11.11.2011

Opening a Bank Account in the Philippines

By Nora

Opening a Bank Account in the Philippines

Paano ba mag-open ng bank account in the Philippines?

Ito ay para sa mga young students o iba pa na nagtatanong kung paano magkaroon ng bank account. Sa isa kong blog, merong mga nagtatanong kung paano raw mag-open ng account sa bangko dahil hindi pa raw sila nagbabangko at wala raw silang alam kung paano.

Una, huwag kayong mahiya na pumasok sa bangko para mag-open ng account. Sa totoo lang, gusto ng banks na marami silang depositors. Mas maraming pera na nakadeposito sa kanila, mas kikita sila.

Kung merong mga banks na strict sa mga account opening requirements, ito ay dahil nasa status na sila na puede na nilang piliin ang customers nila. Depende rin sa bank branch. Merong mga bank branches na by-the-book sila sa requirements; meron ding napapakiusapan. Ang mga bank branches ay bumabagay din sila sa kung anong klaseng neighborhood sila located.

Ang pinakamadaling i-open na bank account ay ang ATM savings account. Ito ay walang passbook. Mas mababa ang monthly average daily maintaining balance nito kesa sa passbook savings account.

Meron ding tinatawag na cash card na ini-issue ng banks. Parang bank account din ito. Mas madali pa itong i-open kesa sa ATM savings account, pero ito ay hindi regular savings account. Hindi ito insured by the Philippine Deposit Insurance Corp. (PDIC). Kung gusto ninyo ito, meron akong articles about cash cards -- Cash Cards for Students and Cash Cards for OFWs.

Ano ang mga kelangan para makapag-open ng ATM savings account?

Ang basic requirements ay:

1. Two valid photo IDs (postal ID, digital SSS ID, driver's license, passport, voter's ID, or company ID. For a complete list of valid IDs, scroll down)

If you're a student, bring your student ID or school ID and your NSO-issued birth certificate.

2. Two 1x1 or 2x2 ID pictures

Merong mga banks na okay na ang 2 valid IDs lang, kahit wala pang picture, o kahit isang picture lang. Pero lahat sila, hahanapan ka ng IDs.

Merong ding banks na hahanapan ka pa ng proof of address, such as Meralco bill, telephone bill o water bill.

Merong mga special na ATM savings accounts, katulad ng special OFW account na hahanapan ka ng OFW contract o remittance receipt.

How to apply for an ATM savings account:

Ang pag-a-apply ng account ay personal. Hindi puedeng magpa-open ka sa ibang tao. Dahil meron kang mga pipirmahan. Kukunin ang iyong signature.

Punta ka lang sa New Accounts counter at sabihin mo na gusto mong mag-apply for an ATM savings account. Merong ibang teller, tinatanong pa kung bakit gusto mong mag-open ng account. Sabihin mo lang, gusto mong mag-save, o para sa remittance. Hihingin ang IDs mo at bibigyan ka ng forms na susulatan at pipirmahan.

Ipa-process ng teller ang application mo, kukunin ang initial deposit mo, o ikaw ang padepositohin sa deposit counter. In many cases, makukuha mo agad ang ATM card mo. In some cases, pababalikin ka after 3 or more days, kasi ipi-print pa nila yong name mo sa ATM card mo.

Keep your initial deposit slip, kasi nakasulat diyan ang Savings Account Number mo. Kalimitan, yong nakasulat sa front side ng ATM card ay Card Number, at hindi ito ang account number. Kapag magdeposit ka over-the-counter, o mag-apply ka sa Internet banking, or hingian ka ng account number ng OFW relative o friend abroad, ang gagamitin mo ay Account Number.
Ang card number, yong number sa card, usually nagagamit lang yan ng bank para ma-link yong atm card mo sa account number mo.

Pero kapag Cash Card account ang inopen mo, important ang card number (yong number sa atm card mo), kasi yan ang gagamitin mo kapag mag-deposit ka sa Cash Card account mo. Walang ibang no. -- yang nasa atm card mo, yan ang Cash Card no. mo.

Ano ba ang mga hinihinging information sa mga application forms?

- Complete name
- Address
- Telephone No.
- Cell No.
- Date of birth
- Place of birth
- SSS No. or TIN No. or GSIS No. (kung wala, ilagay mo lang NA)
- Civil status
- Sex
- Occupation (kung wala, ilagay mo student, housewife, househusband, or self-employed)
- Name of company or employer (kung wala, ilagay mo self-employed, or OFW spouse)
- Address of company (kung wala, NA)
- Phone No. of company (kung walang company, NA)
- Source of income (employment, self-employment, or business, or OFW remittance)
- Name of spouse
- Address of spouse (puedeng "same as above")
- Name of parents (in some forms)
- Mother's maiden name (in some forms)
- Your signature

What is PIN number?

Ito yong number na pipindutin mo sa ATM machine para makawidro o maka-balance inquiry ka.
Ito ay manggagaling sa iyo. Puedeng 4 digits lang, puedeng 6, depende sa bank.

Maraming banks ngayon, bibigyan ka muna ng default number, o initial PIN number, tapos papalitan mo ang PIN number na ito sa gusto mong number using the ATM machine. Mag-isip ka ng number na madali mong tandaan pero mahirap hulaan ng mga taong merong alam na personal information about you. Bakit? Para kung mapulot nila yong ATM card mo, hindi nila mahulaan ang PIN mo at hindi nila mawidro ang pera mo.


What are the penalties and fees na puedeng maibawas sa balance ng aking bank account?

1. Kapag mas mababa ang balance sa required maintaining balance

Kapag below maintaining balance ka, 100 to 300 pesos ang ibabawas sa deposit mo at the end of the month. Most banks do this if your balance has been below the balance requirement for two consecutive months. Magkasunod na 2 months.

Merong banks na nagbabawas na ng penalty kahit 1 month ka pa lang na below the required balance.

2. Kapag nagwidro ka sa ATM ng ibang banks.

For every withdrawal in another bank's ATM, you'll be charged at least 10 pesos. Meron ding charge ang balance inquiry.

3. Dormancy fee

Mangyayari ito kapag ang account mo ay natulog nang two years or more -- walang withdrawal, walang inquiry, o walang deposit. Mababawasan ang deposit mo ng 200 pesos, 300 pesos or higher for every month after 24 months of no activity.

Ano ba ang Monthly Average Daily Balance? o Maintaining Balance? o MADB?

Sa basic na pag-explain, ito ay yong lowest amount of money na dapat laging nasa bank account mo para hindi ka mabawasan ng below-maintaining balance penalty.

Halimbawa, sabi ng bank ang maintaining balance ay 1,000 pesos -- dapat laging merong 1,000 pesos sa account mo, dapat hindi bumaba sa 1k, dapat hindi mo bawasan.

Merong mga banks na ang maintaining balance rule nila ay hindi Monthly Average Maintaining Balance, kundi Maintaining Balance talaga. This means na kahit isang araw lang bumaba ng 1k yong account mo, babawasan ka na ng penalty at the end of the month.

Yong iba, Monthly Average Maintaining Balance (MADB) -- meaning puede kang maghabol. Example, one week na 500 pesos lang ang balance mo. Ang gawin mo, after yang week na yan, mag-maintain ka ng much more than 1k para kapag mag-compute na sila, ang lalabas na average daily balance mo ay 1k or more pa rin.

Dito na papasok yong benefit ng mag-open ng savings account na mababa ang maintaining balance. Para hindi ka parating nababawasan kung hindi pa stable ang iyong kaperahan.

At kung pang-receive ng money lang talaga ang purpose mo, katulad ng remittance or allowance, Cash Card na ang wise option, kasi karamihan sa mga ito ay walang maintaining balance requirement.


Valid IDs for transactions with banks and other financial institutions:
(Source: Bangko Sentral ng Pilipinas, Circular No. 608, Series of 2008)

Passport
Driver's license
Professional Regulation Commission ID (PRC ID)
National Bureau of Investigation Clearance (NBI Clearance)
Police Clearance
Postal ID
Voter's ID
Barangay Certification
Government Service Insurance System e-Card (GSIS e-Card)
Social Security System card (SSS card)
Senior Citizen card
Overseas Workers Welfare Administration ID (OWWA ID)
OFW ID
Seaman's book
Alien Certification of Registration (ACR) or Immigrant Certificate of Registration (ICR)
Government Agency ID, such as Armed Forces of the Philippines ID or Pag-ibig Fund ID
Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
Certification from the Department of Social Welfare and Development (DWSD)
Integrated Bar of the Philippines ID (IBP ID)
Company IDs issued by private companies or institutions registered with the BSP, SEC or IC

For students:
School photo-ID signed by the school head or principal

Opening a Bank Account in the Philippines
How to Open a Bank Account in the Philippines

Related Articles:
Savings Accounts for OFW Remittances
Best Savings Accounts for Students in the Philippines
Savings Accounts in the Philippines with the Lowest Maintaining Balances
Top Savings Banks in the Philippines, Based on ROE Dec 2010
Savings Accounts for Kids in the Philippines
Philippine Checking Accounts with Low Maintaining Balance Requirements

9 comments:

Janel Logrono said...

tanung lang po student pa po aq,, bkt po mas mhrap mag open pag savings account na may passbook kaysa sa atm savings account lng po.. possible rin po ba na tumubo ung pera q sa account ko po without depositing money.?prang nabasa ko kc sa ibang site na may interest ung pera mu

Nora Tamba said...

Question from Janel Logrono:
I'm a student. Why is it more difficult to open a passbook account than an atm savings account. Is it possible that the money in my account grows without depositing money. I've read in another site that there's interest for my money.
ANSWER:
Passbook accounts have much higher maintaining balance requirements. Since you're a student, the teller will probably advise you to start with an atm savings account since the maintaining balance requirement is lower. For BDO, their passbook account requires a maintaining balance of 10,000 pesos. Their atm savings account requires only 2,000 pesos.
Your money earns interest if you maintain at least the required monthly maintaining balance. Your get interest even if you don't deposit as long as your money in your account is equal to or more than the maintaining balance requirement.
You should also make a deposit or withdrawal at least once every 2 years so your account does not get dormant.

jb said...

F ang deposit ko ay 10,000 at hindi q na withraw, magkano ang interest nito within 2 years?

Anonymous said...

Gud pm po . Sa requirements po kasi ng pag totourist ko isa po dun yung bank account po . Sa Citibank ko po gustong magpagawa . Pero paanu po ba ang pagggawa ng bank account at magkano po kaya ang magagastos nun . Saan po bang bangko yun ? Sa Quezon po ako nakatira . need ko lang po ... Thank you ..

Nora Tamba said...

Question about opening an account with Citibank:
Gud pm po. Among the requirements of a tourist visa is a bank account. I want to open at Citibank. How do I open a bank account there and how much will I spend? Where is that bank? I live in Quezon. Thank you.
ANSWER:
There are only 6 Citibank branches in the Philippines: Alabang, Binondo, Makati, Cebu, Greenhills and Libis. The minimum initial deposit for a regular personal savings account is 500,000 pesos.
Embassies recognize bank accounts opened at banks like BPI, BDO or Metrobank and the other Philippine commercial/universal banks. It's easier to open an account with these banks, as they have many branches, and they accept lower deposit amounts.

jafet gimenez said...

Gud am po... may tanong lng po aq.. about sa account q sa BPI na galing po xa sa company n pinasukan ko... hindi ko na po siya na lagyan na pera mga liman buwan na at alam ko mababa siya sa maintaining balance kas8 mawithdraw ko n po lalos lahat. Ngayon, kailangan ko na po siya ulit.. pano po kaya un... pano po kung may pumasok n pera, automatic na mababawasan siya a5 magkano kya?? PLEASEHelp

jafet gimenez said...

Ano po kayang klasing account ang pwede para sa business transaction.. pwede ba yung BPI express savings yata un.. un kasi ung dati kung account n galing sa compny na pinasukan ko. Kaso 5 month ko na syang di ginagamit..

Nora Tamba said...

Question from jafet gimenez
Gud am po. about my account with BPI from the company where I worked. I haven't deposited to it for about 5 months. and I know it's below the maintaining balance because I withdrew almost all. Now, I need it again. What happens if I deposit to it, will it automatically be deducted with penalty? and how much? PLEASE help
What type of account is good for business transaction. Is the BPI express savings good? That was my first account, which was from my previous company, but I haven't used it for 5 months.
ANSWER:
Hi jafet, usually payroll accounts of big companies are zero-maintaining-balance accounts, as the companies are the ones maintaining corporate account balances. I don't know if your payroll account is like that. I think that you open your own account. Go to a BPI or BPI Family and open a BPI Easy Saver (no maintaining balance requirement, but there's a 5-peso fee for every atm withdrawal and every balance inquiry). You can also open a BPI Family atm savings account -- the maintaining balance requirement is only 1,000 pesos. You can use these for business transactions.

jafet gimenez said...

Thank you po sa info. May tanong po ulit ako. Ano po kayang bank account ang mas maganda sa business transactions online, mas madaling mag-open ng own account bukod po sa PBI??

About po sa payroll acount ko galing company, sinabi po sa amin noong kumuwa kami ng backpay, magigi na namin sariling account yun. Kailangan lng nga dw po may maintaining balance na. Pero yun nga po di ko siya nagamit. Baka po sakaling hindi na ako mag-open ng new account at yun na lng... thanks po