Banks in the Philippines
List of Banks in the Philippines
| Rank | Bank name | Assets (millions of PHP) | Asset change | Rank change |
|---|---|---|---|---|
| 1 | Banco de Oro | 3,246,648.69 |  5.83% |  |
| 2 | Land Bank of the Philippines | 2,361,932.40 | 3.66% | |
| 3 | Metropolitan Bank and Trust Company | 2,172,125.18 | 0.18% | |
| 4 | Bank of the Philippine Islands | 1,947,787.89 | 1.20% | |
| 5 | Philippine National Bank | 1,227,111.37 |  3.58% | |
| 6 | Development Bank of the Philippines | 1,042,163.62 | 8.70% | |
| 7 | China Banking Corporation | 945,949.71 | 1.00% | |
| 8 | Rizal Commercial Banking Corporation | 763,312.64 | 14.56% | |
| 9 | Union Bank of the Philippines | 687,356.85 | 14.49% | |
| 10 | Security Bank Corporation | 653,396.59 | 1.85% | |
| 11 | BPI Direct Savings Bank | 386,742.98 | 5.12% | |
| 12 | Citibank, N.A. | 331,318.56 | 4.29% | |
| 13 | United Coconut Planters Bank | 327,394.33 | 4.29% | |
| 14 | Asia United Bank | 313,945.62 | 2.10% | |
| 15 | Hongkong & Shanghai Banking Corp | 179,999.33 | 5.35% | |
| 16 | Bank of Commerce | 170,243.92 | 0.92% | |
| 17 | Philtrust Bank | 168,741.08 | 3.11% | |
| 18 | Robinsons Bank | 148,905.41 | 19.05% | 1 |
| 19 | Philippine Bank of Communications | 103,845.99 | 7.94% | |
| 20 | Maybank Philippines Inc | 100,556.87 | 7.94% | |
| 21 | China Bank Savings | 96,766.09 | 9.48% | |
| 22 | City Savings Bank | 76,795.22 | | |
| 23 | Philippine Veterans Bank | 59,082.07 | 4.95% | 2 |
| 24 | PNB Savings Bank | 59,871.27 | 3.16% | |
| 25 | Sterling Bank of Asia | 43,984.46 | 6.27% | |
How to Open a Bank Account in the Philippines?
In order to set up a bank acount in the Philippines, you usually need the following documents and they need your physical presence.
- Two forms of government-issued ID. For foreigners, this should be your passport and ACR I-Card (Alien Certificate of Registration Identity Card)
- 1X1 photo of yourself
- Proof of Address in the Philippines
Can I open a bank account in the Philippines online?
Due to documentation requirements, it isn’t possible to open a Philippine bank account online, it requires your physical presence.
How much money do you need to open a bank account in Philippines?
Banks require a minimum initial deposit from P1,000 to P25,000, depending on which bank you open your checking account.
UCPB (United Coconut Planters Bank) and EastWest Bank offer the lowest initial deposit of P1,000 for their CheckStarter Peso Account and Basic Checking respectively.
Can foreigners open a bank account in the Philippines?
Yes, a foreigner can open a bank account in the Philippines but the type of account you can open will depend on your status as a foreigner. If you have been living in the country for more than 180 days, you’re classified as a resident alien.
| Best for Savings | Bank of the Philippine Islands (BPI) |
|---|---|
| Best for High-Yield Savings | Security Bank |
| Best for Checking Account | Philippine National Bank (PNB) |
| Best Rural Bank | One Network Bank (ONB) |
| Best for Time Deposit | Security Bank |
| Best for Paypal | Unionbank |
| Best for Expats | Citibank |
| Best for OFWs | BDO |
| Best for Students | Bank of the Philippine Islands (BPI) |
Currency of Bank Account in the Philippines
- Filipino Peso (PHP), Pounds Sterling (GBP) US Dollars (USD), Euros (EUR)
The banks usually will issue a Debit card (Mastercard or Visa card). It may be possible to set up a new bank account without a work permit. You need to visit all the banks in person with your current bank statements and proof of address in the Philippines
It may be prudent to open a local bank account in Filipino Pesos, where you place small amounts of money & open an international bank account where you hold the majority of your money in an international currency such as USD, GBP or EUR.
This is because, if you open up an international currency account in the Philippines, they will usually charge you for holding such an account.
Many Brits open local bank accounts in PHP, then hold an offshore account in GBP, EUR or USD for privacy & security.
Many British expats in Philippines then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money, whilst not attracting any offshore taxes.
What is Proof of Address?
This is usually a utility bill, letter of proof of residence from your landlord or letter from the British embassy confirming your address in the Philippines
How Much is the Filipino Peso Worth?
1 USD = 50 PHP*
*10/11/21
Many British expats in Myanmar opt to set up an offshore insurance wrapper to trade shares & bonds for security to keep it separate & private.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
Want to Open an International Bank Account?