies (including PHP and GBP). Better still, you’ll get the mid-market exchange rate for foreign currency transactions for only a small, transparent fee*.

Plus, your transfers are secure and trackable.

Here are some of the benefits for using Wise to send money:

• Fast and easy setup with no physical paperwork
• Fully trackable transfers
• Fast transfer times
• Two-factor authentication and real-time notifications
• Dedicated support for large sum transfers
• Low, upfront, transparent fees

Importantly, you can open a Wise account in advance of your move to the Philippines. This means you’re not left without a payment method while you’re waiting to open your new bank account, which could be handy for purchasing property or putting down rental deposits.

You can also get a Wise card for a one-time fee of just £7 and use it to spend like a local in the Philippines and 150+ countries worldwide. There are no hidden fees, and you can even connect your Wise card to Google Pay or Apple Pay.

Your Wise card is waiting 💳

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Sources used:

1. B2B Pay - how to open a bank account in the Philippines
2. Exiap - open a bank account in the Philippines
3. Barclays - living or moving outside the UK
4. Santander - Brexit and Santander
5. BDO - Peso checking accounts
6. Metrobank - Spark Savings Account
7. PNB - PNG Regular Checking Account
8. BPI - debit card fees
9. BPI - Instapay
10. BPI - remit fees

Sources last checked on date: 15-July-2024