Where should I setup a bank account in Philippines?
We asked expats in Philippines what banks they use and there advice about banking. They advised...
"1. It is important to research the type of visa that you may need to gain legal residence in the Philippines. 2. It is essential to consider whether your pension and other retirement income will be sufficient to cover your living costs in the Philippines. 3. Consider whether you have access to reliable medical care and an international health insurance policy that can cover you in the Philippines. 4. Familiarize yourself with the local culture, customs, and language to make the transition smoother. 5. Familiarize yourself with any regulations or local laws that may affect you as a retiree. 6. Consider budgeting and banking options to allow your money to go further. 7. Research how you can set up internet, phone, and other connections to make life more convenient. 8. Learn more about the cost of living in different areas and make sure the place you choose to retire is feasible for you," said a member in Philippines.
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"The only bank I found accepting the opening of an account without a residency permit is ¨Security Bank" and has life insurance as a benefit :) Like every bank I visited, the guaranteed deposit is only 500.000 pesos. Lately, there have been a few issues with the bank related to scamming; however, usual caution, as you would apply at home, will keep you safe. When unsure, do not disclose online your data and contact the bank," remarked another expat who made the move to Philippines.
Other Questions:
- What should I pack when moving to Philippines?
- Where should I setup a bank account in Philippines?
- Will I be able to find a job in Philippines?
- What is life like in Philippines?
- What do expats in Philippines appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Philippines?
- Is there a lot of diversity? Are people in Philippines accepting of differences?
- What are the schools in Philippines like?
- What are healthcare services like in Philippines?
- What are medical services in Philippines like?
- Are healthcare and health insurance expensive in Philippines?
- What are emergency services like in Philippines?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Philippines?
- How are local medical facilities in Philippines?
- As a foreigner living in Philippines, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Where should I setup a bank account in Philippines?
If you live in Philippines, newcomers to Philippines would love to hear your answer to this question.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.