Money and Banking: Bank Account Requirements

Opening a local bank account can make residing abroad easier.

Banks have varying requirements to open an account.

In the Philippines, banks are required to verify your identity before you can open an account. To do this, you must appear in person and present a passport, a valid visa, a passport-sized photo, proof of residence (a utility bill or rental agreement), and a minimum deposit. Most banks also require an alien certificate of registration identity (ACR-I card), and some banks require a bank reference from your home country. Contact your bank for its exact requirements.

You’ll need to decide what type of account(s) you want to open, which will depend on how you like to access your money and how frequently you’d like to do so.