Opening a Bank Account in the Philippines (as a foreigner)

Bank Account Opening Guidelines for Expats

Opening a bank account in the Philippines as a foreigner is possible - but it’s not always straightforward. Requirements vary by bank, visa type, and length of stay, and many applicants are surprised to learn that a tourist status (9A Visa) alone is not enough. This guide explains who can open a bank account, what documents are required, and what challenges to expect.

Can Foreigners Open a Bank Account in the Philippines?

Yes, foreigners can legally open a bank account in the Philippines. However, approval depends on several factors, including:

• Your visa type
• Length of stay in the Philippines
• Whether you have a local address
• The bank’s internal compliance rules

Banks in the Philippines operate under regulations set by the Bangko Sentral ng Pilipinas, and each bank applies its own risk and compliance policies - there is no exact standard process.

Best Banks for Foreigners in the Philippines

While policies change, foreigners commonly open accounts with major commercial banks such as:

• BDO Unibank ("BDO", the largest in the country)
• Bank of the Philippine Islands ("BPI")
• Metropolitan Bank & Trust Company ("Metrobank")
• Security Bank

Even within the same bank approval can often still vary by branch, so documentation and presentation matter.

Visa Requirements: What Status Do You Need?

1. Tourist Visa Holders

Some banks do allow tourist visa holders to open a bank account, provided they can present a tourist ACR I-Card and proof of long-term stay in the Philippines, such as a lease contract or other acceptable address documentation. Approval is still subject to the bank’s internal compliance checks, and requirements may vary by branch. In some cases, banks may impose higher minimum balance requirements or limited account features, especially for local peso savings accounts.

2. Long-Term Visa Holders

Foreigners with the following are far more likely to be approved:

• Work visas (9G)
• Resident visas (13A, SRRV, SIRV)
• Student visas
• Long-term stay visas with ACR I-Card

An ACR I-Card is often the single most important requirement.

Documents Usually Required

While exact requirements differ, most banks ask for:

• Valid passport
• Valid visa
• ACR I-Card (or official receipt if pending)
• Proof of local address (lease contract or barangay certificate)
• Local contact number
• Source of funds declaration
• Initial deposit (amount varies by bank and account type)

Some banks may request additional documents, especially for compliance or anti-money laundering checks.

Types of Accounts Available to Foreigners

Foreigners are eligible to open Peso savings accounts, Foreign currency accounts (USD) or Corporate accounts (for registered businesses). Note that online-only "digital" banks typically do not accept foreign applicants without permanent residency.

Common Challenges Foreigners Face

• Being rejected due to tourist status
• Inconsistent requirements between branches
• Requests for documents not mentioned upfront (e.g. lease contract)
• Long approval timelines
• High minimum balance requirements

These challenges are common and often avoidable with proper preparation.

Tips to Improve Approval Chances

• Apply at a main branch, not a mall branch
• Bring complete and original documents
• Avoid last-minute or rushed applications
• Be clear about your source of funds
• Consider opening an account after securing a long-term visa

We're Here To Help

Navigating banking, visa requirements, and compliance rules in the Philippines can be complex for foreigners. C&G assists with visa processing, immigration compliance, business registration, corporate bank account opening, and ongoing regulatory support - helping you avoid delays and costly mistakes. If you need professional guidance or clarity on your next steps, contact us to discuss the best solution for your situation.