US Dollar Accounts with Low Maintaining Balances

Updated February 5, 2018

Here are US dollar savings accounts with low maintaining balances:

The lists below are the following:

US Dollar Accounts for OFWs (No Maintaining Balance)
US Dollar Accounts for US Pensioners (No Maintaining Balance)
Regular US Dollar Accounts – with $100 maintaining balance
                                               – with $200 maintaining balance
                                               – with $500 maintaining balance

 OFW US Dollar Accounts with No Maintaining Balance

Bank Minimum    Maintaining   Balance   Interest   Fee for
Initial Balance to Earn Rate Below
Deposit Interest Maintaining
BDO Kabayan   $100 0 $500
BDO Shipping $10 0 $200
BPI Pamana Padala   $500 0 $500 0.125%
PNB 0 0 $1,000 0.10
Metrobank 0 0 $500 0.125%

US Pensioner Dollar Accounts with No Maintaining Balance 

Bank Minimum    Maintaining  Balance   Interest   Fee for
Initial Balance to Earn Rate Below
Deposit Interest Maintaining
BDO 0 0 $500 0.25%

US Dollar Accounts with $100 Maintaining Balance 

Bank Minimum   Maintaining   Balance   Interest    Fee for
Initial Balance to Earn Rate Below
Deposit Interest Maintaining
Citystate $100 $100 $200
Landbank $100 $100 $500 0.15%
Metrobank US Pensioner $100 $100 $500 0.25% $5
Metrobank Fun Savers $100 $100 $200 0.125% $5
Philippine Business Bank   $100 $100 $500 0.25%
Philtrust $100 $100 $500 0.5% $1
Veterans Bank $100 $100 $100 0.125%

 – $30 withdrawal fee if deposited cash is immediately withdrawn in cash
 – U.S. Dollar notes deposited & withdrawn outright 1/2 of 1%

 a. In the form of Cable Transfer USD 23.00

 b. PDDTS USD 12.50
 – Handling charge on US$ check deposit $2.50 per check
 – Returned US$ check — minimum of $25
Veterans Bank:
– This is a passbook account.

 US Dollar Accounts with $200 Maintaining Balance

Bank Minimum    Maintaining   Balance   Interest   Fee for
Initial Balance to Earn Rate Below
Deposit Interest Maintaining
Bank of Commerce   $200 $200 $200
BDO Prime Savers $200 $200 $500 0.25% $5
Eastwest $200 $200 $500 0.25%
PNB US Pension $200 $200 $1,000 0.10% $10

BDO Prime Savers Dollar is for individuals 60 years old and up.

 US Dollar Accounts with $500 Maintaining Balance

Bank Minimum    Maintaining   Balance    Interest    Fee for
Initial Balance to Earn Rate Below
Deposit Interest Maintaining
Asia United Bank   $500 $500 0.125% $5
BDO $200 $500 $500 0.25% $5
BPI $500 $500 $500 0.25%
BPI Family $500 $500 $500 0.25%
Chinabank $500 $500 $1,000
Metrobank $500 $500 $500 0.125% $5
PNB $500 $500 $1,000 0.10% $10
PSBank $500 $500 $500 % $10
RCBC $500 $500 $1,000 0.125%
Security Bank $500 $500 0.25%

PSBank Savings: US dollar check clearing $2.50 per check

Above post is about US Dollar Accounts or US Dollar Savings Accounts

Best Foreign Exchange Rates in Metro Manila Philippines


Add a Comment
  1. PNB seems to be the best bank to open a dollar savings account deposit as it offers a zero opening deposit and zero maintaining balance.

    1. PNB Dollar Savings Account
      – Available with passbook only
      Minimum Initial Deposit: $500
      Maintaining Balance: $500
      Balance to Earn Interest: $1,000
      Fee for Falling Below MADB: $10
      Dormancy Fee: $10

  2. Good day.

    I hope you could help me. I am a Filipina. I have been to 4 banks and in all 4 I have been met with reluctance in my request to open a $ account. I have sufficient proof: valid IDs, source of income.

    I am not an exporter. I will use the account to transfer my own money to pay for my future studies abroad. I am at wits end. Do you have any advice?

  3. Hi Dava, try savings banks, sometimes they're more receptive. Explain to them how you're going to obtain dollars. Show receipts of remittances from abroad. One option is to open a peso account in your favorite bank, and then save a lot, a big amount, and then later on, ask that bank if you can open a dollar savings account. Tell them you have maintained a savings account with them.

  4. hey nora i have some problems here pls help. can i open an usd acct despite im not any of the mentioned above? nor have a relative working as ofw? but just simply want to buy dollar from money changer for placement since the interest in peso is lower than usd account? will i be ask where my usd come from? what should i say then for it to be approve??looking forward for your reply thanks and have a nice day

  5. Stephanie, About opening a US dollar account Sep 7
    Hi Stephanie, it will be easier if you open a US dollar account at the bank where you have a peso account. If your peso account is well maintained and has a bigger balance, this will show the bank your ability to save in US dollars. I think some banks hesitate to open a US dollar account for everyone because they think some people are opening a US dollar account just to encash a dollar gift check and then later on ignore their dollar account after getting their gift check encashed.

  6. Hi Nora, I'm based in California but in the process of moving to Manila soon. My question is, What is the maximun dollar amount that i van deposit to a dollar account? Meaning, to avoid the IRS?

  7. Hi Nathan: Sorry I'm not familiar with the US individual income tax system. I've read at the IRS site and some Phil expat sites that foreign bank accounts exceeding $10,000 at any one time must be reported through the annual report FBAR, so from this information, I think it's better that your account balance (of one or all dollar foreign accounts) at any one time does not exceed $10,000.
    The exact wording is file the FBAR if "the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year." I'm just not sure if the wording means aggregate of just the actual balance, or aggregate of all deposits. You can, for example, withdraw from time to time so you can deposit some more, but not go over the #10k threshold. You can visit popular Filipino US expat sites and ask about this. 🙂

  8. hi guys:) I just wanna ask if how will the process be if I work here in the Phil but my salary is coming from a company in america,. How will I relay the message to the company I work and the bank respectively? Thanks in advance

    1. Hi jhei, when you are hired online, your employer should be telling you how you will be paid. Or they will ask you your preference. You don't have to ask about it. If they don't mention it, maybe you should check if they're really reliable.
      Your company can pay you in several ways: Thru Paypal, Xoom, Payoneer, wire transfer, Western Union or Moneygram. Usually companies prefer online transfers. If they let you choose, it is best to choose Xoom, then tell them to send to you in US$. You claim this at BDO, or Metrobank in US dollars and exchange them at Czarina or Sanry's into pesos so you'll get a higher exchange rate.
      If you don't like any hassle, they can deposit directly thru Xoom to your bank account (many Philippine banks are okay. You can go to and check the banks).

  9. Hi shau here
    Just asking again about the maximum $ u can deposit, I have a stable job in QR and a big salary, it will be my 1st time to create a $ account, u mentioned that it will be only $10k?
    I have a savings in hand $5k and it will be more than that for a few more months, so that means I will have to open a lot of bank account for all my future savings?

  10. Hi Nora, I am a beneficiary of an insurance left by my late partner, however it will be issued by Check in $ from Wells Bank through mail. Please advise me how do I encash. What are the bank partners possibly accepting this type of transactions. And if there is, do you have idea on how much charges it will deduct from the total check amount, let us say the check is $10,000.00.

    I would appreciate your response on my query.


    1. Hi LJ, if you have some money now, you can buy $500 dollars from Czarina Makati or other money changers that sell US dollars or from OFWs vacationing, and then open a US dollar account at BDO or BPI, then when you get the US check, deposit the US check in your US dollar account. You will wait for around 25 to 30 days for the cheque to clear. The cheque deposit fee could be 5 USD or more and there’s no other deduction.
      By the way, may I ask a question? When you claimed the insurance, did they require you to send a Medallion Signature guarantee and where did you get this signature? Thanks
      Note also that your dollar account has a maintaining balance (usually $500), ask the bank officer. Maintain $500 or more in your account, or if you cannot maintain, withdraw all your money before the penalty is charged.

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