Ever been to the Philippines and found yourself in need of pesos? If you have a bank account with BPI (Bank of the Philippine Islands), then you’re in luck. With over 850 branches nationwide, it’s easy to find a BPI branch no matter where you are in the Philippines. Plus, opening a bank account with BPI is a breeze. Here’s everything you need to know about how to open a BPI bank account while you’re in the Philippines.
1. Find a BPI branch
This should be easy enough, as there are over 850 branches located throughout the Philippines. Once you’re at the branch, approach the customer service desk and let them know that you’d like to open a bank account.
2. Determine which Account to Open
BPI offers a multitude of bank account options for you to choose from. If you are looking into opening an account with them it’s important to consider certain account features such as:
- Interest rate;
- Minimum initial deposit;
- Maintaining balance; and
- The minimum balance to earn interest.
We’ve crafted a table summarising all of these for most of the currently available BPI accounts below.
|Advance Savings Account||0.38%||PHP100,000||PHP100,000||PHP100,000|
|||Maxi-One Checking Account||0.25%||PHP25,000||PHP25,000||PHP25,000|
|||Save-Up Automatic Savings + Insurance||0.13%||0||PHP1000||PHP5000|
|||Maxi – Saver Savings with Passbook||0.13%||PHP75,000||PHP75,000||PHP75,000|
|||Maxi-Saver Savings with ATM||0.13%||PHP50,000||PHP50,000||PHP50,000|
3. Required Documents
The teller will need to see two valid forms of identification before they can begin processing your account opening request. The following requirements are necessary depending on which category you fall into:
- Students (Filipinos): any one of the following documents – PhilID, birth certificate, school lD signed by the school principal or head of the educational institution;
- Citizen: any one of the following documents: PhilID, Identification documents issued by the Government of the Republic of the Philippines, or other identification documents that can be verified using reliable, independent source documents, data or information; and
- Foreign nationals: any one of the following documents: PhilID, passport, Alien Certificate of Registration issued by the Bureau of Immigration or other identification documents that can be verified using reliable, independent source documents, data or information.
4. Fill out an application form
The teller or BPI representative will hand you an application form to fill out, which will ask for basic information such as your name, address, and contact details. Once you’ve completed the form, simply hand submit this either in person or online (depending on the branch requirements).
5. Deposit initial funds into your account
In order to open a BPI bank account, you’ll need to deposit between PHP0 to PHP100,000 depending on your account type. You can do this by writing a check or transferring funds from another bank account via ATM or online banking.
That’s it—you’re now the proud owner of a BPI bank account! All that’s left to do is start making regular deposits or investing.
Summary of How to Open a BPI Bank Account in the Philippines
Opening a bank account with BPI is quick and easy—even if you’re not a Filipino citizen. Just make sure you bring valid forms of ID, fill out an application form, and deposit the required amount into your new account, and you’ll be all set!
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