Opening a bank account as an expat in the Philippines
What you need to open a local bank account (BDO, BPI, Metrobank, etc.): ACR I-Card, passport, proof of address, and an initial deposit. This guide is being updated for 2024 KYC changes.
Community-written and moderated by volunteers. Based on real experiences and official sources — offices may interpret rules differently.
Processes may vary by office, city or province. Always confirm with your local agency before traveling.
Summary
What you need to open a local bank account (BDO, BPI, Metrobank, etc.): ACR I-Card, passport, proof of address, and an initial deposit. This guide is being updated for 2024 KYC changes.
Key facts
What you'll need
- 1Passport + ACR I-Card (some banks accept the ACR application receipt)
- 2Valid long-stay visa (9g, 13A, SRRV, etc.)
- 3Proof of address (lease contract or recent utility bill)
- 41x 1x1 or 2x2 ID photo
- 5Initial deposit (PHP 500–5,000 depending on account type)
- 6TIN (Tax Identification Number) — bank may assist or require you to obtain one
Steps
- 1
Choose a bank and branch convenient to you; requirements can vary slightly by branch.
- 2
Bring all documents plus photocopies.
- 3
Fill out the account opening forms; submit for KYC review.
- 4
Make the initial deposit at the cashier.
- 5
Receive your passbook and/or ATM card (card may be delivered to the branch later).
Costs
| Item | Approx. cost |
|---|---|
| Initial deposit (savings) | PHP 500–5,000 |
| ATM card fee | PHP ~100–300 |
| Maintaining balance | PHP 2,000–10,000 (varies) |
Timing
Account opening can be same-day to a few days. Card release is typically 3–7 days after approval.
Local variations
BDO and BPI have the widest branch networks. Metrobank and Security Bank are popular with expats for service quality. Branch-level KYC strictness varies.
This section reflects real experiences. Always confirm with your local office before traveling.
Common issues
- Some branches are stricter on foreigners; ask which documents they accept before visiting.
- Without a TIN, the bank may decline or help you register with the BIR.
- Online and mobile banking enrollment may require a local SIM.
Overview
A local bank account makes daily life far easier — paying bills, receiving salary, and avoiding withdrawal fees on foreign cards.
Choose a bank
BDO and BPI dominate; Metrobank and Security Bank often have better English service. Peso accounts are standard; foreign-currency accounts require higher minimums.
The ACR I-Card
Most banks require the actual ACR I-Card (not just the receipt). If yours is pending, ask the branch whether they accept the receipt temporarily.
Frequently asked questions
Quick answers to the most common questions about this process.
Check the "last updated" date and the guide status. If it says "outdated", treat the content as a reference and confirm with the relevant agency before acting on it.
Some branches are stricter on foreigners; ask which documents they accept before visiting.
Without a TIN, the bank may decline or help you register with the BIR.
Yes. Any expat with experience can edit and improve guides. Changes go through moderation before publishing. Use the "Edit this guide" button at the top.
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Edit history
1 revisions · every change is recorded and reversible
- v1CurrentPublishedMay 30, 2024
Banking guide; being reviewed for 2024 KYC changes.
LPby Lina ParkEN: Original onlyES: Outdated translation