Can foreigners open accounts with banks in the Philippines?

Can foreigners open accounts with banks in the Philippines?

Yes, but with conditions.

Buying a local property and opening a local bank account is an important link. In the future, rent collection, monthly payment and resale remittance can save a lot of troubles such as handling fees and exchange rates.

Opening conditions and preparation materials:

1. Passport: foreign identity card-to prove the identity of the account holder

2. Visa:

Work visa, SRRV (Philippine retired immigrant visa), study visa, residence visa (more than half a year)

Travel visa (especially remind that if you only take a travel visa, there is no chance to open your local account)

3. Proof of income, proof of work, proof of address, pre-deposit, etc.

The above conditions are necessary for the top ten banks such as BDO/SECURITY BANK in the Philippines.

Due to the high rate of refusal to open an account directly to the bank and the cumbersome preparation materials, foreigners who have opened a bank account in the local area are basically looking for the assistance of the local account opening service agency. If you want to open an account with a Philippine bank, you can contact our EasyGo International Online Customer Service.