Complete Guide to BPI Dollar Savings Account: Fees, Exchange Rates

If you are earning in dollars from overseas, the BPI US Dollar Savings Account offers a convenient way to hold U.S. dollars in the Philippines - especially for freelancers or those working with clients abroad.

BPI is a trusted name in banking, with its founding in 1851. The bank has a long-standing reputation with two international banking subsidiaries and 139 international partnerships, making it a well-regarded name when it comes to foreign currencies.

Read on to learn more about the BPI US Dollar Savings Account, how it works, the minimum needed to open and what fees to expect.¹

Table of contents

What is the BPI US Dollar Savings Account Requirements for Opening a BPI Dollar Account Minimum Balance Requirements for BPI Dollar Account How to open a BPI Dollar Account How to withdraw money from BPI Dollar Account BPI Dollar Account Fees and Charges BPI Dollar Account Fees BPI Foreign Currency Exchange Rates Receive Money from abroad with low fees and mid-market exchange rate with Wise BPI Dollar Account: Frequently Asked Questions Can I Deposit Philippine Pesos to a BPI Dollar Account? How Do I Transfer Money from a BPI Dollar Account to a Philippine Peso Account?

What is the BPI US Dollar Savings Account

The BPI US Dollar Savings Account is a unique savings account that offers Filipinos the opportunity to receive and maintain their earnings in U.S. dollars. The account is kept domestically in the Philippines, allows withdrawals and can earn interest.

Here are the major features of the account:

• The account is held in U.S. dollars only.
• Can help manage currency fluctuations.
• Allows you to convert funds at favorable exchange rates.
• Can maintain the account in dollars to use in the U.S. in the future.
• Funds can be transferred in from abroad or domestically, and the account accepts cash, check or demand draft deposits.
• Accountholders are provided a passbook and ATM card.
• You can withdraw money in US dollars from any Mastercard or Cirrus-affiliated ATM in the U.S.
• You can use the ATM card to withdraw Philippine pesos at home.
• BPI provides online banking to help manage the account.

The US Dollar Savings Account has an interest rate of 0.05% per annum.

BPI offers similar savings accounts for other foreign currencies, such as the Australian dollar, British pound, Canadian dollar, Chinese yuan, Euros, Hong Kong dollar, Japanese Yen, and Swiss franc. However, each account may have different requirements depending on the type of currency.

Next, let’s take a look at the requirements for opening a BPI US Dollar Savings Account.²

Requirements for Opening a BPI Dollar Account

One of the major requirements for a BPI US Dollar Savings Account is to be a Filipino resident. Those living outside of the Philippines are not allowed to open an account, although foreign nationals living in the country are.

If you are a resident, you will need to provide ID proof, complete the Know-Your-Customer compliance and make the initial account deposit.³

Here are some of the documents that are accepted to open a BPI US Dollar Savings Account. Keep in mind you must submit a self-attested copy.

Customer Category	List of Documents Required
Filipino Citizens	Phil ID or e-Phil ID, Company ID, Driver’s license, GSIS ID, MARINA ID, OFW ID, OWWA ID, Pag-IBIG ID (with photo), Passport, PWD ID, PhilHealth ID (with photo), Philippine Postal ID, PRC ID, Senior Citizen ID, SSS ID, TIN ID, UMID, or Voter’s ID
Students or minors	Phil ID or e-Phil ID, birth certificate, or school ID
Foreign Nationals	Phil ID or e-Phil ID, alien certificate, or foreign passport

Minimum Balance Requirements for BPI Dollar Account

This table highlights the initial deposit amount and the minimum balance requirements for a BPI US Dollar Savings Account:⁴

Particulars	Amount/Rate
Initial deposit	$500 USD
Minimum monthly account balance to avoid fees	$500 USD
Minimum deposit balance to earn interest	$500 USD

How to open a BPI Dollar Account

Opening a BPI dollar account is a straightforward process that can be done online. It is one of the few banks in the Philippines to allow online account opening, although you will have to go to a branch to get your debit card.

Here's a step-by-step guide to help you through it whether you are an existing customer or new to BPI:⁵

For current BPI customers:⁶

1. Access your BPI app and log in to your account.
2. Go to “More” and select “New Deposit Account.”
3. Tap “Let’s start.”
4. Select the account type.
5. Choose where you want to pick up your new debit card.
6. Review the details.
7. Check the box accepting the “Terms and Conditions” and tap “Confirm.”

New clients must register using the BPI app before opening the account:

1. Open the BPI app and tap “New to the app? Register now.”
2. Enter details and birth date, and tap “Continue”
3. Enter the username and password you prefer and your email ID.
4. Verify the details via OTP sent through SMS.
5. Log in to your account and proceed with the account opening procedure listed above.

Once you open the account, you can make the initial deposit.

If you’d prefer to do it in person, you can head to a BPI branch and open a US Dollar Savings Account by filling out the customer information form, submitting the required documents and depositing the initial amount of $500 USD.

How to withdraw money from BPI Dollar Account

BPI offers a debit card with every US Dollar Savings Account. You can use the card at local ATMs in the Philippines to withdraw pesos or use it in the U.S. at MasterCard or Cirrus-enabled ATMs. Keep in mind that if you withdraw local pesos, the funds will be converted at the bank’s prevailing exchange rate.

There is also a fee for withdrawing money at non-BPI ATMs in the Philippines.

BPI Dollar Account Fees and Charges

The BPI US Dollar Savings Account provides convenience but also comes with its own fees. The fees include penalties for not maintaining the minimum balance, dormant accounts, plus outward and inward remittances. Let’s take a look at them in detail.

BPI Dollar Account Fees

Here is the BPI dollar account fee structure:⁷

Particulars	Amount
The monthly service charge for not maintaining the minimum Average Daily Balance (ADB) of $500 USD for two consecutive months.	$5 USD
The monthly dormancy charges start from the 5th year only if the dormant account’s balance remains below the required minimum ADB. Dormant means the account has no client-initiated transactions for two years.	$0.60 USD
Fees for closing the U.S. dollar account within one month from its opening date	$15 USD
Cash Deposit transactions exceeding $5,000 USD per day	₱0.15 PHP per $1 USD equivalent
Foreign currency check deposit	$5 USD
Withdrawing cash at non-BPI local ATMs	Varies
Foreign exchange markup charges when using the BPI US Dollar Savings Account debit card in-store	1% on the exchange rate
Withdrawal at an international ATM	$1 USD
Online e-commerce transactions	1.5% of the transaction amount
Over-the-counter funds transfer	$1 USD
Stop Payment Orders	$20 USD
Outward remittance fees	$14 USD
Credit to account inward remittance fees	$6.50 USD
Bank-to-bank inward remittance fee	$10 USD
Branch pick-up inward remittance fee	$6.50 USD

BPI Foreign Currency Exchange Rates

A central part of moving money between any currencies is knowing the exchange rate. You can find the current rates on the BPI website.⁸

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BPI Dollar Account: Frequently Asked Questions

Here are answers to some questions customers frequently ask about the BPI US Dollar Savings Account.

Can I Deposit Philippine Pesos to a BPI Dollar Account?

No, the BPI US Dollar Savings Account is for U.S. dollars alone. You won’t be able to deposit local Philippine pesos into this account, but the bank has other savings accounts for pesos available.

How Do I Transfer Money from a BPI Dollar Account to a Philippine Peso Account?

Transferring money from the BPI US Dollar Savings Account to a Philippine peso account is easy:

1. Within the country, you can use BPI online or the mobile banking app to transfer money from the BPI US Dollar Savings Account to a local Philippine peso account. BPI’s current foreign exchange rates apply.
2. You can remit money from your BPI US Dollar Savings Account to a local Philippine peso account via a bank’s SWIFT transfer. The bank’s exchange rate applies, as do any relevant fees.
3. Filipinos can use Wise to transfer dollars from their BPI US Dollar Savings Account to a local Philippine peso account. Wise offers a transparent exchange rate and low transfer fees, which can mean more money in your pocket.

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Sources used for this article:

1. BPI - An overview
2. BPI US Dollar Account - An overview
3. BPI US Dollar Account - Requirements
4. BPI US Dollar Account - Minimum Balance Requirements
5. BPI US Dollar Account - Online opening procedure
6. Step-by-step BPI US Dollar Account opening online
7. BPI US Dollar Account - Bank Charges
8. BPI US Dollar Account - Forex Rates

Sources verified on 17 September 2024.