Banking & Finance
Your relationship with money changes when you move abroad. Here's how banking works in Philippines and what expats wish they'd known sooner.
Banking Overview in Philippines
| Feature | Details |
|---|---|
| Currency | Philippine peso (PHP) ₱ |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Philippines
Foreign nationals may be able to open a bank account in Philippines, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Philippines — remote & non-resident opening
Named banks operating in Philippines, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Philippine National Bank | May allow remote opening — confirm with the bank directly | Medium | PNB overseas branches (e.g. Japan) open PH-based deposit accounts for non-Filipino nationals via doc pre-screening, no PH visit. |
| Bank of the Philippine Islands (BPI) | May require an in-person visit — confirm with the bank directly | High | App opening needs a local ID and PH address; non-residents limited to FCY and effectively branch only. |
| BDO Unibank | May require an in-person visit — confirm with the bank directly | High | Online video opening still needs a local PH address and resident visa; not for pure non-residents. |
| China Banking Corporation (China Bank) | May require an in-person visit — confirm with the bank directly | High | Account opening requires visiting nearest Chinabank branch; foreigners need ACR or local IDs. |
| Land Bank of the Philippines | May require an in-person visit — confirm with the bank directly | High | Online opening (DOBS/OFBank) limited to Filipino citizens; foreigners need branch visit with ACR I-Card. |
| Metrobank | May require an in-person visit — confirm with the bank directly | High | Requires ACR I-Card (issued after 59 days) and a branch visit; not open to non-residents remotely. |
| Rizal Commercial Banking Corporation (RCBC) | May require an in-person visit — confirm with the bank directly | Medium | App opening needs PH IDs and local address; foreigners typically need ACR, not for non-residents. |
| Security Bank Corporation | May require an in-person visit — confirm with the bank directly | High | Foreign nationals not supported online; told to visit nearest branch. |
| Union Bank of the Philippines | May require an in-person visit — confirm with the bank directly | High | App onboarding for Filipino citizens; foreigners can only open in branch with passport and ACR I-Card. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Philippines. While you may be able to send money to Philippines, full local account features may not be available. Check their website for the latest on Philippines-specific services.
N26
We have no record of N26 operating in Philippines — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Philippines, consider these factors:
- Exchange rate: The currency is PHP. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Philippines is approximately €357 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Philippines:
- Philippine Deposit Insurance
Additional Data Points
Recent reports and expat sources provide these additional figures for Philippines:
- It is widely known that the official currency of the Philippines is the peso . Notes come in denominations of 20, 50, 100, 200, 500 and 1,000 PHP. One peso is equal to 100 centavos, and coins are issued in 10, 5 and 1 PHP, and 50, 25, 10 and 5 centavos. Nowadays, Filipinos also regularly transact through virtual money wallets such as GCash.
- If you have been staying in the Philippines for less than 180 days, you are classified as a non-resident alien. Yes, you can open a bank account but only limited to a foreign currency deposit account, such as a dollar savings account. Unfortunately, you cannot open a peso savings account.
- Deposits are insured. Similar to the FDIC of the United States, the Philippines' PDIC, or Philippine Deposit Insurance Corporation, insures your deposit of up to 500,000 Philippine pesos per depositor. This is comparatively much less than FDIC's $25,000 per depositor, per insured bank, for each account ownership category standard insurance amount.
- BDO works well if you transfer your pension online it only takes 3-5 days to reach your account. 10 years no problems so far.
- It is widely known that the official currency of the Philippines is the peso . Notes come in denominations of 20, 50, 100, 200, 500 and 1,000 PHP. One peso is equal to 100 centavos, and coins are issued in 10, 5 and 1 PHP, and 50, 25, 10 and 5 centavos. Nowadays, Filipinos also regularly transact through virtual money wallets such as GCash.
- As mentioned, it is not the easiest of processes to open a bank account in the Philippines , yet if you are prepared and with the documentation on hand, it should be a doable task. Beware of branches willing to bend the rules to have you as a customer, as it could point to a bigger problem in the long run. Refraining from breaking the legal system as an expat is definitely a good idea.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Can I receive my salary in a foreign bank account in Philippines?
Technically yes, but most employers in Philippines prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Do I need a residence permit to open a bank account in Philippines?
Many banks in Philippines require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Is mobile banking widely available in Philippines?
Yes, most major banks in Philippines offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
How long does it take to open a bank account in Philippines?
Opening a bank account in Philippines typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
How do ATM withdrawals work in Philippines?
ATMs are widely available in Philippines. Your bank's ATM network is usually free; out-of-network ATMs may charge ₱1-5 per withdrawal. International cards may incur additional fees.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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