Money and Banking in the Philippines.

Banks in the Philippines

Money and Banking in the Philippines

Visitors to the Philippines - check out Currency Regulations in the Philippines before leaving home.

Use this handy International Currency Converter to find current exchange rates. This is not a warranty of its accuracy but I have found it to be quite accurate. 

BPI 

Which bank to use in the Philippines? My favorite bank is the Bank of the Philippine Islands (BPI). Banks in shopping malls often have many people waiting to be served. Some have seating for those waiting, some do not. For example, Banco de Oro (BDO) has long lines and few seats and it is common to stand in line for up to 45 minutes before being called to a teller. On the other hand, BPI has chairs or padded benches to relax on while you are waiting to be called. BPI has a ticket system where you enter information about your transaction (deposit or withdrawal, etc.). The machine will issue you a ticket with a number on it. Your number will be called when you are next to be served. If you need to see a bank officer your wait will be shorter.

Another difference between BDO and BPI:  the last I knew BDO charges a fee to deposit and a fee to withdraw money. BPI does not charge such fees. If you discover that they now charge fees please notify me by commenting below.

Some of the largest banks in the Philippines:

1. Banco de Oro Universal Bank (BDO Unibank)
2. Metropolitan Bank and Trust Company
3. Bank of the Philippine Islands (BPI)
4. Land Bank of the Philippines
5. Philippine National Bank
6. Development Bank of the Philippines
7. China Banking Corporation (Chinabank)

The banks most commonly found in shopping malls are:

Banco de Oro (BDO), Bank of the Philippine Islands (BPI), and China Banking Corporation (Chinabank).

A more complete list of major banks in the Philippiines.

If you are selecting a bank ask the bank manager if there are safe deposit boxes available. I have read that you must be a regular customer and must have large deposits in the bank. I just discovered online that Philippine National Bank (PNB) offers safe deposit boxes and has the fees posted.

If you are in the USA or another country and want to open an account with a Philippine bank you may want to use PNB which has many offices in the USA and other countries.

Warning: I tried to cash Travelers Checks at Western Union in Manila and discovered that they do not accept them. Almost nobody accepts them. Do some research online before purchasing them. I have read that some banks, hotels and restaurants will accept them.

Warning: if you wire funds to a bank in the Philippines there will be a wait of about 10 days before the funds will be available to you. The money arrives at the bank within hours or a day or two but for some reason the money cannot be withdrawn fast.

If you are planning on staying for an extended length of time in the Philippines it is a good idea to open a Peso account and a Dollar account (or an account in your home currency). Things you will want to buy are
priced on Pesos. And, with a Dollar and Peso account you can wait until the exchange rate is more favorable before exchanging your currency for Philippine Pesos. Another reason is so that you can exchange Dollars for Pesos at the "onshore rate". That will cost you considerably less than exchanging in your country.

If you send money via Western Union tell them you want the money to arrive in the Philippines as US Dollars. If you send it as Pesos you will lose when your dollars are converted to Pesos by Western Union.

There are money changers with small sidewalk offices but it is much safer to change your money in a mall. Often there is someone looking over your shoulder while changing on the sidewalk.

If you exchange a large amount of  money at a mall you can ask a bank guard to request a mall security guard to take you to your car. If you do not have a car then exercise extreme caution. Be aware of who may have seen your exchange, be aware of anyone who may be following you. Take precautions. Maybe take a trusted Filipino friend with you to the bank.

Banks and bank branches usually have at least 2 armed security guards. One outside and one or two inside.
They are armed with pistols and shotguns. They are very professional and are glad to answer questions.

Armored truck personnel are more heavily armed.

Need to hire someone to work for you? See information and charts about how much money do Filipinos earn?

Check out foods to avoid in the Philippines.

Discover Filipino Foods Americans Like.

I think you will like this buffet restaurant in the Balibago section of Angeles City.

You will find many American restaurants in the Philippines.

There are grocery stores where you may buy American and European foods.

Malls in the Philippines are World Class! And, they feature world class cinemas and restaurants from all over the world.

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This article will be expanded upon. Please check back to read more about money and banking in the Philippines. This page last updated August 8, 2014.