How to Open a Bank Account in the Philippines

Last Updated – Nov 22, 2022 @ 11:35 am

So you’re finally ready to start adulting – maybe you just moved to a new city to start college, you scored your first job, or landed a major project. Now is the perfect time to open a bank account.

Spoiler alert: it’s easier than you think!

In this guide, we’ll let you in on how to open a bank account, the requirements you need, and the best bank accounts you can open in the Philippines.

What is a Bank Account?

We like to think of a bank account as your money’s “home.” Just like you probably have a place to live, your money needs a place to live, too.

A bank account is a place to deposit your money, keep track of transactions, and earn interest.

Bank accounts come with great benefits that allow you to save your money and make your banking experience a breeze.

Related: Top Banks in the Philippines

Types of Bank Accounts in the Philippines

Not all bank accounts are the same. Knowing the different types of bank accounts you can open in the Philippines will help you pick the one that’s right for you.

Savings Account

This is probably the most common type of bank account here in the Philippines. It’s a safe place to deposit your money and earn interest.

If you’re not looking for a lot of bells and whistles, and love a good interest rate, a savings account is for you. You’ll get rewarded for just saving your money.

Most bank accounts in the Philippines have a low initial deposit and balance. Some even don’t have these requirements at all. This is why this account is great for all kinds of people, especially teenagers.

Learn More: Best Savings Accounts in the Philippines

Checking Account

A checking account is a great place to use when you want to make regular deposits and withdrawals with your bank card.

This bank account usually costs more than a savings account. These accounts are amazing for people who plan on consistently making withdrawals, or have plans of applying for loans.

It is also great for paying regular transactions like utilities, rent, and other bills.

Learn More: Best Checking Accounts in the Philippines

Time Deposit

A time deposit is an account that you can’t access for a certain amount of time, usually one to five years. In exchange, this account will give you a higher interest rate compared to savings accounts.

When you open this account, it means you are lending your money to the bank for a certain period. You can also withdraw from this account before the term of your deposit is up, but it comes with a hefty penalty fee.

Learn More: Best Time Deposit Accounts in the Philippines

Dollar Account

Don’t be fooled by the name. You don’t have to have US dollars in this account. Instead, it’s a good overseas remittance account that offers a good rate of exchange and fee reduction when you send or receive money outside the country.

This is a good account for Filipinos who work or study abroad, frequent travelers, businesses that deal with international suppliers and clients, and frequent overseas shopaholics.

Some currencies you can open in this account include:

US Dollar
Australian Dollar
Canadian Dollar
Hong Kong Dollar
Singapore Dollar
British Pound
Chinese Yuan
Euro
Japanese Yen

Learn More: Best Dollar Accounts in the Philippines

Payroll Account

This is a great savings account for employees who get paid via bank transfer. Since most of your paycheck goes straight to the bank, this is a great way to save.

Learn More: Best Payroll Accounts in the Philippines

Joint Account

This is a great account for married couples, families, friends, and business partners. Joint accounts are great when you want to split bills and pay for things as a group.

Your spouse or dependents can easily access the funds and make deposits and withdrawals from the account.

Online Savings Account

This is a great bank account for people who like to bank on their phones or computers. Some banks have rolled out online banking, which makes banking a lot easier for people who work long hours and don’t have time to physically go to the bank.

It is a good idea to look into this kind of account if you’re interested in opening a basic savings account, but want more flexibility and accessibility.

Learn More: Best Digital & Online Banking Services in the Philippines

Benefits of Having a Bank Account

There are a lot of reasons why you should open a bank account. Here are some of our favorites.

It helps you save

Your money is a lot more likely to go towards your financial goals if you’re able to keep track of it, and see it whenever you want.

You’ll know exactly what you have and where it’s going. Looking at your bank account balance will motivate you to do more, save more, and spend less.

It helps you manage your money better

If you’re already in the habit of counting your hard-earned money and keeping tabs on how much you spend, a bank account will make it easier.

You’ll be able to keep track of your transactions and easily figure out how much you can spend, how much you have left, how much you’ve saved, and what you’re spending it on.

It improves your credit score

Your credit score is a number that lenders use to measure your creditworthiness.

When you consistently use your bank account, or make purchases and payments, you’re building your credit history. Banks will see that you’re dependable.

A high credit score will make you more likely to get approved for a loan, or a higher credit limit.

It facilitates automatic payments

Say goodbye to annoying reminders. With a debit card and online banking, you can schedule payments for your monthly bills.

This way you can avoid late fees and penalties, and make sure your bills get paid on time.

It makes it easier for you to receive payments

With a bank account, you can set up direct deposits from your employers and other billers, which makes receiving payments from them so much easier.

Friends and family can also send you money easily.

Your money is safe

Banks are insured by the Philippine Deposit Insurance Corporation (PDIC).

PDIC is mandated by law to protect your money from any type of loss due to theft, fraud, or any other reasons, up to a maximum of Php500,000.

You can earn interest

Yes, there is such a thing as getting paid to keep your money in the bank. Banks pay a small amount of interest on money in certain accounts.

The amount varies from bank to bank. Sometimes, it’s only a few pesos, but the more you have in your account, the more you’ll earn.

You can make transactions anywhere, anytime

Since many banks now have online banking, it’s possible to access your bank account even without access to a physical bank.

With online banking, you can check your account balance and make wire transfers, or even see your full transaction history in just a few clicks.

It gives you high liquidity

Having a bank account means you can get access to your money anytime you need it.

You can use your ATM card to withdraw money from any ATM, or use your card to make in-store or online purchases. It’s pretty easy.

How to Open a Bank Account in the Philippines (Step-By-Step)

Before opening a bank account, you first have to get these requirements ready.

Keep in mind that some banks may need you to submit more or less than these documents, depending on their requirements.

Step 1: Prepare the required documents

For Filipino Citizens:

Government-issued ID (prepare 2 just to be sure)
- Driver’s license
- Passport
- PRC ID
- UMID
- SSS ID
- PhilSys ID
- School ID for minors
Documents to prove your address (such as utility bills)
Passport-sized photos
Minimum deposit amount
Reference letter from the previous bank (not all)

For foreigners:

Foreigners can open a bank in any Philippine bank, but the account they can open depends on their status.

For example, those that have been living in the country for over 180 days can enjoy more flexibility when it comes to account type.

Immigration documents (Alien Certificate of Registration Card or Immigrant Certificate of Registration)
Visa to prove you’ve been in the Philippines for more than 180 days (not all)
Passport/ID (prepare two just to be sure)
Proof of address
Passport-sized photos
Minimum deposit amount
US IRS Form W-9 and IRS Form W-8BEN (for US citizens)
Reference letter from the previous bank (not all)

Step 2A: Open a Bank Account by visiting a physical branch (Traditional)

How to open a bank account in physical banks: (traditional)

Download the application form online or request a copy in the bank. Then, fill it up.
Submit the documents to the bank along with your requirements, and wait for your ATM (and/or passbook) to be issued (if applicable).

Step 2B: Open a Bank Account Online

How to open a bank account online:

Download an online banking app of your choice.
Click register for an account.
Fill out your details.
Submit your ID photo and wait for your account to be verified.
If needed, request an ATM which will be sent to your home.

10 Best Banks to Open Bank Accounts in the Philippines

If your goal is to maximize your money, then you may want to consider opening a bank account at any of these banks.

Note: Data on deposit liabilities for each listed bank were gathered through BSP’s banking financial statements.

BDO

Total Deposits (as of March 31, 2022): P2,740,884,879,542.66

Based in Makati City, this is the largest bank in the Philippines and the 15th largest in Southeast Asia in terms of total assets.