Best banks in the Philippines
As a modern nation, the banking system of the Philippines is of international standards and the selection is a large mix of local and foreign financial institutions - from international banks, national & government banks to rural banking institutions. For expats, it is better to work with international banks, such as Citibank and HSBC, or one of the major Filipino banks as these will cover most of the nation and generally be easier to work with for newcomers.
Here are 4 of the largest banks in the country
- Banco de Oro: With 1,400 branches and 4,400 ATMs all over the country, BDO is the biggest bank in the Philippines. As a full service bank with current, savings, investment and multi-currency accounts they are also convenient thanks to their branch & ATM networks which are extensive. Some accounts come with a lot of perks such as cashback from some retail establishments and discounts from others. Another advantage of being a BDO client if you are a regular traveller within Asia is that they have offices in Japan, China and Korea. Finally, they have phone based help desk and online banking as standard with all accounts.
- Metrobank: Another large popular bank in the country with a large network of ATMs (over 2300 nationwide) and branches(over 950 nationwide) and a full product offer including personal and private banking, accounts for small businesses, investors and services such as savings accounts in foreign currency and remittances too. You have the possibility of getting debit cards, credit cards with travel insurance, and you can take cash out of ATMs and POS terminals by Cirrus and Maestro. You are also to open accounts from abroad and some accounts are interest-earning.
- Landbank of the Philippines: With a large network of branches and ATMs, this government bank is a large and convenient option with a list of services and products that include checking and savings accounts, debit and credit cards, insurance and loans. Some Landbank cards come with perks such as cashback. One interesting feature of Landbank is that they have international remittance stores all over Asia and some in the Middle East and Europe.
- Bank of the Philippine Islands: With locations all over the Philippines and quality online and phone banking, this is a popular bank with a lot of account options for individuals, entrepreneurs, small businesses and investors alike. BPI accounts come with cards, SMS notifications, cheques are cleared as cash, and accounts may earn interest.
It is not the easiest of processes to open a bank account in the Philippines, yet if you are prepared and with the documentation on hand it should be a doable task. Beware of branches willing to bend the rules to have you as a customer as it could point to a bigger problem in the banks system. Refraining from breaking the legal system as an expat is probably a good idea.
Fees are not to high, but the structure is different. There could be separate charges for keeping the account open, using cards and special charges for various ATM networks. Charges may also vary upon usage and how much you keep as minimum balance. We recommend reading the fine print and contract throughly.
Are deposits in the Philippines Insured?
Yes, deposits are insured. Similar to the FDIC of the United States, the Philippines' PDIC or Philippine Deposit Insurance Corporation insures your deposit up to 500,000 Philippine pesos per depositor. This is significantly much less than FDIC's $25,000 per depositor, per insured bank, for each account ownership category standard insurance amount.
