Foreigner bank account guide, The Philippines is one of the most favored destinations of expats or foreigners because of the laid-back lifestyle, lower cost of living, and natural beauty of the country. Regardless of the reason of expats to stay in the Philippines, he or she can open a bank account for easier access of funds.
Just like other countries, the Philippines supports both national and international banking institutions such as HBSC, Citibank, Bank of America, Philippine National Bank, Bank of Philippine Islands, and Metrobank.
Expats prefer these banks as they offer online banking. Opening a bank account includes an ATM Card that’s why expats or foreigners can access fund anytime and anywhere through the ATM machines.
Documents needed in opening a foreigner bank account
If you are a foreigner or an expat who want to open a bank account in the Philippines, you must consider securing all the documents needed before going to the bank. You’ll need the following:
- Alien Certificate of Registration or Immigrant Certificate of Registration, PRA Special Resident Visa, or Special Investor Visa
- A visa that proves you’re staying in the Philippines for over 180 days
- Valid IDs that shows your permanent residence and proof of source of funds
- 2”x2” or 1”x 1” photo
- Proof of residence in the country such as rent receipt or utility bill
As you open a foreigner bank account, you should prepare for the initial deposit. If you choose Philippine National Bank, the initial deposit required is about $225 or Php10,000. The Philippine bank of your choice may also contact your bank of reference to know if you’re an existing bank client.
You should not worry about the money deposited in the bank because it is protected by the Philippine Deposit Insurance Corporation. The money is insured for about $11,000 or Php500,000.
Before signing the account, make sure to read the terms and conditions along with the fees and other charges. You should also ensure to keep the required maintaining balance to avoid additional charges that will be deducted from your account.