What You Need Before You Walk Into a Bank
To open a bank account in the Philippines, you need a valid government-issued ID, proof of address, and an initial deposit. The ID can be a passport, driver's license, PRC license, or national ID (Philhealth card, SSS card, or GSIS card all work). The proof of address should be recent—a utility bill, lease agreement, or barangay certification dated within the last three months. Most banks require a minimum opening deposit that ranges from 1,000 to 10,000 Philippine pesos depending on the bank and account type.
If you are a foreigner, you will need your passport and, in some cases, a visa or proof of residency. Some banks ask for an Alien Certificate of Registration (ACR) if you are staying long-term. A few banks also accept a letter from your employer or a barangay captain as proof of address if you do not have a utility bill.
Key Takeaways
- You need a valid ID, proof of address dated within three months, and an opening deposit of 1,000 to 10,000 pesos to open most accounts.
- The major banks—BDO, BPI, Metrobank, Maybank, and Security Bank—all have branches across the Philippines and similar requirements, though fees and minimum balances vary.
- The entire process takes 30 to 60 minutes in the branch, and you receive your account number and temporary card the same day.
- Foreigners need a passport and sometimes proof of residency; some banks require an ACR for long-term residents.
- Online banks like GCash and Maya offer faster account setup with fewer documents, though they function differently than traditional savings accounts.
Which Banks Accept New Accounts and What They Require
The five largest banks in the Philippines—BDO, BPI, Metrobank, Maybank, and Security Bank—all open accounts for residents and foreigners. Each has hundreds of branches nationwide. BDO and BPI are the largest by customer base and have the most branches, making them easiest to access if you move around the country. Maybank and Security Bank have fewer branches but often lower minimum balances. Metrobank sits in the middle on both counts.
All five require the same core documents: valid ID, proof of address, and opening deposit. The minimum deposit varies: BDO and BPI typically ask for 5,000 to 10,000 pesos for a regular savings account, while Maybank and Security Bank may accept 1,000 to 2,500 pesos. Metrobank falls between them. If you plan to keep a low balance, call the branch first to confirm the current minimum, because these amounts change.
Smaller regional banks and rural banks exist but are harder to use if you travel or move. Stick with one of the five major banks unless you have a specific reason—such as a workplace partnership or a loan—to use a smaller one.
Step-by-Step Process at the Branch
Walk into any branch during business hours (usually 9 a.m. to 3 p.m. on weekdays, shorter on Saturday) with your documents and opening deposit. Tell the teller or customer service representative you want to open a savings account. They will give you an application form to fill out—it asks for your name, address, date of birth, occupation, and contact information. The form takes five to ten minutes.
Hand the completed form back with your ID and proof of address. The teller will photocopy both documents. You will then be asked to sign the signature card—this is the bank's record of what your signature looks like, used to verify checks and withdrawals. Next, you hand over your opening deposit. The teller counts it, enters it into the system, and prints your account number and a temporary card (usually valid for 30 days).
You will receive a receipt showing your account number, opening balance, and the date your account was activated. The entire process takes 30 to 60 minutes. Your permanent ATM card arrives by mail within one to two weeks. You can use your account and temporary card immediately, including online banking if you set up a PIN at the branch.
Online Banking Setup and Your First Transactions
Before you leave the branch, ask the teller to activate online banking (called Internet Banking or Mobile Banking depending on the bank). They will give you a temporary PIN or password. You use this to log into the bank's website or app, where you set your own permanent password. This usually takes five minutes at the teller window.
Once online banking is active, you can transfer money to other accounts, pay bills, and check your balance from your phone or computer. Most banks charge nothing for online transfers to other accounts at the same bank. Transfers to other banks (called interbank transfers) cost 25 to 50 pesos per transaction. International transfers cost more and take longer—usually three to five business days.
Your ATM card works at any ATM branded with your bank's logo or part of the BancNet network (the shared ATM system used by most Philippine banks). Withdrawals at your own bank's ATM are free. Withdrawals at another bank's ATM cost 11 to 20 pesos per transaction.
What Happens If You Are a Foreigner or Do Not Have a Permanent Address
Foreigners can open accounts at all five major banks. You need your passport, a valid visa or proof of legal stay (such as a tourist visa stamp in your passport), and proof of address. If you are staying in a hotel or with a friend, a barangay certification of residency works—go to your local barangay hall with your passport and ask for a letter stating you live in that area. This costs nothing and takes 15 minutes.
Some banks ask for an ACR (Alien Certificate of Registration) if you have been in the country for more than 59 days. If you do not have one yet, ask the bank whether they will accept your passport and barangay letter instead. Most will, but policies vary by branch. Call ahead to confirm before you visit.
If you do not have a permanent address—you are moving frequently or living temporarily—a barangay certification is your fastest option. You do not need to own or rent a home; the barangay will certify that you are residing in their area based on your word and your passport.
Digital Wallets and Online Banks as an Alternative
If you want to move money quickly without visiting a branch, GCash and Maya are the two largest digital wallet services in the Philippines. Both let you create an account using only your phone number and a valid ID—no branch visit required. You can load money into your wallet at convenience stores (7-Eleven for GCash, SM stores for Maya) or by bank transfer.
GCash and Maya work differently than a traditional bank account. You cannot earn interest, and your money is not held in a bank deposit account—it sits in a digital wallet. However, you can send money instantly to other GCash or Maya users, pay bills, buy load, and withdraw cash at partner stores. Both charge small fees for some transactions (typically 1 to 5 pesos for transfers).
If you need a traditional bank account for salary deposits, loans, or long-term savings, open one at BDO, BPI, or another major bank. If you only need to send and receive money quickly, GCash or Maya is faster and requires fewer documents. Many Filipinos use both—a bank account for stability and a digital wallet for daily transfers.
Fees, Minimum Balances, and Account Maintenance
Most banks charge a monthly maintenance fee if your balance falls below a certain amount. For BDO and BPI, this is usually 300 to 500 pesos per month if your balance drops below 5,000 to 10,000 pesos. Maybank and Security Bank often have lower thresholds—sometimes 1,000 to 2,500 pesos—meaning you avoid the fee more easily. If you plan to keep a small balance, choose a bank with a lower minimum or ask about waiving the fee (some banks waive it if you set up automatic salary deposits).
ATM withdrawals at your own bank are free. Withdrawals at other banks cost 11 to 20 pesos. Interbank transfers cost 25 to 50 pesos. Checks (if you order them) cost 100 to 200 pesos per book of 25. Most people do not use checks in the Philippines—transfers and digital payments are standard.
If your account sits inactive for a long time (usually one to two years with no deposits or withdrawals), the bank may freeze it or charge a dormancy fee. If this happens, visit the branch with your ID and the bank will reactivate it.
Frequently Asked Questions
Can I open a bank account online without visiting a branch?
Most traditional banks require you to visit a branch in person to open an account and verify your identity. However, some banks now offer online account opening through their app or website if you have a valid ID and can verify your address digitally. Call your chosen bank to ask whether they offer this. Digital wallets like GCash and Maya can be opened entirely online using only your phone number and ID.
What if I do not have a proof of address document?
Go to your barangay hall with your ID and ask for a barangay certification of residency. This is a letter stating you live in that barangay and costs nothing. It takes 15 minutes and is accepted by all major banks as proof of address. You do not need to own property or have a lease.
How long does it take to receive my permanent ATM card?
Your permanent card arrives by mail within one to two weeks of opening the account. You receive a temporary card at the branch that works immediately and is valid for 30 days. You can use your account and withdraw cash during this time using the temporary card or at the teller window.
Can I open an account if I do not have a job?
Yes. The bank asks your occupation on the form, but you do not need to be employed. Retirees, students, and self-employed people open accounts regularly. If you are unemployed, write "none" or "self-employed" on the form. The bank's main concern is verifying your identity and address, not your employment status.
What is the difference between a savings account and a checking account in the Philippines?
A savings account earns a small amount of interest (usually 0.25 to 1 percent per year) and has limits on how many withdrawals you can make per month. A checking account (called a current account) has no withdrawal limits and no interest, and is meant for frequent transactions. Most people open savings accounts. Checking accounts are used mainly by businesses.