12.19.2014

Can Foreigners Open a Bank Account in the Philippines?

By Nora

YES, foreigners can open a bank account in the Philippines.

If you're a foreigner wanting to open a bank account here, you will soon find that some banks are stricter with their account opening requirements than others.

Obviously, banks in communities with a lot of expats will be more ready to accommodate you, as they already have relevant experiences.

Banks require that you have an address here in the Philippines.

Present these documents to the bank:

1.  Your passport

2.  Your Alien Certificate of Registration (ACR)
      or ACR I-card
      or Immigrant Certificate of Registration (ICR)
      or Special Investor Resident Visa (SIRV)
      or PRA Special Resident Visa (SRRV)

3.  Some banks require that your visa shows you have been here in the Philippines for more than 180 days.

Some banks might require more documents or more valid IDs to verify your identity, permanent address and source of funds.

Ask also your account's maintaining-balance requirement to avoid the below-maintaining-balance penalty.

While in the U.S., US citizens who have decided to move to the Philippines can also open a Philippine-based account at PNB branches in the U.S.

Likewise, UK citizens can ask BPI Europe in London for assistance in opening a Philippine-based account.

Related article:

Direct Deposit for US Pensioners in the Philippines

1 comment:

  1. If you walk into the PNB or Metrobank office in New York City with your passport and driver's license, the supervising banker will tell you that no U.S. citizen without Philippine birth or dual citizenship may open an account there for accessing funds while in Philippines. The information you have posted here is inaccurate.

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