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Philippines (PH)

The Philippines is a Southeast Asian archipelago of 7,641 islands, the third-largest English-speaking country in the world, and one of the most welcoming destinations for expats.

Capital: Manila
Region: Asia
Language: Filipino
Currency: PHP (₱)
Cost of living: Very affordable (index 30)
Emergency: 911
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Banking in Philippines

Recommended banks, payment culture and credit score basics.

The Philippine banking system is regulated by the Bangko Sentral ng Pilipinas (BSP). Major universal banks: BDO (Banco de Oro), BPI (Bank of the Philippine Islands), Metrobank, UnionBank, RCBC, Security Bank. E-wallets GCash (Globe) and Maya (formerly PayMaya) have over 80 million users combined — transforming payments dramatically. Foreigners can open bank accounts with a valid passport and visa documentation. Peso accounts are straightforward; USD accounts require additional documentation. PDIC (Philippine Deposit Insurance Corporation) insures deposits up to ₱500,000 per depositor per bank.

Recommended banks

BPI (Bank of the Philippine Islands)

English
traditional

Monthly fee: ₱0 if above minimum balance (₱10,000 for savings)

Requirements: Passport, ACR I-Card or visa documentation, proof of Philippine address (lease contract or utility bill), initial deposit ₱3,000–₱10,000

  • + Oldest bank in the Philippines — highly stable
  • + Excellent BPI Online / BPI Mobile app with English interface
  • + Wide branch and ATM network
  • + Good international wire transfer capability
  • + Accepts foreign nationals with valid visa documentation
  • - Minimum balance requirements: ₱10,000 for basic savings; ₱30,000 for interest-bearing accounts — fall-below fees apply
  • - Branches can be very busy — digital banking via BPI Mobile is strongly recommended for most transactions
  • - International SWIFT transfer fees: ₱500–₱1,500 per outbound wire — Wise is significantly cheaper
  • - ACR I-Card required for full account access — services may be limited until alien certificate is in order

BDO (Banco de Oro)

English
traditional

Monthly fee: ₱300 fall-below fee if below ₱2,000 minimum balance (Kabayan account: ₱0)

Requirements: Passport, ACR I-Card, proof of address, initial deposit ₱2,000

  • + Largest bank by assets in the Philippines
  • + Most widespread ATM network — 4,000+ ATMs nationwide
  • + BDO Online Banking is solid and reliable
  • + Remittance-friendly — good for receiving OFW/international transfers
  • + USD savings accounts available
  • - App and online banking less modern than UnionBank — digital experience lags behind newer fintech competitors
  • - Branch queues can be very long — plan 30–60 minutes for branch transactions; use BDO Online Banking where possible
  • - International SWIFT transfer fees: ₱500–₱1,500 per outbound wire — Wise is significantly cheaper
  • - Minimum balance of ₱2,000 required — ₱300 fall-below fee per month if balance drops below threshold

UnionBank of the Philippines

English
online

Monthly fee: ₱0 (EON/Digital Banking account)

Requirements: EON account: can open via app with Philippine valid ID (non-residents may need in-branch opening)

  • + Best digital banking experience in the Philippines
  • + EON account: ₱0 maintaining balance, free transfers
  • + Real-time interbank transfers via InstaPay and PESONet
  • + USD and EUR accounts available
  • + Jack transfer feature for international money transfers
  • + Seamlessly integrated with GCash and Maya
  • - Fewer physical branches than BDO or BPI — limited in smaller cities and provincial areas
  • - EON account opening for foreigners may require branch visit — fully digital opening not always available for non-citizens
  • - International SWIFT fees: ₱500–₱1,500 per outbound wire — Wise is cheaper for regular overseas transfers
  • - Jack transfer (international money transfer feature) limited to select corridors and currencies

GCash (Globe FinTech Innovations)

English
neobank

Monthly fee: ₱0

Requirements: Philippine mobile number, valid ID for full verification (Fully Verified status allows ₱100,000 wallet limit)

  • + The most essential financial app in the Philippines
  • + 80+ million users — accepted almost everywhere
  • + Pay bills, transfer money, buy load, book flights, invest (GInvest)
  • + GCash Padala for remittances
  • + GCash Mastercard (virtual and physical) for online purchases
  • + Widely accepted for QR payments in markets, stores, and restaurants
  • - Not a full bank — maximum wallet balance ₱100,000 (Fully Verified); cannot store large amounts
  • - Account frozen if no activity for extended periods; permanently linked to a Philippine mobile number
  • - Requires a Philippine SIM card — cannot use with a foreign number
  • - Not PDIC-insured like a bank deposit — funds in GCash wallet are not covered by Philippine Deposit Insurance Corporation

Maya (formerly PayMaya / Voyager)

English
neobank

Monthly fee: ₱0

Requirements: Philippine mobile number, valid ID

  • + Maya Savings base rate 3.0% p.a. from May 2026 (reduced from 3.5%); boosted rates up to 15% p.a. available for active Maya users
  • + Maya Card (Mastercard) accepted internationally
  • + Maya Business for small business payments
  • + Crypto trading feature (Maya Crypto)
  • + Send money, pay bills, invest — full digital financial super-app
  • - Philippine mobile number required — cannot use with a foreign SIM card
  • - Not a full universal bank (BSP e-money issuer and virtual bank) — some services limited vs. BPI or BDO
  • - PDIC deposit insurance applies only to Maya Savings, not the e-wallet balance — clarify which account your funds are in
  • - International transfer capabilities limited compared to BPI or BDO for large outbound SWIFT wires

RCBC (Rizal Commercial Banking Corporation)

English
traditional

Monthly fee: ₱300 fall-below if below ₱5,000

Requirements: Passport, ACR I-Card, proof of address, ₱5,000 initial deposit

  • + RCBC DiskarTech app — multi-currency capability
  • + Good for USD and foreign currency transactions
  • + RCBC BANKARD credit cards accessible to expats
  • - Smaller branch and ATM network than BDO or BPI — fewer locations nationwide
  • - Fall-below fee of ₱300/month applies if balance drops below ₱5,000 minimum
  • - Digital banking app (DiskarTech) less polished than UnionBank or BPI — limited features
  • - International SWIFT fees: ₱500–₱1,500 per outbound wire — Wise is significantly cheaper

Payment culture

The Philippines is rapidly transitioning from cash to digital. GCash and Maya QR payments are ubiquitous in Metro Manila — from SM Hypermarket to street food stalls. Cash (Philippine Peso) remains essential for wet markets, public transport (jeepneys, tricycles), and provincial areas. Visa/Mastercard credit cards widely accepted in malls, hotels, and restaurants. Contactless/tap payments gaining adoption (2023–2026 push). InstaPay and PESONet allow instant and scheduled interbank transfers. Philippine banking hours: 9am–3pm or 4pm (branches); 24/7 for digital banking.

Cash access

ATMs from all major banks available nationwide. BancNet is the local interbank network — domestic ATM fees: ₱15–₱20 for off-network withdrawals. Mastero/Cirrus/Plus logos accept international cards (Visa/Mastercard/AMEX). Foreign card withdrawal fee: typically ₱250–₱350 per transaction. 7-Eleven has Cebuana Lhuillier Express Pay terminals and GCash cash-in. Pawnshops (Cebuana Lhuillier, M Lhuillier) for cash-in/out to e-wallets.

No Unified Credit Bureau (as of 2026)

The Philippines does not have a single unified credit bureau like SCHUFA or Equifax. The Credit Information Corporation (CIC) was established under RA 9510 to consolidate credit information from banks, SSS, Pag-IBIG, etc. — CIC system is operational but limited. Banks assess creditworthiness using their internal records, income documents, and credit card history.

Free annual check: CIC credit reports are accessible to individuals — check at cicph.com. Free annual credit report entitlement being implemented under CIC expansion.

Building credit history as an expat: open a secured credit card (deposit-backed), maintain it for 6–12 months with timely payments. BPI, BDO, and Metrobank offer secured credit cards for new-to-Philippines customers. Some banks also accept international credit history from credit bureaus in your home country.

International transfers

Wise is the most cost-effective for international transfers (PHP-USD-EUR typically 0.4–0.8% fee). Remitly and Western Union are used for family remittances. Banks: BPI and BDO offer SWIFT international transfers (fees: ₱500–₱1,500 + correspondent fees). GCash Padala for domestic remittances. BSP requires reporting of foreign currency transactions over $10,000 equivalent.