Updated March 18, 2018
YES, foreigners can open a bank account in the Philippines.
If you’re a foreigner wanting to open a bank account here, you will soon find that banks differ in their policies regarding opening accounts for foreigners. Even branches of the same bank might have different rules.
Obviously, banks in communities with a lot of expats will be more ready to accommodate you, as they already have relevant experiences.
Banks require that you have a residential address here in the Philippines.
For US citizens, residents and non-resident aliens:
It might be more difficult now for US individuals to open a bank account here following the Philippine government’s ratification of the US Foreign Account Tax Compliance Act (FATCA) in December 2016. FATCA requires non-US financial institutions, including Philippine financial institutions, to report to the US Internal Revenue Service (IRS) information on US citizens with financial accounts through the International Data Exchange Service (IDES).
I updated my Customer Information Sheet at BPI yesterday, when I claimed my EMV ATM card, and I saw a big portion for US individuals to fill up. They are now required to present US IRS Form W-9 and US passport or identification document or IRS Form W-8BEN and other supporting documents, whichever are applicable to their US status.
Some banks might impose certain requirements or higher deposit balances to compensate for their time and effort spent in complying with FATCA.
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Present these documents to the bank:
1. Your passport
2. Your Alien Certificate of Registration (ACR)
or ACR I-card
or Immigrant Certificate of Registration (ICR)
or Special Investor Resident Visa (SIRV)
or PRA Special Resident Visa (SRRV)
3. Some banks require that your visa shows you have been here in the Philippines for more than 180 days.
Some banks might require more documents or more valid IDs to verify your identity, permanent address and source of funds.
Ask also your account’s maintaining-balance requirement to avoid the below-maintaining-balance penalty.
While in the U.S., US citizens who have decided to move to the Philippines can also open a Philippine-based account at PNB branches in the U.S.
Likewise, UK citizens can ask BPI Europe in London for assistance in opening a Philippine-based account.
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