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

Many freelancers get paid in U.S. dollars so having a bank account that holds dollars locally can be convenient, safe and an opportunity to avoid unfavorable exchange rates. The Philippine National Bank (PNB) offers a U.S. dollar savings accounts to resident Filipinos. PNB is one of the oldest and most well-known banks in the country and has a strong presence both locally and internationally, making it a good choice for a dollar account.

Learn more about the PNB U.S. Dollar Savings Account, account opening requirements and fees in this complete guide.

Table of contents

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

What is the PNB U.S. Dollar Savings Account

PNB offers the PNB U.S. Dollar Savings Accountso that Filipinos and foreign nationals residing in the county can receive payments and maintain their earnings in U.S. dollars.

This account, which comes with a passbook and allows ATM withdrawals, offers you the flexibility to deposit and withdraw US dollars at any PNB branch worldwide. You can also withdraw local Philippine pesos from any PNB branch or ATM in the Philippines.

The PNB U.S. Dollar Savings Account earns interest and works with PNB online banking for smooth account management and convenience.¹

In addition to the PNB U.S. Dollar Savings Account, the bank offers foreign currency accounts in the following currencies:²

• Euros
• Chinese renminbi
• Japanese yen
• Australian dollars
• Canadian dollars
• Swiss francs
• Hong Kong dollars
• Singapore dollars
• British pounds

The opening procedure and requirements are identical for all foreign currency accounts, but the minimum balance requirements and interest rates vary.

Keep reading to understand the requirements for opening a PNB U.S. Dollar Savings Account.

Requirements for Opening a PNB Dollar Account

To be eligible for a PNB U.S. Dollar Savings Account, here are the requirements:³

1. Be a resident of the Philippines
2. Have a valid photo ID (primary or secondary as listed below)
3. Fill out the account opening forms
4. Provide additional details, such as TIN and SSS/GSIS numbers, if necessary.
5. Deposit the initial amount of $500 USD.

Here is the complete list of primary and secondary valid IDs PNB accepts when opening a US-dollar account:

Primary IDs	Secondary IDs
Phil ID or ePhil ID Valid Passport Driver’s License Unified Multi-purpose ID SSS ID or GSIS e-Card PRC ID IBP Lifetime Membership ID NBI Clearance	Police Clearance Digitized Postal ID or Voter’s ID Tax Identification Number Card Barangay Certification Senior citizen Card MARINA Professional Identification Card OWWA ID or OFW ID Seaman’s Book Government Office or GOCC ID PWD Identity Card NCWDP Certification IBP ID Phil Health ID Company ID issued by the employer

Foreign nationals can also open a PNB U.S. Dollar Savings Account. They can submit photocopies of their passport with an Alien Certificate of Registration issued by the Bureau of Immigration, plus any of the following IDs issued by their home country or the Republic of the Philippines:

• National ID
• Internal Revenue Service ID
• SSN ID
• Driver’s License
• Work permit issued by DOLE
• Company ID issued by the employer

Minimum Balance Requirements for PNB Dollar Account

The PNB U.S. Dollar Savings Account has a minimum balance requirement, which must be met to avoid any fees and earn interest.⁴

Minimum requirement	Amount
Initial Deposit	$500 USD
Minimum Maintaining Balance	$500 USD
Minimum average daily balance to earn interest	$500 USD

The account earns interest at 0.025% per annum if the minimum daily average balance is met.

How to open a PNB Dollar Account

Here’s how to open a U.S. Dollar Savings Account at PNB:⁵

1. Visit the PNB website and download the account opening form.
2. Fill out the form by providing all the necessary details.
3. Visit the nearest PNB branch and submit the form and required documents.
4. Deposit the initial sum of $500 USD.
5. Upon approval, wait for your passbook and ATM card.
6. Enroll for PNB digital banking (see below) and download the app for easy account management.

Once your account is opened, here are the steps to enrol in online banking (if you don’t already have it set up):⁶

1. Visit your nearest PNB branch or download the application form, fill it out and submit it to the bank.
2. Click on “Sign Up” on the PNB login page.
3. Enter your account number.
4. Enter the SMS OTP from the branch.
5. Enter the Online Activation Code the branch sends by email.
6. Your PNB Digital Banking should be activated.

How to withdraw money from a PNB Dollar Account

You’ll receive an ATM debit card with your PNB U.S. Dollar Savings Account. This card lets you withdraw money in local currency from all PNB and other bank ATMs in the Philippines. You can also withdraw U.S. dollars abroad from MasterCard ATMs.

In addition, you can visit any PNB branch in the Philippines and withdraw money across the counter.

PNB Dollar Account Fees and Charges

The PNB U.S. Dollar Savings Account comes with fees. Manage your account and maintain a minimum balance to avoid being charged. ⁷

PNB Dollar Account Fees

The table below details the bank fees associated with the PNB U.S. Dollar Savings Account:.⁷

Transaction Particulars	**Fees **
Cash and Check Deposit	₱100 PHP across all branches nationwide
Interbranch withdrawal and check encashment	₱200 PHP for USD withdrawal and check encashment across all branches
Outward remittances in USD or 3rd currency	$28 USD plus correspondent bank charges
Outward remittances for PDDTS (Dollar Domestic Transfer)	$20 USD
Inward remittances through direct deposit	$10 USD
Inward remittances through a SWIFT transfer	$8 USD
Checkbook reorder - individual account	$10 USD
Demand draft	$10 USD
Replacement of lost or damaged passbook	₱200 PHP
Stop payment order	$15 USD
Average Daily Balance falls below $500 USD for two consecutive months	$20 USD
Penalty for dormant accounts - no activity in the account for two years	$0.50 USD
Penalty for dormant accounts - no activity for five years, and the balance falls below $500 USD	$10 USD
Early closure - within 30 days of opening the account	$10 USD
Foreign currency notes deposited and withdrawn within the holding period of 24 calendar days	0.25% of the entire amount in the original currency

PNB Foreign Currency Exchange Rates

The exchange rate you get when converting funds from one currency to another is important. It can determine how much or how little you are able to send. PNB publishes its foreign exchange rates daily on its website to make it easier to decide when and if to convert into Philippine pesos.

However, the exchange rate can be more expensive than the rate you see on Google, Reuters or Wise. This is due to PNB adding a hidden fee to their rate, and taking a cut of every peso or dollar you convert. This small cut can make a big dent in how much you receive.

Don’t lose money to extra fees from a bank. Save money by joining Wise and getting the real mid-market exchange rate you see on Google or Reuters on every transfer.

PNB Dollar Account: Frequently Asked Questions

Here are some answers to frequently asked questions concerning the PNB U.S. Dollar Savings Account.

Can I Deposit Philippine Peso into a PNB U.S. Dollar Savings Account?

No, you can’t deposit Philippine pesos or any other currency into the PNB U.S. Dollar Savings Account. The account is only for U.S. dollars.

How to Transfer Money from a PNB U.S. Dollar Savings Account to a Philippine Peso account?

Transferring money from your PNB U.S. Dollar Savings Account to a Philippine peso account is easy and can be done from the Philippines or abroad:

1. Transfer within the Philippines: You can use PNB online banking to initiate a US dollar fund transfer from your PNB U.S. Dollar Savings Account to a Philippine peso account. Alternatively, you can approach your nearest PNB branch and initiate a transfer across the counter. In both situations, the PNB foreign exchange conversion rates apply.
2. Transfer from outside the Philippines: PNB online banking allows you to transfer U.S. dollars from your PNB U.S. Dollar Savings Account to a Philippine peso account. Since this requires an international transfer, it involves multiple banks known as correspondent banks through the SWIFT network. US dollars are converted into Philippine pesos at PNB foreign exchange conversion rates and there are typically fees on each transfer.
3. Through the Wise: Wise is a convenient way to transfer money online with one low transfer fee and the real mid-market exchange rate. Wise is often found cheaper than banks and can get money to a local bank account within seconds, depending on the currency.

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.

Using smart tech, Wise makes global transfers secure and cheap. There is only a low transfer fee and every transaction gets the real mid-market exchange rate- which means no mark-ups; saving you money.

Sign up for Wise today

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Sources used for this article:

1. PNB US Dollar Account - Overview
2. PNB Other Foreign Currencies Account - An Intro
3. PNB US Dollar Account - Requirements
4. PNB Dollar Account - Minimum Balance Requirements
5. PNB Dollar Account - How to open
6. PNB Dollar Account - Digital Banking Facility Activation
7. PNB Dollar Account - Fees and Charges

Sources verified on 17 September 2024.