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A Step by Step Guide on

How to Open a Savings Account in the Philippines

Step # 1: Secure all the requirements needed in opening a savings account in the Philippines

Opening a bank savings account in the Philippines can be very simple and easy for you. You just go to the bank where you want to open your account with, but do not forget to bring some of these requirements with you:

• 2 valid IDs, with your name and recent picture on it (e.g. Passport, Driver’s License, School ID,Voter’s ID, PRC ID, Philhealth card, GSIS e-card, SSS ID, NBI clearance, Police clearance, Senior Citizen ID, OWWA ID, Seaman’s Book, OFW ID and other government IDs)
• 2 photocopies of your IDs
• 2 copies of 1×1 ID picture, latest
• Billing statement (Electric bill, Water bill, Credit card bill, etc.)
• Birth Certificate (For those not of legal age or below 18, some banks may require it)

Step #2: Know what type of savings account in the Philippines is right for you

You should choose the best savings account for you, to help you in determining which one is for you, here are some factors that you should consider:

• Monthly maintaining balance – this is the lowest amount of money that you must have in your savings account every month
• Interest Rate – the rate in which your savings will grow over time
• Banking Fees or Service Fees – the fees that Philippine bank’s will charge you when you do any bank transactions

Step #3: Pick the Philippine bank where you’re going to open your savings account with

To make it easier for you, I made a list of ten well-known banks in the Philippines that offers some of the best savings account in the country today.

What are debit cards?

Debit cards, also called bank cards, are used in paying for goods or services without using the cash in your wallet, instead it use the money on your bank account. Debit card offer you convenience when you purchase items and at the same time security because it requires a PIN (Personal Identification Number) or a signature by the card holder to use and access the card. Some debit cards may also be use to pay your purchases not only here in the Philippines, but also abroad.

Where can you get a debit card?

Banks are the ones offering debit cards to their customers, you can just basically go to a bank near you and inquire there how you can get a debit card. You’ll then be asked to fill out some forms, just like when you open a bank savings account.

Who can have a debit card?

Any person can get a debit card, just make sure that you can pass all the requirements needed when you apply for one. Even individual not of legal age or teenagers and kids (10 years old and above) can get one, just make sure the you have your parent’s consent or you’re accompanied by your parent when you go to the bank.

Here are the common requirements that banks would ask you when you apply for a debit card:

• At least one valid ID with your picture and signature (Passport, Driver’s License, School ID,Voter’s ID, PRC ID, Philhealth card, GSIS e-card, SSS ID, NBI clearance, Police clearance, Senior Citizen ID, OWWA ID, Seaman’s Book, OFW ID and other government IDs)
• A filled out application form and signature cards
• For 18 years old and below: you should be accompanied by your parent when applying or bring your parent’s consent letter

If you’re to busy to go to the bank, you can just check the website of the bank you want to get your card and apply online.

What are the advantages and disadvantages of having a debit card?

Debit cards in the Philippines are becoming popular today, and some reasons for that are the convenience it gives to Filipinos when they pay for their purchases and the security it gives to the card holders.

Debit cards may be use to purchase items or services offline and online, you may also use it nationwide, and for Visa and MasterCard debit cards you can use it worldwide. Now that online shopping is becoming a trend, having a debit card will give you an easier method to pay for your online purchases.

Basically, every major banks here in the Philippines offer debit cards to their customers. To help you find the debit card you want, here is the list of debit cards in the Philippines that you may get:

1. Banco De Oro Unibank (BDO)
   • BDO Savings Account with ATM Access
   • BDO Cash Card (Local and International)
2. Bank of Philippine Islands (BPI)
   • BPI Savings Account with ATM Access
   • BPI Prepaid and Gift Cards (My ePrepaid, BPI Express Gift, Express Cash, Express Cash Gift, Corporate Express Cash and Express Money Order)
3. Metrobank
   • Metrobank Debit Card
   • Metrobank Prepaid Card
4. Security Bank
   • Security Bank Cash Card
   • Security Bank Cash Card International MasterCard
   • Security Bank CashLink Card
   • Security Bank CashLink International MasterCard
   • Security Gift Card Local
   • Security Gift card International MasterCard
5. Land Bank of the Philippines
   • Land Bank Savings Account with ATM Access
   • Land Bank Cash Card
6. UnionBank of the Philippines
   • Unionbank e-Wallet
   • UnionBank Savings Account
   • UnionBank EON Visa Debit Card
7. EastWest Bank
   • EastWest Basic Savings Account with Visa Debit card
   • EastWest ATM Access Savings Account
   • EastWest Passbook + Debit card
   • EastWest Prepaid Card
8. Maybank Philippines
   • MyCash Card
   • Money2U ATM
9. Allied Bank
   • ABC Cash Card
10. Hongkong and Shanghai Banking Corporation (HSBC)
    • HSBC Debit Card
11. Sterling Bank of Asia
    • ShopNPay Visa Debit Card
    • Classic Visa Prepaid Card
    • Visa Prepaid Loan Cards
    • Visa Prepaid Gift Card

     

  Many times I received query from PE that they want to join Vemma business, but they do not own a credit card.

Here is the solution for you if you are station in Malaysia. You can apply debit card from MAY Bank , AmBank or  Public Bank. It allow you to purchase online and it is safe.

http://www.ambankgroup.com/en/Pages/default.aspx

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