Complete Guide to Metrobank Dollar Account: Fees, Exchange Rates

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Are you a freelancer working for clients abroad or a professional earning in U.S. dollars? Would you love to save your dollars without converting into local Philippine pesos? With the MetroDollar Savings Account, you can keep your dollars safe and easily accessible in the Philippines, all while earning interest.

Metrobank is one of the oldest and most prominent banking institutions in the Philippines. With over 950 local and 30 overseas branches, it offers Filipino customers an extensive range of banking services, including the MetroDollar Savings Account.

Let’s dive into what the MetroDollar Savings Account is, customer requirements, fees and how much you can earn in interest.

What is the Metrobank US Dollar Savings Account

The MetroDollar Savings Account lets Filipinos hold U.S. dollars in a local bank account. The account can be funded from savings built overseas, earnings from abroad or if you’re looking to convert pesos into dollars.

By holding your money in U.S. dollars, you can control what exchange rate you convert dollars into local Philippine pesos, feel safe about your savings or even use the dollars in the account when travelling overseas.

Once you open a MetroDollar Savings Account, you can review and access it through Metrobank’s online banking platform or the mobile app. The account also has an interest rate that you can earn on your deposited funds.

In addition to the MetroDollar Savings Account, eligible customers can also open the following accounts at Metrobank:

• U.S. Pensioner Savings Account: This account is for Filipinos who receive monthly pensions from the U.S. government.
• Other Foreign Currency Savings: Individuals earning in non-U.S. dollar foreign currencies can open an account in the respective currency.
• Corporations can open Metrobank Dollar and U.S. Dollar Checking accounts.

If this sounds like a good option for you, let’s check out the requirements for opening a MetroDollar Savings Account.¹

Requirements for Opening a Metrobank Dollar Account

Here are the requirements for opening a MetroDollar Savings Account:

• Must have government-issued ID
• If you are not a Filipino citizen, but are a resident, you must have an Alien or Immigrant Certificate of Registration.
• Must have the initial deposit amount.
• You must visit a branch.

It is not possible to open a MetroDollar Savings Account online. If you’re a Filipino living abroad, you won’t be able to open an account yourself but you can ask a beneficiary- like family or friends- to open an account in their name in the Philippines. You can then make international transfers to the account.²

Minimum Balance Requirements for Metrobank Dollar Account

You have to maintain a minimum balance in your MetroDollar Savings Account to avoid paying penalties. Here are the requirements:³

• A MetroDollar Savings Account requires a minimum balance of $500 USD.
• The Metrobank U.S. Pensioner account must have a minimum balance of $100 USD.

Both accounts require a minimum balance of $500 USD to earn interest.

The US Dollar Checking account for corporates requires a minimum balance of $10,000 USD. This account doesn’t earn any interest.

How to open a Metrobank Dollar Account

Here is what you’ll need to open a MetroDollar Savings Account.

• One valid photo-bearing ID with your signature
• Address proof document
• An initial deposit of $500 USD

The Metrobank website includes a list of valid IDs. General documents include:

• The Philippine Identification Card
• Passport
• Driver’s license
• Voter’s ID
• Social Security System card

Here are the steps to open a MetroDollar Savings Account:⁴

1. Visit your nearest Metrobank branch and complete the necessary Know-Your-Customer (KYC) documents, which include providing your ID and address proof.
2. Fill out the mandatory Customer Information Form.
3. Pay the initial deposit minimum of $500 USD to open the account.

Once you are approved, you get a passbook and debit card to enable easy withdrawals. Next, set up online banking and download the Metrobank Mobile App.

How to withdraw money from Metrobank Dollar Account

You can use your MetroDollar Savings Account debit card to withdraw money from ATMs in the Philippines and abroad. In the Philippines, you can withdraw from all Metrobank and Bancnet ATMs. If you’re abroad, you can use any MasterCard ATM.

You can also visit any Metrobank branch to get cash across the counter by signing a check and providing proof of your identity.

Metrobank lets you make withdrawals in both Philippine Pesos and U.S. Dollars, but your funds will be converted in the bank’s ongoing exchange rate if you get cash in local currency.

Metrobank Dollar Account Fees and Charges

While the MetroDollar Savings Account is a convenient way to hold U.S. dollars, the account does come with fees.

Metrobank Dollar Account Fees

Here is a quick summary of charges for the MetroDollar Savings Account.⁵

Here are details for the initial deposit, minimum balance and interest rate - plus charges- for the MetroDollar Savings Account and other U.S. dollar-denominated accounts:⁶

Metrobank Foreign Currency Exchange Rates

When dealing with multiple currencies, the exchange rate is an important part of how much you receive and send. Exchange rates fluctuate but banks also set their own rates which can add a hidden fee to your costs.

Metrobank publishes its exchange rate daily. You’ll see that Metrobank’s exchange rate can differ from the mid-market exchange rate you see on Google, Reuters or Wise. That’s because Metrobank adds a hidden fee to their rate, so they take a slice of every peso or dollar you convert. While this difference can seem small, it can quickly add up.⁷

If you want to save money when converting or sending money to local bank accounts in the Philippines, check out Wise. Wise uses the real mid-market exchange rate on every transfer so you don’t lose money to extra bank fees.

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

Wise is a safe, low-cost and convenient way to receive money in the Philippines. Whether getting paid by a client or remitting money home, Wise can save you money on international transfers.

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.

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Metrobank Dollar Account: Frequently Asked Questions

You may still have lingering questions about the MetroDollar Savings Account. Here are some frequently asked questions:

Can I Deposit Philippine Peso to Metrobank Dollar Account

No, you can only deposit U.S. dollars into your MetroDollar Savings Account, not Philippine Pesos or any other currency.

How to Transfer Money from a Metrobank Dollar Account to a Philippine Peso Account?

You can transfer money from a MetroDollar Savings Account to a Philippine peso account in a few ways:

1. Domestic local transfer: Customers can use the Metrobank Online platform or the Metrobank app to transfer funds from the MetroDollar Savings Account to a local Philippine peso account. The bank’s current exchange rates apply to the transfer amount.
2. Transfer from Account Overseas: Filipinos living overseas can transfer US dollars from their MetroDollar Savings Account to a local Philippine peso account by initiating an outward remittance through wire transfer or SWIFT at the bank. Local bank charges and exchange rates apply.
3. Transfer through Wise: Filipinos can use Wise to transfer funds from abroad to a local Philippine peso account. Wise provides the mid-market exchange rate, which can make it cheaper to transfer funds to a local dollar account than a bank. The sender must have a Wise account to complete a transfer.

Sources verified on 17 September 2024