Main Local Banks in the Philippines
The main local banks in the Philippines are:
- Banco de Oro (BDO) – BDO is one of the largest banks in the Philippines, offering a wide range of banking services.
- Bank of the Philippine Islands (BPI) – BPI is a leading bank in the Philippines with a history dating back to 1851.
- Metropolitan Bank and Trust Company (Metrobank) – Metrobank is a prominent bank known for its extensive branch network.
- Land Bank of the Philippines – Land Bank focuses on agricultural and rural development banking services.
- Philippine National Bank (PNB) – PNB offers various financial solutions and international banking services.
- Security Bank Corporation – Security Bank provides a range of banking and financial services.
- Union Bank of the Philippines – Union Bank offers digital banking solutions and traditional banking services.
International banks in the Philippines
There are a number of major international banks that have a presence in the Philippines. These include:
- Citibank – Citibank operates in the Philippines and offers various banking solutions.
- HSBC – HSBC serves customers in the Philippines with its banking services.
- Standard Chartered Bank – Standard Chartered is a major international bank with a presence in the Philippines.
Accounts and Services for Expats
Banks in the Philippines offer a range of accounts and services for expats. These include:
- Savings accounts
- Current accounts
- Time deposit accounts
- Foreign currency accounts
- Online banking
- Mobile banking
- Debit and credit cards
- Remittance services
Typical Bank Opening Hours
Banking hours in the Philippines vary depending on the bank and the location. However, most banks are open from Monday to Friday, from 9:00 am to 3:00 pm.
Areas of Concern for Expats
Expats should be aware of the following when banking in the Philippines:
- The banking system is regulated by the Bangko Sentral ng Pilipinas (BSP), which is responsible for maintaining the stability of the banking system.
- The BSP requires banks to obtain identification from their customers, which can include a passport, driver’s license, or other government-issued ID.
- Banking services in the Philippines can sometimes be slow, and there may be long queues in branches.
- Fees and charges for banking services can be high, particularly for international transfers.
Opening a Bank Account
- Research different banks and their account options to find the best fit for your needs.
- Visit a branch of the chosen bank and bring the necessary documents, which may include:
- Passport or government-issued ID
- Proof of residence (e.g. utility bill or rental agreement)
- Alien Certificate of Registration (ACR) or Special Investor’s Residence Visa (SIRV) for non-Filipino residents
- Tax Identification Number (TIN) or proof of application for a TIN
- Fill out the necessary forms and provide any additional information requested by the bank.
- Make an initial deposit to fund the account.
- Wait for the account to be approved and activated, which may take several days or longer.
- Once the account is activated, you will be given a debit card and/or checks to use for transactions.