Setting up a bank account in a new country can seem daunting, but with a bit of preparation, the process in the Philippines is quite manageable. Whether you’re relocating for work, studies, or a long-term stay, having a local bank account will make managing your finances easier and more affordable.

This guide will walk you through the essentials, from understanding the local currency to knowing which documents to prepare, as well as the best banks for newcomers in the Philippines.

Currency in the Philippines

The Philippines uses the Philippine Peso (₱ or PHP) as its official currency. Having a local bank account allows you to manage pesos directly, avoiding foreign exchange fees and simplifying local transactions like rent, utilities, and everyday purchases.

The country’s banking system is well-connected both locally and internationally. Most banks are integrated with online and mobile banking platforms, and international transfers are supported through SWIFT, Payoneer, or Wise, though fees can vary.

Before opening an account, it’s worth checking which account types the bank offers, some are tailored for expatriates or foreigners.

Best Banks in the Philippines for Newcomers

The Philippines has a strong mix of traditional banks and emerging digital banks. Here are some of the top options for expats, remote workers, and long-term visitors:

BDO Unibank (Banco de Oro)

The largest and most trusted bank in the Philippines with branches and ATMs nationwide.

• Perk for newcomers: Multicurrency accounts and remittance-friendly services.

• Why choose it? Great for people who need both in-branch support and digital access. Many branches have English-speaking staff.

Metrobank

Known for its customer service and wide coverage, Metrobank offers reliable and secure banking options.

• Perk for newcomers: International remittance tie-ups and accessible online banking.

• Why choose it? Ideal for professionals and expatriates with steady income or local employment.

BPI (Bank of the Philippine Islands)

One of the oldest banks in Southeast Asia, BPI combines tradition with solid digital innovation.

• Perk for newcomers: Fast online banking setup and investment options.

• Why choose it? Excellent online tools, great for managing multiple accounts or savings goals.

UnionBank

Tech-forward and efficient, UnionBank is one of the most digital-friendly banks in the country.

• Perk for newcomers: You can open an account entirely online using your passport and proof of address.

• Why choose it? Perfect for digital nomads or those who prefer contactless services.

GCash / Maya (Digital Banks)

These are mobile banking platforms regulated by the Bangko Sentral ng Pilipinas (BSP). They act like e-wallets with full banking features.

• Perk for newcomers: Quick setup, no branch visit needed, and free local transfers.

• Why choose it? Ideal for short-term stays or freelancers managing online payments.

Documentation Needed

To open a bank account in the Philippines, you’ll typically need:

1. Valid Passport – Your primary identification document.

2. ACR I-Card (Alien Certificate of Registration) – Required for foreigners residing long-term. Temporary visitors may open limited accounts.

3. Proof of Address – A lease contract, utility bill, or hotel certification.

4. TIN (Tax Identification Number) – Sometimes required, especially for resident accounts or when receiving income locally.

5. Employment Certificate or Proof of Income (optional) – Helps with account approval or higher transaction limits.

6. Visa or Residence Permit (if applicable) – To verify your legal stay in the country.

Some banks allow non-resident or tourist accounts, especially digital ones. Always confirm with your chosen bank if you’re unsure about eligibility.

Tips for Opening a Bank Account in the Philippines as a Foreigner

• Start with a non-resident or digital account: These are easier to open without extensive paperwork.

• Compare fees: Maintenance fees, ATM charges, and transfer costs vary by bank. Some waive them if you maintain a minimum balance.

• Use your home country’s partner bank: Banks like BDO and HSBC have global alliances that make transfers cheaper.

• Bring extra ID copies: Branches often require photocopies of your passport and visa.

• Visit in the morning: Bank queues can be long, and hours are typically 9 AM to 3 PM (Monday to Friday).

• Be patient with verification: Account activation can take a few days, especially for foreigners.

Final Thoughts

Opening a bank account in the Philippines is a smart move for anyone planning to stay beyond a few weeks. It makes everyday payments, salary deposits, and transfers much more convenient.

Whether you go with a trusted traditional bank like BDO or BPI, or a fully digital option like GCash or UnionBank, you’ll find that Philippine banks have become very foreigner-friendly, especially as of 2026, when online onboarding is now the norm.

Take your time to compare, prepare your documents, and you’ll soon be ready to manage your finances like a local.