Open a Bank Account in the Philippines

Updated on Sunday 12th November 2017

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Relocating to another country implies many steps: from finding employment, a home and getting acquainted to the local regulation, there are plenty a foreign citizen must do. The same applies to foreign investors opening companies. Furthermore, starting a business in a foreign country like the Philippines implies a lot of research. The one common thing moving and setting up a business to the Philippines have is setting up a bank account.
There are several types of bank account which can be set up in the Philippines, however before choosing a bank a thorough search should be conducted. Foreign investors can rely on our Philippines company registration agents for assistance with the corporate bank account opening.
 

Requirements to open bank accounts in the Philippines

Before starting the process of opening a bank account in the Philippines, foreign citizens must know the following:

-          one must be a temporary or permanent resident in the Philippines in order to be allowed to open a bank account here;
-          the creation of the account cannot be done remotely;
-          there are plenty of foreign banks with branches in the Philippines, so foreign investors can choose one of these to open bank accounts with.

With respects to the opening of a corporate bank account, our company formation specialists in the Philippines can advise the requirements and the steps to be followed.
 

Documents related to the opening of a Filipino bank account

There are several types of bank accounts which can be opened in the Philippines. Apart from the personal and the corporate bank accounts, there is also the merchant account which can be opened by companies registered in the Philippines. Our local consultants can offer more information on the merchant account.

Foreign citizens interested in opening bank accounts in the Philippines must go to the bank in person and provide the following documents:

-          a residence permit, also known as an Alien Certificate of Registration cards;
-          a recent utility bill or a rental contract;
-          identification documents with a photo, such as a passport;
-          a passport-size photo;
-          a minimum amount which should be deposited in the account.

For assistance in setting up a bank account in the Philippines, do not hesitate to contact us. You can also rely on us if you want to open a company in the Philippines.
 

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