How to Open a Philippine Bank Account BDO, BPI, Metrobank & Foreign Company Requirements (2026)

Opening a corporate bank account in the Philippines is one of the most critical steps after registering your business with the SEC or DTI. Without it, you can’t receive client payments, process payroll, pay suppliers, or prove your paid-up capital all of which are required for full legal compliance. Yet many foreign founders hit unexpected roadblocks: missing documents, unclear residency rules, and banks that quietly say “we’re not onboarding foreign companies right now.”

This guide breaks down everything you need to know in 2026 from choosing the right bank, to the exact documents required, to the real-world challenges foreign-owned companies face and how to navigate them. Whether you’re setting up a domestic corporation, a branch office, or a wholly foreign-owned enterprise (WFOE), this is your practical roadmap.

Why Your Bank Choice Matters More Than You Think

Most business founders treat banking as an afterthought something to sort out after the exciting work of company registration is done. In the Philippines, that mindset is costly. Here’s why:

• SEC registration requires a bank certificate. If you’re incorporating a new company, you typically need to deposit your paid-up capital into a bank account and obtain a bank certificate before the SEC will complete your registration. The bank must be chosen before incorporation is finalized.
  
• Payroll compliance requires a local peso account. If you plan to hire Filipino employees, you’ll need a local account to process payroll through the bank’s payroll system or integrate with BancNet/InstaPay.
  
• Some banks are more foreign-company-friendly than others. Policies change frequently, and a bank that welcomed foreign corporate accounts in 2023 may have tightened its KYC requirements by 2026. Choosing wrong means weeks of wasted effort.
  
• Transaction limits and fees vary dramatically. Daily wire transfer caps, foreign remittance fees, and online banking capabilities differ enough between banks to meaningfully impact your operating costs.

Bottom line: choose your bank strategically, not by convenience of location.

The Top Banks for Corporate Accounts in the Philippines (2026)

The Philippine banking system is robust, regulated by the Bangko Sentral ng Pilipinas (BSP), and anchored by a handful of major universal banks. For corporate accounts particularly those involving foreign ownership these are the four banks most commonly recommended and used:

• BDO Unibank Largest bank by assets; widest branch and ATM network in the country
  
• Bank of the Philippine Islands (BPI) Oldest bank in Southeast Asia; strong SME and digital banking suite
  
• Metrobank Preferred by mid-market and large enterprises; strong trade finance capabilities
  
• UnionBank The most digitally advanced traditional bank; excellent for tech-forward businesses

Each has distinct strengths. Let’s go through them one by one.

BDO Unibank Best for Reach & Volume

BDO Unibank is the largest bank in the Philippines by total assets, and for many businesses, its sheer scale is the primary draw. With the most extensive branch and ATM network in the country, BDO makes it easy to deposit cash, issue checks, and access in-person support regardless of where your operations are based.

Key Features for Corporate Accounts

• Comprehensive suite of corporate services: payroll, trade finance, cash management, foreign currency accounts (USD, EUR, JPY)
  
• BDO Online Banking for Corporates with multi-user access and approval workflows
  
• BDO Cash Management System for businesses with high transaction volumes
  
• Competitive foreign exchange and international wire transfer capabilities

Minimum Deposit & Balance Requirements (2026)

• Initial deposit: ₱10,000–₱25,000 (checking accounts typically require more)
  
• Average Daily Balance (ADB): ₱25,000–₱100,000 depending on account type
  
• Monthly fees for falling below ADB: ₱300–₱500

Note: Requirements are subject to change. Always confirm with your branch before opening.

Best For

Businesses with high transaction volumes, multiple branch locations, or a need for widespread ATM/cash deposit access across the Philippines.

Caution for Foreign Companies

BDO’s KYC (Know Your Customer) requirements for foreign-owned corporations have become stricter in recent years. Expect a longer review period sometimes four to six weeks and be prepared to provide source-of-funds documentation for foreign shareholders.

BPI (Bank of the Philippine Islands) Best for SMEs & Digital Banking

Founded in 1851, BPI is the oldest bank in the Philippines and Southeast Asia, and it earned the title of Best Bank in the Philippines at the 2025 Euromoney Awards. Its combination of institutional credibility and modern digital infrastructure makes it a top choice for small and medium enterprises (SMEs) and growing startups.

BPI BizLink Corporate Online Banking Platform

BPI’s standout feature for businesses is BPI BizLink, an online portal designed to help companies manage multiple accounts and transactions in one place. It comes in two versions:

• BizLink BPI Digital Access: No Average Daily Balance (ADB) requirement ideal for startups and lean operations
  
• BizLink BPI Core: Requires ₱100,000 ADB across all enrolled accounts, but unlocks additional features including
  government payment integration (SSS, PhilHealth, Pag-IBIG)

Minimum Deposit & Balance Requirements (2026)

• Initial deposit: ₱10,000–₱50,000 depending on account type
• ADB: Varies by product (₱0 for Digital Access; ₱100,000 for Core)

Best For

SMEs, digital businesses, companies with government payment obligations, and founders who prioritize a clean digital banking experience over branch accessibility.

Caution for Foreign Companies

BPI is generally welcoming to foreign-owned entities, but requires complete documentation upfront. Apostilled or notarized foreign-sourced documents are typically required, and the process can take three to five weeks.

Metrobank Best for Mid-to-Large Enterprises

Metropolitan Bank & Trust Company (Metrobank) has built a strong reputation for tailored corporate solutions, SME lending, and trade financing. With over 950 branches and 2,300 ATMs nationwide, it’s a powerhouse for businesses that need institutional-grade banking with a personal touch.

Key Features for Corporate Accounts

• Customized corporate lending and trade finance products
  
• Foreign currency savings accounts (PHP, USD, and select other currencies)
  
• Metrobank Online Business Banking with multi-level transaction approval
  
• Global partnerships enabling in-person remittances from countries including the US, Singapore, China, Japan, and Korea useful for companies receiving regular inbound funds from parent companies abroad

Minimum Deposit & Balance Requirements (2026)

• Initial deposit: ₱25,000–₱100,000 (corporate checking accounts typically higher)
• ADB: ₱25,000 and above depending on account type

Best For

Mid-market and larger enterprises, businesses with trade financing needs, and companies that regularly receive or send international remittances from specific partner countries.

Caution for Foreign Companies

Metrobank’s corporate account approval process for foreign-owned companies is thorough. Budget four to eight weeks for the review process and ensure all foreign shareholder documents are properly apostilled. Some branches are more experienced with foreign corporate onboarding than others it’s worth calling the branch manager in advance.

UnionBank Best for Digital-First Businesses

Established in 1968, UnionBank has earned a distinct reputation as the most technologically forward traditional bank in the Philippines. Its aggressive investment in digital infrastructure has made it the preferred choice for fintech-adjacent businesses, e-commerce companies, and any organization that wants to minimize paper-based banking processes.

Key Features for Corporate Accounts

• Full-featured UnionBank Mobile App: account opening, check deposit, spending tracking all digital
  
• Seamless integration with GCash and Maya for business cash-in/cash-out flows
  
• Strong API banking capabilities for businesses that want to embed banking into their own platforms
  
• Institutional banking services: loans, cash management, foreign exchange, corporate finance

Minimum Deposit & Balance Requirements (2026)

• Initial deposit: ₱10,000–₱50,000 depending on account type
• ADB: Varies; some digital-first corporate products have lower thresholds

Best For

Tech companies, e-commerce businesses, digital agencies, and any company that prefers API-driven or mobile-first banking over traditional branch-based banking.

Caution for Foreign Companies

UnionBank has been increasingly open to foreign corporate onboarding, but its branch network is smaller than BDO or Metrobank. If your business requires frequent cash deposits or in-person banking, plan accordingly.

Documents Required for a Philippine Corporate Bank Account

While exact requirements vary by bank and account type, the following represents the standard document set for a Philippine corporation opening a corporate bank account in 2026. Have all of these ready before your bank appointment.

Core Corporate Documents

• SEC Certificate of Registration (or DTI Certificate for sole proprietors)
  
• Articles of Incorporation and By-Laws (stamped by SEC)
  
• General Information Sheet (GIS) most recent filing
  
• Board Resolution authorizing the opening of the bank account and naming authorized signatories (must be notarized)
  
• Certificate of Authority to Operate (if applicable e.g., for branch offices)
  
• Mayor’s Permit / Business Permit (current year)
  
• BIR Certificate of Registration (Form 2303)

Identification Documents For Each Authorized Signatory & Director

• Two (2) valid government-issued IDs for Filipino nationals: PhilSys, passport, driver’s license; for foreign nationals: passport + Alien Certificate of Registration (ACR) I-Card
  
• Specimen signatures on bank-provided forms
  
• Proof of address (utility bill or bank statement, not older than 3 months)

For Foreign Shareholders / Foreign-Sourced Documents

• Apostilled copies of foreign incorporation documents (if the parent company is foreign)
  
• Apostilled board resolution from the foreign parent authorizing the Philippine subsidiary’s operations
  
• Certified English translations for any non-English documents
  
• Source of funds declaration or proof (especially for initial capital deposits above ₱500,000)

Additional Items Some Banks May Require

• Audited Financial Statements (for companies operating more than one year)
  
• Company profile or business plan (for new incorporations)
  
• Proof of business address (lease contract or property title)
  
• Reference letters from existing banking relationships (optional but helpful)

Pro Tip: Prepare at least two notarized copies of each document. Different bank departments (branch, compliance, head office) often need their own set and being caught short delays your opening by weeks.

Challenges for Foreign-Owned Companies And How to Solve Them

Foreign-owned corporations in the Philippines face a distinct set of banking challenges that domestic companies rarely encounter. Here’s what to expect and how to handle each one:

Challenge 1: Enhanced KYC & Source of Funds Scrutiny

Philippine banks are required by the Anti-Money Laundering Council (AMLC) to apply Enhanced Due Diligence (EDD) to accounts with foreign ownership. This means your bank will ask detailed questions about where your capital comes from, who the ultimate beneficial owners are, and the nature of your business transactions.

Solution: Prepare a clear, well-documented source of funds explanation upfront. Don’t wait to be asked. A one-page company profile with a clear explanation of your business model and funding sources can significantly accelerate the compliance review.

Challenge 2: Apostille Requirements for Foreign Documents

Any document originating outside the Philippines a foreign parent company’s board resolution, articles of incorporation, or certificate of incumbency must be apostilled in the country of origin before it will be accepted by Philippine banks.

Solution: Start the apostille process early. Depending on the country, apostille processing takes two to six weeks. Factor this into your bank account opening timeline.

Challenge 3: Requirement for a Local Authorized Signatory

Most Philippine banks require at least one authorized signatory on the corporate account to be physically present in the Philippines with valid local identification. For fully remote foreign companies, this means appointing a local director or resident agent.

Solution: If none of your directors are Philippines-based, work with a registered corporate service provider who can provide a local director or resident agent a common and legal practice for foreign-owned Philippine corporations.

Challenge 4: Longer Processing Times

While a domestic Philippine company can often open a corporate account in one to two weeks, foreign-owned companies should budget four to eight weeks for the full process including compliance review, head office approval, and document verification.

Solution: Start early. Begin the bank account process the same week you receive your SEC certificate, not after everything else is in order.

Challenge 5: Branch-Level Inconsistency

Bank policies are set at head office level, but implementation varies by branch. A branch officer who is unfamiliar with foreign corporate accounts may ask for documents that aren’t actually required or reject applications that should qualify.

Solution: Before visiting any branch, call ahead and ask whether the branch handles foreign corporate account openings regularly. If not, ask for a referral to a branch that does typically a major commercial or business banking center in Manila, Makati, or BGC.

Step-by-Step: How to Open Your Corporate Bank Account

1. Complete your SEC/DTI registration first. You cannot open a corporate bank account without your SEC Certificate of Registration (or DTI certificate for sole proprietors). For new incorporations, you’ll need to deposit paid-up capital into the bank as part of the SEC registration process itself meaning you’ll need to coordinate with the bank before SEC registration is complete.
   
2. Choose your bank based on your business needs. Use the comparison table below as a starting point. Prioritize digital capabilities, branch accessibility, or trade finance based on how your business actually operates.
   
3. Call the bank’s business banking center ahead of time. Confirm the current document requirements, ask whether the branch handles foreign corporate accounts, and schedule an appointment with the appropriate officer.
   
4. Prepare and organize your documents. Compile all corporate and identification documents. Notarize board resolutions. Apostille foreign-sourced documents. Organize into a folder originals plus two notarized copies of each.
   
5. Visit the branch and submit your application. Fill out the bank’s corporate account application forms completely and accurately. Submit your documents. The account officer will review them on the spot and flag any gaps. Most traditional banks require an in-person branch visit some allow online pre-screening but require in-person signature and verification for final approval.
   
6. Deposit the initial amount. Fund the account with the bank’s required minimum initial deposit, which ranges from ₱10,000 to ₱100,000 or more depending on the bank and account type. For new incorporations, keep proof of this deposit it forms the basis of your bank certificate for SEC.
   
7. Wait for compliance review and account activation. Domestic companies: typically one to two weeks. Foreign-owned companies: four to eight weeks. Follow up every week once submitted.
   
8. Receive your account details and online banking credentials. Once approved, set up online banking, configure your authorized signatories and transaction approval workflows, and you’re ready to operate.

GCash & Maya Digital Wallets as Corporate Business Tools

Beyond traditional bank accounts, two digital payment platforms have become genuinely useful business tools in the Philippines: GCash and Maya.

GCash for Business

GCash is the country’s dominant mobile wallet, used by tens of millions of Filipinos. For businesses, GCash offers:

• GCash for Business (GCash QR) Accept payments via QR code in physical locations
  
• GSave In-app savings powered by CIMB Bank Philippines
  
• Instant fund transfers to and from any major bank via InstaPay (₱15 fee per transaction as of 2026)
  
• Integration with BDO, BPI, UnionBank, and Metrobank for seamless cash-in/cash-out

GCash is not a substitute for a corporate bank account it cannot receive international wire transfers or issue checks but it is invaluable for day-to-day local payments, petty cash management, and accepting payments from Filipino consumers.

Maya for Business

Maya (formerly PayMaya) is powered by Maya Bank, one of only two BSP-licensed digital banks currently operating profitably in the Philippines. Maya Business offers:

• Maya Business Manager Accept payments via QR, payment links, and online checkout
  
• Maya Business Deposit Interest-earning business deposit accounts with higher rates than traditional banks (often above 3% versus the ~1.8% traditional bank average)
  
• Seamless integration with UnionBank and other major banks
  
• Business loans and working capital financing based on transaction history

For lean startups or e-commerce businesses, Maya Business can serve as a supplementary financial layer — offering better interest rates on idle funds and faster payment collection from Filipino customers — while your traditional corporate bank account handles payroll, government payments, and international transfers.

Recommended Setup for Foreign-Owned Companies: Open a primary corporate account at BPI or BDO for payroll, government obligations, and international transfers. Use Maya Business as a supplementary account for customer payments and higher-yield idle cash parking.

A Note on SBI Manila & International Remittance Options

State Bank of India (SBI) Manila previously offered corporate banking services that were popular with Indian-owned businesses and certain remittance-heavy operations. However, SBI Manila no longer functions as a direct corporate banking option for new foreign companies in the same way it once did. If your business has Indian ownership or requires INR-PHP remittance flows, the practical approach in 2026 is to use dedicated international remittance services such as Wise Business, Payoneer, or SWIFT transfers through BDO, BPI, or Metrobank rather than attempting to use SBI Manila as a primary corporate banking channel.

For broader international remittance needs, all four major banks covered in this guide (BDO, BPI, Metrobank, UnionBank) support SWIFT-based international wire transfers. Fees typically range from ₱500 to ₱1,500 per outbound wire transfer, with processing times of one to three business days for major currency corridors.

Quick Comparison: BDO vs BPI vs Metrobank vs UnionBank (2026)

Feature	BDO	BPI	Metrobank	UnionBank
Best For	High-volume, branch-heavy ops	SMEs & digital banking	Mid-large enterprise	Digital-first businesses
Branches / ATMs	Largest network in PH	Extensive nationwide	950+ branches / 2,300 ATMs	Smaller network
Min. Initial Deposit	₱10,000–₱25,000	₱10,000–₱50,000	₱25,000–₱100,000	₱10,000–₱50,000
Digital Banking	Good	Very Good (BizLink)	Good	Excellent
Foreign Currency A/C	✅ USD, EUR, JPY	✅ Multiple	✅ PHP, USD, others	✅ Available
Trade Finance	Comprehensive	Available	Excellent	Limited
Foreign Co. Onboarding	4–6 weeks, strict KYC	3–5 weeks	4–8 weeks	3–6 weeks
GCash/Maya Integration	✅	✅	✅	✅ (best-in-class)
Payroll Solutions	✅ Full payroll system	✅	✅	✅

All figures are indicative as of June 2026 and subject to change. Confirm current requirements directly with each bank before proceeding.

Frequently Asked Questions

Can a 100% foreign-owned company open a Philippine corporate bank account?

Yes. Philippine banks do open accounts for 100% foreign-owned corporations (such as those registered under the Foreign Investments Act). The process involves additional documentation and a longer compliance review, but it is entirely possible. BPI and UnionBank are generally considered the most straightforward for foreign-owned entities.

Do I need to be in the Philippines to open the account?

Most banks require at least one authorized signatory to appear in person at a Philippine branch for identity verification. If all directors are based abroad, you will typically need to appoint a local resident director or authorized representative who can appear on your behalf. Some banks accept special power of attorney arrangements confirm this in advance with your chosen bank.

How long does it take to open a corporate bank account in the Philippines?

For domestic Filipino companies with complete documents: one to two weeks. For foreign-owned corporations: four to eight weeks, depending on the bank’s compliance workload and the completeness of your documentation.

What is the minimum deposit for a Philippine corporate bank account?

Initial deposits range from ₱10,000 to ₱100,000 depending on the bank and account type. Ongoing Average Daily Balance (ADB) requirements — which trigger fees if you fall below them — typically range from ₱25,000 to ₱100,000 for corporate checking accounts.

Can I open a USD corporate account in the Philippines?

Yes. All four major banks covered in this guide (BDO, BPI, Metrobank, UnionBank) offer foreign currency corporate accounts in USD, and some offer EUR and JPY accounts as well. This is particularly useful for companies that invoice international clients and want to receive USD without immediately converting to pesos.

Is GCash or Maya a replacement for a corporate bank account?

No. GCash and Maya are useful supplementary tools for accepting local payments and managing day-to-day transactions, but they cannot receive international wire transfers, issue checks, or fulfill the formal banking requirements for SEC registration. A licensed corporate bank account remains essential.

What happens if I fall below the Average Daily Balance?

Most banks charge a monthly fee of ₱300 to ₱500 for accounts that fall below the required ADB. Consistently falling below the ADB can eventually lead to account closure. If your business is in its early stages with limited cash flow, choose an account type with a lower ADB requirement (such as BPI BizLink Digital Access) rather than a product you struggle to maintain.

Final Thoughts

Opening a corporate bank account in the Philippines in 2026 is entirely achievable for both domestic and foreign-owned companies but it rewards those who prepare thoroughly and choose strategically. The biggest mistakes companies make are choosing the wrong bank for their business model, showing up to the branch without complete documents, and underestimating the timeline for foreign corporate onboarding.

Here’s your quick decision guide:

• Choose BDO if you have high transaction volumes and need the widest branch network.
• Choose BPI if you’re an SME that prioritizes digital banking and has government payment obligations.
• Choose Metrobank if you’re a mid-to-large enterprise that needs trade financing or regular international remittances.
• Choose UnionBank if you’re a digital-first or tech-forward business that wants the most advanced online and mobile banking experience.
• Add Maya Business as a supplementary account for local payment collection and higher-yield savings on idle funds.

Start the process early, prepare every document before your first branch visit, and budget realistically for the timeline. With the right preparation, your Philippine corporate bank account can be up and running — and your business fully operational — in a matter of weeks.