How to Open a Bank Account in the Philippines as a Foreigner

Opening a bank account in the Philippines as a foreigner is not complicated, but it does require knowing which banks are foreigner-friendly and which documents to bring. Walk into the wrong bank branch without the right paperwork and you will be told it is not possible. Walk into the right one with a complete document set and you will have an account the same day.

A Philippine bank account is useful for expats based in Cebu or Manila for several practical reasons: receiving Wise transfers in PHP at better rates than converting from a foreign account, paying local bills and rent directly, building a local financial presence, and avoiding the international withdrawal fees that stack up when you use a foreign debit card for every transaction.

For the full expat banking setup including Wise and Schwab, read Banking, Taxes, and Money for US Remote Workers Living Abroad.

For everything in the Geo-Arbitrage pillar, visit Geo-Arbitrage Links.

The Two Banks That Work Best for Foreigners

BDO (Banco de Oro)

BDO is the largest bank in the Philippines and the most consistently foreigner-friendly in practice — not just in policy. The specific branches that handle international accounts well are those located in business districts where they regularly serve expats: IT Park in Cebu, BGC and Makati in Manila.

BDO offers both peso and USD savings accounts. The USD account is particularly useful for expats who receive income in USD and want to hold it in the Philippines without converting immediately. The online banking platform works reliably for bill payments, transfers, and account management.

BPI (Bank of the Philippine Islands)

BPI is the second-largest bank and equally accessible to foreigners at the right branches. The BPI Express Online platform is slightly more functional than BDO’s for mobile banking. BPI branches in Ayala Center Cebu, IT Park, and SM Mall of Asia Manila are the most experienced with foreign account applicants.

Banks to avoid for initial setup: Metrobank and Landbank are government-affiliated and have more restrictive requirements for foreign account holders. Security Bank is possible but branch experience varies significantly. For your first Philippine account, BDO or BPI at an established business district branch is the path of least resistance.

Documents Required

The exact document requirements vary slightly by bank and branch, but the following covers the standard set that will satisfy any major bank:

Primary identification (two forms required):

• Passport (original, not photocopy — the branch will photocopy it themselves)
• Second ID — one of the following: driver’s license, existing foreign bank card, ACR I-Card if you have one, or credit card

Proof of address in the Philippines:

• Lease contract for your Philippine accommodation
• Or a utility bill in your name (first month electricity or water bill)
• Or a bank statement from a foreign bank showing your name and an address
• Most branches will accept a hotel reservation letter for new arrivals who have not yet secured long-term accommodation

Proof of income or purpose (increasingly required at stricter branches):

• Employment contract or business registration documents showing your source of funds
• Recent bank statements from your home country bank (last 3 months)
• This requirement is not universal but having it prepared eliminates potential delays

Tax identification (if available):

• US Social Security Number or ITIN for US citizens — required for FATCA compliance forms the bank will ask you to complete
• Philippine TIN if you have already obtained one, though this is not required to open an account

Initial deposit:

• BDO regular savings: ₱2,000 minimum (approximately $35)
• BPI regular savings: ₱3,000 minimum (approximately $52)
• USD savings accounts require $100 to $200 minimum deposit

The Process Step by Step

Step 1: Choose the right branch

Call ahead to the specific branch you plan to visit and confirm they open accounts for foreigners. Ask specifically for the branch that handles international clients. The IT Park BDO and Ayala BPI branches in Cebu handle this regularly — they are the most reliable for first-time foreign account applicants.

Step 2: Visit during off-peak hours

Mid-morning on a weekday — 9:30am to 11am or 1:30pm to 3pm — tends to have shorter wait times. Bring all documents organized and ready. The account opening process takes 30 to 60 minutes when you have a complete document set.