On several websites and forums I have read that it is difficult for foreigners to open a bank account in their name in the Philippines.
Today I applied for one and there was no problem in getting one.
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If other banks are that easy I do not know, but within 30 minutes everything was done. The only thing I have to wait for a few days is the ATM card. This needs to be made with my name on it and takes a few days.
So if you want your own bank account as an expat / foreigner, just go to a BDO branch nearby and just apply for one.
Oct 15, 2011 @ 07:51:40
Philippine drivers license and my 13a ACR card
it is those TWO items that stop others from opening accounts. Without them you cannot open an account in the Philippines.
Oct 15, 2011 @ 15:27:01
Joe,
I do not understand what you mean. Almost all foreigners, living in the Philippines, have a Filipino drivers license , and many have some kind of ACR card. But other ID’s are also OK, as far as I know, to get a bank account on their sole name. Different banks have different terms, so maybe that’s the problem. Just try BDO.
Oct 16, 2011 @ 12:52:31
Actually the ACR is the major problem as all the banks I’ve talked to (including BPI and Citibank) require the ACR card. people who have just arrived and are still in process of sorting out their visa, don’t have ACR cards, so can’t get a local bank account and also have a hard time paying local bills. You don’t need a drivers licence as most banks will accept your passport. Supposedly HongKong Shanghai bank is the only bank where you don’t need an ACR card.
Oct 16, 2011 @ 16:17:58
Karen, you are right. Someone who likes to open his own personal bank account needs to have a steady address first. But also tourists staying longer than 59 days are required to get the ACR card. So after that moment they also can get a bank account.
Until that moment they can only get their money from a credit card or foreign bank card.
When someone rents a house, he also needs electricity, telephone, water etcetera. Make sure these contracts are done in the foreigners name, so the bill will also be in their name.
On the other hand, try to open a bank account in an other foreign country. When I, a dutch man, go to the USA I cannot open a bank account the first day. I need a steady address first and other documents to prove my intentions.
Dec 27, 2011 @ 11:48:00
Opening a bank account in the USA as a foreigner is extremely easy.
Renters in the Philippines cannot get the utilities in their name. It must be in the owner’s name.
Oct 30, 2011 @ 14:37:38
I opened an acct w/only my passport at Bank of Commerce. I had no ACR card & no PI DL. It was a simple process.
Nov 01, 2011 @ 12:50:14
Good for you, many foreigners are not that lucky!!
Jul 17, 2012 @ 02:35:29
Excellent advice. I use xoom to transfer $ to BDO from U.S. its only $5.69usd no matter how much u transfer. It takes Two hours for the $ to get there. .