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.
Related article:
Certainly! The article you provided delves into the process and nuances of foreigners opening bank accounts in the Philippines. As someone deeply entrenched in the realm of international banking and financial regulations, I can break down the key concepts and details highlighted in this piece.
Firstly, the article touches upon the varying policies among banks regarding opening accounts for foreigners. This aligns with the global banking landscape, where institutions differ in their protocols and requirements, especially when dealing with non-residents or foreign nationals.
One critical aspect highlighted in the article is the impact of the US Foreign Account Tax Compliance Act (FATCA) on US citizens' ability to open accounts in the Philippines. FATCA obliges non-US financial institutions, including those in the Philippines, to report financial information of US citizens to the IRS. This involves the submission of specific IRS forms and supporting documents, making the account-opening process more intricate for US individuals.
Moreover, the article emphasizes the documentation necessary for opening a bank account as a foreigner in the Philippines. It underscores the significance of providing a valid passport, Alien Certificate of Registration (ACR), or other residency-related documents. Some banks might also require specific visas demonstrating a certain duration of stay in the Philippines.
The maintenance of a minimum deposit balance is another crucial aspect outlined in the article. Banks may impose different requirements, and understanding these minimum balances is essential to avoid penalties.
Additionally, the piece briefly mentions avenues for US and UK citizens residing abroad, highlighting that US citizens in the Philippines can open Philippine-based accounts at select PNB branches in the US. Similarly, UK citizens can seek assistance from BPI Europe in London to facilitate opening Philippine-based accounts.
Finally, the article hints at a related topic concerning direct deposits for US pensioners in the Philippines, implying a connection between international banking services and specific financial benefits available to expatriates or retirees.
Understanding the intricacies of international banking regulations, FATCA compliance, documentation requirements, and specialized services for expatriates enables me to provide comprehensive insights into the complexities highlighted in this article.
