The Philippines has a good banking system consisting of commercial banks, rural banks and other small bank companies. All of the banks in the Philippines are regulated by the Bangko Sentral ng Pilipinas (BSP). No bank can operate without passing all requirements imposed by BSP.
A legal bank should be established under the laws of the Philippines and the regulations of BSP. There are many banks nowadays in the country because of the needs and demands of many people especially among OFW.
A big portion of the Philippine economy relies on the money remittance sent to the Philippines by OFW from around the world. One method of remittance is by bank transfer or wire transfer from host country to the Philippines. Thus, there’s an increasing demand for a bank account particularly savings account.
I think it is the reason why many branches of major Philippine banks are now being built in many areas in the country since there’s a big demand for banking needs among the Filipinos. All big commercial banks know this trend that’s why almost all of them have remittance services to cater the needs of OFW.
A good knowledge on banking would be a great help for many people so I dedicate this section of this blog to discuss and tackle the banking system, requirements, information and major banks in the Philippines. I hope you would find this section a helpful and informative resource about Philippine banks. Some of the banking topics published in this blog are the following.
As I have said earlier, the Philippines has diverse banking system. Some banks are operating only in one place, town or province like many rural banks that you can see in your area. While other banks are those big commercial banks that operate nationwide and even abroad.
If you are looking for a directory or list of banks in the Philippines, you can see the list by visiting the link above. In this article, I compiled all of the banks with operation inside and outside of the Philippines.
Many people are looking for the requirements when opening a savings or bank account. Because of this, I have created a post about it. Almost all Philippine banks look for these requirements so it will be better to copy it for future reference. You may also bookmark this page so it will be saved to your browser.
Normally, you need to provide a valid photo-bearing ID, billing statement, photo ID and initial deposit for opening a new savings account. The usual procedure is by walk-in application or going directly to a branch of the bank. Make sure you bring all those needed things when going to the bank plus the initial deposit of your new account.
Are you an OFW or a relative of an OFW who are looking for the best savings account in the Philippines which you can use for your remittance and savings? You should know the different features and benefits each bank is giving before opening a savings account.
In this post, I’ll listed several savings account or banks, actually, that I think could be the best if you’re planning to open an account. You can decide by yourself which one you think is the right for you depending on their benefits and features.
Choosing the best bank to put your money on is not easy as it may seem. There are several factors you need to consider and you should do some research to make a better decision which one to give a shot.
I assumed many foreign nationals are planning to open a bank account in the country because they want to retire here or they have families that’s left behind in the country. For foreign nationals who are already here in the Philippines with legal documents, I think there will be no problem to open an account.
However, if a foreigner is outside the Philippines, it could be hard to open an account because of many restrictions due to Anti-Money Laundering law. Similarly, it is like a Filipino opening living in the Philippines wanting to open a bank account in the US.
Perhaps, you have already heard about PDIC. It stands for Philippine Deposit Insurance Corporation. It is a government corporation that insures bank deposit accounts of every depositors up to maximum P500,000.
It is a wise decision to choose a PDIC-member bank because your deposit is insured. If worst-case scenario happens like closing of the bank, you can file an insurance claim for your deposit.
A savings account is important when saving money. Banco de Oro is one of the preferred choices among the people when selecting a bank because it has plenty of branches nationwide.
It is the biggest bank in the Philippines with lots of branches in many towns and cities of the country. You’ll be able also to avail of its other products and services by applying online or simply visiting your BDO branch.
Bank of the Philippine Islands or commonly known as BPI is the oldest bank in the Philippines as mentioned in Wikipedia. Personally, I like the services of BPI and the products they are offering for its customers like the BPI Express Cash which you can use to send money to your family members.
BPI also integrates your bank accounts, credit card information, loans, and investments in one place. Through its good Internet banking system, you’ll be able to manage your BPI account in effective and convenient way.
There are many options where to open an account. MetroBank is another good choice if you’re planning to get your new checking account or savings account. I do have a MetroBank account which I opened 2 years ago.
It has also a good online banking system much as the same with BPI. I opened an account in them for the purpose of buying more mutual funds at FAMI via Metrobank Direct Internet banking.
I do not encourage borrowing money all the time because it is debt after all. However, sometimes applying for a bank loan is a good way to start an opportunity or begin a business.
After carefully studying all consequences and outcomes, applying for a loan may not be that bad decision especially when you do it to further your business, build your home and upgrade your education.
In this blog, I’ll write some articles about applying for a loan in various banks in the Philippines. It is like a one-stops place where you can get a first-hand information on bank loans.
- BDO Loans
- Finally, We Completely Paid it Off
- How to Apply for BDO Housing Loan
- PSBank Loans
- Types of BPI Loans
Rizal Commercial Banking Corporation or RCBC is another big commercial bank in the Philippines that you can choose to open a savings account. It is a part of the Yuchengco Group of Companies or YGC.
Before opening a bank account at RCBC, make sure to visit first its website to learn more about the different types of account that can be suitable for you. It is indeed a great help for people like us to know beforehand the details before actually going to the bank.
Land Bank of the Philippines or Land Bank for short is a government-owned bank that caters primarily to farmers and workers on the countryside of the Philippines. However, these days, we can see many Land Bank branches even in cities because of the increasing demands for banking products.
Opening a Savings Account in Other Banks
Basically, opening or applying a new savings account in other banks would be similar to each other. Each bank needs your identification, your address, and money before they can give you a new bank account.
If you are looking on how to open an account at other banks, you can see all of the articles I have published about banking in this link. Anyhow, most of the knowledge that you need when applying for a new account can be seen in this page.
- Guide on Opening a Union Bank Philippines Account
- How to Open a BPI Automatic Savings Account
- How to Open A ChinaBank Account in the Philippines
- How to Open a PNB Bank Account Philippines
- How to Open a PSBank Account in the Philippines
- How to Open a Savings Account at Development Bank of the Philippines
- How to Open a Savings Account at Security Bank
- Tips in Applying a Savings Account at UCPB Bank
- Tips on Applying for Robinsons Bank Savings Account
- Tips on On Enrolling to PNB Internet Banking
This page will be updated occasionally to add more post about banking in the Philippines. I wish you find this page informative and helpful. Please consider sharing this article to your friends and family. Thanks!