Can a Foreigner Open a Savings Account in the Philippines?
Foreigners are allowed to open a bank account in the Philippines provided they conformed and give the complete requirements at the time their bank application.
Foreigners living in the Philippines most of the time need to apply for a bank or savings account in some of the Philippine banks.
However, almost of the time they don’t know what are the requirements and mechanism in beginning a new bank account. So in this piece of writing, I listed some of the most common requirements and tips in applying a new account.
1. The most typical demands the bank is inspecting for foreigners who are opening a new bank account are the following:
* Alien Authentication of Registration
* Immigrant Certificate of Registration
2. Prepare full requirements and place the first deposit normally ranging from P3,000 to P10,000 relying on which bank.
3. Come to the Philippine bank of your choice. However, if you don’t know whick bank to select, I suggests you open a bank account in BPI, Metrobank, RCBC, Union Bank, PNB or BDO.
These banks are the top commercial banks in the Philippines with excellent products and service offered to its customers.
4. Wait for 3-5 banking days before getting your passbook or ATM card. It would be best to phone the branch where you opened the account before you come back to the bank to be sure when it will be at hand.
Foreigners who are staying for good in the Philippines can start a new bank account among the Philippine banks or international banks based in the country. It is not difficult and quick to apply for one provided you have the full demands and be familiar with the procedures.
Gil Tenorio likes blogging on finance, saving and investing. He likes playing guitar and gardening. He lives in Korea with his family. For more details on how to open a ChinaBank account, feel free to visit Financial Management, for more articles on saving, investing and make money online.
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