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How to Open A Bank Account in the Philippines by a foreigner?

How to Open a US dollar Bank account in the Philippines?

How to Open a Peso Bank Account in the Philippines?

Yes, there is a difference in requirements and procedures for opening bank accounts.

For the dollar account require you to have a Alien Registration Card, ACR. You don't get those until you have been here for at least six months. Evidently there is flexibility here, a bank option. Shop around it you have to, be introduced to the manager by someone know locally. Some bank officers will allow the opening a dollar account without requiring the ACR. But most follows the strict banking Anti Money Laundering Laws here now passed at the urging of the US Government and others here. Peso accounts in my experience do not require the Alien Registration Card.

A mailing list member who is very knowledgeable agrees and says:

Many Philippine banks require that you have an Alien Certificate of Registration (ACR) or some other documentation that you have official resident status in the Philippines before they will allow you to open an account. Like many things in the Philippines, this requirement is not uniformly applied. I was able to open accounts at Citibank Savings without an ACR. Sometimes going to the bank with someone who is a recognized bank customer will help. Lacking that, my advice is to dress nicely, get your passport and whatever else you have for ID and go from bank to bank. Looking rich and asking to see the branch manager can help.

Another wise and helpful member expands and agrees:

How much do you have to put in a Philippine Bank to open an account:

USD: Typically the minimum is $500. Thrift banks usually require only $100.

What are the best Banks in the Philippines:

Top banks are:

Philippine National Bank
Metrobank
Bank of the Philippine Islands
BDO (Banco de Oro)

BPI, the oldest bank I think, has the easiest to use online banking interface.

I have the checking account for my business with Metrobank and my personal accounts with BPI and HSBC Savings Bank.

In terms of customer service, BDO is the worst! It's 'mass production' banking -- with branches open even on weekends at SM malls. But I think they have the most number of branches now.

PNB has a lot of customers, so there's always a long queue.

If the bank officers are doing what they're supposed to, with AMLA (anti money laundering), they just ask for 2 IDs. So you can use your passport and ACR/national id/PLRA ID. Bring 2 id pictures. And Bob's right; it really does help to look distinguished. Filipinos tend to associate foreigners with lots of money' so the bank officer/manager will be happy to assist you.

Same goes for when you want to invest later on, like life insurance or mutual funds or stocks.

Finally an informed member contributes:

I opened a pesos account in PNB and a US dollar account. (good to have when the money changers, or so called "black market" has better exchanges. Most of these are licensed money changers not, not illegal) All I needed was an address, a passport, and a minimum deposit of 5000 pesos for the ATM current account and 500 USD for the dollar account... very easy!

Good luck with opening you dollar account or opening your peso account or both in the Philippines! Be nice to your banker and he will be nice to you!