Can A Tourist Open A Bnak Account In Philippines?

[sidjameson]

I was recently robbed in my first few days back in Thailand, and I have learned my lesson. (probabaly)

I may be a frequent visitor to the Philippines so was wondering if I can open a bank account there in order to avoid carrying around cash.

If I have a local bank with ATM card can I take money out for free? Or anyway to avoid this?

Thanks

[crille30]

I have security bank,I think thery a big,every were in Angeles,Subic,Manila and they have both dollar account and peso.I had only turistvisa so no problem.

Edited June 27, 2012 by crille30

[dollarman]

yes, you can open with BDO at least, I got pesos and dollar account there. And it is free to withdraw if you use BDOs ATM.

Edited July 1, 2012 by dollarman

[roadagent]

Yes it is possible to open peso and US dollar accounts, as I have both with Metro Bank and BPI (Bank of the Philippines Islands). You can even deposit a check drawn on a US bank into your dollar account and get funds put into your account. BPI has a 25 day hold on the check however. You can get no fee ATM cards as others have posted. They require proper documentaton. I believe they want to see some evidence of residence (phone bill, electric bill, etc.). This may vary with the financial institution so check at the bank.