Banking There’s a lot of international banks operating in Manila like Citibank, HSBC, Standard Chartered, Deutsche Bank, Bank of America and Bank of China to name a few. Communication would not be an issue as bank tellers are well versed in English and if you are a valued client, you will even be assigned a personal banker.
All forms are in English so transacting with them should be easy. Banking with big local banks like Bank of the Philippine Islands (BPI) or Banco de Oro (BDO) can also be an option as these banks has built a reliable reputation in the banking industry through the years.
TO OPEN A BANK ACCOUNT To open a bank account (as a foreigner), you have to be prepared to present the following:
1. at least 2 valid ID’s (passport, driver’s license, or other government issued IDs)
2. 2 copies of 1 x 1 ID picture
3. Alien Certificate of Registration (issued by the Bureau of Immigration)
4. Proof of Billing (from utility companies like power, water, phone, cable)
5. Tax Identification Number
Please note that requirements may vary from bank to bank but the above should be the minimum requirements.
TO TRANSMIT MONEY ABROAD As in other countries, the Philippines has regulations in place to curb Money-Laundering. Be prepared to present proof of income (e.g. salary slip, tax returns, etc.) to back-up the amount you are sending abroad. It is best though to immediately check this issue in advance with your chosen bank so that you would know what information to disclose and what other documents are needed.
http://www.exchange-rates.org/currentRates/P/PHP Link to current exchange rates to the Peso