Your Account in the Philippines

The official currency of the Philippines is the Philippine Peso (PHP). Banknotes of the Philippines come in denominations of 20, 50, 100, 200, 500, and 1,000 PHP. One peso is equal to 100 cents, and the coins are issued in 10, 5, and 1 PHP, and 50, 25, 10, and 5 cents.

If you want to open an account with a Filipino bank, you must visit the bank in person and submit certain documents, which typically include the following: 

• Copy of your passport

• ACR (Alien Certificate of Registration), available from the Immigration Office

Depending on the bank you have chosen, you may be required to provide other supporting documents, as well as a bank reference from your country of permanent residence or country of citizenship.

Cash deposits are insured with Philippine banks up to a certain fixed amount. This is normally part of the bank’s advertisement or can simply inquire about it directly from the bank. 

Typically, the bank will require a minimum deposit for you to open an account. For instance, the Philippine National Bank (PNB) has a minimum initial deposit of P10,000.

Furthermore, it is important to note that there should always be a certain minimum amount of maintaining balance in the Philippine bank account. If the amount is below a certain level, relatively high monthly fees will be charged, even if the account is otherwise free or very cheap.

If there is no or too little money in the account for a certain period of time, it will be automatically closed.

Bank opening hours: Monday - Friday 09:00 to 15:00

Banks are generally open between 9 a.m. and 3 p.m on business days, and most are closed on weekends and holidays. If you want to visit a bank, you should plan enough time for this. Longer waiting times can be quite common. It can take hours until it is finally your turn to make a bank transfer. Meanwhile, internet banking is available through most major national and international banks.

There are a number of options for banking in the Philippines. Just like in the US, the banking system in the Philippines supports large international banks, domestic banking institutions, and small rural banks.

Large domestic banks and international banks are popular choices for expats, although some may prefer smaller banks because they find that the service and conditions are better and the waiting time shorter. 

Overall, with any bank account, be sure to read the fine print to know exactly what fees to expect.