Yes – Foreigners can open a bank account in the Philippines. However, there are certain requirements that must be met. One requirement is that foreigners must obtain an alien certificate of registration identity card (ACR I-card). Another requirement is that foreigners must provide proof of residency. And finally, foreigners must prove that they have sufficient funds to open a bank account.
Foreigners who hold immigrant or non-immigrant visas who have been in the Philippines for more than 59 days are required by the government to get an ACR I-Card. You can get this from the Bureau of Immigration (BoI). Once you’ve presented all of the necessary documents, you will be given a temporary ID card called an alien certificate of registration (ACR) I-card. You can present this in the bank in order to open an account.
In order to open a bank account (for a debit card or credit card, among others) in a foreign country, you must first visit the bank in person. At the bank, you will be asked to present various forms of identification to the bank manager. These include a passport or some other document that proves your nationality and your date of birth. You will also be asked to produce a valid visa or work permit. You’ll also be required to pay the minimum initial deposit.
After opening a bank account, you will still need to provide additional documentation. This includes proof of your address and proof of income. Some banks may request a letter from your employer stating that you are employed in the country where you live. Other banks may require a letter from your landlord stating that you pay rent in the country where you reside.
If you do not already have a bank account in your country of origin, you should consider opening a bank account in the country where you currently reside. Banks in the United States typically charge fees for international transfers. Also, if you plan to transfer money between accounts in two different countries, you may incur additional fees.
The Philippine Deposit Insurance Corporation is the Philippines’ version of the FDIC in the US. They insure your deposits up to Php500,000 (around $10,000) and is applicable to the total money you have on the bank (not for each individual account). This means even if you have established multiple accounts but it’s under the same bank, you’re only insured up to Php500,000.