I just got my I-card and was wondering if I can use it to open a savings account in a bank here. I’m a foreign student, 23 years old, and I checked online but got mixed answers. It looks like CIMB doesn’t allow foreigners, but banks like BPI and BDO do. Can anyone confirm this? Also, which bank would be the best choice for savings with the limited options I have?
I opened accounts with both BPI and BDO, but they required proof of a Philippine address, like a utility bill. Also needed my ACR card and ID. That was back in 2010, though, and I think the requirements might be stricter now.
@Gabrielle
I opened a BDO account last year as a foreigner, and they asked for my passport, ACR card, and proof of address. They also wanted a local reference, someone who already had an account there. Not sure if all branches ask for that, but it’s something to keep in mind.
@Gabrielle
BPI might be a better option. I had a smoother experience with them compared to BDO. They asked for my ACR card, passport, and an employment certificate since I was working at the time. If you’re a student, they might ask for a school ID or something similar.
CIMB is mainly for Filipino citizens, so it’s not an option. But if you’re open to digital banks, Maya allows foreigners as long as you have valid IDs. Might be worth checking out if you don’t want to deal with traditional banks.
It really depends on what you’re looking for in a savings account. BDO has more branches, so it’s convenient. BPI has better online banking. UnionBank is also good for digital transactions. If you just need a basic savings account, BPI or BDO should work fine as long as you meet their requirements.