System overview
The Bangko Sentral ng Pilipinas regulates the Philippines' competitive banking sector [1]. Major banks include BDO Unibank (largest by assets), Metrobank, Bank of the Philippine Islands (BPI), Land Bank (government-owned), and Security Bank. The Philippine peso (PHP) is a freely convertible floating currency with no significant capital controls on routine transfers. The banking sector is stable, well-capitalised, and increasingly digital.
Opening an account as a foreigner
Requirements:
- Valid passport with valid visa (SRRV, 13(a) quota immigrant visa, or 9(g) work visa). Tourist visa is generally not accepted.
- Proof of address in the Philippines: rental contract plus utility bill, or a barangay certificate of residence.
- You need a Tax Identification Number (TIN) for most account types (get it through the BIR).
- Some banks require an Alien Certificate of Registration (ACR I-Card) for long-stay visas.
- Initial deposit: 500-25,000 PHP (about 8-400 EUR) depending on the bank and account tier.
BDO, BPI and Security Bank are the most foreigner-friendly. BPI offers a specific "BPI Account for Expats" with English-language onboarding.
Account types
- Savings account (passbook or ATM): everyday account. Interest rates of 0.1-0.5% on demand deposits.
- Current account (checking account): requires a work permit or business registration for most banks. Some banks offer a savings account with cheque-writing facility.
- Time deposit: 30 days to 5 years. Rates of 3-6% (higher for longer terms, smaller banks). Minimum deposit 5,000-50,000 PHP.
- Foreign-currency savings account: USD accounts available at all major banks. EUR, GBP, AUD, JPY, CAD also available at larger banks.
International transfers
Inbound
SWIFT transfers are efficient, typically arriving within 1-3 business days. Correspondent fees: 10-20 USD per transfer. Wise supports PHP transfers [2]. For SRRV holders receiving a foreign pension, many use a USD savings account and convert to PHP only as needed.
Outbound
The Philippines has no significant capital controls on outward remittances by individuals. BSP permits outward transfers of up to 60,000 USD per person per year without documentation, and up to 120,000 USD with a valid purpose [1]. Above that requires BSP approval. The bank issues a Foreign Currency Deposit Unit (FCDU) receipt for tax purposes.
Digital banking
Philippine banks have made significant digital progress. Leading apps:
- BDO Mobile: functional but interface is dated. Supports transfers, bill payment, QR payments.
- BPI Mobile: better interface, supports InstaPay (free instant transfers up to 50,000 PHP) and PESONet (free batch transfers, same day).
- Security Bank Online: modern interface, good for international wires.
- GCash and Maya (digital wallets, not banks): widely used for payments at merchants, bill pay, and transfers. Top up both by bank transfer.
Debit and credit cards
Savings accounts come with debit cards (Visa/Mastercard) as standard. Foreigners with a work permit and verifiable income can get credit cards (minimum 20,000 PHP/month). Without a work permit, you need a collateral hold-out (fixed deposit), typically 100-150% of the credit limit.
ATMs
Widespread in cities and provincial capitals. Foreign-card withdrawal fee: 200-250 PHP (about 3.50-4.50 EUR) per transaction at most banks. Maximum per withdrawal: 10,000-20,000 PHP (160-320 EUR). ATMs dispense PHP only.
Tax implications of interest
Savings and time deposit interest incurs 20% final withholding tax. Foreign-currency deposit interest incurs 7.5% final withholding for residents (reduced from 15% under CREATE Law). Non-residents pay 20%.
This page is not financial advice. Confirm current requirements with the specific bank branch.