Foreigners are allowed to open a bank account in the Philippines provided they meet and give the complete requirements during their bank application.
Foreigners staying in the Philippines most of the time need to apply for a bank or savings account in some of the Philippine banks.
However, most of the time they don’t know what are the requirements and procedures in opening a new bank account. So in this article, I listed some of the most common requirements and tips in applying a new account.
1. The most typical requirements the bank is looking for foreigners who are applying a new bank account are the following:
- Alien Certificate of Registration
- Immigrant Certificate of Registration
2. Prepare complete requirements and deposit the initial deposit normally ranging from P3,000 to P10,000 depending which bank.
These banks are the major commercial banks in the Philippines with excellent products and service offered to its clients.
4. Wait for 3-5 banking days before claiming your passbook or ATM card. It would be better to call the branch where you opened the account before you return to the bank to be sure when it will be available.
Foreigners who are staying for good or for long time in the Philippines can open a new bank account among the Philippine banks or international banks based in the country. It is simple and easy to apply for one provided you have the full requirements and know the procedures.