With digital nomads and foreign investors increasingly choosing the Philippines as a temporary home, understanding the process of opening a bank account in the country has become crucial.
To open a bank account in Philippines involves some documentation, and the decision should be guided appropriately. Furthermore, starting a business in a foreign country like the Philippines implies a lot of research. The one common thing moving and setting up a business in the Philippines is setting up a bank account.
Several types of bank accounts can be set up in the Philippines in 2024, however before choosing a bank a thorough search should be conducted. Foreign investors can rely on our Philippines company registration agents for assistance with corporate bank account opening.
Table of Contents
Requirements to open bank accounts in the Philippines
Before starting the process of opening a bank account in the Philippines, foreign citizens must know the following:
- one must be a temporary or permanent resident in the Philippines in order to be allowed to open a bank account here;
- the creation of the account cannot be done remotely;
- the documentation required may vary depending on the bank’s policies and procedures.
- there are plenty of foreign banks with branches in the Philippines, so foreign investors can choose one of these to open bank accounts with.
Concerning opening a corporate bank account in 2024, our Philippines company formation specialist can advise the requirements and the steps to be followed.
Documents related to the opening of a Filipino bank account
There are several types of bank accounts that can be opened in the Philippines. Apart from the personal and corporate bank accounts, there is also the merchant account which can be opened by companies registered in the Philippines. Our local consultants can offer more information on the merchant account. The choice of account could be Savings Account, Current Account, Time Deposit Account, Foreign Currency Account, Corporate Account, Joint Account, or OFW (Overseas Filipino Worker) Account. It is important to note that specific terms and conditions, requirements, and fees may vary among banks. It is advisable to inquire about the type of account that suits you.
Foreign citizens interested in opening bank accounts in the Philippines in 2024 must go to the bank in person and provide the following documents:
- a residence permit, also known as an Alien Certificate of Registration card;
- recent utility bill or a rental contract for proof of address;
- identification documents with a photo, such as a passport;
- a passport-size photo;
- a minimum amount that should be deposited in the account;
- a reference from a bank in your country of permanent residence or country of citizenship (not all banks require this).
FAQs about the Philippines Currency and opening a bank account
Our team answers commonly asked questions below.
What is the official currency of the Philippines?
The Philippine Peso (PHP) is the designated official currency of the country.
Are credit cards widely accepted in the Philippines?
In urban areas, hotels, restaurants, and retail establishments commonly accept Visa, Mastercard, and American Express credit cards. However, having cash on hand for smaller businesses or remote locations is recommended.
What denominations are available for Philippine Peso banknotes?
Philippine Peso banknotes are available in 20, 50, 100, 200, 500, and 1,000 PHP denominations.
Is there a subdivision of the Philippine Peso?
The currency is divided into centavos, with one peso equal to 100 centavos.
Are there coins in circulation in the Philippines?
Yes, coins are issued in the Philippines. Coins are available in 1,5 and 10 PHP denominations and 50, 25, 10, and 5 centavos.
Can I use foreign currency in the Philippines?
While the Philippine Peso is the official currency, some establishments may accept other currencies, such as US Dollars or Euros. However, it is recommended to have local currency for most transactions.
What is the current exchange rate for the Philippine Peso?
Exchange rates fluctuate and can vary depending on various factors. Checking with authorized money changers or financial institutions for the most up-to-date exchange rates is advisable.
Is there a required minimum deposit to open a bank account in the Philippines?
Yes, most banks in the Philippines require a minimum deposit to open an account. The minimum amount varies according to the type of account you want to open and the bank’s policies. It’s a good idea to ask the bank about the minimum deposit requirement.
Is it possible for a foreigner to open a bank account in the Philippines?
Yes, foreigners are generally permitted to open bank accounts in the Philippines, subject to specific bank requirements.
The following data concerning the country’s banking system is summarized by our team. according to the 2021 Central Bank highlights on the Philippine:
- the total number of banking offices was 13,154, with 506 domestic head offices and 12,594 other offices or branches;
- 7,038 universal and commercial banks had 46 head offices and 6,992 branch offices or other offices; there were 5,803 private domestic banks with 12 head offices and 5,791 branches or other offices;
- in 2021 there were 10 foreign banks out of which 6 were head offices and 4 branches or other offices;
- the total assets in P billion for 2021 were 20,828,137.
Our company formation experts in the Philippines provide tailored services to foreign investors looking to open a company in Philippines.
For assistance on how to open a bank account in Philippines in 2024, do not hesitate to contact us.