Best Dollar Savings Accounts For US Dollar Check Deposit In The Philippines

​Can you open a dollar savings account in the Philippines?

​You are probably on this blog because you have a US Dollar check and want to deposit it into your bank account. Or I think you may also have received payment, and it was also in a US Dollar check. You may also be in trouble because you can't encash it either.

Don't worry because you are in the right place. Here I would like to share some of the banks in the Philippines that you can choose from if you wish to open a dollar savings account.

Take Note! It's good to know and be sure of the requirements and your purpose for opening a dollar savings account. Based on my experience, the bank teller asked me about my purpose in opening a dollar savings account. Also, besides valid ids, make sure you already have printed copies of the supporting documents that prove you are indeed receiving a US Dollar.

So let's not prolong it. Here are some banks in the Philippines where you can open a Dollar Savings Account.

Land Bank US Dollar Savings Account

An interest-bearing dollar account that requires the presentation of a passbook for deposit and withdrawal transactions. This dollar savings account is good for:

Individual

• At least seven (7) years of age
• Able to read and write
• Not suffering from any legal disability
• With credible identification

Institutional

• Government Line Agencies (GLAs), Government Owned and Controlled Corporations (GOCCs), and Local Government Units (LGUs)
• Private corporations, cooperatives, partnerships, associations and other duly registered organizations 

​​​Product Features:

Description	Individual	Institutional
​Minimum Initial Deposit	​$ 100	​$ 1,000
Required Minimum ADB	​$ 100	​$ 1,000
Required Daily Balance to Earn Interest	$ 500	​$ 1,000
Interest Rate (per annum)	​0.025% p.a  Effectivity date: July 1, 2021	​0.025% p.a Effectivity date: July 1, 2021
​Documentation	Passbook	Passbook
​Closing Fee FEE IF CLOSED WITHIN 30 CALENDAR DAYS FROM DATE OF OPENING	$ 10.00	​$ 10.00
​Service Fee for Falling Below the Required Minimum ADB  Coverage  -  Accounts falling below ADB requirement for  two (2) consecutive month-end and every month-end thereafter Collection  -  Monthly to start at the end of the 2nd month	​$ 5/month	​$ 5/month
Dormancy Fee Coverage  -  Accounts with no depositor -initiated financial transaction for two (2) years and falling below the required ADB Collection - Monthly to start on the 5th year reckoned from the date of last financial transaction.	$ 0.50/month Effectivity Date: April 24, 2017	​$ 0.50/month Effectivity Date: April 24, 2017
Replacement Fee for Lost Passbook	P 200	P 200
PDIC Insurance​	​P 100,000 in US Dollar equivalent (Maximum deposit insurance per depositor)	​P 500,000 in US Dollar equivalent (Maximum deposit insurance per depositor)

Other Transaction Fees:

Inter-branch Deposit/Withdrawal Accommodation (Notes only) - $ 5/transaction
No limit as to number of withdrawals - No charge
Withdrawal Prior to Expiry of Holding Period - 1/4 of 1% of the amount withdrawn within the holding period of 10 banking days

​Account Opening Basic Requirements

Local

​1. Presentation of at least one (1) original valid photo-bearing ID, including Philippine Identification (PhilID) Card.

Notes:  

a) When necessary, Branches shall require secondary proof of identification (e.g., billing statement of utilities or major credit cards in the name of the customer). 

b) Identifying documents shall be signed by the customer.

c) SSC of referred customer shall be signed by the endorsing officer/employee of the Bank or valued customer.

d) The BH/BOO/BSO[1] who shall approve the opening of the deposit account may, at his discretion, confirm the same with the referring officer/employee or valued depositor of the Bank.   

2. Two (2) recent ID photos (to be attached to CISSC/LOCIS and SSC)

3. Students who are beneficiaries of remittances/fund transfers and are not yet of voting age may be allowed to present the original school ID duly signed by the Principal or head of the school and submit a clear photocopy of the same. 

4. Whenever necessary, the Branch may accept other IDs, provided that it shall not be the sole means of identification.

5. In case the identification documents mentioned above or other identification documents acceptable to the Bank do not bear any photo of the customer or authorized signatory, or the photo-bearing ID or a photocopy thereof does not clearly show the face of the customer or authorized signatory, the Branch may utilize own technology to take the photo of the customer or authorized signatory

6. Birth certificate of the child in case of parents opening an account in behalf of their child

Notes:

1) The Branch shall retain a photocopy of the same duly authenticated by the NAC.
2) The parent(s) shall still be identified in accordance with the requirements.

Foreigner, all of the following:

1. Passport

2. ACR/Diplomatic Identification Card issued by the DFA specifying status i.e., working, business, student or non-resident

Note:

Foreign national whose working permit is under process shall be required to submit Certificate of Employment.

Court-appointed Fiduciary (Guardian, Administrator, Trustee or Receiver), all of the following:

​1. Original Copy of Court Order containing the Fiduciary’s appointment.

2. Original Copy of Court Order authorizing the Fiduciary to open a deposit account with LANDBANK.

Note:

The Branch shall retain a photocopy of the Court Order duly authenticated by the NAC.

Single Proprietorship

1. Certificate of Registration with the DTI.

2. City/Municipal Mayor’s Permit.

Partnership

1. Articles of Partnership.

2. Certificate of Registration with the Securities and Exchange Commission.

3. Notarized agreement/resolution designating the extent of authority of each partner in dealing with the depository Bank.

Corporation

1. Articles of Incorporation and By-Laws

2. Certificate of Registration with Securities and Exchange Commission

Note:

For those not supervised by SEC, a certificate of registration issued by the appropriate supervising agency shall be submitted.

3. Latest General Information Sheet which lists the names of directors/ trustees/principal stockholders owning at least twenty percent (20%) of the outstanding capital stock and primary officers such as the President and Treasurer

4. Notarized Certificate of Corporate Secretary attesting to the issuance of a Board Resolution authorizing the following:

a. To open an account with LANDBANK

b. Designating the officers authorized to deposit, withdraw, endorse or negotiate checks and otherwise deal with the Bank deposit and the nature and extent of such authority, which shall conform with the By-Laws of said Corporation

Note:

Conformity of the Board Resolution to the By-Laws shall be checked by the OA.

c. Certifying that the resolution remains effective and has not been amended, revoked or superseded

5. Certificate of registration with appropriate government agency in special cases, such as the DOLE for labor unions

​BDO US Dollar Savings Account

​BDO US Dollar Savings Account offers a simple and secure way to keep your hard-earned dollars. This passbook account offers the simplicity and security you need as you work your way toward your goals.

​​​Product Features:

Description	​Minimum Initial Deposit	​Minimum Monthly Average Daily Balance (MADB)	​Minimum Balance to Earn Interest	​Gross Interest Rate Per Annum
Dollar Savings	$ 200	​$ 500	$ 500	​0.05%

Other Charges:

Account Closure* - $ 10
Falling Below Minimum Balance** - $ 5
Account Dormancy*** - $ 0.60
Withholding Tax for Interest Earned**** - 15%

*Account Closure Fee will be collected if account is closed within 30 days from account opening.
**Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months.
***Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB.

• A savings account is dormant if it has no client-initiated activity for two (2) years.
• Collection will start five (5) years after the last client-initiated activity date.
• The revised collection and dormancy fee is effective April 25, 2017.

​
****The revised Withholding Tax for Interest Earned is effective January 1, 2018.

Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000.​

BPI US Dollar Savings Account

​Required Initial Deposit	​Required Minimum Monthly ADB	Required Daily Balance to Earn Interest	Interest Rate (Per Annum)
​$ 500	​$ 500	$ 500	0.050%

Account Features:

International Convenience

Withdraw in any Mastercard or Cirrus affiliated ATM worldwide.

Flexibility

Deposit in cash, checks or demand drafts.

Online Account Opening

Do everything online-open account and transfer funds.

Easy Monitoring

Check your account any time from anywhere through BPI Online Banking.

Also available in Passbook

You may also check the following:

Maxi Saver (US Dollar)
​
A US dollar savings account that lets you earn more as you save more. Get an additional 0.10% interest if you don’t make any withdrawals within the month.

Pamana Savings (US Dollar)

A US dollar savings account that gives free life insurance worth 3X your account balance.

Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000.​

MetroDollar Savings Account

Ideal for those who make or receive dollar payments, the MetroDollar Savings Account is a safe and protected way to keep your US Dollars in the Philippines.

• Comes in a passbook
• Withdraw in PHP or in USD
• No encashment limits

​​Product Features:

Description	Initial Deposit	​Maintaining Balance	Interest Rate (Per Annum)	​Required Daily Balance to Earn Interest
USD Savings	​$ 500	$ 500	​0.050%	$ 500

UnionBank Dollar Savings Account
​
Earn interest on your dollars and enjoy the convenience of cashless transactions when you travel abroad with a US Dollar Debit card.

With a UnionBank US Dollar Savings Account, you can:

• Transact at UnionBank and Bancnet ATMs nationwide and Visa ATMs worldwide.
• Access your money 24/7 via UnionBank Online.
• Purchase at Visa establishments worldwide.
• Enjoy a "no-holding period" for your dollars.

​​Product Features:

Description	Initial Deposit	​Maintaining Balance	Interest Rate (Per Annum)	​Required Daily Balance to Earn Interest
USD Savings	​$ 500	$ 500	​0.050%	$ 1,000

​Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000.

PSBank USD Passbook Savings Account
​
The PSBank USD Passbook Savings account is a US Dollar- denominated savings account which allows you to grow your money with the added convenience of a traditional passbook for efficient tracking of transactions.

​​​​Product Features:

Description	Initial Deposit	​Maintaining Balance	Interest Interest Rate (Per Annum)	​Required Monthly Balance to Earn Interest
USD Savings	​$ 500	$ 500	0.0500%​	$ 500

Other Charges:

Service fee for accounts falling below the required maintaining ADB - $ 10
Service fee (accounts closed within 1 month from opening date) - $ 15
Check clearing charges:

• US Dollar checks - $ 2.50
• Euro and Third Currency checks - $ 5

Returned checks - $ 22.50

​Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000.

PNB USD Passbook Savings Account
​
​It is an interest-bearing US Dollar deposit account. It comes with a passbook for easier monitoring of account. PNB Dollar Savings Account allows deposit and withdrawal at any PNB branch nationwide.

Description	Initial Deposit	​Maintaining Balance	Interest Interest Rate (Per Annum)	​Required Monthly Balance to Earn Interest
USD Savings	​$ 500	$ 500	0.025%​	$ 500

Other Charges:

​​Passbook Replacement - Php 200
Average Daily Balance (ADB) of the account falls below the required minimum monthly ADB for at least two (2) consecutive months - $ 20
Interbranch/interoffice US Dollar deposit transactions - Php 100
Interbranch/interoffice US Dollar withdrawal transactions - Php 200

​​​Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000.