Managing money as an expat in the Philippines can be simple once you understand the local banking system, international transfer options, and how to avoid unnecessary fees.
This 2025 guide covers bank accounts, international transfers, ATM fees, credit cards, and trusted platforms like Wise, Remitly, and local banks.
1. Overview of the Banking System in the Philippines
The country’s banking sector is well-developed and friendly to expats, especially in major cities. You’ll find both local and international banks, ATMs everywhere, and increasing use of digital wallets.
Major Local Banks
- BDO (Banco de Oro) – Largest branch and ATM network
- BPI (Bank of the Philippine Islands) – Reliable online and mobile banking
- Metrobank – Great for business and remittance accounts
- Security Bank – Excellent customer service and expat-friendly accounts
International Banks
- HSBC Philippines
- Citibank
- Standard Chartered
Most foreign banks require a higher initial deposit (₱100,000–₱250,000) compared to local banks.
2. Opening a Bank Account as an Expat (2025 Requirements)
To open an account, you’ll typically need:
- Valid passport
- ACR I-Card (Alien Certificate of Registration)
- Proof of address (lease, utility bill, or barangay certificate)
- Minimum deposit (₱2,000–₱10,000)
Some banks allow account opening with just a passport and visa, especially for remittance or payroll accounts.
3. Banking Options for Different Expats
| Type | Best For | Recommended Banks |
|---|---|---|
| Long-Term Expats | Residency, business, retirement | BDO, BPI, Metrobank |
| Digital Nomads | Remote income, online transfers | Wise, GCash, Maya |
| Retirees (SRRV Holders) | Monthly pension, fixed deposits | BDO, Security Bank |
| Frequent Travelers | Multi-currency transfers | Wise, HSBC |
4. ATM Withdrawals & Fees (2025 Update)
Most ATMs in the Philippines charge a ₱250–₱300 fee per withdrawal for foreign cards, with a ₱10,000 limit per transaction.
Tips to reduce costs:
- Use BDO, BPI, or Metrobank ATMs for reliability
- Withdraw larger amounts less frequently
- Use Wise or Revolut debit cards for better exchange rates
- Avoid dynamic currency conversion (DCC) — always choose “Charge in PHP”
5. Online Banking & Digital Wallets
Digital banking is growing rapidly. Top apps include:
- GCash – Linked to local bank accounts, pay bills, transfer money
- Maya (formerly PayMaya) – Useful for shopping and sending payments
- Tonik Bank – 100% online bank with savings features
- SeaBank – Offers high interest and fast online account setup
6. International Money Transfers (2025)
When transferring money to or from the Philippines, always compare rates — traditional banks often charge hidden exchange markups.
Best International Transfer Services for Expats:
- Wise – Transparent, real-time exchange rates
- Remitly – Fast transfers from the U.S., UK, and EU
- Western Union – Reliable for cash pickup in remote areas
- Payoneer – For freelancers and online income
| Service | Transfer Speed | Fees | Notes |
|---|---|---|---|
| Wise | 1–2 days | Low | Best for bank-to-bank transfers |
| Remitly | Minutes–1 day | Moderate | Excellent for small transfers |
| Western Union | Instant cash pickup | Higher | 10,000+ locations nationwide |
7. Currency Exchange Tips
- Exchange money at official currency exchange centers, not street stalls.
- Avoid airport exchange counters (worst rates).
- Use Wise or Remitly instead of traditional banks for better rates.
- Check rates using XE.com or Google Finance before transferring.
8. Sending Money Home (From the Philippines)
You can easily send funds abroad via:
- Wise (for direct account-to-account transfers)
- Remitly (instant payouts)
- BDO Remit or Metrobank Remit (for traditional users)
For retirees, monthly pension transfers can be automated with Wise or Remitly to minimize conversion fees.
9. Credit Cards and Loans for Expats
Expats can apply for credit cards and loans after establishing residency.
Popular expat-friendly cards:
- BPI Visa Signature
- BDO Platinum Mastercard
- HSBC Premier Card
Requirements:
- Proof of stable income (employment or pension)
- Valid ACR I-Card
- Bank account with transaction history
Interest rates are higher than in Western countries — use cards primarily for convenience or travel rewards.
10. Safety and Security Tips
- Always enable two-factor authentication (2FA) on online banking apps.
- Use NordVPN when banking over public Wi-Fi.
- Avoid sharing bank details via email or social media.
- Report suspicious transactions immediately to your bank’s fraud department.
Frequently Asked Questions (FAQ)
1. Can I open a Philippine bank account as a tourist?
Most banks require a long-term visa, but some allow temporary accounts with limited access.
2. Are there dollar accounts in the Philippines?
Yes, you can open USD or multi-currency accounts at major banks like BDO, BPI, and Metrobank.
3. Is Wise available in the Philippines?
Yes, fully supported for sending and receiving money to local banks.
4. How safe is online banking?
Very safe if you use verified apps and avoid public Wi-Fi networks.
5. What’s the best way to send money home?
Wise for bank transfers, Remitly for instant payouts, and Western Union for cash pickup.
