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No Easy Way to Open a Checking Account in Philippines

Friday, September 18, 2015

Photo source: www,i.investopedia.com/

Unlike other countries, it's a pain to open a checking account in the Philippines. For average earners who do not own a savings account, it can take them months to get a checking account.

Even those with savings account can't easily get approved. Banks would base it on your account's cash flow before they even consider approving your application for a checking account. It's a real hassle for those who need post dated checks immediately.

Don't believe some blog articles telling readers it's easy to get a checking account in the Philippines. They recommended going to those "Savings Bank". I have been searching everywhere, called several banks and even visited some. They require you to have at least 6 months savings account in their branch before they even consider giving you a checking account. I even called those small rural banks and they also require to have 6 months savings account first.

Misleading Bank Promos

There are several banks advertising for easy checking accounts with low maintenance balance etc. Sounds good right? Don't get excited. There's a catch: You can only apply for checking account if you have savings account in their bank. So if you need a check immediately and you don't have an existing savings account with them, there is no way you can get one instantly. Here are several banks I have visited in hopes of opening a checking account:

China Bank Savings
Checking account: Easi-Checking Account
Initial Deposit: 5,000
Minimum maintaining balance to earn interest: 10,000

RCBC Savings Bank
Checking account: Basic Checking Account
Initial Deposit: 10,000
Minimum maintaining balance to earn interest: 10,000

Citystate Savings Bank
Checking Account: Citymax Account
Initial Deposit: 1,500
Minimum maintaining balance to earn interest: 5,000

Asia United Bank
Checking Account: Preferred Peso Checking
Initial Deposit: 10,000
Minimum maintaining balance to earn interest: 100,000

I wish banks would be more clear about their rules in opening a checking account so that people would know right away. It's very frustrating to get false information and go out of your way to prepare the requirements, only to get there and be told that you need to have 6 months savings account with them first. 

The banks also need to train their staff to answer queries right. I was told several things like:

1. You can open a checking account with us instantly, just visit our branch and bring your documents.
2. You only need 2 government issued IDs.
3. You only need a barangay certificate if you don't have proof of billing under your name.

What I learned:

1. You can't open a checking account instantly.
2. Your 2 government IDs may not be accepted at all. I presented TIN ID, Philhealth ID, NBI Clearance, and Company ID. They did not accept it and told me to present another one like the new digitized Postal ID or SSS ID or passport. 
3. Most banks won't accept barangay certificate as proof of billing. 

Have you experienced opening a checking account in the Philippines? Share your experience in the comment section. :)

36 comments

  1. Ang alam ko pag may kakilala ka na big time client ng isang bangko pwede ka magpatulong na i-refer para maka-open ka agad ng checking account

    ReplyDelete
  2. I also have the same experience. It is really frustrating. There's no easy way to open a checking account here in the phils. Even if you have an existing savings account and have a good standing but have not reached 6 months with them, you still cant open checking acct.

    ReplyDelete
    Replies
    1. Yes it is indeed frustrating. I finally got approved for a checking account after waiting 6 months. Unlike banks in US where banks encourage their clients to open a checking account with them, Phil banks do the opposite!

      Delete
  3. I had this experience with Security bank last 2014. i badly needed checks for my dreamhouse and all big and small banks turned me down except security bank along national road near balibago laguna. i just presented my tin id and company id, and that's it. im just not sure if they do it in other branches too

    ReplyDelete
    Replies
    1. I guess you got lucky with that particular branch. I went to Security bank in Pasong Tamo and it said the same thing about having a savings account first for 6 months.

      Delete
  4. hassle ang 6 months requirements. :( hindi aq tuloy makakuha ng condo unit.

    ReplyDelete
    Replies
    1. I know right? Dito lang sa atin mahirap mag-open ng checking account. :(

      Delete
  5. Very true ang blog na to..
    I have this experience lately lng.. Sana lang nilalagay nila sa website nila kailangan pla na depositor ka ng atleast 6mos. Bago ka makapagopen ng checking acct. Nkakatanga lng ee.. Mapapagod ka lng sa kakapunta sa mga bankong yan.. Imbey!

    ReplyDelete
    Replies
    1. Dapat talaga ilagay nila sa website nila ang 6 months requirement. Very misleading kasi mga promo nila about how easy it is to open an account tapos pagdating sa bank di naman pala ganun kadali.

      Delete
  6. Try aub emerald ortigas branch mbilis at madali dun makapag open ng checking account. Got mine within an hour or two.

    ReplyDelete
    Replies
    1. ano requirements nila for checking account?

      Delete
    2. Yeah,so I heard. Yung kakilala ko minimum 2,800 deposit nakakuha siya checking account sa AUB Ortigas. Government isued od lang ang kailangan.

      Delete
    3. Yeah,so I heard. Yung kakilala ko minimum 2,800 deposit nakakuha siya checking account sa AUB Ortigas. Government isued od lang ang kailangan.

      Delete
    4. Nagpunta po ako sa AUB need nila may account ka sa knila na 6 months

      Delete
  7. Magkano po initial deposit and maintaning sa AUB?? I need one dn kc for may autoloan. Thanks

    ReplyDelete
  8. Tama rin naman that banks check and qualify each person before they allow them to open a Checking account even if they have savings account for 6 months. Marami kasi nag oopen ng checking account but very irresponsible when it comes to managing their finances. Those who are not diligent with their finances, usually nag return or bounce check nila. It's not worth the banks time to have clients like those that's why they impose on maintaining balance and such. Lahat naman Meron cost Ang bank, pag di naman valuable ang deposit Ng ibang tao and nag return pa Ang check, waste of time talaga. Marami hindi nag aalaga ng account nila. Personally, I would not like to accept check payments just from anyone.

    ReplyDelete
    Replies
    1. Yeah that makes sense. It's just a pain in the a** for responsible individuals to be subjected to that long of a wait.

      Delete
  9. Try Security Bank. They have all-access account (atm, checkbook, passbook) na pwede mag-open kahit wala kang existing account sa kanila. I opened one last week for payment ng amortization and kakakuha ko lang ng checkbook ko kanina. Quite pricey nga lang kasi kahit 5k yung initial deposit, 25k naman yung maintaining. And 100k if you want it to earn interest.

    ReplyDelete
    Replies
    1. pagka initial deposit ba makuha na ba yung checkbook, or kailangan ba 25k agad deposit, or before 1 month pa kaialnagn may laman na syan 25k

      Delete
  10. PSBank. If wala kang account sa kanila you need 10k initial deposit. Yun nga lang 1 week ang processing ng application, wala pa dun yung printing ng checkbook. I tried opening sa kanila kaso medyo natagalan ako dun sa 1 week na turnaround time. So nag-Security Bank na lang ako. Complete with passbook, Everyday ATM Mastercard and checkbook na.

    ReplyDelete
    Replies
    1. Sa SECURITY BANK all access passbook, ATM and checking account ang initial deposit as of today April 4, 2017 ay nasa 25K. Kaya nag PSBANK na lang ako nasa 10K lang. Hindi na nila kailangan ng existing savings account sa kanila. 2 Valid IDs na Digitized lang ang kailangan mong isubmit. Pagka submit ko kinabukasan approved na agad then pagkabayad ng initial deposit na 10K nakuha ko na yun checkbook ko. Maintaining balance is nasa 5K lang.

      Delete
  11. Sa east west madali lang..meron silang 2 options. 1k at 5k. Plus 250 para sa checkbook.Madali lang din process nila

    ReplyDelete
  12. Sa easwest na natanungan ko po need ng 6 months na existing account.

    ReplyDelete
    Replies
    1. Just a while ago, I tried to apply sa Eastwet and they require 6 months to have a savings account with them which is 100 pesos lng to open... pero need pa rin 6 months... bka after 2 months pwde na mag-apply ng check kaso need ko na agad ung check :(

      Delete
    2. Need talaga daw 6 mos. Kinulit ko nga dati yung EastWest branch nakiusap ako na kung pwede kahit after 2 mos. Di daw talaga pwede.

      Delete
    3. galing ako eastwest plaridel, requirements,tin number,2 valid ID,1000,lang deposit 10 pesos check,at yung 5000 deposit din mas mura ang per pc. ng check 3.50 lang isa,after 3 day pag d ka bad record approve ka agad.

      Delete
  13. Very true. I opened an all-access account in security bank this morning. The manager was so sungit. I am their depositor na for 9 mos. But si manager e paulit ulit saying na at least 6 mos.daw. and 25k maintaining. And she also repeated All possible charges for going below 25k and bounced checks. I said yes I know and I am a depositor more than 6mos na. Finally wala sya nagawa and I was able to open an account and got my checkbook, passbook and ATM. Hassle lang kasi sungit ni manager at ayaw yata mgpa open ng account

    ReplyDelete
  14. Worse.... Sa BPI pag nazero balance mo sa checking acct mo kahit 24 hours lang. Closed agad. Kahit inadvertently lang. Regardless kung good standing ang account mo. Hassle!

    ReplyDelete
  15. BPI DIRECT IS THE ANSWER. I APPLIED ONLINE. INDICATE MO KUNG SAN BRANCH MO I PICK UP. TAPOS PICK UP NA AFTER 1 Week

    ReplyDelete
  16. hi good day.. tanong ko lang ka open ko lng ng checking acct sa china bank then ang bigay nilang check is walang account name.. do i need to write use my penmanship in writing the acct name.. baka hindi tangapin ng merchant kasi hindi encoded ang acct name.. need ur advice,,. tnx!

    ReplyDelete
    Replies
    1. Sorry I don't know the answer to that. Pls ask your bank about it.

      I have been using a check without my name for a while now and never had a problem.

      Delete
  17. Hi which branch ur referring? Coz I'm really desperate to have a checking account, I've already tried a lot of banks but they have same requirements.. I should have 6 mos saving account with them etc etc etc....

    ReplyDelete
  18. haay, tama pala ako ng napuntahang site.. need ko din ng checking account para makapag loan, akala ko madali lang, need pala talaga ng 6mos.. sana meron ako makuhaan na banko na ma issue agad yong checking account.. try ko yong mga bangko na sinabi sa itaas

    ReplyDelete
  19. Help po anong bank ang pwede kong applyan ng checking account na hindi kailangan ng 6 months at 5k pababa lng ang pag open need ko lng po tlga for pdc on tuesday so need ko po nung one day process lng...help po plase..

    ReplyDelete
  20. San po kaya pwedeng makapagopen agad ng checking account na hindi na kelangan magwait ng 6 months at 5k initial deposit lang tnx po sa sasagot.

    ReplyDelete

 

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