Personal Finance Bank accounts

Best Dollar Accounts in the Philippines: A Comprehensive Guide

Aditya Shrivastava

19.01.26 (last updated)

Read time 2 minutes

Looking to open a dollar account in the Philippines? Whether you're a freelancer receiving payments in USD, an OFW sending remittances, or simply want to diversify your savings, choosing the right dollar account is crucial.

This guide provides an overview of some of the best dollar accounts available in the Philippines, with insights into their features, benefits, and drawbacks. We'll cover top banks like BPI, RCBC, PNB, Metrobank, and UnionBank, helping you make an informed decision.

Why open a dollar account in the Philippines?

Convenience: Receive and hold US dollars without the need for constant currency conversion.
Competitive interest rates: Earn interest on your USD savings.
Remittance benefits: Easier and potentially cheaper to send and receive money from abroad.
Investment opportunities: Access to USD-denominated investments.
Protection from currency fluctuations: Safeguard your savings from the volatility of the Philippine Peso.

Top Dollar Accounts in the Philippines

1. BPI Dollar Account¹:

BPI offers a straightforward and reliable dollar account with a relatively low initial deposit requirement. It's a good option for beginners and those who prioritize a well-established bank with a wide network of branches.

For a complete guide to BPI Dollar Accounts, click here.

2. RCBC Dragon Dollar Savings Account²:

RCBC provides a dollar account with attractive interest rates and various perks, including online foreign exchange services. It's a strong choice for those seeking to maximize their USD savings.

For a complete guide to RCBC Dollar Accounts, click here.

3. PNB US Dollar Savings Account³:

PNB offers a variety of dollar accounts tailored to different needs. This interest bearing account also offers a passbook for easier monitoring. Its extensive branch network makes it accessible across the Philippines.

For a complete guide to PNB Dollar Accounts, click here.

4. Metrobank Dollar Savings Account⁴:

Metrobank's "MetroDollar" program is a popular choice for its competitive interest rates and user-friendly online banking platform. It's suitable for both individuals and businesses looking for a modern banking experience.

For a complete guide to Metrobank Dollar Accounts, click here.

5. UnionBank Dollar Savings Account⁵:

UnionBank offers a digital-focused dollar account with easy online access and competitive features. It's a good option for tech-savvy individuals who prefer managing their finances online.

For a complete guide to UnionBank Dollar Accounts, click here.

6. Wise Multi-Currency Account:

Wise offers a multi-currency account that allows you to hold and manage USD alongside other currencies. It's a great option for those who frequently transact internationally or need to receive money from abroad. Wise offers Low-cost international transfers, transparent fees, convenient online and mobile platform, linked debit card for easy spending.

For a complete guide on how to use Wise in the Philippines, click here.

Receive Money from abroad with low fees and mid-market exchange rate with Wise

With Wise, you'll get 8+ local account details including PHP, USD, GBP, AUD, and more. This way, you can receive money directly, in a cheap and convenient manner. All you need to get started is to sign up for a free account, and you'll be able to manage your money with just a few taps of your phone.

After getting your money, you can easily convert it to 40+ currencies, with low fees, and the mid-market rate - also known as the rate you see on Google. This includes exchanging to PHP with a one-time conversion fee from 0.57% that's shown upfront, and no markups or additional fees.

Receive, exchange, and move your funds to your local bank account in PHP in a cheap and convenient manner with Wise.

✍️ Sign up for a free account now

Choosing the Best Dollar Account for You:

Consider these factors when making your decision:

Minimum deposit and balance requirements: Ensure you meet the initial deposit and ongoing balance requirements.
Fees and charges: Be aware of any fees for transactions, withdrawals, or account maintenance.
Online banking features: Evaluate the online banking platform's user-friendliness and features.

By carefully comparing your options and considering your individual needs, you can find the best dollar account in the Philippines to achieve your financial goals.

Sources:

*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.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.