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

If you are a Filipino earning Euros, having a bank account in the Philippines in that currency can help you avoid exchange rate fluctuations. BPI, one of the oldest banks in the Philippines, offers a Euro Savings Account where your money can be held with the bank in Euros.

This is particularly helpful for freelancers or those working with clients in the European Union for international transfers and payments. Read on to learn more about the BPI Euro Savings Account, how to be eligible for one and the minimum deposit required.

Table of contents

What is the BPI Euro Savings Account Requirements for Opening a BPI Euro Account Minimum Balance Requirements for BPI Euro Account How to open BPI Euro Account Opening Account Online Opening Account In-Person: How to withdraw money from BPI Euro Account BPI Euro Account Fees and Charges BPI Euro Account Fees BPI Foreign Currency Exchange Rates Meet Wise: Receive Money from abroad with low fees and mid-market exchange rate

What is the BPI Euro Savings Account

A BPI Euro Savings Account is ideal for Filipino residents who receive and maintain their earnings in Euros. This account also allows Filipino residents to receive Euro remittances from friends and relatives working abroad.¹

Here are the features of the BPI Euro Savings Account:

• A savings account to maintain Euro deposits
• You can open an account online
• Cash, checks, and demand drafts can be deposited in the account.
• Withdrawals available at any MasterCard or Cirrus-affiliated ATM worldwide
• Passbook facility to keep track of the transactions
• Online banking through BPI Online Banking for transactions and easy account management

BPI also offers other foreign currency-denominated accounts in U.S. dollars, Swiss francs, British pounds, Chinese Yuan, Japanese Yen and Australian dollars.

Unlike the BPI U.S. Dollar Savings Account, the Euro Savings Account does not offer interest on your balance.

Requirements for Opening a BPI Euro Account

One of the main requirements for opening a BPI Euro Savings Account is to be a Filipino resident. Non-residents are not eligible.

Filipinos who already have a banking relationship with BPI can open a new Euro account without submitting any additional documents. However, new customers to the banks will need to provide documents to open a new account:²

Types of resident	Document to provide
Filipino citizens	Phil ID ID documents issued by the Philippine Government, or Other ID documents that can be verified using independent sources
Filipino students	Phil ID School ID attested by the head of the educational institution or school principal, or Birth certificate
Foreign nationals	Phil ID for resident aliens Passport Alien Certificate of Registration, or Other ID documents that can be verified using independent sources

The document that you submit must be a self-attested photocopy. The final requirement is to provide the initial sum of €500 EUR to activate the account.

Minimum Balance Requirements for BPI Euro Account

The BPI Euro Savings Account has a minimum balance requirement that must be maintained to avoid a fee:³

Minimum deposit to open a BPI Euro Savings Account	€500 EUR
Minimum monthly average daily balance (ADB)	€500 EUR

How to open BPI Euro Account

BPI lets you open a BPI Euro Savings Account online, which is the most convenient and easiest way.

Alternatively, Filipino citizens and eligible foreign nationals can visit the nearest BPI branch and complete the account opening process there. Here are the steps for opening an account either online or in person.⁴

Opening Account Online

Here’s the step-by-step process.

1. Download the BPI app.
2. Select “Open a new account”
3. Tap on “Open a deposit account”
4. Tap “Open account now”
5. Choose Euros as your foreign currency.
6. Choose “Regular savings with debit card”
7. Go through the terms and conditions and confirm.
8. Await approval and receive the ATM card.

Once your account is open, you can fund it with the minimum initial deposit of €500 EUR.

Opening Account In-Person:

1. Gather the necessary documents and have the self-attested photocopies ready.
2. Visit your nearest BPI branch.
3. Fill out the customer information and account opening forms.
4. Submit photocopies of the documents with the forms at the branch.
5. The bank opens your BPI Euro Savings Account.
6. Note down the account number and deposit the initial €500 EUR to activate the account.
7. Receive the ATM card.

New BPI customers may be required to go first to a bank branch to complete the Know-Your-Customer (KYC) process before opening a BPI Euro Savings Account.

How to withdraw money from BPI Euro Account

Withdrawing money from the BPI Euro Savings Account is simple with the account’s ATM card. You can do it in a few ways:

• At a domestic ATM: You can withdraw Philippine pesos at local ATMs in the country. You will receive BPI’s prevailing exchange rate and there may be a fee with non-BPI ATM withdrawals.
• At an international ATM: The ATM card works at MasterCard and Cirrus-affiliated ATMs overseas. The withdrawal will provide cash in the foreign currency.
• Visiting a bank branch: You can visit a local BPI branch and withdraw Philippine pesos. Present a signed check and verify your ID at the counter. Your Euro funds will be converted at that time to pesos at the bank’s prevailing exchange rate.

BPI Euro Account Fees and Charges

The BPI Euro Savings Account has fees for its services, including not maintaining the minimum balance, dormant accounts, and debit card use at ATMs.

BPI Euro Account Fees

The table below highlights the BPI Euro account fees and charges:⁵

Transaction	Fee
Monthly service charge for not maintaining the average daily balance (ADB) for two consecutive months	€4.50 EUR
Monthly dormancy charge are collected from the fifth year only if the account balance falls below the minimum ADB for two consecutive years	€0.55 EUR
Closing the account within one month of its opening	$15 USD in currency equivalent
Withdrawal from BPI ATMs in Philippines	Free
Withdrawal from other bank ATMs in Philippines	Varies according to the bank or ATM owner
Withdrawal from international ATMs	$3.50 USD currency equivalent or 1.75% of the withdrawn amount, whichever is higher
Debit card online and e-commerce transactions - in non-peso currency only	1.5% of the transaction amount
Foreign Currency Cash Deposit- up to $5,000 USD per day	Free
Foreign Currency Cash Deposit- above $5,000 USD per day	₱0.15 per $1 USD equivalent or fraction thereof
Foreign Check Deposit	$5 USD in currency equivalent

These fees may change. Check the bank’s website for up-to-date charges.

BPI Foreign Currency Exchange Rates

BPI publishes its foreign exchange rates daily on its website. BPI adds a markup of +1% on its selling and -1% on its buying rates for customers, which acts like an additional fee when converting funds from another currency.

Want to save money when making international transfers? Check out Wise. Wise uses the mid-market exchange rate which is the same rate you see on Google or Reuters - with no markups or extra fees. A fee-free exchange rate can mean more money in your account.

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Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Sources used for this article:

1. BPI Euro Savings Account - An overview
2. BPI Euro Savings Account - Account Opening Requirements
3. BPI Euro Savings Account - Minimum Balance Requirements
4. BPI Euro Savings Account - Account Opening Procedure
5. BPI Euro Savings Account - Fees
6. BPI Euro Savings Account - Debit Card Fees and Charges

Sources verified on 17 September 2024.