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 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?
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.
If you are also a foreign national holding immigrant and non-immigrant visas and have been in the country for more than 59 days, then 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. The card costs $50, plus PHP 500 (about $61 total). In some circumstances, you may be able to open an account without an ACR I-Card; however, you may be required to meet directly with the bank manager before an account can be approved.
What are the requirements to open a bank account?
All you have to do is to make sure that you have the following requirements to open bank account;
- Passport
- 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)
- A visa that proves that you have in the Philippines for more than 180 days.
- You should also bring your valid IDs that indicates your permanent address and proof of your source of funds.
- Bring 1“x 1“or 2“x 2“photos of yourself.
- 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 3000 Peso on your bank account or else every month an amount of PHP 300 will be deducted until nothing is left which will result for your account to be closed automatically.
