Best Banks For Expat Philippines (Copyright Free Content)
Channel: Owl of Asia
Date: 2022-04-06

➜ WISE - https://wise.prf.hn/click/camref:1011lkPu9

#BanksPhilippinesExpat #BanksForForeignerPhilippines #MoneyPhilippinesExpat

A local bank account is essential if you plan to live in the Philippines long-term. Today will be going through two of the most foreign-friendly banks in the Philippines. However, as there are several banks in the Philippines, I will also share some vital information you will need for banking in the Philippines. 

1.BDO 

BDO Is one of the largest banks in the Philippines, and the good news is that its open to foreign customers. However, BDO requires foreign customers to have an alien certificate of registration card, a passport that must be in English and completed bank opening forms. In addition, other documents such as your tax identification number and driving license are recommended but are not always essential. 

In most cases, you will need a minimum of 2000 pesos to open the account. Naturally, the requirements and the minimum initial deposit will depend upon what type of account you are opening. I've noticed that branches operate very differently depending on the location. Some branches require foreigners to be living in the Philippines for at least six months, while others don't. 

2. Security Bank

Security Bank is slightly more convenient due to its online application form, which considers foreign customers. Once you have completed the form, you will need to upload a form of identification and 3 signatures on a white piece of paper. After that, you will receive a callback, usually within a few days, where the customer service agent will ask for additional details to set up your account. Most accounts have an initial deposit of 5000 pesos, but the maintaining balance will vary depending on the account. 




So as we know, all banks and branches operate slightly differently when it comes to foreign customers. So here is some information that will help you with banking options and payments in the Philippines. 

1. Some banks can be slightly wary about opening a bank account for foreigners in the Philippines. This is especially true in more remote areas and smaller banks. Therefore, having extra information such as the source of funds, additional identification, and taking a Filipino with you can make all the difference.

2. opening a local bank account in the Philippines is not your only option. Most expats use a service called wise, which can be used worldwide. Sending and receiving money in and out of the Philippines is extremely cost-effective and convenient using wise, so I've added a link in the description below. 

3. another option available to you is to use an international banking group such as China Bank or Australia and New Zealand Banking Group.


4. Certain banking products may not be available to foreigners depending on their visa or their overall time in the Philippines. Therefore applying for a simple savings account with an ATM card is often the best way to get your foot in the door if you are having difficulties opening up a fully functioning account. 



🦉 DISCLAIMER
Content produced by Owl of Asia serves as supporting information only. We always recommend visitors seek independent professional advice before acting on any topics mentioned on the Owl of Asia channel. This is especially in terms of topics relating to his/her financial situation and business affairs. This video may contain affiliate links to products. We may receive a commission for purchases made through these links; however, this does not affect our recommendations in any way. For more information, please visit our terms of service on our website.

#OwlOfAsia