Opening a Philippine bank account as a foreigner is doable, but the rules vary by bank, visa type, and how long you’ve been in the country. Here’s what actually works in 2025.
Can Foreigners Open Bank Accounts in the Philippines?
Yes — but with conditions. Philippine banks are allowed to open accounts for foreign nationals, but most have internal policies requiring one or more of the following: a valid visa with sufficient remaining validity, an ACR I-Card (Alien Certificate of Registration), an employer or local sponsor, or a minimum initial deposit. The requirements differ between banks and sometimes between branches of the same bank.
Best Banks for Expats
BDO (Banco de Oro)
BDO is the largest bank in the Philippines by assets and the most foreigner-friendly in practice. They have branches in every major city and mall, accept ACR I-Card holders for most account types, and have a functional online banking system. Their peso savings account requires an initial deposit of ₱2,000–5,000 depending on account type. BDO also offers US dollar accounts, which are useful if you receive income in USD.
BPI (Bank of the Philippine Islands)
BPI is the second-largest bank and widely used by expats. Their app and online banking are generally considered more reliable than BDO’s. They’re slightly stricter on documentation for foreigners. BPI’s Easy Saver account has a low minimum balance requirement and is a popular starting point.
Metrobank
Metrobank is another solid choice, particularly for those with employer sponsorship or a working visa. They offer foreign currency accounts in USD, EUR, and other currencies — useful for expats receiving foreign income.
UnionBank
UnionBank is worth considering specifically for its digital-first approach. Their app is excellent and they’ve made some of the biggest strides on remittance receiving. They work with PayMaya / Maya for digital transfers.
Documents You’ll Typically Need
Requirements vary but this is what most banks ask for:
- Valid passport (with current entry/visa stamp)
- ACR I-Card (Alien Certificate of Registration) — required at most banks once you’ve been in the country 59+ days
- Proof of Philippine address — utility bill, lease contract, or a certification from your barangay
- Local contact number
- Two government-issued IDs (passport usually counts as one; some banks accept a foreign driver’s license as a second)
- Initial deposit — ranges from ₱500 to ₱10,000 depending on account type
Some banks also ask for proof of income or employment, especially for US dollar accounts or higher-tier accounts. If you’re employed locally, an employer’s certification letter helps significantly.
The ACR I-Card: Why You’ll Probably Need One
The ACR I-Card is a government-issued ID for foreign nationals staying more than 59 days in the Philippines. It’s issued by the Bureau of Immigration. Most banks treat it as a critical document — it establishes your identity and legal residency status in a way that a tourist stamp alone doesn’t. If you plan to stay long-term, getting your ACR I-Card early makes banking (and many other things) much easier.
Getting Money In: Wise and GCash
Before or alongside opening a local account, most expats use Wise (formerly TransferWise) for international transfers. Wise lets you receive money in your home currency and convert to PHP at the real exchange rate with low fees — saving significantly compared to bank wire transfers.
GCash is the Philippines’ dominant e-wallet and is worth setting up early. It accepts international card top-ups and is accepted at almost every merchant, restaurant, and store in the country. Combined with Grab, GCash covers most day-to-day payment needs before your bank account is set up.
Tips for Getting Your Account Approved
- Go to a main branch, not a mall kiosk. Mall branches often have stricter policies or less experienced staff for foreigner accounts. The main branch in Makati or BGC will be more familiar with expat applications.
- Bring everything, including originals and photocopies. Banks often need photocopies of every document on the spot. Bring a folder with multiple copies of each ID.
- Explain your purpose clearly. “I’m a long-term resident receiving foreign income” is a more reassuring answer than “tourist.” Banks prefer to understand why you need the account.
- Have a Philippine address ready. Even your hotel or serviced apartment address can work initially. Some banks will accept a signed declaration.
- Try multiple banks if the first one says no. Policies vary. BDO and BPI tend to be the most flexible. Don’t be discouraged by one refusal.
Sending Money to the Philippines
Once your account is set up, the most cost-effective way to fund it from abroad is via Wise. Bank wire transfers from US or Australian banks can cost $15–50 per transfer plus poor exchange rates. Wise typically charges 0.5–1.5% of the transfer amount and uses the mid-market exchange rate.