How to Open a Bank Account in the Philippines: Requirements and Deposit

To open a bank account in the Philippines, you choose an account type, bring at least one valid government-issued photo ID along with proof of a Philippine address, visit a branch (or sign up through a licensed digital bank’s app), and fund the account with the required initial deposit. The Bangko Sentral ng Pilipinas (BSP) sets the identity and due-diligence rules every bank must follow, so the core steps look similar across institutions. The variation sits in the details: how much you need to deposit, whether a second ID is expected, and what counts as acceptable identification if you are a foreign national.

Choose the Account Type First

The account you pick shapes everything else, including how much cash you need on day one.

An ATM savings account is the usual starting point. You get a debit card for purchases and withdrawals, and you can link it to online and mobile banking. Initial deposits at major banks start as low as ₱100 for basic tiers.
A passbook savings account works the same way but records transactions in a physical passbook you bring to the branch. Opening deposits and maintaining balances can run higher.
A checking (current) account gives you a checkbook for larger payments, business use, and the post-dated checks common in Philippine real estate deals. Expect ₱10,000 or more to open.
A foreign currency deposit account lets you hold balances in U.S. dollars, euros, or other major currencies. Minimum opening deposits are set in the foreign currency itself, often around USD 500.

There is also a Basic Deposit Account (BDA), designed for first-time and low-income depositors. BDAs carry no maintaining balance, no dormancy charges, and accept simplified identification.¹ Not every branch promotes them, so you may need to ask for one by name.

What to Bring

Under BSP Circular No. 608, banks must collect at least one valid photo-bearing ID issued by an official authority before opening an account.² The accepted list is broad: passports, driver’s licenses, PRC professional IDs, NBI clearances, SSS cards, postal IDs, voter’s IDs, and several others qualify. In practice, many banks ask for two IDs as a matter of internal policy, so a second one in your bag saves you a return trip.

Beyond identification, prepare the following:

Proof of address: a recent utility bill (electricity, water, or internet) or a lease contract showing your current Philippine address.
Photographs: some branches still ask for 1×1 or 2×2 color ID photos, though this is fading at banks with digital onboarding.
Tax Identification Number (TIN): not always mandatory for a basic savings account, but routinely requested because interest income is subject to withholding tax.

At the branch you fill out an Account Opening Form and a Signature Card. The form captures your full legal name, date of birth, address, employment details, and source of funds. The signature card holds the specimen signatures the bank uses to verify manual transactions like check encashments. Some banks post downloadable versions on their websites so you can fill them out at home.

If You Are a Foreign National

BSP Circular No. 950 defines the official document a foreign national must present as either a passport or an Alien Certificate of Registration (ACR).³ A valid foreign passport satisfies the BSP’s identification standard; the ACR I-Card is not the only option.

Individual banks, however, set their own risk appetite. Many commercial branches prefer the ACR I-Card because it proves legal residency rather than a short tourist visa. If you hold only a tourist visa and no ACR, some banks will decline the application outright while others may accept it with additional documentation such as proof of local employment or a letter from an employer. Bring proof of a Philippine address as well, since banks use it to send correspondence and regulatory notices.

How Much You Need to Deposit

Opening deposits vary dramatically by bank and account type. At BPI, peso savings accounts start as low as ₱1 for a digital-first product and climb to ₱2,000,000 for a high-yield passbook. Regular checking accounts there require ₱10,000, and premium checking products start at ₱25,000.⁴ Other major banks fall in a similar range. Foreign currency accounts usually require between USD 100 and USD 2,500 depending on the product tier.

What matters more over time is the maintaining balance. Most standard savings accounts require you to keep a minimum monthly average daily balance (ADB), and dropping below it triggers a fee. At UnionBank, the charge is ₱1,000 if your peso savings or current account falls below the minimum ADB for at least two consecutive months. Basic Deposit Accounts carry no maintaining balance at all.¹

Applying at a Branch

Walk into your chosen branch with your documents and tell the greeter or reception officer you want to open an account. You will be directed to a personal banker or new accounts officer who handles the Know Your Customer (KYC) interview. The officer reviews your original IDs, asks about your purpose for the account (salary deposits, savings, business transactions), and confirms the details on your application form. The BSP requires this face-to-face step as part of its customer due diligence framework, though Circular No. 1170 now permits banks to conduct it via video call in certain situations.⁵

After the interview, the officer collects photocopies of your IDs and forms. You take your initial deposit to a teller and get a temporary acknowledgment or deposit slip. The bank’s compliance team then runs background checks against government databases and watchlists before granting final approval, which typically takes a few business days. Straightforward applications for basic savings accounts are sometimes approved the same day.

Opening an Account Through a Digital Bank

A branch visit is not the only route. BSP Circular No. 1170 formally permits electronic KYC (e-KYC), letting banks onboard customers remotely using video calls, biometric verification, and document uploads.⁵ Licensed digital banks including Maya Bank, GoTyme, and Tonik have built their entire sign-up flow around this. You download the app, scan your government ID, take a selfie for facial recognition matching, and fund the account by electronic transfer or over-the-counter deposit at a partner outlet.

The trade-off: digital-only accounts sometimes carry lower transaction limits until you complete a higher verification tier. If you plan to move large sums or need a checkbook, a traditional branch account is still the better fit. For everyday savings and electronic transfers, digital banks offer a faster path with competitive interest rates and lower, sometimes zero, maintaining balances.

Activating the Account

Once the bank approves your application, you get an SMS or email telling you to collect your banking tools. ATM or debit cards are usually ready within a few business days at the originating branch. Checkbooks for current accounts take longer because they are printed with your account details. After you pick up a debit card, insert it at an ATM and change the default PIN right away; the temporary PIN is not secure for ongoing use.

Register for online and mobile banking next, through the bank’s website or app. Setup typically requires your new account number and a one-time password sent to the phone number you registered during application. Once enrolled, you can check balances, transfer funds, pay bills, and manage the account without returning to the branch.

If Your Card Is Lost or Stolen

Act fast. Most Philippine banks let you block a compromised card immediately through their mobile app; at BPI, for instance, you can permanently block the card in real time through the BPI Card Control feature in the app or online portal.⁶ Without app access, call the bank’s 24-hour contact center to request a block by phone, then follow up at a branch for a replacement. The faster you block the card, the less exposure you have to unauthorized withdrawals.

Keep the Account from Going Dormant

Philippine banks classify an account as dormant after a set period with zero transactions. For checking accounts, that period is one year. For savings accounts, it is two years.⁷ Once an account is dormant, the bank may charge fees that gradually eat into your balance. Basic Deposit Accounts are exempt from these charges.

The bigger risk comes later. Under the Unclaimed Balances Act, if an account shows no activity for ten years, the bank turns the balance over to the Treasurer of the Philippines for escheat, meaning the government takes ownership of the funds.⁷ If you plan to keep a Philippine account while living abroad, run at least one small transaction every year or two. A ₱100 over-the-counter deposit or an online fund transfer resets the dormancy clock.

1
Bangko Sentral ng Pilipinas. List of Banks Offering Basic Deposit Accounts As of Q3 2025
2
AMLC. Valid Identification Cards for Financial Institutions
3
Bangko Sentral ng Pilipinas. BSP Circular No. 950
4
BPI. Deposit Rates for Your Savings and Checking Accounts
5
Bangko Sentral ng Pilipinas. Circular No. 1170 – Amendments to Section 921/921Q of the MORB/MORNBFI on Customer Due Diligence
6
BPI. Lost or Stolen Debit Card FAQs
7
Bangko Sentral ng Pilipinas. Circular No. 929 – Amendments to Regulations Governing Dormant Deposit Accounts