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 light controls on outward remittances by individuals. Per BSP, foreign-currency purchases for non-trade current account purposes up to USD 500,000 per client per day can be released by authorised agent banks without supporting documents; above that threshold the bank will ask for an invoice, contract or similar supporting document [1]. Outward investment by a resident individual is capped at USD 60 million per investor per year before BSP approval is needed. Physical cross-border movement of currency above USD 10,000 must be declared at customs.
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. From 1 July 2025 the Capital Markets Efficiency Promotion Act (CMEPA, RA 12214) also raised the FCDU resident withholding from 15% to 20%; placements made before that date keep the old rate until maturity. Non-resident FCDU interest remains exempt.
This page is not financial advice. Confirm current requirements with the specific bank branch.