So what is the best dollar account in the Philippines?
There are several dollar accounts available in the Philippines. Today will be exploring your dollar account options.
Finally, from the data available, we shall answer the ultimate question: What is the best dollar account in the Philippines?
1. BPI Dollar Account
BPI is considered the oldest and one of the most reputable banks in the Philippines.
So, it is no surprise that it can be the best dollar account in the Philippines. With more than 1,000 branches and 3,000 ATMs and cash accept machines in the country, it is accessible for dollar account holders.
In this account, they allow their clients to grow their Dollars and provide a great convenience in account monitoring. The required initial deposit is $500 with a required minimum monthly ADB or average daily balance of $500.
The minimum daily balance required to earn the 0.050% interest rate per annum is $500. The account is internationally convenient because clients can withdraw using ATMs affiliated with Mastercard or Cirrus worldwide.
The account can also be checked easily through BPI Online Banking.
Clients can also deposit using cash, checks, or demand drafts. It can also be availed in a passbook.
2. Metrobank Dollar Account
Metrobank is among the established and resilient banks in the Philippines.
During the pandemic, the Asia Money Best Bank Awards regarded this bank as the Best Domestic Bank in the Philippines in 2021.
This is because Metrobank makes sure that their client’s money is in good hands.
Because of this, this is one of the best dollar accounts in the Philippines to consider. Metrobank offers a MetroDollar Savings account.
Aside from saving their dollars, clients can earn interest in Dollars. The initial deposit/maintaining balance is $500.
To gain their 0.25% interest, the account should have at least $500. If the account has less than the minimum balance for 2 straight months, there will be a monthly fee of $5.
3. BDO Dollar Account
One of the best banks in the Philippines for dollars account is BDO. The bank was established in 1968. First, it was known as Acme Savings Bank, a thrift bank. Then, in 1976, it was acquired by the SY Group and became Banco De Oro Savings and Mortgage bank.
BDO has full services and is one of the best ATM systems, integrated resources, and customer deposits and loans.One of the benefits of opening a Dollar account in the Philippines using BDO is safety.
Clients can keep their money in Dollars and save it.
BDO’s US Dollar Savings account is ideal for working or traveling abroad.
In addition, the bank provides convenience in saving and spending in Dollars. Clients can also easily access their accounts wherever they are by using BDO Online Banking.
Some of the benefits of opening a dollar account in the Philippines are that they can enjoy traveling cashless, low remittance fees, fixed interest rates, and a lot of banking options in another country.
The minimum initial deposit and monthly ADB is $200. The maintaining balance to earn interest is $500.
4. UnionBank Dollar Account
UnionBank has made innovations in traditional banking in the past couple of years. They did this by offering an advanced banking system online.
That’s why UnionBank can be considered a traditional and a full-fledged digital bank in the Philippines. Clients can open an account or deposit their checks using their phones.
They can also manage their accounts in the app without any problems. As for their US Dollar savings account, they give interest using the US currency.
Clients can also do cashless transactions conveniently in other countries through a US Dollar debit card.
For example, clients can transact at UnionBank and Bancnet ATMs in the Philippines with a UnionBank US Dollar Savings account. In other countries, they can transact using Visa ATMs.
Through UnionBank Online, customers can access their money anytime, anywhere. They can also pay in Visa establishments around the world.
They can get a “no-holding period for their Dollars.
Customers who travel overseas save on conversion fees for currencies because they can transact cashlessly.
PDIC also ensures 500,000 pesos for each depositor. The initial deposit is $500. This is also the same amount for the minimum ADB needed. Therefore, to earn the 0.05% interest rate, the ADB should be $1,000.
5. Land Bank of the Philippines Dollar Account
Land Bank of the Philippines, a government-owned bank, is considered the biggest formal credit business in rural areas. Talking about deposits, loans, and assets – landbank is one of the best commercial Philippine banks.
In 1963, Land Bank was founded to assist fishers and farmers through the revenues from the bank’s operations. As a result, Land Bank was able to balance helping rural development efforts and keep their finances viable.
There are 365 branches of Land Bank in rural areas and more than 1,600 ATMs.
Land Bank offers an interest-earning Dollar savings account with a strong rural branch system. The minimum initial deposit and the monthly ADB needed is $100.
Showing a passbook when depositing or withdrawing money is needed.
Aside from their Dollar saving account in the Philippines, Land Bank also has an easy Dollar pension. This is an alternative payment method where beneficiaries or pensioners from different US Federal agencies who live in the Philippines can receive their benefit or pension through a savings account in the Land Bank.
The Land Bank also has a Dollar time deposit.
A certain amount of money in Dollars earns interest at a fixed competitive rate for a pre-determined period or term. There is also a CTD or Certificate of Time Deposit as evidence for the deposit made.
This Dollar-dominated individual deposit account gives a higher interest rate than a regular time deposit account for a high yield time deposit.
6. PNB Dollar Account
The Philippine government established the PNB during the American Occupation in 1916.
Then, it became a private bank in 2007. The bank has 716 branches, more than 1,700 ATMs in the country, and 70 branches in other countries.
The PNB is considered one of the biggest private universal banks in the Philippines. Therefore, it offers many financial and banking services and works with agencies, local government units, corporations owned and controlled by the government, and the government itself.
One of these services is a US Dollar savings account.
It is a deposit account that bears interest in Dollars.
Clients can monitor their accounts with ease through a passbook.
They can also deposit and withdraw through their Dollar savings account at any branch of PNB nationwide. The balance requirements are an initial deposit and a minimum maintaining balance of $500.
The interest rate per annum is 0.025%.
7. Security Bank Dollar Account
Security Bank was founded in 1951, making it the first private and Filipino-operated bank after World War II.
Aside from personal accounts, the bank also caters its products and services to major financial, retail, and commercial industries. The bank currently has 316 branches and 789 ATM and cash accept machines.
Security Bank’s USD savings account Philippines maintains the safety of their clients’ Dollars.
The maintaining balance is also low. The benefits of opening a dollar account in the Philippines here are best enjoyed by:
- People who travel often
- Earn or receive Dollars
- Transact for business or leisure in other countries
- Those who want to make the most of the Dollar-exchange rate.
All can enjoy the perks of what the Security Bank USD savings account offers.
The opening and maintaining balance for Security Bank’s Dollar savings account is $500. Effective September 1, 2020, the interest rate is 0.00%.
8. China Bank Dollar Account
China Banking Corporation is a private local commercial bank in the Philippines established in 1920.
It has 634 branches and 1,002 ATMs in the country. At first, its clients were mainly Chinese-Filipino entrepreneurs.
The bank caters to different clients and offers them services and products such as deposits, remittances, cash management, investments, and trusts.
The bank also supervises affiliates and subsidiaries that offer bancassurance and insurance brokerage solutions. China Bank offers many dollar accounts, so it’s part of the best dollar account in the Philippines list.
The first is the foreign currency account in US Dollar, Euro, Japanese Yen, and Chinese Yuan assets.
Clients can use this account for savings, remittances, business, or trade.
The account does not only manage money in these currencies but also helps them grow.
There is a low initial deposit and maintaining balance with this dollar account in the Philippines. The interest earned is also in the currency chosen, and it is credited every quarter.
Clients can easily monitor their accounts through a passbook and access their accounts through any branch of China Bank online.
Another account clients can open for a US Dollar account in the Philippines is the Overseas Kababayan savings account. It is offered in US Dollars and requires a lower initial deposit.
Similar to the foreign currency account, the interest is credited every quarter.
One of the benefits of opening a dollar account in the Philippines is interest.Premium savings account is a US dollar account at China Bank with interest credited monthly.
The other option for a Dollar account at China Bank is the foreign currency time deposit account. Aside from US Dollars, it is also offered in Euros with a minimum term of 30 days.
The minimum placement is low. Compared to a savings account, it has higher interest and is credited once the account matures. Clients also get renewal options and a deposit certificate.
The last dollar account option is the special US dollar time deposit. It is available in 3 years. There is also a fixed interest rate for the whole term. The interest payment is credited directly to the US Dollar saving account of the client.
9. RCBC Dollar Account
RCBC was established in 1960 as a development bank. They have a commercial and investment banking license from the Central Bank of the Philippines.
RCBC caters to more than 6 million clients through its more than 400 branches and more than 1,300 ATMs in the country. They also have remittance offices and connections in 24 countries.
RCBC’s Dollar account in the Philippines is the Dragon Dollar savings account.
Clients not only maximize their dollars but also get ranked interest rates.
The best dollar account in the Philippines should provide a higher interest rate as people save more. This RCBC account can do just that. The minimum initial deposit and needed ADB for this account are $1,000.
To earn 0.100% interest, the maintaining balance should be $1,000 to $500,000. For a balance that is more than $500,000, the interest rate is 0.125%.
There is a $10 charge if the account is closed within 30 days or the monthly ADB falls below the minimum.
For lost passbooks, there is a charge of 200 pesos.
10. DBP Dollar Account
The second-biggest state-owned bank and one of the biggest corporations operated and controlled by the government is DBP.
DBP offers financial services to small and medium businesses, the environment, social services, and infrastructure and logistics.
Even though DBP offers banking services to industrial and agricultural businesses, it is also a thrift bank. It has 138 branches and 836 branches nationwide.
DBP offers a US Dollar savings account and time deposit.
One of the benefits of opening a dollar account in the Philippines here is the reputation and financial strength of the bank.
For individuals, the initial deposit is $100, and the minimum daily balance needed is $500.
The latter is also the amount needed to earn interest.
For corporate clients, the initial deposit, minimum daily balance needed, and the required balance to earn interest is $1,000.
There is also a 7.50% withholding tax for the interest rate.
Frequently Asked Questions:
The following is a list of frequently asked questions on dollar accounts in the Philippines.
Okay, Which bank in the Philippines is the best to open a dollar account?
Looking through the data, the best dollar account to consider in the Philippines is RCBC’s Dragon Dollar savings account.
Although the minimum deposit is higher than other banks, clients can enjoy better interest rates. Also, customers have better chances of making the most out of the peso-exchange rate.
Can I open a dollar account in the Philippines?
If you are interested in opening a dollar account in the Philippines, you can refer to our breakdown above of preferred banks. Overall, generally for most of the banks listed above, you would need to present proof of identification (ID/Passport) with your signature and initial deposit.
In addition, you would need to visit the individual banking websites to check for further requirements.
Based on our analysis above, RCBC’s Dragon Dollar savings account was determined to be the best/most competitive dollar account in the Philippines.
How can I open a US bank account in the Philippines?
In short, yes you can open a US bank account in the Philippines. According to PNB, you would need the following to open an account:
- Completely filled-out Account Information Form
- 2 copies of Signature Card
- W-9 form (Request for Taxpayer Identification Number and Certification)
- W-8 form (Certificate of Foreign Status)
- 2 clear photocopies of your valid IDs
Are there any American banks in the Philippines?
Yes, there are American banks operating in the Philippines such as Citibank and Bank of America.
Can I use my US bank debit card in the Philippines?
Yes, many US Bank cards will function in the Philippines (provided that the US Bank card is authorised for international transactions).
What is the best bank for foreigners in the Philippines?
For general banking in the Philippines for foreigners, we recommend Citibank as they are an international bank that operates worldwide. However, bank fees such as withdrawals could be significantly more expensive than local banks in the Philippines.
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