You are here to learn about opening savings and other deposit accounts in the bank, banking ideas, money saving ideas, investing, and other bank-finance related matters. Either you’re a land-based OFW or seafarer, student, working professional, foreigner looking for investment in the Philippines or whatever sector you’re in, we’ll going to find the right financial products and institutions that would help you in achieving your financial goals.

Savings is one of the core foundations of a solid financial stability. Without savings, you may not be able to maintain your standard of living, perform your daily financial transaction, provide for your family, finance emergencies, or even have the vacation, car, house and lot or retirement you’re dreaming of. Therefore, it’s important to make savings as a normal practice or a financial habit in order to preserve the value and worth of money through decades of hard work. Savings is also one of the basic practice and discipline to achieve financial freedom or even stability. You cannot just go on with your life spending all of your hard-earn money into something not really valuable but at least to something else that could give you benefit in the future, when you can not afford to work anymore.

Contents

What is Savings Account

The common type of deposit account is savings. Sometimes, it is also referred as the regular savings account since its features only includes the basics. However, since it’s really intended for savings, there are some limitations or requirements to which you must abide in order for your account not to be charged or worst, closed. The key differentiation of this account is its limited number or amount of withdrawals in a day or in a month. With these, it is compatible for storing your emergency fund and other short to medium saving goals. Savings account has also the lowest initial deposit, maintaining balance, and interest. Thus, it is a good start for individuals who are working towards beginning their financial goals.

10 Things You Must Know Before Opening a Bank Account

1.The Philippine Banking System

One of the most reliable, stable and trusted saving partner is the banking institution. In the Philippines, it’s regulated by the Bangko Sentral ng Pilipinas (BSP). The BSP also mandated all banks to shift into (Europay Mastercard Visa) EMV card which is the global standard for transaction using chip technology, reducing counterfeit, fraud, skimming and other related attacks.

In the Philippines, there are four major classifications of banks namely 1) Universal/ Commercial Banks; 2) Thrift Banks; 3) Rural & Cooperative banks; 4) Non-banks with quasi banking function. Despite establishment , a thorough review is still needed in order for you to find the right bank and product that is suitable for you.

2. Deposit Insurance

Philippine Deposit Insurance Corporation (PDIC) is an attached agency of the Department of Finance. Their work is to insure each depositor from losses or bankruptcy for a maximum of Php 500,000 per bank. This means that having a multiple accounts in one bank will only give you an insurance of Php 500,000. Thus, you can choose to open accounts in different banks if you want assurance.

3. Credit Standing

In the Philippines, there is no such thing as credit score as compared to other countries. However, having a good financial record in a certain bank may increase your credit standing. CIBI Information is the country’s leading information institution when it comes to a person’s financial records. It is therefore important to have a good banking transactions as these can be use as a reference on your future financial applications such as loans or even for job applications to financial industries.

4. Interest

Most regular account earn interest for 0.10% to 0.75% . If you are looking for a vehicle to grow your money, most likely a savings account is not for you. In the following topic you will learn the types of deposit account and the differences on interest they provide.

5. Tax

Your earnings from the bank is usually subject to 20% withholding tax. In case of account holder’s death, total deposits and earnings will be subject to estate tax as well.

6. Minimum Initial Deposit/ Maintaining Balance & other requirements

Bank requires minimum initial deposit, maintaining balance and minimum average monthly/daily balance to earn interest. This is to encourage depositors to save more and for them to maximize maintenance costs.

7. Fees and Charges

As a human psychology, we would want to take the best return for a lower price. Banks apply different charge rates for our transactions or use of service. As a depositor we would like to avoid high cost of fees and charges. You should know your possible future bank transaction and if you are willing to pay for the certain amount of charge. Among the top penalties you should watch out are falling bellow minimum balance ,early account closure a and account dormancy.

8. Account Limitations

Cards have certain limitations depending on the type of account you open and the bank. Most often cards have withdrawal limits, minimum number of ATM withdrawals, and purchase limits.

9. Bank’s Limited Liability

Bank’s liability in connection of cards is limited to a certain amount for a certain reasons. Responsibility still lies more on account holder especially if the bank issued advice of the possibility or risk.

10. Banks encourage you to spend not save

Banks don’t really encourage depositors to save, rather they encourage you to spend. If you notice from their advertisements, promos and marketing materials, it is not more on putting your money on your account but more on convenience and hustle-free spending.

3 Things to Consider Before Opening a Savings Account In Philippines

Before opening a deposit account there are things that you must consider in order for you to have the best banking experience. Don’t forget that the banking services is not just a one-time transaction rather a long-term relationship or even for the rest of your life. Since it is a relationship, we’ll take a look on both sides- the saver and the bank.

1. Depositor’s Need

As a saver, you must know your purpose in opening an account. You must know your banking priorities or what really matters to you. You can set a clear purpose like for storing emergency fund, for paying bills, for remittances, etc. or even a combination. With this clear vision, you’re are now ready to choose from different banks that can provide or offer you the best fit financial product solution.

2. Bank’s Stability

The Philippine banking industry is already stabilized and regulated by the Bangko Sentral ng Pilipinas. Thus, it’s really rare to encounter banks, especially commercial banks to report loss or bankruptcy. However, it’s always good to look at the fundamentals of a company. You may want to look at how are they performing in terms of company’s assets, deposits and earnings. It is also important to consider the governance or how is the management working towards improving or innovating the services and the company as a whole.

3. Bank’s Service

When you open an account consider the bank’s service as they are your partner in your achieving your financial goals, from savings, loans to investment. This process is a long term and you may not want to waste your time transferring from one bank to another because you’re not satisfied with their service. Bank’s quality service includes their product, facilities like ATMs and online banking and their customer service.

Benefits of Having a Deposit Account in the Philippines

1. Liquidity

Liquidity Cash is the most liquid of all assets. As a savings account, your cash is with the bank for the primary purpose of savings, thus it is a guaranteed financial instrument, meaning your thousand pesos will retain its face value whatever happens with the market or economy.

2. Guaranteed Interest

Guaranteed Interest Banks give a guaranteed interest to depositors depending on the deposit account you have and given that you adhere with the requirements. Though savings account earn a small interest, still it pays as compared to when you place it under your mattress. Unlike other financial instrument, the earnings is guaranteed no matter what happens on the business dealings entered by the bank. Most banks compute interest on a yearly basis and provided you adhere with the minimum monthly average balance required and other metrics depending on the type of account you have.

2. Convenience

Convenience The Philippine banking industry is really moving into a technology-based banking system. Aside from ATM stations, recently, most of the well-known banks upgraded their systems. With the improving technology, banks are innovating their system and services allowing depositors to do transaction online and hassle-free. Gone are the days where you need to line up or call in order for you to check your account. Online and mobile banking will allow you to execute transaction in just a speed of seconds to minutes.

2. Security

Security Most people are not really confident to walk around knowing that they have a huge sum of cash on hand. There is still a worry that the cash can be taken away from them in just a second by evil doings, not to mention thefts or other scam modus. Having a bank account is a solution to this problem. You can just perform transactions through bank transfers, card payments , credit cards, checks and the likes.

5. Formal Financial Record

Formal Financial Record Having a financial record in the formal financial industry may grant you from having a secure transaction especially from loans. Bank institutions may voluntarily offer you credit card, car loan, housing loan or business loan if they see that you have a good financial transaction.

Who Needs a Deposit/Savings Account

Practically a deposit account would mean money, and that money is needed by everyone in everyday transaction. The question is who doesn’t use money? Almost everyone uses money in everyday transaction. If you take a moment, starting your day would require you to pay for your transportation, food, electricity, bills and everything. Traditionally, you pay by cash and that would require your physical appearance or maybe you can ask someone to pay it for you. Cash-based transaction is a sure and guaranteed deal, except that it takes too much of time from both parties. The introduction of checks and cards led to the convenience of transaction but it is backed up by ultimatum trust. But who really needs savings account? Is it for all who uses money?

Individuals who wants to save

From the world itself, savings account would encourage you to take aside a part of your money and not to splurge all your salary or income right at the moment. This is one channel to safe-keep money so you may have fund to account for in times of financial need. This is also helpful for those who are not financially discipline when it comes to spending as it’s not a physically accessible, in case that merchants don’t accepts card or you may decide not to take the card with you.

Individuals who are not comfortable carrying cash

It is not new to hear that a person is not comfortable carrying a big amount in public. Cash is cash and by all means anyone who has it in hand can make use of it. The risk associated in carrying cash can be mitigated through deposit accounts.

Overseas Worker/ OFWs

You may have gone abroad for the primary purpose of providing a better life for your family. The banking industry is continuously improving to provide better remittance, savings and loan services for OFWs.

Entrepreneurs/ Business-owners

are dealing with huge amount of money on a daily basis. It is no longer practical to be conservative and stick to physical cash. From paying suppliers and other partners, paying employees up to receiving cash from clients or customers, cards and online transactions are already preferred.

How to Open a Bank Account Fast & Easy

Opening a deposit account whether savings, checking or time deposit has a standard of process. Some additional information or forms may be required by banks depending on the type of account and the bank procedures. Moreover, most of the banks have similarities when it comes to account opening.

As required by the Anti-Money Laundering Act (AMLA) for a due diligence in conducting KYC process, a face-to-face contact or personal appearance is needed to open an account. Though other banks accepts online applications, applicant is still required to personally appear in order to be secured for fingerprints and to complete the application.

Regardless, opening a savings account is quite simple process. Most likely it would take you 20-30 minutes as long as you bring all the needed requirements.

  1. For you to speed up your processing and application, you just have to prepare the initial deposit, Tax Identification Number, proof of address, ID picture and at least two valid ID’s.
  2. You will be asked to fill out forms. Afterwards, they will assist you for a fingerprint. You may also download application forms from banks websites and fill it out before going to the bank as to save time. Other banks also accept online application, all you have to do is fill out online form at the bank’s website afterwards you can just submit additional requirements needed and deposit the initial balance required. For non-resident aliens, additional requirements include passport, ACR or AEP.

After your application is processed, banks may give you your card on the same day or within two weeks. Other banks may also send right in front of your door, however it would take a little bit longer, it still recommended for you to pick-up at the branch.

The first thing for you to do after having your card is to change the temporary pin as for security purposes.

You may opt to register for online or mobile banking, set up one-time password ( OTP) , email or messaging features for added security. After which you’re now ready to enjoy your savings and bank services.

Top largest banks in Philippines

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You might be wondering on what are the best banks to open an account with. After identifying your purpose and narrowing down, you might not be able to fully decide. Here are top universal and commercial banks operating in the Philippines. The metrics are according to assets, capital and deposit, respectively. A link bellow the table is also provided in case you want to see the full bank list.

 

Ranking as to Total Assets

Universal and Commercial Bank Group
As of December 31, 2018
(Amounts in Million Pesos)

RANK NAME OF BANK TOTAL ASSETS
1 BDO UNIBANK INC 2,893,588.31
2 METROPOLITAN BANK & TCO 1,890,784.49
3 LAND BANK OF THE PHILIPPINES 1,876,258.34
4 BANK OF THE PHIL ISLANDS 1,819,437.10
5 PHIL NATIONAL BANK 909,670.29
6 CHINA BANKING CORP 773,479.07
7 SECURITY BANK CORP 770,019.87
8 DEVELOPMENT BANK OF THE PHIL 669,441.76
9 UNION BANK OF THE PHILS 597,885.35
10 RIZAL COMM’L BANKING CORP 517,780.13

For the full list of please refer to www.bsp.gov.ph .

 

Ranking as to Total Stockholder’s Equity

Universal and Commercial Bank Group
As of December 31, 2018
(Amounts in Million Pesos)

RANK NAME OF BANK TOTAL CAPITAL
1 BDO UNIBANK INC 327,542.50
2 METROPOLITAN BANK & TCO 281,281.58
3 BANK OF THE PHIL ISLANDS 247,385.44
4 LAND BANK OF THE PHILIPPINES 131,617.49
5 PHIL NATIONAL BANK 117,833.17
6 SECURITY BANK CORP 111,294.03
7 UNION BANK OF THE PHILS 84,284.14
8 RIZAL COMM’L BANKING CORP 83,237.01
9 CHINA BANKING CORP 81,957.58
10 DEVELOPMENT BANK OF THE PHIL 50,946.04

For the full list of please refer to www.bsp.gov.ph

 

Ranking as to Total Deposit Liabilities

Universal and Commercial Bank Group
As of December 31, 2018
(Amounts in Million Pesos)

RANK NAME OF BANK TOTAL DEPOSITS
1 BDO UNIBANK INC 2,359,768.56
2 LAND BANK OF THE PHILIPPINES 1,656,174.20
3 BANK OF THE PHIL ISLANDS 1,347,847.48
4 METROPOLITAN BANK & TCO 1,326,008.39
5 PHIL NATIONAL BANK 683,317.08
6 CHINA BANKING CORP 638,243.36
7 SECURITY BANK CORP 490,719.33
8 DEVELOPMENT BANK OF THE PHIL 474,444.64
9 UNION BANK OF THE PHILS 380,710.36
10 RIZAL COMM’L BANKING CORP 302,410.21

For the full list of please refer to www.bsp.gov.ph

5 Best Features of A Good Bank In the Philippines

Aside from the bank’s assets, capital, and deposit standing, there are also other features that you should consider. In the banking industry where competition is tight, we want our bank to be the best and competitive enough to really serve and provide the best service we deserve. Listed bellow are just few additional features a good bank has.

1. PDIC Insurance

Insurance is one of the key benefit you should look for. Philippine Deposit Insurance Corporation (PDIC) is a government agency which is responsible for imsuring the safety of depositor’s money.

2. Network of ATM’s and Offices

In times that you need an access or customer service, is it convenient for you to find your banks ATM station or office? You should consider not just the number but also how diversified they are in terms of places. Some banks may have a few chains of office but they may be find in every city or province in the country. Some banks may also be operating in the urban and some major cities only. You should also consider the bank’s international linkages, especially for OFWs.

3. Customer Service

A great customer service is not only limited on how properly-trained staffs are, weather they smile or greet but extends on their standard of operation as a whole. As a valued client, a bank with a great customer service invests in their client relationship including wide access of service assistance from office, telephone and online.

4. Online / Mobile Banking

A good indicator of a bank is its ability to cope with the digitalization of transaction. In this generation, the help of online banking is undeniably the top reason for banking convenience. You may want to see reviews online for you to know if their online banking or apps is user-friendly.

5. Excellent Security System

Since we’re talking about money, account security is a huge deal. Online banking can be widely access over the internet and there are hackers all over the world ready to take information on your log-in history. A bank overseeing client’s security has added features of security such as one-time password, bio metrics log in, email and SMS notifications and the likes.

BDO vs Metrobank vs BPI

BDO, Metrobank and BPI are the top 3 when it comes to deposit, setting aside Landbank as it is a government-owned bank. They are also the pioneers in the banking industry and all of them are PDIC member. With these statistics, we’re going to compare these banks using different metrics.

1. Capital/ Assets

In business, having a bigger capital means a higher opportunity for growth. Higher capital means that a bank can finance a faster innovation and can easily cope with the fast moving improvements in the banking industry and technology.

2. Networks/ ATM/ Offices/ International Linkages

A bank must be available in every certain location, not just in numbers but how fully diversified their offices are.

BDO has 1,179 operating domestic branches, one branch in Hong Kong and 4,022 automated teller machines and 428 cash accept machines.

BPI has 839 branches, including 22 kiosk branches across the country. Overseas, BPI has one branch in Hong Kong and two branches in London. BPI also has 3,105 automated teller machines and 103 BPI Direct BanKo branches and micro-banking offices set up in strategic locations in the country.

Metrobank had over 950 domestic branches and over 2,300 automated teller machines. MBT’s international presence includes over 30 branches, subsidiaries and offices, over 130 remittance tie-ups and over 180 remittance agents.

3. Depositors

The highest number of depositor means that the bank is at least excelling in providing service to their clients, not causing them to pull out and look for another bank.

4. Mobile Banking/ Internet Banking

When it comes to mobile and internet banking, these three banks offers the service. Up to date, the three of them are continuously improving and investing in this facility.

5. Stock Price

A stock price may be one indicator of how the bank is doing well, not just in term of actual business performance but also for what the market thinks. As of May 7, 2019 Metrobank closing price is at ₱73.85, BPI at ₱84.85, and BDO at ₱135.90 giving it as the rank one among the three.

BDO Unibank

  • Asset: 2,893,588.31
  • Stockholder’s Equity: 327,542.50
  • Total Deposit Liabilities: 2,359,768.56
  • No. of Branch: 1,179
  • No. of ATMs: 4,022
  • Stock Price (May 9, 2019): ₱134

Metrobank

  • Asset: 1,890,784.49
  • Stockholder’s Equity: 281,281.58
  • Total Deposit Liabilities: 1,326,008.39
  • No. of Branch: 950
  • No. of ATMs: 2,300
  • Stock Price (May 9, 2019): ₱72.60

BPI

  • Asset: 1,819,437.10
  • Stockholder’s Equity: 247,385.44
  • Total Deposit Liabilities: 1,347,847.48
  • No. of Branch: 839
  • No. of ATMs: 3,105
  • Stock Price (May 9, 2019): ₱82.50

11 Best Banks for Savings In The Philippines 2019

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The following banks are the most preferred banks when it comes to savings. These banks are commercial which means they are operating nationally.

They are also closely monitored by the BSP and PDIC.

They also have multi networks domestically and internationally, branches and ATMs.

1. BDO

  1. Passbook Savings
    • Minimum Initial Deposit- ₱5,000.00
    • Minimum MADB Requirement- ₱10,000.00
    • Minimum Balance to Earn Interest- ₱10,000.00
  2. ATM Savings
    • Minimum Initial Deposit- ₱2,000.00
    • Minimum MADB Requirement- ₱2,000.00
    • Minimum Balance to Earn Interest- ₱5,000.00
  3. Optimum Savings
    • Minimum Initial Deposit- ₱30, 000.00
    • Minimum MADB Requirement- ₱30, 000.00
    • Minimum Balance to Earn Interest- ₱30, 000.00
  4. Junior Savers
    • Minimum Initial Deposit- ₱100.00
    • Minimum MADB Requirement- ₱100.00
    • Minimum Balance to Earn Interest- ₱2,000.00

2. Metrobank

  1. Regular Passbook Savings
    • Initial Deposit- ₱10,000.00
    • Maintaining Balance- ₱10,000.00
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%
  2. Fun Savers Club (Passbook)
    • Initial Deposit- ₱100.00
    • Maintaining Balance- ₱500.00
    • Balance to Earn Interest- ₱4,000.00
    • Interest- 0.25%
  3. SSS Pensioner (Passbook)
    • Initial Deposit- ₱100.00
    • Maintaining Balance- ₱100.00
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%
  4. US Pensioner Regular (Passbook)
    • Initial Deposit- ₱500.00
    • Maintaining Balance- ₱500.00
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%
  5. Regular (ATM/Debit Card)
    • Initial Deposit- ₱2,000.00
    • Maintaining Balance- ₱2,000.00
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%
  6. OFW Savings (ATM/Debit Card)
    • Initial Deposit-none
    • Maintaining Balance- none
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%
  7. SSS Pensioner (ATM/Debit Card)
    • Initial Deposit- ₱100.00
    • Maintaining Balance- ₱100.00
    • Balance to Earn Interest- ₱10,000.00
    • Interest- 0.25%

3. Bank of the Philippine Islands (BPI)

  1. BPI Padala Moneyger
    • Initial Deposit- none
    • Required Minimum Monthly ADB- Waived as long as there are four (4) remittances in a year
    • Balance to Earn Interest- ₱5,000
    • Interest- 0.25%
  2. Jumpstart Savings
    • Initial Deposit- none
    • Required Minimum Monthly ADB- ₱1,000.00
    • Balance to Earn Interest- ₱2,000
    • Interest- 0.25%
  3. Kaya Savings
    • Initial Deposit- ₱200
    • Required Minimum Monthly ADB- none
    • Balance to Earn Interest- ₱1,000
    • Interest- 0.25%
  4. Express Teller Savings
    • Initial Deposit- ₱500
    • Required Minimum Monthly ADB- ₱3,000
    • Balance to Earn Interest- ₱5,000
    • Interest- 0.25%
  5. Passbook Savings
    • Initial Deposit- ₱10,000
    • Required Minimum Monthly ADB- ₱10,000
    • Balance to Earn Interest- ₱25,000
    • Interest- 0.25%
  6. BPI Advance Savings Account with Passbook
    • Initial Deposit- ₱100,000
    • Required Minimum Monthly ADB- ₱100,000
    • Balance to Earn Interest- ₱100,000
    • Interest: ₱100,000 – ₱999,999- 0.25%; 1M and above-1.25%
  7. Maxi-Saver(4) Savings with Debit Card (ATM Card)
    • Initial Deposit- ₱50,000
    • Required Minimum Monthly ADB- ₱50,000
    • Balance to Earn Interest- ₱50,000
    • Interest: ₱50,000-₱499,999- 0.25%; ₱500,000-₱999,999- 0.38%; 1M and above- 0.75%; With 0.500% BONUS p.a. if no withdrawal within a month

4. Security Bank

  1. All Access
    • Initial Deposit- ₱5,000
    • Required Minimum Monthly ADB- ₱25,000
    • Balance to Earn Interest- ₱100,000
    • Interest: 0.10%
  2. Easy Savings
    • Initial Deposit- ₱5,000
    • Required Minimum Monthly ADB- ₱5,000
    • Balance to Earn Interest- ₱100,000
    • Interest: 0.10%

5. Landbank

  1. ATM Savings
    • Initial Deposit- ₱500
    • Required Minimum Monthly ADB- ₱500
    • Balance to Earn Interest- ₱2,000
    • Interest: 0.10%
  2. Easy Savings Plus
    • Initial Deposit- ₱20,000
    • Required Minimum Monthly ADB- ₱20,000
    • Balance to Earn Interest- ₱20,000
    • Interest: Based on market rates (tiered rates based on daily balance)
  3. Regular Passbook Savings Account
    • Initial Deposit- ₱10,000
    • Required Minimum Monthly ADB- ₱10,000
    • Balance to Earn Interest- ₱10,000
    • Interest: 0.10%

6. Philippine National Bank (PNB)

  1. Regular Savings Account
    • Initial Deposit- ₱1,000
    • Required Minimum Monthly ADB- ₱1,000
    • Balance to Earn Interest- ₱1,000
    • Interest: 0.50%
  2. Power Saver
    • Initial Deposit- ₱10,000
    • Required Minimum Monthly ADB- ₱10,000
    • Balance to Earn Interest- ₱10,000
    • Interest: 0.50%

7. China Banking Corporation (CBC)

  1. ATM Savings
    • Initial Deposit- ₱2,000
    • Required Minimum Monthly ADB- ₱2,000
    • Balance to Earn Interest- ₱10,000
    • Interest: 0.125%
  2. Money Plus Savings
    • Initial Deposit- ₱20,000
    • Required Minimum Monthly ADB- ₱20,000
    • Balance to Earn Interest- ₱50,000
    • Interest: 0.125%
  3. Passbook Savings
    • Initial Deposit- ₱5,000
    • Required Minimum Monthly ADB- ₱5,000
    • Balance to Earn Interest- ₱10,000
    • Interest: 0.125%

8. Union Bank

  1. Personal Savings Account
    • Initial Deposit- None
    • Required Minimum Monthly ADB- None
    • Balance to Earn Interest- ₱10,000
    • Interest: 0.10%
  2. Regular Savings Account
    • Initial Deposit- ₱100,000
    • Required Minimum Monthly ADB- ₱100,000
    • Balance to Earn Interest- ₱100,000
    • Interest: 0.10%

9. Development Bank of the Philippines (DBP)

  1. Peso Account
    • Initial Deposit- ₱500
    • Required Minimum Monthly ADB-₱500
    • Balance to Earn Interest- ₱10,000
  2. Young Earner’s Savings Account
    • Initial Deposit- ₱1,00.00
    • Required Minimum Monthly ADB- ₱1,00.00
    • Balance to Earn Interest- ₱1,000
  3. Pensioner’s Account
    • Initial Deposit- ₱100.00
    • Required Minimum Monthly ADB- ₱100.00
    • Balance to Earn Interest- ₱500

10. Rizal Commercial Banking Corporation (RCBC)

  1. Regular Savings Account ATM (Passbook)
    • Initial Deposit- ₱3,000 (₱5,000)
    • Required Minimum Monthly ADB- ₱3,000 (₱5,000)
    • Balance to Earn Interest- ₱25,000
    • Interest Rate-0.15%
  2. Dragon Savings Passbook/ ATM
    • Initial Deposit- ₱25,000
    • Required Minimum Monthly ADB- ₱25,000
    • Balance to Earn Interest- ₱25,000
    • Interest Rate-0.375%-1.250 Depending on amount
  3. Wise Savings Account
    • Initial Deposit- ₱100
    • Required Minimum Monthly ADB- none
    • Balance to Earn Interest- ₱5,000
    • Interest Rate-0.15%

11. Asia United Bank (AUB)

Asia United Bank is perhaps one of the trusted banks when it comes in opening saving accounts due to its cost-effective offers and its convenient AUB online banking branches located nationwide.

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You’re probably eager to know what products of AUB you can avail. Worry no more, provided below is the list of Dollar Account and Starter Saving Account and its full details to give you an insight.
Dollar Savings Account
This is an interest-bearing dollar denominated passbook account, which allows deposits and withdrawals anytime. Its funds earn interest and the PDIC is ensured up to ₱500, 000.00.

DETAILS TERMS
Minimum Initial Deposit N/A
Minimum Maintaining Balance (ADB) 500 USD
Interest Earning Balance (ADB) 500 USD
Interest Rate 0.125% P. A.
Withholding Tax 7.5%
Term/Repricing Cycle N/A
Interest Credited Quarterly
Fund Access Interbranch transactions, Internet*, Mobile Banking*
Transaction Record Passbook
CHARGES/FEES
Early closure (accounts closed within 30 days from opening) 5 USD
Below Maintaining Balance 5 USD
Lost Passbook/ATM Card 100 PHP
Others N/A

Starter Savings Account
There is no maintaining balance needed, may it be ATM based or savings account. It is also ensured with PDIC up to ₱500, 000.00. It denotes that for this account, an enrollment to preferred online banking is required.

DETAILS TERMS
Minimum Initial Deposit N/A
Minimum Maintaining Balance (ADB) None
Interest Earning Balance (ADB) ₱1, 000.00
Interest Rate 0.125% P. A.
Withholding Tax 20%
Term/Repricing Cycle N/A
Interest Credited Quarterly
Fund Access ATM, Internet*, Mobile Banking*
Transaction Record e-SOA
CHARGES/FEES
One-time ATM Card Processing Fee ₱100.00
ATM Card Replacement ₱200.00
ATM Withdrawal Fee ₱5.00 on AUB ATMs and ₱11.00 on other Bancnet ATMs
Preferred online banking enrollment ₱2, 000.00
Over the Counter Withdrawal Fee ₱100.00
Daily ATM Withdrawal limit ₱50,000.00

How to open an account with AUB (Asia United Bank)?

1. You should not forget to bring the following requirements.

A. Two valid ID’s such as

  • Company ID;
  • School ID;
  • Driver’s License;
  • Barangay Clearance/Certificate; and/or
  • Postal ID

B. Two pieces of 1 by 1 colored photo
C. Bring the initial amount for the deposit

2. After you have ensured you have all the necessary requirements, you may proceed to the preferred AUB branch and open a new account under the type of savings account you opt to have.
3. Once you have successfully filled out the form provided by the bank, you will be then given a date as to when you’ll be able to get your ATM card.

Opening a bank account to ensure that all your hard work will be in good hands is one of the best life-hacks that you can share to your loved ones, friends, and family. Not only because you are teaching yourself to save money and use it wisely on your and your family’s practical needs, but this is also saving up for the future. You’ll never know maybe this save up will eventually be your initial money to start on a business, or maybe even invest on the things that you’ve been dreaming all your life.

What is Checking Account/Current Account?

A checking account is deposit account intended for the use of numerous transactions as distinguished from savings account- both deposit and withdrawals. It is also called current account, as you can see from ATM screens. This account is usually used by business establishments as a way to facilitate payments from or to clients.

It also allows account holder to access funds through automated teller machine, over- the- counter, electronic deposit, and most of all- check. If you’re the kind of person who’s not comfortable holding large amount of cash but need it as often, this is definitely for you. It is also recommended for individuals for regular tracking of bills and expenses.

Benefit of Checking Account In Philippines

1. Easier Money Management

You can access and have a detailed and organized statement of accounts despite of the numerous transactions you have. You can acccess your statement online or can a request a physical copy.

2. Checks Cash

Checks are as good as cash, though it is not a legal tender, most merchants are accepting check as a form of payment. It is also easier and safer way to pay large amount of bills or payments right at the moment, even without the aid of technology as long as you have your checkbook with you.

3. Credit Card Score

Having a checking account allows you to level up your good credit card score. They have access on how you transact, thus they can offer you a higher credit card subscription. Most banks and lending institution also requires this type of deposit account to ensure payments through issuance of post dated checks.

Checking Account For Loans

Loan is one tool for leveraging, either for business or personal consumption. As mentioned earlier checking account is a must- have to establish a good credit standing. However having a checking account is not really a guarantee in order for you to qualify or to obtain loan. If you have a checking account and have good financial records, you may notice that bank officers would normally offer you a credit card or loans. Banks would often require a pre-qualification examination in order for you to obtain a loan. When it comes to loan, you must also know the terms such as down payment, mortgage, interest, and others. Below are links to different banks in order for you to calculate if you can afford a loan or not.

Housing Loans

Business Loans

Securing loan for your business is very a big help for you to further expand your operation. However this loan should be able help you to achieve your goal the best and productive way as much as possible. Here are few top banks in the Philippines that offers the best terms, however you should also conduct a thorough research for you to see a tailor-fit business loan for you.

BDO Unibank offers a quite diversified business loans such as BDO SME Loans, a loan specifically for small to micro enterprise, Car Lease Facility, BDO Capital, and Energy Efficiency for renewable energy related businesses.
Bank of the Philippines Island (BPI) offers BPI Ka-negosyo loan which are open to individuals and corporate entities. The lowest minimum capital you can loan either you have existing business or none is Php 500,000 for 10 years.
Land Bank offers a variety of business loan products. It is also convenient for OFWs because of its cooperation with the Overseas Workers Welfare Administration (OWWA), such OFWs could borrow as low as Php 300,000 up to Php 2 million. One of suitable loan products for starters is the ASENSO Program which can give you a maximum loan of Php 5 million.

Top Banks to Open a Checking Account In the Philippines

1. Metrobank

offers a variety of checking account, mostly preferred by entrepreneurs.

    1. Regular Checking Account
      • Initial Deposit: ₱10,000.00
      • Maintaining Balance: ₱10,000.00
      • Balance to Earn Interest: n/a
    2. MetroChecking Extra (Personal – No ATM card)
      • Initial Deposit: ₱15,000.00
      • Maintaining Balance: ₱15,000.00
      • Balance to Earn Interest: ₱15,000.00
      • Interest Rate: 0.25%
    3. AccountOne Regular
      • Initial Deposit: ₱25,000.00
      • Maintaining Balance:₱25,000.00
      • Balance to Earn Interest: ₱50,000.00
      • Interest Rate: 0.25%
    4. AccountOne Regular
      • Initial Deposit: ₱25,000.00
      • Maintaining Balance:₱25,000.00
      • Balance to Earn Interest: ₱50,000.00
      • Interest Rate: 0.25%

2. Bank of the Philippines Island (BPI)

Type of Deposit Account Required Initial Deposit Required Minimum Monthly ADB
Bizlink Checking with Debit Card (ATM Card) and Statement ₱10,000 ₱10,000
Bizlink Checking with Statement ₱10,000 ₱10,000
Express Teller Checking ₱10,000 ₱10,000
Regular / Business Checking ₱10,000 ₱10,000

3. BDO

Product MInimum Initial Deposit Minimum MADB Requirement
Peso Checking ₱5,000.00 ₱10,000.00
Smart Checking (Statement) 15, 000 (Personal) ₱30, 000 (Personal)
₱25,000 (Business) ₱50,000 (Business)
Smart Checking (Passbook) ₱25,00.00(Personal) ₱25,00.00(Personal)
₱50,000 (Business) ₱50,000 (Business)

4. Security Bank

Security Bank account comes with a passbook, checkbook, Everyday Debit/ ATM Mastercard and FREE Life Insurance. coverage of 3 times your average daily balance or Php 3 Million whichever is lower. You may also fill up online forms as for you to avoid long queues and to speed up the process

  • All Access
  • Opening Balance: ₱5,000
  • Maintaining Balance: ₱5,000
  • Balance to earn interest: ₱100,000
  • Interest rate (p.a.): 0.10%

5. Philippine National Bank

Product Opening Balance Interest Rate
Regular Checking ₱5,000 (individuals) n/a
Now Checking ₱3,000 0.5% p.a
Check Plus ₱10,000 (individuals) 0.5% p.a.

6. UnionBank

Product Opening & Maintaining Balance
Balance to Earn Interest
Regular Checkin Account ₱10,000 n/a
Power Checking Account ₱100,000 ₱100,000,000

7. Landbank

Product Opening & Maintaining Balance Documentation
Current Account with ATM Access ₱5,000
Checkbook & ATM
Regular Current Account ₱5,000 Checkbook
Peso E.A.S.Y. (Earning Access & Sure Yield) Check ₱10,000 Checkbook

8. DBP

Product Opening & Maintaining Balance
Balance to Earn Interest
Current Account (non-interest) ₱5,000 n/a
Current Account (w/ interest) ₱10,000 ₱10,00

9. RCBC

  1. Regular Checking
    • Opening Balance: ₱10,000
    • Maintaining Balance: ₱10,000
    • Balance to earn interest: n/a
    • Interest rate (p.a.): n/a
  2. Super Value Checking
    • Opening Balance: ₱25,000
    • Maintaining Balance: ₱25,000
    • Balance to earn interest: ₱100,000
    • Interest rate (p.a.): 0.15%-0.224%
  3. Dragon Peso Checking
    • Opening Balance: ₱25,000
    • Maintaining Balance: ₱25,000
    • Balance to earn interest: ₱25,000
    • Interest rate (p.a.): 0.15%-0.50%
  4. eWoman Checking
    • Opening Balance: ₱35,000
    • Maintaining Balance: ₱35,000
    • Balance to earn interest: n/a

10. ChinaBank

  1. Easi-Checking Basic
    • Opening Balance: ₱3,000
    • Maintaining Balance: ₱3,000
    • Balance to earn interest: n/a
    • Documentation: Checkbook
  2. Easi-Checking
    • Opening Balance: ₱5,000
    • Maintaining Balance: ₱5,000
    • Balance to earn interest: ₱10,000
    • Documentation: Checkbook & ATM Card
  3. Easi-Checking
    • Opening Balance: ₱5,000
    • Maintaining Balance: ₱5,000
    • Balance to earn interest: ₱10,000
    • Documentation: Checkbook & ATM Card
  4. Easi-Checking Diary
  5. Opening Balance: ₱5,000
  6. Maintaining Balance: ₱5,000
  7. Balance to earn interest: ₱10,000
  8. Documentation: Easi-Checking Checkbook and Easi-Checking Diary Passbook

What is Time Deposit

Time Deposit is a deposit account bound by time, as the name indicates. It can be for short term as 30 days, 60 days or up to 5 years. Banks offer to give a depositor of this account a higher interest rate than the reqular savings. In exchange, you are not encourage to withdraw your money at a specific time. The time bound gives the bank to have available funds for other investment such as real estate, stocks or other business dealings they want to enter. In case of early withdrawal, the full interest rate may not be given. Nonetheless, your savings is still guaranteed.

Best Benefits of Time Deposit For Filipinos

1. Higher Interest Rate

Banks pays a higher interest rate, as much as 2.5 % for this type of deposit for you have at least committed your money for a fixed period of time. Given the lock-up period, banks can use your money to invest in other business or investment deals that would give them more profit.

2. Tax Exemption

Unlike with the regular savings interest which is subject to withholding tax of 20%, time deposit interest is tax-exempted as long as you hold your deposit until maturity or usually up to five years or more time deposit.

10 Best Bank to Open a Time Deposit In the Philippines

1. BDO Unibank

Product Name Minimum Initial Placement Terms of Placement
Peso Time Deposit ₱1,000.00
30, 60, 90, 180, 360 Days
Premium Flexi Earner ₱10,000.00 5 years
Dollar Time Deposit USD 1,000.00
30, 60, 90, 180, 360 Days

2. Metrobank

Product Name Minimum Initial Placement Terms of Placement
Time Deposit (TD) ₱10,000.00
30, 60, 90, 180, 360 Days
MetroDollar Time Deposit USD1,000 30, 60, 90, 180, 360 Days
Foreign Currency Time Deposit Depends on currency ( British Pound, Japanese Yen, Canadian Dollar, Euro, Swiss Franc, Chinese Yuan, Australian Dollar, Hong Kong Dollar, Singapore Dollar)
30, 60, 90, 180, 360 Days

For interests you may visit this page.

3. Bank of the Philippine Islands (BPI)

Product Name Minimum Initial Placement Terms of Placement
Regular Time Deposit (Peso) ₱1,000.00 35, 63, 91, 182, 364 days
BPI Family Savings Bank ₱1,000.00
BPI Direct Savings Bank ₱1,000.00
 BFB Cash-A-Month ₱50,000.00
Plan Ahead ₱100,000.00

4. ChinaBank

Product Name Minimum Initial Placement Terms of Placement
Easi-Earn
Time Deposit
₱5,000
30, 60, 90 days up to less than 1 year
Easi-Earn High Five ₱50,000 5 years
US Dollar
Time Deposit Account
USD 500
30, 60, 90 days up to less than 1 year

5. Development Bank of the Philippines (DBP)

Product Name Minimum Initial Placement Terms of Placement
Option Savings ₱1Million 15-29 days
Special Savings ₱10,000.00 30-365 days
Regular Time Deposit ₱10,000.00 / USD1,000.00 30-365 days
Wisdom Time Deposit ₱50,000.00 / USD1,000.00 180-365 days
High Earner Time Deposit ₱1Million / USD20,000.00 12, 18, 24 months
Peso equivalent of at least US$75,000.00 Peso equivalent of at least USD75,000.00 30-180 days

6. Unionbank

Product Minimum Placement Term
Peso Time Deposit ₱50,000
30-days; 60-days

 7.Security Bank

Product Minimum Placement Term
Peso Time Deposit ₱100,000 30, 60, 90, 180, 360 days, 2-5 years and 7 years
Dollar Time Deposit USD 1,000
30, 60, 90, 180, 360 days, 2-5 years and 7 years

8. Landbank

only offers one product of peso time deposit with minimum placement of P1,000 for 30-360 days. This is a good amount to start especially for individuals.

9. RCBC provides a variety of foreign currencies time deposit.

Product Minimum Placement Term
Regular Time Deposit ₱5,000 30 days- 1 year
RCBC 5 Year Peso Time Deposit ₱100,000 5 years + 1 day
USD Time Deposit USD1,000 30 days – 5 years
Canadian Dollar CAD25,000 30 days- 5 years+1 day
Australian Dollar AUD25,000 31 days- 5 years+1 day
Japanese Yen JPY100,000 32 days- 5 years+1 day
British Pound GBD10,000 33 days- 5 years+1 day
Swiss Francs CHF25,000 34 days- 5 years+1 day
Euro EUR1,000 35 days- 5 years+1 day

10. PNB

Account Min. Deposit Term
Regular Time Deposit ₱10,000 30-360 days
Treasury Negotiated ₱10,000 0-360 days
Top Dollar USD 10,000 2,3,4,5 years
Greenmarket Time Deposit USD 1,000 30-360 days

Dollar Account & Other Foreign Currency Accounts In The Philippines

A dollar account is just like any deposit account except that its currency is expressed in US dollar. Opening a dollar account boils down from investing to other currencies. Such you’re speculating or believe that the value of peso goes down as oppose to the US dollar or the value of dollar goes up depending on the economy of both country. If you’re an investor and want to play and profit from the ups and downs of foreign exchange or the cycle of market , this is probably for you.

Another reason to open a dollar account is probably because you’re receiving a remittance from abroad. If you’re the receiver and don’t necessarily need the money right on time and you are smart enough, you will wait for the time wherein peso will weakens against dollar, then you can earn from this as well, still it’s a form of investment.

Dollar accounts are also great for business transactions especially if you’re dealing with clients abroad. This makes it easier for you to transact in their own currency without worrying whether the exchange rate is high or low. It is also easier to transact abroad when you decide to travel cashless.

These days, almost all commercial banks offers this kind of deposit accounts. Most are US dollar accounts though some banks offers a tertiary currencies such as HK dollars, yen, and other emerging currencies.

The disadvantage of this account lies in the interest rate which is mostly lower than peso account and the required initial deposit which is from USD500 to USD1,000.

10 Best Banks to Open Dollar Account In The Philippines

1. BDO Unibank

  1. Dollar Savings
    • Initial Deposit: USD 200.00
    • Minimum MADB: USD 500.00
    • Minimum Balance to Earn Interest: USD 500.00
  2. Australian Dollar Savings Account
    • Initial Deposit: AUD 200.00
    • Minimum MADB: AUD 200.00
    • Minimum Balance to Earn Interest: AUD 400.00
  3. Canadian Dollar Savings Account
    • Initial Deposit: CAD 1,000.00
    • Minimum MADB: CAD 1,000.00
    • Minimum Balance to Earn Interest: CAD 1,000.00
  4. Chinese Yuan Savings Account
    • Initial Deposit: CNY 2,500.00
    • Minimum MADB: CNY 2,500.00
    • Minimum Balance to Earn Interest: CNY 2,500.00
  5. Euro Savings Account
    • Initial Deposit: EUR 500.00
    • Minimum MADB: EUR 500.00
    • Minimum Balance to Earn Interest: n/a
  6. GBP Savings Account
    • Initial Deposit: GBP 200.00
    • Minimum MADB: GBP 200.00
    • Minimum Balance to Earn Interest: GBP 1,000.00
  7. Hong Kong Dollar Savings Account
    • Initial Deposit: HKD 500.00
    • Minimum MADB: HKD 500.00
    • Minimum Balance to Earn Interest: n/a
  8. Singapore Dollar Savings Account
    • Initial Deposit:SGD 200.00
    • Minimum MADB: SGD 200.00
    • Minimum Balance to Earn Interest: n/a
  9. Yen Savings Account
    • Initial Deposit:JPY 50,000.00
    • Minimum MADB: JPY 50,000.00
    • Minimum Balance to Earn Interest: n/a

2. Metrobank

    1. MetroDollar Savings (USD)
      • Initial Deposit: USD 500.00
      • Minimum MADB: USD 500.00
      • Minimum Balance to Earn Interest: USD 500.00
      • Interest: 0.13%
    2. US Pensioner
      • Initial Deposit: USD 100.00
      • Minimum MADB: USD 100.00
      • Minimum Balance to Earn Interest: USD 500.00
      • Interest: 0.13%
    3. Japanese Yen (JPY)
      • Initial Deposit: JPY 50,000.00
      • Minimum MADB: JPY 50,000.00
      • Minimum Balance to Earn Interest: n/a
      • Interest: n/a
    4. Sterling Pound (GBP)
      • Initial Deposit:GBP 600.00
      • Minimum MADB:GBP 600.00
      • Minimum Balance to Earn Interest: GBP 7,000.00
      • Interest: 0.25%
    5. Euro (EUR)
      • Initial Deposit: EUR 500.00
      • Minimum MADB: EUR 500.00
      • Minimum Balance to Earn Interest:n/a
      • Interest: n/a
    6. Swiss Franc (CHF)
      • Initial Deposit: CHF 2,000.00
      • Minimum MADB: CHF 2,000.00
      • Minimum Balance to Earn Interest:n/a
      • Interest: n/a
    7. Canadian Dollar (CAD)
      • Initial Deposit: CAD 2,000.00
      • Minimum MADB: CAD 2,000.00
      • Minimum Balance to Earn Interest: CAD 2,000.00
      • Interest: 0.25%
    8. Australian Dollar (AUD)
      • Initial Deposit: AUD 1,000.00
      • Minimum MADB: AUD 1,000.00
      • Minimum Balance to Earn Interest: AUD 1,000.00
      • Interest: 1%
    9. Chinese Yuan Renminbi (CNY)
      • Initial Deposit: CNY 3,500.00
      • Minimum MADB: CNY 3,500.00
      • Minimum Balance to Earn Interest: CNY 3,500.00
      • Interest: 0.25%
    10. Singapore Dollar (SGD)
      • Initial Deposit: SGD 500.00
      • Minimum MADB: SGD 500.00
      • Minimum Balance to Earn Interest: SGD 500.00
      • Interest: 0.03%
    11. Fun Savers Club (USD)
      • Initial Deposit: USD 100.00
      • Minimum MADB: USD 100.00
      • Minimum Balance to Earn Interest: USD 200.00
      • Interest: 0.13%

3. Bank of the Philippines Island (BPI)

  1. Express Dollar Savings (ATM/Passbook)
    • Initial Deposit: USD500
    • Minimum MADB: USD500
    • Minimum Balance to Earn Interest: USD500
    • Interest: 0.25%
  2. Maxi-Saver Savings with Passbook (USD)
    • Initial Deposit: USD2,500
    • Minimum MADB: USD2,500
    • Minimum Balance to Earn Interest: USD2,500
    • Interest: 0.38%-0.63% ; with BONUS p.a. if no withdrawal in a month
  3. Pamana Saving Account with Life Insurance (USD) w/ Passbook
    • Initial Deposit: USD1,000
    • Minimum MADB: USD1,000
    • Minimum Balance to Earn Interest: USD1,000
    • Interest: 0.13%
  4. AUD -Australian Dollar Passbook Savings
    • Initial Deposit: AUD500
    • Minimum MADB: AUD500
    • Minimum Balance to Earn Interest: AUD500
    • Interest: 1.25%
  5. CAD -Canadian Dollar Passbook Savings
    • Initial Deposit: CAD500
    • Minimum MADB: CAD500
    • Minimum Balance to Earn Interest: CAD500
    • Interest: 0.25%
  6. CHF-Swiss Franc Passbook Savings
    • Initial Deposit: CHF500
    • Minimum MADB: CHF500
    • Minimum Balance to Earn Interest:n/a
    • Interest: n/a
  7. CNY/RMB – Chinese Yuan Passbook Savings
    • Initial Deposit: CNY3,500
    • Minimum MADB: CNY3,500
    • Minimum Balance to Earn Interest:CNY3,500
    • Interest:0.10%
  8. EUR- Euro Passbook Savings
    • Initial Deposit: EUR500
    • Minimum MADB: EUR500
    • Minimum Balance to Earn Interest: n/a
    • Interest: n/a
  9. GBP –British Pound Passbook Savings
    • Initial Deposit: GBD500
    • Minimum MADB:GBD500
    • Minimum Balance to Earn Interest: GBD500
    • Interest: 0.13%
  10. HKD – Hong Kong Dollar Passbook Savings
    • Initial Deposit:HKD500
    • Minimum MADB:HKD500
    • Minimum Balance to Earn Interest: HKD500
    • Interest: 0.05%
  11. JPY- Japanese Yen Passbook Savings
    • Initial Deposit: JPY50,000
    • Minimum MADB: JPY50,000
    • Minimum Balance to Earn Interest: n/a
    • Interest: n/a

4. PNB

Product Opening & Maintaining Balance
Interest Rate (p.a)
Dollar Savings Account USD100 0.25%
PNB Greencheck Account USD000 0.50%
Euro Savings Account EUR100 0.10%
Renminbi Savings Account CNY 2,500.00 0.25%
Japanese Yen Savings Account JPY 50,000.00 n/a

5. UnionBank

Product Opening & Maintaining Balance
Interest Rate (p.a)
US Dollar Savings Account USD500 0.10%
Dollar Access Account USD10,000 0.10%
Sterling Pound GBP 2,000 0.05%
Euro EUR 3,000 n/a
Japanese Yen JPY 400,000 n/a
Australian Dollar AUD 3,000 0.80%

6. Securitybank

Product Opening & Maintaining Balance
Interest Rate (p.a)
USD Savings Account USD500 0.25%
Hong Kong Dollar (HKD)
Equivalent to USD500
n/a
Singapore Dollar (SGD)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Chinese Yuan (CNY/RMB)
Japanese Yen (JPY)
British Pound (GBP)

7. RCBC

  1. FCDU Savings Account
    • Initial Deposit: USD500
    • Minimum MADB: USD500
    • Minimum Balance to Earn Interest: USD500
    • Interest: 0.125%
  2. Euro
    • Initial Deposit: EUR1,000
    • Minimum MADB: EUR1,000
    • Minimum Balance to Earn Interest: n/a
    • Interest: n/a
  3. Canadian Dollar
    • Initial Deposit: CAD7,000
    • Minimum MADB: CAD7,000
    • Minimum Balance to Earn Interest: CAD7,000
    • Interest: 0.125%
  4. Australian Dollar
    • Initial Deposit: AUD10,000
    • Minimum MADB: AUD10,000
    • Minimum Balance to Earn Interest: AUD10,000
    • Interest: 0.50%
  5. Japanese Yen
    • Initial Deposit: JPY10,000
    • Minimum MADB: JPY10,000
    • Minimum Balance to Earn Interest: n/a
    • Interest: n/a
  6. Japanese Yen
    • Initial Deposit: JPY10,000
    • Minimum MADB: JPY10,000
    • Minimum Balance to Earn Interest: n/a
    • Interest: n/a
  7. British Pounds
    • Initial Deposit: GBD3,000
    • Minimum MADB: GBD3,000
    • Minimum Balance to Earn Interest: GBD3,000
    • Interest:0.125%
  8. Chinese Yuan
    • Initial Deposit: CNY3,500
    • Minimum MADB: CNY3,500
    • Minimum Balance to Earn Interest: CNY7,000
    • Interest:0.125%-0.625% Depending on amount

8. Chinabank

  1. US Dollar
    • Initial Deposit & Minimum Monthly ADB: USD500
    • Minimum ADB to Earn Interest: USD1,000
    • Interest:0.25%
  2. Euro
    • Initial Deposit & Minimum Monthly ADB: EUR1,000
    • Minimum ADB to Earn Interest: EUR1,000
    • Interest:0.03%
  3. Chinese Yuan
    • Initial Deposit & Minimum Monthly ADB: CYN2,500
    • Minimum ADB to Earn Interest: CYN2,500
    • Interest:0.08%
  4. Japanese Yen
    • Initial Deposit & Minimum Monthly ADB: JPY50,000
    • Minimum ADB to Earn Interest:n/a
    • Interest: n/a

9. DBP

  1. Dollar Access Account
    • Initial Deposit & Minimum Monthly ADB: USD10,000
    • Minimum ADB to Earn Interest:USD25,000
    • Interest: 0.10%
  2. British Pound (GBD)
    • Initial Deposit & Minimum Monthly ADB: GBD2,000
    • Minimum ADB to Earn Interest:GBD2,000
    • Interest: 0.05%
  3. Euro (EUR)
    • Initial Deposit & Minimum Monthly ADB: EUR3,000
    • Minimum ADB to Earn Interest: n/a
    • Interest: n/a
  4. Euro (EUR)
    • Initial Deposit & Minimum Monthly ADB: EUR3,000
    • Minimum ADB to Earn Interest: n/a
    • Interest: n/a
  5. Japanese Yen (JPY)
    • Initial Deposit & Minimum Monthly ADB: JPY400,000
    • Minimum ADB to Earn Interest: n/a
    • Interest: n/a
  6. Australian Dollar
    • Initial Deposit & Minimum Monthly ADB: AUD3,000
    • Minimum ADB to Earn Interest: AUD3,000
    • Interest: 0.80%

10. Landbank

Landbank has the lowest initial deposit among commercial banks.They also offers dollar time deposit.

  1. US Dollar
    • Initial Deposit: USD100
    • Minimum Monthly ADB: USD500
    • Minimum ADB to Earn Interest: USD500
    • Interest: 0.15%

Best Bank for Joint Savings Account in the Philippines

A joint account is any deposit account with two account holder joint together. This means that account can be access by any of them and that they have almost the same rights on the account depending on their contract. Joint accounts are really good tool for two individuals who are working towards the same goal and have high level of trust with each other, as we are talking about money. Most likely this option is for couples, parent and child, business partners, or even close friends.

Top banks for you to open a joint account would be BDO Unibank, BPI, Metrobank, Security Bank, RCBC and PNB.

What is Special Deposit Account (SDA)?

You may once or never heard of the BSP-Special Deposit Account. To start of, it’s one or the tools implemented by the BSP as a way to manage the inflation on the country. The aim goal of BSP is to decrease the amount of money circulating in the country for a specific period of time. By the law of supply and demand, a decrease in money circulation will increase the value of peso. In order to encourage the market to keep thier money with the BSP, they offer a quite competitive interest rate as compare to regular account depoosits.

This is issued by the BSP to banks and trust entitities of BSP supervised by financial institutions. It is therefore impossible for an individual to deposit directly to the said instrument. Hence, the banks offers this instrument to their client in order for them to as well pool the Php 10 million minimum fund which is required by the BSP. So as an individual investor, you can participate in BSP-SDA through the bank.

When it comes to earning, the interest given by the BSP is also texed for 20%, making the bank to take home 80% of the earning. Since banks are not charitable institution, they earn on individual participants by charging them fees, usually about 0. 5% of the total investment annually.

How to Invest in Special Deposit Account In Philippines

Most of the commercials banks offer SDAs. BDO Unibank, Metrobank, BPI, ChinaBank, PNB are among the top bank where you can participate. Minimum investment may range from 100,000 thousand to as much as 1,000,000. Just keep in mind that this investment is time-bound which means you can incur charge in case you withdraw prior to time negotiated.

For you to open an account, just go to your preferred bank office and ask the trust officer.

Let him explain about the investment and inquire more about it.If you’re covinced or want the investment, you will be asked to fill up forms such as Investment Account Application, Client Suitability Assesment Form, Risk Disclosure Statement Form, and other support forms if needd. Most banks requires participators to have an account with them for initial investment and settlement as well.

Best Deposit Accounts Alternative In the Philippines

If you think a deposit account is not the best avenue for your money or just looking for other ways to park or invest your money here is a list of alternative investment you could consider. However these needs a careful analysis as well. Always keep in mind to understand every vehicle you’re placing your hard-earned money. Here are some proven financial instruments and investment vehicles you can consider.

  1. Mobile Wallet
  2. Money Market Instrument
  3. Fixed Income Funds
  4. Feeder Funds
  5. Unit Investment Trust Fund (UITF)
  6. Insurance
  7. Unit Linked Products/ VUL
  8. Endowment Products
  9. Mutual Fund
  10. Government Bonds
  11. Treasury Bills
  12. Stock Market
  13. Cryptocurrencies

The Best Banks for OFWs and Seaman in the Philippines

As for POEA rules, OFWs are mandated to remit or send a portion of their foreign exchange earnings ranging from 50% to 80 % depending on the worker’s kind of job, to their families, dependents or beneficiaries. If you are caught not obliging in the system, you’ll be suspended or excluded from the list of eligible workers for overseas employments. This is why it is important to setup a bank account intended for remittance before leaving the country as to avoid delays and to easily track transactions.

As an OFW and Filipino Seaman, every dollar or peso counts, thus you surely would want to select the best remittance option available in the market. Banks remittance is one of the trusted channels and have different remittance office, tie-ups in different countries over the year. Here are the top banks preferred by OFWs, depending really of where you are located.

Nowadays, oversees Filipino workers are playing a great role in strengthening the economy of Philippines. Numbers of OFW are working abroad and they are regularly sending their foreign remittances to Philippines in order to support their loved ones. But many oversees Filipino workers (OFW) are also looking forward to find the best savings accounts in Philippines in order to maximize their savings.

But majority of OFWs usually get confused while choosing the best saving interest accounts due to the lack of latest and complex banking accounts information.

In this regard, Filipino banks are also trying their best to offer latest banking products in order to encourage OFWs to open their saving accounts and also to promote savings and investment culture in Philippines.

To help the Oversees Filipino Workers, we have conducted a great research and come up with the best saving accounts for Filipinos who are working abroad. Read the following account details and choose the best saving account according to your needs.

#1 Metro bank OFW savings account

Metrobank no doubt is one of the best banks in Philippines. Currently, Metro Bank is offering its different banking product and services to OFW. In order to manage foreign remittances and provide quality financing services to OFWs, Metro bank is offering following banking products:

  • Remittance Services
  • OFW Peso Savings Account
  • OFW Dollar Saving Account
  • World Cash Card
  • Remit to Account

Metro bank OFW saving account is the best saving account for OFW. Oversees Filipino workers usually send their foreign remittances in Dollars/foreign currency and when it is received in account, the foreign currency is immediately changed into Philippines Peso. In this way, the families of OFWs can easily use these funds. Some prominent features of this account are as follow:

  • No initial deposit
  • No maintenance charges
  • ATM or Passbook
  • 0.25% Per annum interest rate
  • Online banking services

Ways to receive in Metrobank:

  • Credit to Metrobank Account
  • Over-the counter
  • Door – to – door
  • Credit to other bank’s account

#2 BDO OFW Savings Accounts

BDO Unibank recently launched its new product (BDO KABAYAN AESNSO PROGRAM) to assist oversees Filipino workers. This account is relatively better than other savings accounts because it offers extra features to account holders. If you want to open this account then you will enjoy the following benefits from BDO KABAYA ASENSO program.

  • Open your account with minimum ₱100.00 or US $100 initial deposit.
  • Aside from account, you will also receive passbook and ATM
  • If you do at least one remittance transaction in a year, then there will be no minimum balance required to maintain account.

Ways to receive in BDO:

  • Credit to BDO Kabayan Savings Account
  • Cash Pick-up – Peso or Dollar remittances can be picked up at any BDO and SM branch. You may also pick up at BDO partners like Palawan Pawnshop, Cardbank, Rang-ay Bank, Penbank, RD Pawnshop.
  • BDO Remit Cash Card – This is a special card offer by the bank specifically for the purpose of sending and receiving remittance.
  • BDO Kabayan Bills Bayad – With the card, you can directly pay your bills like credit card, loan amortization, utility bills and the likes even you are abroad.
  • Food Remittance Service
  • Credit to other local banks
  • Door to door service is also available on some selected areas.

#3 PNB OFW Savings Accounts

Philippines National Bank (PNB) is continuously striving to provide quick and reliable banking services to its beloved customers. If you are living and working abroad and also want to send money to your loved ones living in Philippines then the PNB OFW savings account might be the best choice for you. PNB is offering its saving interest account to OFW which includes following features:
Open your account with no initial deposit

  • No maintenance balance is required
  • ADB to earn interest up to ₱10,000.00
  • If you don’t do transactions in account then the dormancy will be in 2 years
  • The interest rate of PNB OFW savings account is 0.100% per annum
  • Get your ATM and Passbook along with saving account

Ways to send Money in PNB:

  • Via PNB overseas office or PNB remittance centers
  • Via correspondent bank worldwide
  • Via Wells Fargo ExpressSend
  • Via Seven-11 (Hong Kong)
  • Phone Remittance (UK)
  • Postal Office (Japan)
  • Post Finance (Switzerland)
  • Send via Xoom

Ways to receive Money in PNB:

  • Credit to account/ Credit to Global Filipino Money Card( GFMC)
  • Credit-to-Another Bank Account
  • PNB 3D (Door-to-Door Delivery)
  • Remittance Pick-up

#4 BPI OFW Savings Account

Bank of Philippines Island is considered to be the best bank in Philippines. They are offering great banking products and services to its customers. Likewise other accounts, BPI is also offering its BPI Advance Saving Account to OFWs. Here are the account features.

  • Get quick and higher return on deposits
  • Advance earning on deposits
  • You can monitor your account using passbook or BPI Express Online.

Ways to receive Money in BPI:

  • Credit to account – You can credit your remittance to any BPI or BPI Family ATM account , either in US dollars or peso.
  • Cash Pick-up – Pick up to over 800 BPI or BPI Family branches in the country.
  • Bills Payment
  • Door-to-door Delivery
  • Credit to other bank’s account
  • Credit to US Pension/ Direct Deposit Account

Apart from the Advance savings account, there is another account offered by BPI named as BPInoy Savings Account . Opening this account can help both OFWs and their families living in Philippines. This account offers you the following benefits.

  • Open your account without any initial deposit
  • If you do at least on transaction in last 3 months, then there will be no minimum balance required to main the account.
  • Earn higher interest rate as compared to other saving accounts interests.
  • You can withdraw up to 1 Million through circus-affiliated ATMs. This service is available in 210 countries and you can also withdraw the amount in any currency where you’re living in.
  • Do cashless shopping nationwide using EPS (Express Payment System). No enrollment is requirement for it.
  • You can track your account status and spending at any time through BPI Express Mobile, BPI Express Online, and BPI Express Mobile and also through ATMs.
  • Open your account online

#5 Bank of Commerce Sikap Pinoy OFW Account

Sikap Pinoy OFW savings account is offered by Bank of Commerce in Philippines. It is also a good alternative account option for Philippines’ OFW because it offers good mark up on deposit to OFW and their beneficiaries. Some key features of this savings account are as follow:

  • No initial and maintenance balance is required
  • Deposit at least ₱500.00 to earn interest income
  • Get your ATM card for fast transactions
  • You can enroll through Bank of Commerce Internet Banking

#6 PS-Bank OFW Savings Accounts

Likewise other banks, PSBank is also offering OFW savings accounts to Filipino workers living abroad. The benefits of this account are relatively the same as offered by other banks’ savings accounts. Some prominent features of PSBank OFW savings accounts are as follow:

  • No initial deposit and maintenance balance is required
  • Minimum deposit ₱5000.00 to earn interest income
  • Account can be opened using online banking service
  • ₱300.00 will be charged if account remains dormant for 2 years
  • ATM card insurance

Our Suggestions
If you want to open the best OFW savings account in Philippines then choose the account which offers high mark-up rate on deposits. See, if the bank is offering other services free of cost like ATM, Passbook and online banking, then you should choose that account because it will reduce your account services cost and maximize your earnings on deposits.

#7 Development Bank of the Philippines: DBP

Ways to Send Money in DBP:

  • Through remittance partner
  • Send telegraphic transfer through SWIFT

Ways to Receive Money in DBP:

  • Bank to bank credit
  • Cash Pick-up
  • How to open a Bank Account in Philippines for Non-Resident

Interested to open bank account in the Philippines? Maybe you’re also an interested US citizen wanting to retired and invest here in the country while abroad, but somehow worried that you won’t be able to have a bank account in a foreign country. So, can an expat open an account in the Philippines?

Yes, (foreigners, expatriate) can have the opportunity to open and have a bank account in the Philippines. You can simply open a bank account as a foreigner in the Philippines that includes an ATM Card that allows you to pick up money at ATM machines nationwide.

What should I consider before opening a bank account?

First: You must be informed that upon visiting a bank of your choice in person, you should bring with you several identification documents for assurance of your identity. Since it’s one of the vital requirements to show documentation at any bank, there are some specific documents that are required depending on the bank you chose to open an account. Several banks require you to have an Alien Certificate of Registration Identity Card (ACR I-Card), a microchip-based, credit card sized identification card.

The Philippines is one of the attractive countries for expatriates, known for its archipelago, natural sceneries, welcoming people, and affordable cost of living. Upon your stay in the country, you may be interested to open an account in the Philippines for easier fund access, payment solution, or maybe expense tracking.

Just like in other countries, the Philippine banking system is regulated by BSP and insured by the PDIC for Php 500,000 per depositor per bank. The Philippine Banking system is also adapting to mobile and online banking which make it easier for you to check on your transaction. Card purchases are also accepted by most merchants which means that you don’t have to carry a lot of cash around.

To open an account, you are required to personally appear as for Anti-Money Laundering Act (AMLA) Law process. As a foreigner, you are required to present your Alien Certificate of Registration Identity Card (ACR I-Card), passport or other form of identification, passport-sized photo and proof of address like rental contracts and current utility bill.

Other banks may allow you to open bank accounts without ACR I-Card, however you will be required to meet directly with the bank manager before account’s approval. Unfortunately, if you are a foreign nationals holding immigrant and non-immigrant visas (including holders of a Temporary Visitor’s Visa) and have been in the country for more than 59 days you are required to apply for an ACR I-Card. You can apply for the card at the main office of the Bureau of Immigration or at one of its field offices throughout the country.

Best bank account for Expat in The Philippines

The best banks for you either for savings and checking account would probably the top commercial banks which are BDO, BPI, Metrobank, RCBC and Security Bank.

What are the Documents Required for Expats?

All you have to do is to make sure that you have the following requirements to open bank account;

  1. Passport
  2. Alien Certificate of Registration (ACR); or ACR I-card or; Immigrant Certificate of Registration (ICR) or; Special Investor Visa (SIRV) or; PRA Special Resident Visa (SRRV)
  3. A visa that proves that you have in the Philippines for more than 180 days.
  4. You should also bring your valid IDs that indicates your permanent address and proof of your source of funds.
  5. Bring 1“x 1“or 2“x 2“photos of yourself.
  6. There’s a possibility that the bank you’re applying to might also request some proof of residence in the Philippines such as a utility bill or rent receipt.

Note that as a bank account holder, you always have to keep a positive balance of about ₱3,000.00 Peso on your bank account or else every month an amount of ₱300.00 will be deducted until nothing is left which will result for your account to be closed automatically.

Best Bank Compatible with PayPal and Payoneer in Philippines

Are you receiving international/overseas payments from your business online? And keep on wondering how you can move your PayPal and Payoneer payments or withdraw to your bank account?

Internet have changed the platform of business that none of us have never thought. Nowadays, anyone can sell whatever products they may have, work with people internationally to resell their products as well, and get paid online too. How convenient is that?

PayPal is one of the commonly used method of payment by many. And did you know that you can actually transfer your available PayPal balance and withdraw it through your BancNet ATMs at your local ATM stations in the Philippines? You read that right.

  1. Bank in Philippines Accredited by PayPal
Allied Bank
Asia United Bank
ANZ Bank
Banco De Oro
Bangko Sentral ng Pilipinas
Bangkok Bank
Bank of America
Bank of China
Commonwealth Bank
Bank of the Philippine Islands
Bank of Tokyo
China Bank
China Trust
CitiBank
Deutsche
DBP
Eastwest Bank
Export
Hongkong Bank
JP Morgan
Korea Exch Bank
Land Bank
Maybank
Mega Intl. Comml Bank of China
Metrobank
Mizuho Corporate Bank

Compatible Banks for Paypal

How to Withdraw Money from a PayPal Account In Philippines

1. BDO Unibank

By using the right code, you can easily add your bank account to PayPal and transfer your money swiftly.
1. After logging in your PayPal account, proceed to My Account tab and choose Profile.
2. Edit your Bank Account, and provide the necessary details such as;

a. Country
b. Name on Account (Your PayPal and bank account should have the same name)
c. Bank Name
d. Bank Code (Bank Codes for all banks affiliated with PayPal are listed below)
e. Account Number

3. One you have added your bank account details, go again to My Account, choose Withdraw and then opt for Withdraw funds to your bank account.
4. You will then put the desired amount you want to transfer in your BDO account.
5. It will take around 2-4 business days before the money will be successfully transferred to your BDO account. Withdrawal that has ₱7,000.00 amount or more is free of charge, but less than the given amount will have a charge of ₱50.00.
6. Banco de Oro (BDO) has of charges ₱200.00 to ₱250.00 on every PayPal withdrawal to a BDO bank account.

2. Bank of the Philippine Islands

Similar to the process of adding a BDO account linked to a PayPal account, you can also linked your BPI account by following these steps;
1. Choose Profile under your My Account tab after logging in at PayPal online.
2. In the Edit/Bank Account, start to fill out the necessary details needed to successful another bank account connected to PayPal;

a. Country
b. Name on Account (Your PayPal and bank account should have the same name)
c. Bank Name
d. Bank Code (Bank Codes for all banks affiliated with PayPal are listed below)
e. Account Number

3. Go the Withdraw page and choose Withdraw funds to your bank account and input the necessary amount you want to be transferred.
4. After which, same with BDO, you’ll have for 2-4 business days before it’ll be transferred and same charges may apply depending on the amount you have entered.
5. The Bank of the Philippine Islands (BPI) has a charge of ₱150.00 to ₱200.00 for every withdrawal transaction to a BPI bank account.

3. UnionBank EON

1. After you have received payments and/or receivables from your PayPal account start transferring this to your UnionBank account by following the steps of adding bank account on PayPal.
2. The funds you have transferred in your UnionBank account will be converted into peso using the Visa exchange rate for the day of your withdrawal transaction.
3. By using your EON card, you’ll need to wait for around 5-7 business days before it will reflect on your bank account and it also has a deduction fee of ₱250.00.

4. RCBC mywallet visa and Eastwest Bank

1. Similar with the bank transactions linked with PayPal, same procedures also apply if you have an RCBC mywallet visa or Eastwest Bank account that you wanted to be connected to your PayPal account.
2. If you have already chosen the withdrawal option, which is through your bank account, enter the necessary amount.
3. If you do have various account connected to your PayPal account, choose which bank account this fund may be transferred and then click continue and wait for 2-4 business days for successful transaction.
4. After the transferring, you’ll be redirected to a page where in you’ll be able to see the transaction details you’ve made that day and you’ll be receiving an email as confirmation of the transaction you’ve made.

5. Security Bank MasterCard

To link your Security Bank MasterCard debit card* to your PayPal account, follow these steps:

  1. Login in to PayPal
  2. Click on “Wallet”
  3. Click “Link a Credit Card” and you will be directed to a short form
  4. Enter your 16-character card number
  5. Enter your Card Verification Value (CVV)
  6. Enter the address attached to the account as your billing address. This is the same address that appears in your monthly bank statement.
  7. Your debit card should now be attached to your PayPal account. Click “Confirm Card” to request confirmation.
  8. The 4-digit code needed for confirmation can be found on your card’s next statement of account. You can also check your transaction history on Online Banking or call Security Bank’s customer service at 88-791-88 2 banking days after requesting confirmation from PayPal to get the 4-digit confirmation code.

*Note that non-MasterCard ATM Cards such as Cashlink ATM cards may not be linked to Paypal at this time.

6. PayMaya

1. After logging to your PayPal account, straightly go to the Withdraw tab and opt for Transfer funds to your card. But first make sure that you added PayMaya on your credit cards where in you can transfer funds.
2. Fill in the necessary details needed and then click continue.
3. Enter the amount to be transferred and once you have confirmed it, a prompt will show the transaction you’ve made.
4. It’ll take around five (5) days before the successful transferring of funds and a charge of ₱250.00 for every PayMaya account transactions made in PayPal.

7. G-Cash

With G-Cash, there are various ways that you can transfer your PayPal funds. I use G-Cas to withdraw my paypal money and wire transfer the amount to my BPI Account by dialing 119. No fees as in. Best deal ever.
Through website:
1. Enter the 11-Digit GCASH number (Globe or TM) and the amount that you desire to receive.
2. Choose PayPal checkout button to submit this transaction.
3. You will then be redirected to PayPal’s website wherein you’ll have to log in your account and view the details and verify the transaction made.
4. After which, you’ll be redirected back to the GCASH online page to click Confirm and complete the transaction. The fund then will be sent to your number. Remember that you should first register your number on GCASH before making this transaction.

Through Mobile App:

1. After logging in your account on your GCASH App, choose the Cash-In and choose PayPal to GCASH transaction.
2. If you haven’t connected your PayPal account yet, on the menu, you’ll have to choose Link PayPal account and fill out the necessary details needed and click Authorize so you can transfer funds for your PayPal.
3. You can now go back to Cash In menu and choose the PayPal to GCASH then start filling out the amount you needed to be transferred.
4. After a while, a prompt will show that the transaction has been completed and will show the current balance you have.

PayPal is of of the world’s largest and secured payment and settlement options, highly available for merchants, business-owners, entrepreneurs and even professionals. Thus, it is no doubt for you to make sure that your bank is being accepted and easily linked to your Paypal account. Here are the best banks compatible with Paypal and the full list as well.

Here are the top commercial banks in the Philippines accredited by PayPal

  • BDO charges Php200 to Php250 on every withdrawal and crediting will take 2-4 business days.
  • BPI charges for Php150 to Php200 and will take as much as 2-4 days.
  • UnionBank charges 250 every withdrawal and would take 4-5 days.
  • Security Bank charge for withdrawal starts at P50 for below P7,000 transaction and and free for P7,000 and up.They also waived the PHP 200 Inward Remittance Fees on PayPal Transactions.
  • Landbank
  • Metrobank charges P200-P250 and could be credited 2-4 days.

When it comes to withdrawing Paypal balance to your bank account, one thing to make sure is your bank code. Make sure you enter the right one for you not to encounter major delays.

On the other hand, here’s the Official List of Bank Codes for PayPal Philippines and their designated bank codes.

List Of Bank Provide Safety Deposit for Storing Valuables In Philippines

One of the bank’s auxiliary services is the safety deposit box. A safety deposit box is like a locker inside a vaulted section of a bank. It’s an individually secured container, usually a metal box rented by PDIC insured banks. Safety box comes in different sizes and you may opt to leave your keys with the bank or not. As bank’s business is generated based on trust, availing a safety deposit box means you are entrusting the bank to safe-keep your valuables like jewelries, gold, will & testaments, land titles, and other important documents which are exposed to theft and other risk. It is important however to know that your deposits in here are not insured by the bank or by PDIC. It is because the bank doesn’t have any idea or knowledge on what items are you storing to your rented box and that it is also difficult and impossible to make a monetary equivalent for different valuables. Thus, it is also important to find the right bank who really provide the best security to the physical bank. You may also consider the location of the bank as to safeguard your deposit against floods and other natural disasters.

Here are the following banks renting safety deposit box and the minimum rental fee.

  1. Security Bank – ₱600.00 for 3x5x24
  2. Chinabank – ₱500 for 3x5x15
  3. Landbank – ₱1,000 for 5x5x24
  4. PNB – ₱1,000 for 0-400 cubicle. inch
  5. BPI – ₱2,000.00-₱6,000.00

Begginers Guide when withrawing in ATM Machine in the Philippines

Upon getting your card, your first ATM transaction would be a PIN change. Most likely you’ll be using an ATM in a bank, a secured and well-lighted station, which is a good thing. At your succeeding transaction, make sure to withdraw in a secured ATM station to avoid skimming and phishing.

Here’s a quick guide on how to withdraw money using ATM.

  1. Insert your ATM card on the machine. You can see an image of a card as your guide on which side goes first.
  2. Most likely, it will ask for your preferred language between English or Filipino.
  3. After selecting the language, you’ll be asked to enter your pin.
  4. Other command menus will appear such as “withdraw”, “balance inquiry”….
  5. Select the withdraw menu and input the amount desired. Take note of your limit transaction so you need not to worry in times that your request is not granted.
  6. Wait for your money to be dispensed and don’t forget your card. After which, you’re good to go.

You may also ask a bank officer to assist you, in case you can’t follow. In the Philippines, security guards are more likely to be the first line of assistance. ATM stations are also surrounded by CCTV and other ATMs have cameras on them. Just don’t ask for help to random person or to someone questionably offering assistance.

How to Protect Yourself from ATM Skimming and ATM Scams

Banks are pretty sure investing in their security system. From their internal office, ATMs to online security. However, we still hear some frauds and scams out in the market. As an account holder, there are things and tips that we should keep in mind for us not to be a victim of this crime. Here are few tips to keep your bank account secured.

  1. Never disclose sensitive information. Personal information such as Card/ account number, PIN, birthdate, username, email address and password can be used by hackers in order to access your log-in. Also never disclose this info over the phone, banks don’t usually ask for your information over the phone. It is also recommended to change PINs once in a while.
  2. Keep eyes on the card when paying for purchase. As much as possible transact in cards only with trusted merchants.
  3. Inspect ATM against skimming. Wiggle the card-reader when inserting your card. It may sound a little bit silly, but criminals have successfully installed a skimming device which records your account information. Skimming is a high-technology crime which is a way to steal identity or information. As a result they may withdraw or use your account to purchase online, leaving you clueless as to why your account is being credit. Movement of the card-reader will cause it to loosen in case a skimming device was installed. Observe ATM keypad as well, criminal may also install skimming device to trace your password.
  4. Withdraw in ATMs located in a well-lighted area. It is safer to conduct ATM transaction in ATM branch or populated areas, but be careful to observe unusual people around.

Frequently Asked Questions (FAQ)

1. How to get bank statement in the Philippines?

Getting a bank statement can be performed online. If you want a bank statement for you to account your cash-flow, you can just log-in to your account and view your transaction history. However there are cases wherein you are required to present hard evidence coming from the bank itself such as for visa application. In this, you must go to the bank where you opened your account and request a bank certificate which shows your statement of account. You can choose to request transactions history for a specific period, mostly per quarter. The bank also charges for the certificate.

2. How much money should my bank account have to get approved in Visa?

There is no specific general answer on how much you should have in your bank account. Show money is one of the process in increasing your visa approval, however the amount really depends on the cost of living in your target country. The best way to compute how much your should have is to know the daily cost of living and multiply to the number of days you are planning to stay and to give some additional allowance to it. You should also consider that its not only on how much money you have at the moment buy also the cash coming in especially for the past 3-6 months as this will show up in your bank certificate.

3. Can I invest in a bank share’s of stock?

Yes, buying a bank’s share is pretty smart way to share in your bank’s earnings. However, you cannot directly invest through your bank nor can go directly in their office and buy stock. Company shares are sold in the Philippine Stock Exchange (PSE) which means you have to open an account with a broker in order for you to buy a company’s stock.

You may have known bank for savings and deposits only. Thus your first knowledge on where to park, earn and invest your money is the bank. However, the banking industry, especially these days are already extending their services to different kind of financial services depending on what the market is looking for. From regular savings, deposits, loans, money market, bonds, treasury bills, properties and extending to stock market brokerage due to partnership, the banking industry is really continuously innovating making investment readily available to every Filipino, either you’re minor, student, or adult, this bank’s shift is really a big help in change to every Filipino life. Let us therefore open to bank product opportunities and be careful to study emerging financial investment and vehicles for us to find the right product for us and our family.

4. What happens if an account holder dies?

As much as we went to get things in order before we pass away, we cannot exactly determine when is the time. The question is what will happen to a deceased bank account? Can the family holder withdraw the remaining balance?

Before the implementation of Section 27 of Republic Act No. 10963 or other know as the Tax Reform Acceleration and Inclusion (TRAIn) Law, heirs of deceased cannot withdraw from the former’s bank account due to freezing. In history, there were really families who got into massive debts and yet cannot withdraw from the bank due to pending estate tax. With the amendment caused by TRAIn Law, it states that the heirs of the depositor will be allowed to withdraw within one year from the death of the depositor or joint depositor provided that the total withdrawal will be subject to 6 percent withholding tax. For joint accounts, only the share of deceased depositor will be subjected to tax.

The process would start from heirs informing the death of account holder. After which, heirs will be required to submit TIN of the estate of decedent and BIR form 1904 duly stamped received by the Registered District Office of the BIR. If cleared, the bank will issue the BIR form 2306 certifying the withholding tax of 6 % final tax.

5. Can I Open Bank Account While Abroad?

As for AMLA, banks are required to know their clients and two parts of this process are personal appearance and personal signature. Technically you cannot open an account in the Philippines if you’re overseas. But with banks overseas branches, desk offices in tie-up banks , subsidiaries, and remit offices in your location, now you can. Banks that are convenient to open with while abroad are BDO, BPI, Metrobank and PNB.

It may still looks like a long process of papers but as compared to the previous process, it’s far better.

Have something to add to our list? Share with us in the comments, below.

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Cesar
Cesar

Just so you know Gcash has a transaction limit of 100K per month and 40K daily so if you have large amounts of transactions its better if going to a bank

Ezra
Ezra

I understand these are the best banks but do you think Land Bank is compatible with Paypal? They have a new card now.

joshua
joshua

Is one network bank compatible?

Bert
Bert

Do I need to open a business bank account with these banks? I have an online business and the online business name is not the same with my name. Thanks

chassandra
chassandra

can i just proceed to the banks to pay under paypal?

Nik
Nik

Hi! Can I use a BDO Cash card to transfer funds to my Paypal account? I’m planning to open one po kasi. 🙂

Zosyl

Hi guys! My name is Zosyl and I just registered in Paypal, is there any specific type of card that I need to use with Paypal? Like for BDO, does it have to with a MasterCard on it? Thanks.

Gia Michelle
Gia Michelle

hi. i just want to ask if the atm cards for transferring funds from paypal should be visa or master card only or not? thanks!

christy
christy

how to open acct paypal in philippines

marie
marie

Hi! I want to look for the best and cheapest way to withdraw Euros through PayPal. Which is your best recommendation?
Banks 4,5 and 7 don’t seem to have charge for withdrawal… does that mean there’s no hidden charges?

Kris Marie Gaoat
Kris Marie Gaoat

I can’t transfer money from Paypal to my BDO bank account. BDO personnel told me that they don’t accept online tranfer of money anymore.

Jemba Richard

Can I link my equity bank account?

edelie
edelie

Just wondering why my withdrawal funds and transfer to my BDO bank account always denied? Its says wrong bank details even i put the right one…

Chenyl Pasanting
Chenyl Pasanting

Hello guys i have a problem also in withdrawing funds from paypal to my local bank account,i noticed later after further research that bank accounts and cards that are not affiliated with mastercard,visa,and american express cant enable to withdraw funds from paypal unless your bank cards are with this affiliations or logo…it was very struggling at first and i lost funds as charge for denied attemps of withdrawals or funds reversed because of linking in apprpriate cards on my paypal account, in addition my card that ive used in my first attempt of denied withdrawal is a BPI-EPS atm card…

Justine Veronica R. Magpayo
Justine Veronica R. Magpayo

Hi I went to BPI earlier and was told that they’re bank is not affiliated with paypal and said they’re banks can’t process withrawal from paypal but the teller is not sure so I went home and didn’t open an account. Can anyone confirm if BPI is compatible?

Owen
Owen

Hi! I have a One Network Bank account and I linked it to my PayPal. What I did is instead of putting One Network Bank as the bank name, I put Banco de Oro Unibank, Inc since ONB is now a subsidiary of BDO. I withdrew my balance in PayPal using that bank account and it says “Completed.” I tried checking my ONB balance but the money was still not credited. It’s 5 days now. I think that it was not successfully transferred maybe because ONB don’t cater online transactions. My question is, what will happen to my money then?… Read more »

Irvin De la cruz
Irvin De la cruz

Hi. what local bank in Phil i can use to fund paypal and eventually transfer the money to uk?

thanks in advance