Bank Requirements in the Philippines

by Gil on June 29, 2011

For first-time customers in applying bank account, it sometimes difficult to get information on what documents should bring and submit to the bank. Commonly, most people resort to the Internet to know and learn which documents they should bring and what are the procedures to follow.

In order to address this issue, I created this article to help you prepare when you want to apply for a bank account, particularly savings account. In general, it is not complicated to open a new account; it is only our lack of knowledge that makes thing difficult.

Requirements to Submit when Opening a Bank Account

As I said earlier, there are some documents you should pass to the bank when you are applying for a new bank account. It is mandatory for all the banks to get information about their customers as required by Anti-Money Laundering Law. So if you don’t have still these requirements, you must get it first before going to the bank where you want to apply.

1. First of all, you should have at least two valid ID. When I say valid, it should be current and you are still using it. It must not be expired or damaged. As much as possible, your name and picture is indicated on the ID. The most common examples of ID you can use for opening an account are SSS ID, school ID, Driver’s license, Postal ID, Company ID, NBI Clearance, Passport, Senior Citizen card and any government-issued ID.

2. Make sure to bring at least one proof of billing such as Meralco bill, water utility bill, credit card bill, telephone or cell phone bill or any kind of billing statement you have. Even though you do not own the bill, you can still use it as long as you are living in that house.

3. Make at least two photocopies for each ID and billing statement. Only photocopies will be get from you not the original copy but you still need to bring it for verification.

4. For foreigners living in the Philippines which are not a Filipino citizen, you should have your Alien Certificate of Registration, passport and proof of billing as requirements for bank account application.

5. Prepare the initial deposit of your account. Usually, you can open a new savings account for as low as P500 for ATM account without passbook. If you want to have a passbook and an ATM card, the normal initial deposit for that is P10, 000.

Other Tips that can be Helpful

One important tip that I can give to you when applying for a new bank account is to apply also that account to online or Internet banking at the same time. Most banks allow that scenario and it is easier and more convenient for them to do that.

One example I want to give is my experience when I open an ATM savings account at Metrobank which provides options to their customers on the added services they are offering. Actually, when you fill out their application forms, you can see the suggestion to apply your account to online banking, phone and mobile banking.

Finally, you should choose a bank nearest your location. It may be near your house or place of work so when the time comes there’s some problems about your account, you can easily go to the bank to fix it.

{ 6 comments… read them below or add one }

CristelMarie August 3, 2013 at 11:37 pm

Hi what if I’m staying in a dormitory..
Could I just ask the landlord to give me a copy of
their proof of billing, then ok na…?

student pa,,, 18 years old..


Sheryl Yangat January 16, 2015 at 11:45 am

can i used the bill of lazada as my proof of billing?…


lyka mae lamosa April 28, 2016 at 7:50 pm

Can I use my college ID which is I don’t use it now coz I stopped studying and it will expire this year? And also I am just living with my mom’s house, do I really have to bring the bill from her name or is that okay?


shirley macalla June 8, 2016 at 7:14 am

Can i use barangay clearance as a proof of billing?


Krish December 8, 2016 at 2:23 pm

Why they are looking for proof of income if im not employed?


jenny payumo May 26, 2017 at 2:48 am

Panu poh kung wla kming billing, anu pa pu pwding gmitin,,,


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