USD account in the Philippines
Opening a US dollar (USD) account in the Philippines can have significant advantages, including letting you receive, hold, and spend dollars, and giving you the option of converting them to other currencies. Both individuals and businesses can benefit from a USD account in the Philippines when dealing with dollars regularly.
However, opening a US dollar account with a bank in the Philippines may mean maintaining a fairly high minimum balance amount, and covering account maintenance and transaction fees. In many cases, you won’t get a debit card with your bank USD account, making it tricky to use when you travel. Specialist providers like Wise can be a good alternative.
In this article, we'll cover what you need to know about opening a US dollar account, including the best US dollar account in the Philippines, the costs involved, and how to open one
Quick summary: US dollar currency account in the Philippines
Wise USD account: Hold and exchange 40+ currencies including PHP and USD, with a debit card and no ongoing fees
BDO USD account: USD account with 200 USD minimum opening deposit and 500 USD minimum maintaining balance needed
BPI USD account: Interest earning USD account with 500 USD opening deposit and minimum maintaining balance needed
Security Bank USD account: USD account allowing you to withdraw either PHP or USD - 500 USD minimum maintaining balance needed
PNB USD account: USD account with passbook, 500 USD minimum maintaining balance needed
Can you open a USD account in the Philippines?
You can open a US dollar account in the Philippines through a bank or a specialist online provider. Accounts from banks can have minimum balance rules which require you to hold a balance in your account at all times to avoid fees. Some accounts are only used to hold and transact in USD, while providers like Wise offer other currencies too.
Multi-currency accounts often offer dozens of currency options as well as US dollars which can be convenient if you need to hold, send or spend in several currencies.
Best USD accounts in the Philippines
Provider | Minimum balance | Fees | Debit card | Other features |
|---|---|---|---|---|
No minimum balance needed | No opening or monthly fees for personal account One time opening fee for business account - no ongoing fees apply | Available | Multi-currency account to manage 40+ currencies Local and SWIFT account details for 20+ currencies Send payments to 40+ currencies | |
BDO | 200 USD minimum opening balance 500 USD minimum daily balance average required | 5 USD fall below fee if minimum balance is not maintained | Not available | Interest earning account |
BPI | 500 USD minimum daily balance average required | Confirm fees directly with BPI when applying for your account | Available | Interest earning account |
Security Bank | 500 USD minimum daily balance average required | 5 USD fall below fee if minimum balance is not maintained | Not available | Interest earning account Withdraw USD in branch (subject to currency availability) |
PNB | 500 USD minimum daily balance average required | 20 USD fall below fee if minimum balance is not maintained | Not available | Interest earning account Passbook issued |
Wise USD account
Wise multi-currency accounts can be used to hold, send and spend USD as well as _40+ additional currencies. They’re available for personal and business use and come with local and SWIFT account details for 20+ different currencies including US dollars, so you can receive payments conveniently.
You can also get a linked physical or virtual debit card to spend and make ATM withdrawals at home and abroad. Currency conversion uses the mid-market exchange rate with low, transparent fees.
Wise fees: No fee to open a personal account, no ongoing fees, one time fee for personal account holders to get a card
Supported currencies: 40+ including USD
Wise exchange rates: Mid-market rate
Receiving payments: Get paid with local details in 20+_ currencies
Other notable features: Send to 40+ countries, spend with your card in _150+ countries
BDO USD account
BDO offers a USD account which is intended for people looking to earn interest on their dollars. You need to have a minimum balance of 500 USD on average to avoid fees, but once you have money in your account you may be eligible to earn interest at the bank’s prevailing rate. Account early closure, fall below and dormancy fees may apply depending on how you use your account.
BDO fees: 5 USD fall below fee if minimum balance is not maintained
Supported currencies: USD
BDO exchange rates: View available rates online or ask in branch
Receiving payments: Deposit cash, send online payments or remit payments from overseas to your BDO USD account
Other notable features: Online account opening may be available
BPI USD account
BPI has an interest earning USD account with a 500 USD minimum balance requirement. The account comes with a debit card which is convenient as it allows you to access your money at an ATM, or for making a payment when you shop. This account is intended for people depositing cash, checks and demand drafts.
BPI fees: Fees are not detailed online - ask at the bank when you open your account
Supported currencies: USD
BPI exchange rates: View available rates online or ask in branch
Receiving payments: Deposit in cash, checks, or demand drafts
Other notable features: Debit card available for cash withdrawals and payments
Security Bank USD account
You can open your Security Bank USD account with a 500 USD minimum deposit, and withdraw cash over the counter at a branch when you need it. You may need to order your USD cash in advance to use this service. Fall below fees apply if you don’t hold your minimum balance in the account for 2 months or more.
Security Bank fees: 5 USD fall below fee if minimum balance is not maintained
Supported currencies: USD
Security Bank exchange rates: View available rates online or ask in branch
Receiving payments: Check available receiving methods with the bank directly
Other notable features: Withdraw cash over the counter when you need it
PNB USD account
PNB has a USD account which you can open online or in a branch, with a deposit of 500 USD needed. You’ll be able to earn interest on your account balance, but bear in mind that a high fee applies if you fail to maintain 500 USD in your account for 2 months or more. Account dormancy fees can also apply if you don’t use your account for 2 years.
PNB fees: 20 USD fall below fee if minimum balance is not maintained
Supported currencies: USD
PNB exchange rates: View available rates online or ask in branch
Receiving payments: Check available receiving methods with the bank directly
Other notable features: High fall below fees if you don’t maintain your balance
What is a USD account?
US dollar accounts are available in the Philippines from banks and alternative providers. Some accounts hold USD only, while others let you manage dollars along with other currencies for greater flexibility.
The features of your USD account will depend on the exact product you pick - you may be able to receive payments from others in USD, or spend USD in person and online with a linked debit card. There are also accounts which are more focused on customers who want to invest and save in foreign currencies. It’s worth considering how you want to use your account before you pick the right product for you, to make sure you end up with all the features that are important to you.
How does a USD account work?
It’s useful to note that USD accounts are usually designed with a specific customer type or need in mind. Often the accounts you get from banks are intended for saving in USD - but not designed for travel spending. Alternative accounts from providers like Wise are more about flexible currency management, and come with a debit card and the option to hold dozens of other currencies as well as USD. Generally you’ll need to either add money yourself with a digital transfer, or have someone send you money, before you can start to spend.
USD account with debit card
The USD accounts from banks we’ve highlighted above do not always come with linked debit cards. Instead they’re aimed at people who want to save in USD. If what you’re after is an account you can use for travel, a specialist provider like Wise might be better. Here’s a reminder:
Wise account and card: Order a card for a low one time fee, and spend in 150+ countries, in 40+ currencies. USD supported for holding and exchange, and currency conversion uses mid-market rates with low fees
How to open a USD account in Philippines
The exact process to open a US dollar account will vary depending on the provider you select. In some cases you’ll need to show you meet eligibility criteria to be able to open an account. However, many USD account providers allow customers to open and manage their accounts online and through mobile apps for convenience and speed.
The steps you’ll usually need to take to open a US dollar account include:
Choose the best provider for your needs
Register for your account online, through the provider app, or in a branch location
Give your personal and contact information
Complete the required verification steps
Fund your account with the minimum required balance or more - and you’re ready to go
The documents you usually need when you apply can include your Passport, Driver’s License, PRC ID, UMID, SSS ID, PhilySys ID or School ID. If you don’t have one of these documents, you may still be able to apply by providing 2 alternative documents to prove your identity.
How to open USD account online
You might find you can open your USD account online or in your bank’s mobile banking system. However, this is not always possible.
Digital providers like Wise offer a fully online or in app application, verification and onboarding. As an example, here's how to open a Wise account:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents and proof of address for verification
Once your account is verified you can select Currency Balance and tap USD to open your USD account
Top up your balance, and complete any required security step - your account details are available within the currency balance tab on the Wise app
What are the advantages of a USD account in the Philippines?
USD accounts are handy for anyone who needs to send or receive payments in USD - you won’t need to convert your money back to PHP every time, which cuts down on unnecessary costs. Some people also want a US dollar account to get a linked international debit card that can be used when travelling in the US. Providers like Wise have payment cards optimised for overseas use, with great value currency exchange and some no-fee ATM withdrawals, too.
Other people may choose to open a US dollar account to save and invest. Holding savings in a different currency can be handy if you’re planning to travel, but it’s also a good way to diversify your investment portfolio.
Businesses can benefit from a US dollar account if they need to pay and get paid in USD. You can hold a US dollar balance as a hedge against exchange rate fluctuations, or for future payments, plus you can get paid in US dollars by customers and clients, marketplaces and PSPs like Stripe.
How to use USD account
As we’ve seen, the US dollar accounts you can open from the Philippines can have some very varied features to suit different customer needs. What you get will depend on the specific product you pick, but you may be able to do the following with US dollar accounts in the Philippines:
Hold and exchange USD as well as a selection of other currencies in one account
Receive payments in USD by giving others your account details for a bank transfer
Spend in USD with a linked debit card
Invest in USD, or save for a future bill or purchase without needing to convert back to peso
USD account details
If you need to get paid by others in USD, you’ll want to find a US dollar account which has its own local USD bank details for receiving local payments. Some of the accounts we’ve looked at in this guide - such as the account from Wise - offer US dollar account information including an IBAN and all you need to receive a payment in USD just like a local. Here’s the USD account information you get from Wise:
USD account details |
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As a reminder, here’s how to open a Wise account and get your USD account information:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents and proof of address for verification
Once your account is verified you can select Currency Balance and tap USD to open your USD account
Top up your balance, and complete any required security step - your account details are available within the currency balance tab on the Wise app
Open your Wise account🚀
USD business account
If you own a business which has customers, contractors or suppliers in the US, you might benefit from a business foreign currency account in USD. Business customers can often unlock extra features compared to personal customers, to allow them to send money in USD to others, receive US dollar payments from customers and payment providers, run international payroll, issue cards for employees, and so on. Again, the features of different USD business accounts can vary a lot - some of the options can include:
Wise business account: One time fee to open an account, with no ongoing charges. Hold USD alongside many other currencies, exchange with the mid-market rate, get debit and expense cards and extras like cloud accounting integrations and batch payments
OFX business account: For businesses and online sellers, looking to receive customer payments and get paid through PSPs and market places. USD offered alongside 6 other currencies
FAQs – US dollar account FAQs
Get your USD account from a bank or a specialist online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply.
Some US dollar accounts can be opened for free, with no monthly or ongoing charges to worry about - but minimum balance requirements do often apply when you choose a USD account from a bank. Do some research - starting with this handy guide - to find the right US dollar account for your needs, including alternative providers like Wise which has a USD account with no minimum balance needed.
Banks in the Philippines may be able to offer USD accounts to customers, but these tend to be intended for saving and investments rather than for travel or day to day use. Take a look at the options from BDO, BPI and Security Bank as examples. As an alternative consider a specialist provider like Wise which can often be cheaper and more flexible.