Whenever you visit a bank in the Philippines, you can see while filling up a withdrawal or deposit slip that you have to indicate whether you have a peso or a dollar account.
You probably never give it much thought, especially if you do not have a dollar account yourself, but have you ever thought about why some Filipinos are opening a dollar account?
Well, if you are into finance and stock bonds and looking for investment opportunities, opening a dollar account is basically a wise thing to do because you can enter foreign currency investments. In effect, you are to bet against the peso in order to earn profit from your investments.
However, unlike stock or trading investments, this is purely based on speculations, since there is no way for anyone to accurately predict how or when the local and foreign currency would lose their values.
Still, it is an interesting investment to have and all you got to do is watch out for the dollar rate.
Furthermore, if you are a business owner, one who deals with foreign investors or importing supplies from abroad, then it is reasonable to open a business dollar account.
Honestly, you should open a dollar account in order to make your life easier, since you have to almost always transact in US dollar denominations, especially if you are into online businesses.
On the other hand, from a personal viewpoint, having a dollar account is important especially when you are traveling since it would help you with your finances abroad so you do not have to personally exchange your money from one currency to the next and not worry about foreign exchange.
In addition, a dollar account is very useful for buying things online and avoids any hassle.
Not to mention that you can receive remittances from your beloved OFWs and withdraw easily.
Thus, with all of these advantages in mind, opening a dollar account should be the next thing on your to-do list and where else should you go than the Bank of the Philippine Islands (BPI), which is considered as one of the most stable and enduring banks in the country, and do not worry about the application process since BPI values everyone’s time and is not about to make it difficult for you.
So below are several questions you might have and the answers to help you get started.
1. What are the requirements for a BPI dollar account?
Similar to other BPI savings account of BPI Express and Family Savings, you need two valid Identification Card (ID) with a photo and signature. Valid IDs in the Philippines include voter’s ID, NBI ID, postal ID, SSS, and GSIS ID, and Passport.
For the complete list of IDs that you can use for the BPI Dollar Account application, you may visit BPI Express Online, the official website of BPI, or simply visit any government website for more information.
You would also need a 1 x 1 ID picture that has been taking 6 months or later, money for the initial deposit, and any utility bill that would reflect your current address.
2. How to open a dollar account in BPI?
Application for a BPI dollar account is simple, the best way to open a BPI account is to become prepared by bringing all the requirements to the BPI branch nearest to your location.
You may ask the guard posted inside who would direct you to the person in charge of account applications. The bank teller would ask for the requirements and give you documents that you would need to fill up.
It takes approximately 20 to 30 minutes to finish opening a dollar account in BPI, especially if you go at the bank before and after the rush hour.
3. How much is the maintaining balance in BPI?
BPI offers one of the lowest maintaining balances for a dollar account in the country. For merely $500, you would get Express Dollar Savings with both the ATM and the passbook, so you can easily monitor your savings.
Also, $500 is the needed monthly average in order to earn interest.
4. What is the feature of the BPI dollar account?
There are a lot of amazing features for a BPI dollar account because it allows you to earn interest, enjoy international ATM convenience because an international ATM comes with an express dollar savings account, and even receive remittances via telegraphic transfers that’s why it is said to be a dollar account for the OFWs—for other remittance inquiry, you can contact BPI through their customer service found in BPI website.
BPI also accepts a wide range of deposit items such as cash, dollar, and traveler cheques, and what is even more amazing is BPI online banking, which helps you trace and checks your money even when you are at home, just by enrolling and activating your BPI dollar account online.
|Type of Account||Initial Deposit||Require Daily Balance to Earn||Interest Rate (Yearly)|
|Dollar Savings with Passbook||$500||$500||0.250%|
|Express Dollar Savings||$500||$500||0.250%|
|Maxi-Saver with Passbook (USD only)||$2500||$2500||Less than $2500: N.A. 2500<10000: 0.500% 10000<20000: 0.625% 20000 above: 0.750% With 0.500% Bonus if no withdrawal in a month|
|Pamana Savings with Life Insurance (USD only)||$1000||$1000||0.250%|
|Australian Dollar Savings||500 AUD||500 AUD||1.250%|
|Canadian Dollar Savings||500 CAD||500 CAD||0.250%|
|Chinese Yuan||3500 CNY/RMB||3500 CNY/RMB||0.100%|
|Euro Passbook Savings||500 EUR||500 EUR||0.025%|
|Swiss Franc Passbook Savings||500 CHF||500 CHF||N.A.|
|British Pound Passbook Savings||500 GBP||500 GBP||0.025%|
|Japanese Yen Passbook Savings||50000 JPY||50000 JPY||N.A.|
Moreover, you can grow other currencies with the BPI dollar account, since not only the US dollar is accepted, but also the Japanese Yen, Euro, British Pound, Australian dollar, Canadian Dollar, Swiss Franc, and even Chinese Yuan.
You can check the BPI website for the complete list of Third Currency that they are accepting since BPI forex is known for its flexibility.