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How much will it cost (initial deposit) to open a bank account in the Philippines?

Some of you might ask, "How much will it cost to open a bank account here in the Philippines?". The cost depends on the bank where you open the account. It would range from Php 500 to P 10,000. Actually, opening a bank account in the Philippines is free of charge. This means no service fees or no admin fees. The cost stated here refers to the initial deposit required to open the account. You can withdraw all the money on your account whenever and wherever you want.

cost of opening bank account in Philippines

To give you more choices of banks where you want to open an account, we provided a list of banks and their initial deposits (for Peso and Dollar Savings/ATM accounts).

Below are the major banks' cost (initial deposit) of opening a bank account in the Philippines. These are for Peso Savings/ATM accounts:


For Peso Savings/ATM Accounts

Name of BankInitial Deposit (range, in Philippine Pesos)
LandBankPhp 500 - Php 10,000 ($ 11.24 - $ 224.72)
Development Banks of the Philippines (DBP)Php 1,000 ($ 22.47)
China BankPhp 1,000 ($ 22.47)
Banco de Oro (BDO)Php 2,000 - Php 5,000 ($ 44.94 - $ 112.36)
MetrobankPhp 2,000 - Php 10,000 ($ 44.94 - $ 224.72)
Rizal Commercial Banking Corporation (RCBC)Php 3,000 - Php 10,000 ($ 67.42 - $ 224.72)
Philippine National Bank (PNB)Php 3,000 - Php 10,000 ($ 67.42 - $ 224.72)
Bank of the Philippine Islands (BPI)Php 3,000 - Php 10,000 ($ 67.42 - $ 224.72)
UnionbankPhp 25,000 ($ 561.80)

Take note: There other types of accounts of the listed banks above which offers lower initial deposit. These initial deposits are subject to change by each banks. The listed initial deposits above are applicable only for peso savings accounts. Dollar accounts have higher initial deposit than peso savings account.


For Dollar Savings/ATM Accounts

Name of BankInitial Deposit (range, in US Dollar currency)
Development Banks of the Philippines (DBP)$ 100
LandBank$ 200
Banco de Oro (BDO)$ 200
China Bank$ 500
Metrobank$ 500
Rizal Commercial Banking Corporation (RCBC)$ 500
Philippine National Bank (PNB)$ 500
Bank of the Philippine Islands (BPI)$ 500


Do you find it cheaper to open a bank account in the Philippines compared to opening a bank account outside the Philippines?
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