⌛ Can a foreiner open a PH bank account

Claire,
My euro-account at Equitable i closed years ago, partly because of the lousy service at that bank, later it became BDO, hopefully with a better service.
Now i have an account at HSBC in Cebu mostly as an "emergency bank" .
At HSBC it is easy to open an account -Peso & Foreign Currency account (formerly known as POWERVANTAGE).
With this account you can deposit or withdraw Pesos and any foreign currency but don't expect a high yield, interest is 0,15 %.
And of cause it is in Cebu (or Manila and Davao)
About paperwork you need a foreign pasport (xerox) and a few pasportpictures 1' x 1'
There is a minimumdeposit to start but i dont know how much now, it used to be 10,000.00 US $ or equivalent.

 

Hi firefly,


Thank you for the reply sir and yes I agree with you with the slow service in equitable bank before. But it would be the best if I can open a euro account in dumaguete. I don't know so much about the changes in dumaguete since we left 2 years ago but this forum somehow give me ideas of what is going on there. Really looking forward to come back home soon. Thanks again.

 

As a foreigner, I have been able to open savings and checking accounts at both BPI and BDO with ATM. If I recall correctly, I just had to show proof of redidency and put some money in the accounts. Had to convert US$ to pesos to open the accounts.

 

In addition to what PatO replied, I can also confirm that Euro accounts are available at PNB and Chinabank.

 

Together with Metrobank and BDO that makes 5 banks to choose from.
BDO,Metrobank, BPI, PNB and Chinabank all have office in Dumaguete and each of them have Euro accounts.

 

Euro and US Dollar accounts are readily available with multiple institutions here.

 

Hi Claire,

Most banks in the Philippines will require two photo IDs, two 1"x1" photos of the account owners and a few signatures. There isn't much else to worry about.

 

hi guru,

Just one more thing sir if I want to withdraw in my euro account do they give in euro or they convert it in peso autimatically. One thing I am sure banks don't give good change so its wise to have it in euro and change it outside. Thank very much claire

 

hello all,


To everybody that has reponded to my questions thank you very much my family and I really appreciated it. Thanks again gentlemen.

 

So whu can you trust?

Dont count on that.

So you trust the moneychangers who are certainly giving better rates out of the goodness of their hearts, wonderful. Well hope they are not having you followed to get the rest of the Euros/pesos you did not change with them.