Philippines – Banking

What are the main banks in the Philippines?

The BSP publishes rankings of Philippine banks by total assets and regulates all banking institutions operating in the country. The sector encompasses universal banks, commercial banks, thrift banks, rural banks, cooperative banks, and a rapidly expanding category of fully licensed digital banks.

BDO Unibank holds the top position among Philippine banks by assets, loans, deposits, and branch count, and received the title of Best Bank for 2025 in recognition of its strong financial results and high levels of customer satisfaction. Its product range — encompassing savings accounts, credit cards, and US dollar deposit accounts — makes it a particularly popular choice among the foreign resident community. Official website: bdo.com.ph.

The Bank of the Philippine Islands (BPI) has been recognised as the Best Bank in the Philippines by FinanceAsia. It serves both personal and business customers with a broad portfolio of financial products and is widely appreciated for its intuitive digital banking platform. Official website: bpi.com.ph.

Metrobank is the third-largest private bank in the country and is distinguished by its strong market standing and dedication to customer service. It provides a comprehensive suite of financial products for individuals and businesses alike, and is particularly well regarded for its foreign currency accounts and customer rewards programme. Official website: metrobank.com.ph.

The Philippine National Bank (PNB) is notable for its broad reach, with more than 700 domestic branches, and a strong international footprint, backed by a wide array of banking services. Official website: pnb.com.ph. Additional major universal and commercial banks include the Land Bank of the Philippines, Rizal Commercial Banking Corporation (RCBC), China Banking Corporation (Chinabank), EastWest Bank, Security Bank, and Asia United Bank. A complete and regularly updated list of BSP-supervised institutions is available at bsp.gov.ph.

As of 2025, six digital banks — GoTyme Bank, Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, UnionDigital Bank, and UNO Bank — are fully operational, delivering services primarily through mobile apps and targeting both urban users and previously underserved populations. All hold full BSP licences and represent a high-growth segment of the industry. Readers should verify current branch details, contact information, and available services directly with each bank or through the BSP’s official directory.

Do any major international banks operate in the Philippines?

A number of prominent international banks maintain a physical presence in the Philippines, though the depth of retail services they provide varies considerably. Based on the most recent BSP data, US-headquartered Citibank N.A. led the foreign banking sector in the Philippines as of end-June 2025, with total assets of ₱335.12 billion. It is important to note, however, that Citibank began winding down its consumer banking operations in the Philippines and several other markets in 2021, redirecting its focus to institutional and investment banking, and transferred its retail banking portfolio to Union Bank of the Philippines. Expats seeking the consumer services previously offered by Citi should contact Union Bank of the Philippines directly at unionbankph.com.

HSBC is the second-largest foreign bank in the country, with total assets of ₱312.92 billion, and holds the distinction of having opened the Philippines’ first foreign bank branch in November 1875. Today HSBC Philippines concentrates on Corporate and Institutional Banking and International Wealth and Premier Banking, serving both local and international clients through a combination of global reach and local expertise. Its branch network covers Metro Manila, Cebu, and Davao, and it also operates a Global Service Centre supporting domestic and international operations. This positioning makes HSBC a strong option for high-net-worth expats seeking cross-border wealth management solutions. Official website: hsbc.com.ph.

Other foreign commercial bank branches with a presence in the Philippines include MUFG, CIMB Bank, Sumitomo Mitsui Bank, Bank of America, JP Morgan Chase Bank, Industrial Bank of Korea, Hua Nan Commercial Bank, and Shinhan Bank. JP Morgan Chase operates in the country but limits its activities to corporate banking and does not provide personal banking services for individual residents or expats.

Local banks enjoy a considerable competitive advantage through their extensive branch networks — universal and commercial banks alone account for more than 6,000 branches nationwide — making geographic expansion costly for foreign entrants, who therefore tend to concentrate their Philippine operations in Metro Manila and focus on international business clients. As the presence and product range of international banks can shift over time, readers should always confirm current service availability directly through each institution’s official website or by contacting Philippine branches directly.

Do banks in the Philippines offer accounts or services specifically for expats?

Philippine banks rarely market products under a dedicated “expat account” label, yet several of their standard offerings are particularly well suited to the needs of foreign residents. Most major banks permit non-residents and foreign nationals holding valid visas to open both Philippine Peso and foreign currency accounts, subject to documentation checks.

BDO Unibank is a frequent first choice among expats, largely owing to its extensive branch footprint, the availability of US dollar deposit accounts, and a mobile banking app designed with foreign clients in mind. Metrobank is another strong option, valued for its foreign currency account products and rewards scheme, while BPI appeals to those who prioritise a streamlined digital banking experience.

A peso account functions as the primary tool for everyday living in the Philippines — covering rent, utilities, groceries, and local services — and for most expats it becomes the central account for routine financial activity once they are settled in. A US dollar account serves a different purpose, typically used to hold savings in a more stable currency, receive international transfers, or manage funds earmarked for eventual repatriation. Foreign currency accounts denominated in USD, EUR, and GBP are available at BDO, BPI, Metrobank, and other major institutions.

For high-net-worth expats, HSBC’s International Wealth and Premier Banking proposition offers access to cross-border financial management. Clients who already hold a qualifying HSBC relationship elsewhere may find the onboarding process in the Philippines considerably smoother through HSBC Premier. Readers should contact each bank directly to confirm eligibility thresholds, minimum balance requirements, and current fee structures, as these details are subject to change — always cross-referencing with official bank websites and branch staff.

What are typical bank opening hours in the Philippines?

Online and mobile banking services are available around the clock through most of the country’s major banks, while physical branches generally operate on weekdays only. Standard business days are Monday to Friday, during which banks are required to conduct transactions for a minimum of six hours — commonly between 9:00 am and 3:00 pm, though many branches extend this to 9:00 am–5:00 pm. Expats accustomed to longer branch hours in their home countries should take note of these comparatively restricted schedules.

Branches located inside shopping malls — a ubiquitous feature of Metro Manila and major provincial cities — often align their hours with mall trading times and may therefore operate on Saturdays, typically between approximately 10:00 am and 5:00 pm or 6:00 pm, with limited or no service on Sundays. Hours differ considerably from one location and bank to another, so it is advisable to check directly with the specific branch you plan to visit.

Banks are closed on all Philippine public holidays, which include both national and local observances throughout the year. Keeping the official Malacañang holiday proclamation calendar in mind when scheduling branch visits is a practical habit. Fortunately, the major banks — BDO, BPI, Metrobank, Security Bank, and others — maintain robust online banking portals and mobile applications that are accessible at all hours, making digital channels a convenient substitute for most everyday transactions outside branch opening times.

Maya Bank’s office hours run from 9:00 am to 6:00 pm, Monday to Friday, while its digital platforms remain accessible 24/7, subject to cut-off times that apply to certain transaction types. This arrangement is broadly representative of the digital banking sector, where in-app transactions can be initiated at any time even though live customer support is tied to standard business hours.

What do expats need to know about the banking system in the Philippines?

The BSP serves as the central pillar of financial stability in the Philippines, supervising banks, setting prudential standards, and enforcing compliance to protect depositors and maintain a sound financial system. It is the authoritative source for current regulations, a directory of licensed institutions, and consumer protection guidance: bsp.gov.ph.

Deposit insurance: In contrast to the US FDIC, which protects depositors up to $250,000 per bank, the Philippine Deposit Insurance Corporation (PDIC) covers deposits of up to ₱500,000 per depositor per institution (approximately $10,000, as of 2025). Expats who intend to maintain large balances in the Philippines may wish to distribute funds across several banks to broaden their overall insurance coverage. One notable exception applies to licensed digital banks: deposits held at Maya Bank, for example, are insured by the PDIC up to ₱1,000,000 per depositor as of 2025, reflecting a higher limit for this category of institution. Current coverage levels should always be confirmed directly with the PDIC at pdic.gov.ph.

Foreign currency accounts: Philippine banks broadly offer Foreign Currency Deposit Unit (FCDU) accounts that allow both residents and non-residents to hold funds in USD, EUR, GBP, and other major currencies. These accounts are especially valuable for expats who receive income in foreign denominations or want to shield savings from fluctuations in the Philippine Peso. The BSP governs the rules applying to foreign currency deposits; readers should consult the BSP or a licensed bank for current restrictions and documentary requirements.

Anti-Money Laundering requirements: The Philippines maintains rigorous Anti-Money Laundering Act (AMLA) compliance frameworks. Banks are obliged to carry out Know Your Customer (KYC) checks for all account holders, and significant cash transactions or unusual patterns of activity may trigger mandatory reporting. Expats transferring substantial sums into the country should expect thorough due diligence enquiries from their bank.

Language: Unlike some countries where branch staff operate exclusively in the national language, most major Philippine bank branches in urban centres conduct their business in both Filipino and English, which makes day-to-day banking straightforward for the majority of expats. Mobile banking applications for the leading institutions are generally available in English.

Digital banking infrastructure: The Philippine banking sector has embraced hybrid digital models, broadening access to financial services while remaining subject to BSP oversight. Interbank transfers are facilitated by InstaPay and PESONet — both real-time payment platforms mandated by the BSP — enabling fast domestic transactions across institutions. Internet reliability varies markedly between Metro Manila and more remote regions, which can affect the consistency of app-based banking outside major urban centres.

How Do I Open a Bank Account in the Philippines as an Expat?

Foreign nationals are permitted to open bank accounts in the Philippines, but the outcome depends far more on how a bank evaluates an applicant’s residency status than on nationality alone. In practical terms, this means demonstrating an intention to remain in the country through a recognised visa, a verifiable local address, and valid immigration documentation. Visitors on tourist stays of fewer than 59 days are generally unable to open a standard peso account.

The process tends to be most straightforward for those on medium- to long-term visa arrangements — such as a tourist visa with a recent entry stamp, a temporary resident visa, a work visa, an SRRV, or a spouse visa. Banks will typically look for an Alien Certificate of Registration I-Card (ACR I-Card), or a PRA-issued SRRV card where residency has been established through that programme.

1. Choose a bank and account type. Research which bank suits your needs. Foreigners typically opt for large national banks such as Philippine National Bank, Metrobank, and Bank of the Philippine Islands. Consider whether you need a Peso account, a foreign currency deposit account (FCDU), or both. Visit official bank websites to review current account types and requirements before visiting a branch.
2. Gather your documents. Opening an account requires an in-person branch visit to complete application forms and present identity and immigration documents along with proof of address, such as a utility bill. Commonly required items include: a valid passport, your current visa or entry stamp, your ACR I-Card if one has been issued to you, proof of a local address (a utility bill, rental agreement, or barangay certificate), and in some cases a Philippine Tax Identification Number (TIN) obtained from the Bureau of Internal Revenue (BIR).
3. Choose a branch carefully. Branches in financial and business hubs such as Makati (Salcedo, Legazpi, Ayala), BGC, and Ortigas typically have greater experience handling applications from expats, remote workers, and foreign business owners. Staff at these locations are generally more familiar with the relevant requirements, and the process tends to go more smoothly. Smaller neighbourhood branches may apply stricter interpretations or have less experience with non-standard cases.
4. Visit the branch in person. Most banks require you to visit in person to open an account. Bring original documents and photocopies. Allow extra time, as branch processes can vary. Ask in advance whether an appointment is recommended.
5. Make your initial deposit. Be prepared to fund the account with an opening deposit. Minimum amounts for standard peso savings accounts typically fall between ₱500 and ₱5,000 (as of 2025), though this varies across banks and account types. Confirm the exact figure with your chosen institution before your branch visit.
6. Set up online and mobile banking. Once your account is active, enrol in the bank’s mobile or internet banking platform. Most major banks — BDO, BPI, Metrobank, and others — offer full-featured apps. A local bank account simplifies paying rent, topping up GCash, booking services, and receiving local transfers.
7. Obtain your ATM or debit card. The majority of savings accounts include an ATM or debit card, which may be handed over at the branch on the day the account is opened or dispatched by post within a few banking days, depending on the institution. Clarify the delivery arrangement when you complete your application.

The steps outlined above reflect practices commonly observed across major Philippine banks as of 2025. Requirements and outcomes can differ between banks and even between individual branches, and policies are subject to change without prior notice. Always verify current requirements in person with the branch at which you intend to apply. For regulatory guidance, refer to the BSP at bsp.gov.ph.

What banking and payment apps are widely used in the Philippines?

Digital wallets are deeply embedded in everyday Filipino financial life, with GCash standing out as the most widely adopted platform in the country. Operated by Globe Fintech Innovations and licensed by the BSP, GCash enables users to settle bills, send money, purchase mobile load, shop online, and access basic investment products — all from a single smartphone application. Many expats find it an essential tool for daily transactions, particularly when paying at markets, restaurants, and small service providers. GCash can be linked to a local bank account or loaded via bank transfer. Official website: gcash.com.

Maya Bank is the digital banking arm of PLDT Inc., the Philippines’ largest telecommunications company, operating under a BSP digital banking licence and drawing on PLDT’s extensive infrastructure to deliver an accessible, app-based banking experience. The Maya Bank platform integrates directly with the established Maya app, consolidating payments and financial management in one place for the user’s convenience. Official website: maya.ph.

Digital banks in the Philippines are characterised by their mobile-first approach, offering services such as instant personal loans, international remittances, bill payments, and investment products, frequently integrated with e-wallet functionality for seamless everyday use. Other noteworthy digital banking options include GoTyme Bank (a joint venture with the Gokongwei Group), Tonik, and SeaBank (affiliated with Shopee’s parent company Sea Limited). All are fully licensed by the BSP.

On the international fintech side, platforms such as Wise, Revolut, and Monzo, as well as cryptocurrency services, have introduced additional alternatives to conventional banking. Wise is widely used by Philippine-based expats for receiving money and executing cross-border transfers, and PayPal is accepted by many online merchants in the country. Revolut does not currently maintain full operations in the Philippines; readers should verify the present availability of any international fintech service directly with the provider before depending on it, as regulatory conditions can shift. The BSP actively supervises all payment system operators, and its registry is accessible at bsp.gov.ph.

How can expats manage money between the Philippines and their home country?

Cross-border money management is a priority for most expats living in the Philippines. The country has a mature remittance infrastructure — a product of the Philippines being among the world’s leading recipients of overseas remittances — and this well-developed ecosystem works in favour of expats receiving or sending funds internationally.

Among the services widely recommended for transferring money to the Philippines, Remitly is generally regarded as the best all-round option for bank transfers, cash pick-up, and GCash top-ups; WorldRemit offers a broad cash pick-up network and is frequently recommended for those remitting from Japan; and Wise suits smaller to medium-sized bank transfers, particularly from certain regions. These providers typically deliver more favourable exchange rates and lower fees than standard bank-to-bank international wire transfers.

Most of the major Philippine banks — BDO, BPI, Metrobank, and PNB among them — support outward and inward international wire transfers through the SWIFT network. Exchange rates and service charges vary between institutions; as of 2025, fees for outward remittances from Philippine banks generally range from around ₱250 to ₱1,500 or above depending on the transfer amount and destination, though readers should confirm current charges directly with their bank as these figures are subject to revision.

For domestic transactions, PESONet and InstaPay are the BSP-mandated interbank transfer systems. PESONet processes larger transfers in batches, while InstaPay enables real-time transfers of up to ₱50,000 per transaction (as of 2025, subject to BSP updates — current limits can be verified at bsp.gov.ph).

From a legal and compliance perspective, there are no blanket restrictions on bringing foreign currency into the Philippines, but amounts exceeding USD 10,000 (or the equivalent in another currency) must be declared to Philippine Customs on arrival, as of 2025. Outward remittances above certain thresholds may also require supporting documentation for BSP reporting purposes. Expats who remain tax residents of another country — for instance, US citizens or Green Card holders subject to FATCA — should be aware that Philippine banks may request additional tax documentation. Always seek guidance from the BSP, the Bureau of Internal Revenue (BIR) at bir.gov.ph, and a qualified tax adviser regarding your individual circumstances.

Frequently Asked Questions

Can foreigners open a bank account in the Philippines?

Yes, foreigners can open bank accounts in the Philippines, though the process is not always as simple as it might be elsewhere. Individual banks — and sometimes individual branches within the same bank — may interpret the applicable rules differently, particularly with regard to visa type, length of stay, and proof of address. As a general rule, applicants who are staying on a medium- to long-term basis and hold a valid visa or recognised immigration status will have the most straightforward experience.

What documents do I need to open a bank account in the Philippines as an expat?

Standard requirements typically include a valid passport, a current visa or immigration entry stamp, an Alien Certificate of Registration I-Card (ACR I-Card) if one has been issued to you, proof of a local address (such as a utility bill, barangay certificate, or rental contract), and in some cases a Philippine Tax Identification Number (TIN). Requirements differ between banks and can even vary from branch to branch; always confirm the precise documentation needed directly with the branch where you plan to apply, as policies may change without notice.

How much of my deposit is protected if a Philippine bank fails?

The Philippine Deposit Insurance Corporation (PDIC) insures deposits held at Philippine banks up to ₱500,000 per depositor per institution (as of 2025). Expats who plan to maintain substantial balances may wish to spread their funds across multiple banks to maximise their aggregate insurance protection. Up-to-date coverage details are available directly from the PDIC at pdic.gov.ph.

Can I open a Philippine bank account before I arrive in the country?

Remote account opening is possible through certain digital banks, most notably Overseas Filipino Bank (OFBank), which employs AI-powered technology to allow customers to complete the process entirely online without needing to visit a branch in person. For conventional banks, however, a personal visit to a branch after arriving in the Philippines is generally required.

Is GCash available to foreign nationals living in the Philippines?

Foreign nationals residing in the Philippines can generally register for a GCash account, subject to the platform’s identity verification requirements. Unlocking higher transaction limits typically requires completing a full KYC process, which may involve submitting a valid Philippine ID or immigration document. Current eligibility criteria should be checked directly at gcash.com, as requirements may be updated.

Are there foreign currency accounts available in the Philippines?

Yes. The majority of major Philippine banks offer Foreign Currency Deposit Unit (FCDU) accounts, enabling customers to hold and transact in currencies such as USD, EUR, and GBP. Metrobank is especially well known for its foreign currency account offering, though BDO, BPI, and other large institutions provide comparable products. All such accounts fall under BSP regulation; readers should review current terms and conditions with individual banks before opening one.

What is the best way to send money from the Philippines to another country?

Most major banks provide international SWIFT wire transfer services for outward remittances, but the associated fees and exchange rate margins can be substantial. Specialist fintech platforms such as Wise are commonly used by expats seeking more competitive rates for small to medium-sized transfers. Traditional bank-to-bank international transfers tend to be expensive owing to the institutional costs involved and the role of intermediary banks in currency conversion. It is worth comparing rates and charges across multiple providers before initiating any transfer, and ensuring that large transactions comply with BSP and BIR reporting obligations.

Is online and mobile banking reliable in the Philippines?

The country’s largest banks offer a comprehensive range of digital services including internet banking, ATM access, and mobile applications, and digital banking is well established and generally dependable in urban centres. That said, internet connectivity can be unreliable in rural areas and remote island communities, which may intermittently disrupt access to app-based services in those locations. Carrying a backup payment option — such as a loaded GCash wallet or sufficient cash — is a sensible precaution whenever travelling beyond major cities.