Open a bank account in Philippines?

thao_mk wrote:

Hello,

I'm living and working in Makati for 20 months already.
My company made me one bank account in PBCom but the card just many problems, I can't charge online sometime and they way they've done Internet banking is useless, it's annoying so I decided to open another Debit Card.

I went to BDO in Salcedo this morning. I have my I-card, AEP, Passport and also my COE with me.

Then they ask me I open a bank account and ask me to prove where I'm staying (which write down behind I-Card), my case is the company rent for me condo and they take cared about all the bill so I don't have my name on contract or any utilities bill. So they not accept me to open one

So I go to another BDO branch of them also in Salcedo, after a hour waiting and they don't ask me prove where I'm staying anymore, they asked me to give them the working contract??!

Why same BDO and they request different document?

And I check also in RCBC, they also ask me to prove where I'm living.
But they said if I put money (50-70k peso up) to open kind of Security Credit Card, then not need to prove any???

Anyone get same problem and know which bank not need to prove where to live?
Or maybe I just stick with the useless PBCom

Peace,
ThaoMK

Unfortunately you need to prove that. Most will ask for it as it is per requirement, i did get to open one with Security Bank because i had a driving licence in my name. If your company is not strict about you having only one bank, do ask them for a letter or at least a utility bill of your apartment.

But one thing i have noticed in philippines is how different information can be at different places. So i will say try other banks  you will find one that will take the requirements that you have, cause actually you have all accept that (Bill in your name).

Good luck, am sure someone will come throw more information for you.

Yea, my friend go to the same branch and just need I-card + Passport + COE about 2 weeks ago, her situation just same as me, and she open one easy.

I maybe try another banks  and hope I get lucky then lol

Another thing you will notice is that different branches of the same bank will not honor  accounts not opened in their branch.  Have had this problem  with BDO.

What do you mean:  Will not honor?  I don't follow that at all.

Jim Sweeney

Wow, I logged on to this website to ask the same question. -- I am planning to move there in February and am wondering how I'm to pay rent the first few months without a bank account. Should I keep withdrawing from my American account or PayPal and paying ATM fees or something until I can open an account? Do I need a Philippine bank account to pay rent, utilities etc.? Thanks in advance.

MykeAngelo wrote:

Wow, I logged on to this website to ask the same question. -- I am planning to move there in February and am wondering how I'm to pay rent the first few months without a bank account. Should I keep withdrawing from my American account or PayPal and paying ATM fees or something until I can open an account? Do I need a Philippine bank account to pay rent, utilities etc.? Thanks in advance.

If  you are resident in Philippines and you got rent contract and then you could be able to open one bank account in Philippines.
The way you pay for the owner, I think you can deal with them, by cash, bank transfer, or deposit to their bank account or check.

But if you have tourist visa then I don't think you can be able to open a bank account.

Jim Sweeney wrote:

What do you mean:  Will not honor?  I don't follow that at all.

Jim Sweeney

Could not use an account for deposits or withdrawals that was set up in a different BDO branch, had to go to the branch that opened the account to make deposits or get money out.  Both of these branches were in the City of Vigan, Ilocos Sur.

mugtech wrote:

Jim Sweeney wrote:

What do you mean:  Will not honor?  I don't follow that at all.

Jim Sweeney

Could not use an account for deposits or withdrawals that was set up in a different BDO branch, had to go to the branch that opened the account to make deposits or get money out.  Both of these branches were in the City of Vigan, Ilocos Sur.

Really? That's ridiculous!
As my experience, 2 branches BDO far from each other 100m, already have different requirement for expat open a bank account then I guest what you said may happen lol

Hello,
Try the HSBC bank, Branches are in a number of larger cities like Cebu and Manila.
I have an account with a steady deposit of 100K and have a charge,debit and credit card with them at no exstra cost. Daily withdrawal for up to 40K daily and no cost. These withdrawals can be made at most other banks.
Another benefit is their professional and friendly service!!
Good luck....Gerry

I tried to open an account at BDO in Davao.  They said I had to prove that I had been in the PI for six months continuously, so we didn't get to what other qualifications they had. And I didn't try any other branches since I don't really need an account at this time.

You can open a checking account with Schwab.  No minimum, and NO ATM FEES!  Transfer your money into that account electronically, and you're all set.

That was meant as a reply to a specific post, but I guess I didn't do it right....

mugtech wrote:

Jim Sweeney wrote:

What do you mean:  Will not honor?  I don't follow that at all.

Jim Sweeney

Could not use an account for deposits or withdrawals that was set up in a different BDO branch, had to go to the branch that opened the account to make deposits or get money out.  Both of these branches were in the City of Vigan, Ilocos Sur.

I agree that would/could happen, the only reason I see is that these different branches appear to be franchises and are governed by the local/branch managers directives.
We have 2 accounts with BDO in Manila that we set up with much heart ache 5 plus years ago, our house now is in La Union and we tried to open/transfer existing accounts to our local BDO branch, yep you guessed it, our existing accounts meant nothing, they wanted us to jump through the hoops and ring the bells all over again, ridiculous to the nth degree, I will look at other banks now as I seriously dislike the non user friendly internet banking system with BDO, about 20 years outdated.
Their loss.

Cheers, Steve.

bigpearl wrote:

mugtech wrote:

Jim Sweeney wrote:

What do you mean:  Will not honor?  I don't follow that at all.

Jim Sweeney

Could not use an account for deposits or withdrawals that was set up in a different BDO branch, had to go to the branch that opened the account to make deposits or get money out.  Both of these branches were in the City of Vigan, Ilocos Sur.

I agree that would/could happen, the only reason I see is that these different branches appear to be franchises and are governed by the local/branch managers directives.
We have 2 accounts with BDO in Manila that we set up with much heart ache 5 plus years ago, our house now is in La Union and we tried to open/transfer existing accounts to our local BDO branch, yep you guessed it, our existing accounts meant nothing, they wanted us to jump through the hoops and ring the bells all over again, ridiculous to the nth degree, I will look at other banks now as I seriously dislike the non user friendly internet banking system with BDO, about 20 years outdated.
Their loss.

Cheers, Steve.

Is it the Internet banking of BDO showing specific detail of your purchase/charge ?

Like my PBCom Internet-banking, it's just show like Master E-Commerce/ Internet Debit/ ATM POS with date not even a specific time/trx ID, which annoying me when I tried to check them out again. Because I have to idea what was it lol

UPDATED

I already open one in BDO Gil Puyat with just need Passport, I-Card, AEP and that's it not even ask for my COE lol

thao_mk wrote:

bigpearl wrote:

mugtech wrote:

Could not use an account for deposits or withdrawals that was set up in a different BDO branch, had to go to the branch that opened the account to make deposits or get money out.  Both of these branches were in the City of Vigan, Ilocos Sur.

I agree that would/could happen, the only reason I see is that these different branches appear to be franchises and are governed by the local/branch managers directives.
We have 2 accounts with BDO in Manila that we set up with much heart ache 5 plus years ago, our house now is in La Union and we tried to open/transfer existing accounts to our local BDO branch, yep you guessed it, our existing accounts meant nothing, they wanted us to jump through the hoops and ring the bells all over again, ridiculous to the nth degree, I will look at other banks now as I seriously dislike the non user friendly internet banking system with BDO, about 20 years outdated.
Their loss.

Cheers, Steve.

Is it the Internet banking of BDO showing specific detail of your purchase/charge ?

Like my PBCom Internet-banking, it's just show like Master E-Commerce/ Internet Debit/ ATM POS with date not even a specific time/trx ID, which annoying me when I tried to check them out again. Because I have to idea what was it lol

As I said, an outdated system that is not user friendly and yes supplies limited details and yet with what is supposed to appear as a national bank is totally fragmented and is obviously run with franchises with no unity based on the "parent company" guise proffered by a national entity, I feel all Filipino national banks offer similar sad situations, perhaps why only PHP 500K is secured by the government.

A very alien banking system observed by an "alien" in this country, yet the locals never question this archaic regime with an hour wait to see teller and if some one can offer a better bank (in or around San Fernando City La Union) then I will jump ship. My hopes aren't high but hey, "it's more fun in the Philippines".

BTW your quotes and input for me are unclear, perhaps you should slow down as a plebeian such as myself have difficulty following your grammar.

Cheers, Steve.

I just wanted to share my experiences with banking here in the Philippines. I moved to Makati in 2012. A couple of weeks later I began looking for a condo to buy. So my real estate broker took me to a Metro Bank in Alabang where I opened a savings, peso and Dollar account. (Obviously my brokers friend or business contact).  Three years went by and I stopped using the accounts and relied on my ATM / USA bank. When I decided to purchase another condo recently I realized my Metro Bank account was closed due to not completing a required form for the USA regarding foreign bank transactions of which I had no idea about. So I went to a nearby BDO to open a checking account. They said I had to open a savings account first and in 6 months I could open a checking account. I not only provided them with proof that I had lived here for 6 years, I also provided a copy of my condo title showing that I owned it. That did not matter to them. I have moved to another city and have had no problems using my BDO account. In summary I believe that in the Philippines it really depends on who you know. And yes there does not seem to be any standard practices here. So if you do not have a local contact...open a savings account first. Provide your ACR card and  proof of address. Wait 6 months and open your checking account. If your situation is similar to the gentleman without proof of address...Have the company you work for give you a letter explaining the situation with their contact information....That should satisfy the residence requirement...

yes it is true, after six month i will open cheque account in bdo

It's no wonder this is still a 3rd world country.  I wonder how old-timers did it before internet/on-line transfers and ATMs?  Primitive business thinking reflects the primitive government infrastructure.

Hello Thao,

Banking here  in Philippines  is quite a headache.  Opening a bdo Account, took me (a filipino) and my husband(Caucasian/American) two weeks due to proving of residency  or address. 

We stayed,  full 4hours at the bdo branch in Tagbilaran bohol..  Just to be entertained and get facilatated at the bank acct. Opening which extended for another 2weeks.

Last year 2017, we sold property in u.s and we need local bank to transfer money from u.s to philippines since it could go enourmous just for banking charges if we kept using U. S check/debit card at local atm in Bohol. So we did,  but to do that we have to get a written document  from the owner/lessor of the apartment which is the lease,  two valid i. D of me and my husband..  Proof of income,  job, and where's  the funds coming from. 

We have to go back twice,  to submit whatever docs were required. . But yey!  We got the local bank now.

Here's  another problem with having the local bank,  they do no allow widrawal over a certain amount per day on atm, it has to be done over the counter..  And too many holidays here and too much time  lining up at the bank is another long  day to tackle.  So be aware of the holidays.

Get as much cash as you need for at least one week,  since this place involves a lot of cash transactions. 

Oooh,  one more thing..  I asked a bpi banker about getting a credit card (CC)  from them...  Guess what is the requirement?  To have the CC i need to deposit 20,000pesos to get
18,000 pesos Credit line. Can that even be possible?  Yes,  in Philippine banking...  The flinstone banking 😂

It has been almost one year since we arrived bohol Philippines..   And yes,  welcome to the old era 😉

@ ThaoMK,

First, expats need to fully understand the following:

- The ACRi is intended to reflect all current information included in it's biometric encoding (that means it is inclusive of your current local address).  The BI Form application requires us to be "Subscribed and Sworn" to the information we place on this form.  When I first had this problem at BDO, I provided a copy of the BI form that was used to obtain my ACR I-Card (which includes a "Residential Address in the Philippines" and all questions stopped. 

Many expats do not realize that they already have the official documentation processed during the ACR I-Card application that includes their official local residence.  Therefore, Expats should retain copies of the signed/dated ACR I-Card application and at least hold onto this signed application until all banking questions are resolved (of course retain the copy of the Official Receipt). 

- Most Banks and their tellers do not understand the ACR I-Card types and assume they are all the same.  You must inform them of the official nature of this card to include your card type, not just that you have one.  The Philippine Visa categories are Permanent Resident, Native-Born, Special Non-Immigrant, Worker, Probationary Resident, Voluntary Registrant, Tourist, Student, Treaty Trader and Gratis

Example under permanent types: 

13 Quota - based on RA 7919. 

13(a) - based on EO 324

13(b) - based on PD 730

13(c) - based on MCL-07-021

13(d) - based on MCL-08-003

13(e) - Permanent

Next, the banks here are set up to treat each branch as if it is an independent business structure, responsible for maintaining their own profit & loss functions.  The term "franchise offices" comes to mind.  Breaking thru the old mindset can require meeting with that branch manager to get proper service when you are from another branch.  Therefore, each branch may have it's own requirements that are not from a central policy.

Most banks here will not accommodate the expat without the ACR I-Card, yet when presented, most expats do not insist that the banks just follow the intentions mandated by having such a card or present copies of the BI application used to get the card.   I can be that simple.