Best Banks in the Philippines in 2026

The Philippines has a well-developed banking sector, regulated by the Bangko Sentral ng Pilipinas (BSP), with options ranging from large commercial banks to international institutions serving both residents and foreign nationals. The combination of this thriving financial hub and the low cost of living in the Philippines makes the island chain a popular location for expats.

The top banks in the Philippines vary in what they do best and can accommodate a range of international needs. Some prioritize branch accessibility and ATM coverage, while others lead with digital tools or services tailored to international clients managing money across borders. The right choice comes down to your residency status and financial goals, as well as how you prefer to manage your money day to day.

Key takeaways

• The Philippines’ banking sector includes a range of domestic and international banks, giving residents and foreign nationals a broad set of options.
• BDO Unibank, BPI, Metrobank, Security Bank, and UnionBank all accept foreign nationals, though branch location matters as much as bank choice. Business district branches handle non-Filipino applicants far more routinely than neighborhood locations.
• BDO Unibank and BPI are among the most accessible options for newcomers, while HSBC and Maybank appeal to those with international or cross-border banking needs.
• For those who also send money internationally, services like Western Union can complement a local bank account by offering additional ways to move funds internationally.

Comparing the best banks in the Philippines

 

Top banks in the Philippines

Here’s a closer look at the top 10 banks in the Philippines and the services or products expats can find at each one.

1. BDO Unibank (Banco de Oro)

BDO Unibank is the largest bank in the Philippines by assets and branch count, first established in 1968. Its nationwide footprint includes locations inside SM Malls, many of which stay open on weekends and holidays, making it one of the most accessible banking options in the country. The bank also maintains full-service branches in Hong Kong and Singapore.

Customers can access checking and savings accounts, credit cards, personal and auto loans, mortgages, and small-business banking services, alongside a robust digital banking platform.

Strengths:

• Largest branch and ATM network in the Philippines
• Weekend and holiday banking at SM Mall locations
• Full-service international branches in Hong Kong and Singapore
• Broad personal and business product lineup

Ideal for:

• Expats and foreign nationals looking for wide accessibility
• Small-business owners seeking a full-service local institution
• New arrivals who want a widely recognized, established bank

2. Bank of the Philippine Islands (BPI)

Founded in 1851, BPI is the oldest bank in the Philippines and in Southeast Asia. Its network spans over 900 branches across the Philippines, Hong Kong, and Europe, supported by more than 3,000 ATMs and cash deposit machines. The bank is consistently recognized for its reliable mobile banking app, low fees, competitive interest rates, and student-friendly account options.

Customers can access checking and savings accounts, credit cards, personal and auto loans, and mortgages, all manageable through BPI’s digital banking platforms.

Strengths:

• Oldest bank in Southeast Asia, founded in 1851
• Over 900 branches across the Philippines, Hong Kong, and Europe with a strong mobile banking app and other digital tools
• Low fees and competitive interest rates

Ideal for:

• International students looking for a student-friendly account with low fees
• Expats who prioritize mobile banking and digital account management
• Savers seeking competitive interest rates from a stable, established institution

3. Metrobank

Metrobank, formally the Metropolitan Bank and Trust Company, was founded in 1962 in Binondo, Manila. It has since grown into one of the Philippines’ largest universal banks, with 557 domestic branches and 32 overseas offices spanning New York, Hong Kong, Tokyo, Singapore, and beyond.

Its product lineup includes checking and savings accounts, credit cards, personal and auto loans, mortgages, business banking, and remittance services.

Strengths:

• Extensive domestic branch and ATM network
• 32 international offices supporting cross-border transactions
• Strong remittance services and business banking lineup

Ideal for:

• Expats who need reliable remittance options for sending money home
• Business owners seeking a well-established commercial bank
• Foreign nationals who want a broad range of personal and business products

4. Security Bank

Security Bank was established in 1951 as the first privately owned, Filipino-controlled bank of the post-World War II era. It has since grown into one of the Philippines’ leading universal banks, offering retail, commercial, and corporate banking products, as well as foreign exchange and investment services.

A standout feature for non-citizens is its Third Currency account, a foreign currency savings account that allows withdrawals in pesos or in the customer’s chosen foreign currency.

Customers can access checking and savings accounts, credit cards, personal and auto loans, and mortgages through Security Bank’s branch network and digital banking platforms.

Strengths:

• Third Currency account for flexible foreign currency management
• Retail, commercial, and corporate banking under one institution
• Recognized for strong customer service and dedicated foreign account support at business district branches

Ideal for:

• Expats managing income in multiple currencies
• Foreign nationals seeking a bank with dedicated foreign currency account options
• Professionals and business owners who prioritize personalized customer service

5. UnionBank

UnionBank began operations in 1981 and built a reputation as the Philippines’ leading digital bank. It was the first Philippine bank to launch a banking website, implement fully digital account opening, and open a fully digital branch. In 2022, it also acquired Citigroup’s consumer banking business in the Philippines, significantly expanding its retail footprint.

Customers can access checking and savings accounts, credit cards, personal loans, mortgages, and investment products through UnionBank’s digital platforms and physical branches.

Strengths:

• Multiple awards for digital banking innovation across Asia
• Fully digital account opening available
• Physical branches available nationwide alongside fully digital account options

Ideal for:

• Tech-savvy expats and digital nomads who prefer managing finances through a mobile app
• Foreign nationals looking to avoid lengthy in-branch processes
• Individuals who want a modern, digital-first banking experience

6. HSBC Philippines

HSBC has been operating in the Philippines since 1875, making it one of the longest-established foreign banks in the country. Today, it serves customers through six branches in Metro Manila, Cebu, and Davao, and operates across more than 50 countries worldwide.

Its product lineup includes checking and savings accounts, credit cards, and personal loans. In 2022, HSBC Philippines launched HSBC Wealth, a dedicated wealth management arm offering investment, insurance, and portfolio diversification services to personal banking clients.

Strengths:

• Over 150 years of banking presence in the Philippines
• Global network spanning 50-plus countries for seamless cross-border banking
• Dedicated wealth management services through HSBC Wealth

Ideal for:

• High-net-worth expats and international professionals seeking wealth management services
• Foreign nationals who already bank with HSBC in their home country
• Individuals who need consistent cross-border banking access

7. Rizal Commercial Banking Corporation (RCBC)

RCBC was established in 1960 and is the fifth-largest privately owned universal bank in the Philippines, with total assets of over PHP 1.3 trillion as of March 2025. It serves individual and corporate customers with a broad range of products, including savings and checking accounts, personal and auto loans, mortgages, credit cards, foreign currency deposits, and remittance services.

RCBC is also the first Philippine bank to offer US virtual accounts through its RCBC Pulz app, allowing customers to open and manage a US account without a US address or Social Security number.

Strengths:

• Fifth largest privately owned universal bank in the Philippines by total assets
• First Philippine bank to offer US virtual accounts via the RCBC Pulz app
• Full range of personal and corporate banking products alongside foreign currency accounts

Ideal for:

• Expats managing income or transactions between the Philippines and the US
• Foreign nationals seeking a digitally advanced bank with strong retail offerings
• Individuals who want access to both peso and foreign currency accounts

8. Philippine National Bank (PNB)

PNB was established by the Philippine government in 1916 and became the country’s first universal bank. It was fully privatized in 2007 and today operates one of the largest domestic branch networks in the Philippines and the largest number of overseas offices among local banks, with locations spanning Asia, Europe, the Middle East, and North America.

PNB offers checking and savings accounts, credit cards, personal loans, auto loans, mortgages, and remittance services. Its checking accounts are accessible without a pre-existing savings account, and the bank maintains low initial deposit requirements relative to many of its peers.

Strengths:

• Largest number of overseas offices among Philippine local banks
• Low initial deposit requirements for checking accounts
• Long-established institution with a broad domestic and international branch network

Ideal for:

• Expats who frequently travel or manage finances across multiple countries
• Non-citizens who prefer a low-barrier entry point for checking accounts
• Foreign nationals who value a bank with a strong international remittance network

9. EastWest Bank

EastWest Bank was founded in 1994 as a subsidiary of the Filinvest Development Corporation, one of the Philippines’ largest conglomerates. In 2016, it acquired the entire retail banking business of Standard Chartered Bank Philippines, including its credit cards, personal loans, wealth management products, and retail deposits, significantly expanding its consumer footprint.

Today, EastWest describes itself as the most consumer-focused bank in the Philippines, with more than half of its loan portfolio directed at individual customers. Its product lineup includes checking and savings accounts, credit cards, personal and auto loans, mortgages, and digital banking through its EasyWay platform.

Strengths:

• Acquired Standard Chartered Bank’s Philippines retail banking operations, inheriting its branch network and client base
• One of the largest credit card issuers and auto loan providers in the country
• Consumer-first focus with digital banking available through the EasyWay platform

Ideal for:

• Expats and foreign nationals looking for a retail-focused bank with a broad consumer product lineup
• Individuals seeking competitive credit card and auto loan options
• Customers who prefer a digitally accessible bank with physical branch support

10. Maybank

Maybank is Malaysia’s largest bank and one of the most prominent foreign banks operating in the Philippines. Its regional network spans 18 countries across ASEAN and beyond, making it a natural fit for customers who regularly manage money across Southeast Asia.

In the Philippines, it offers savings and checking accounts, credit cards, personal loans, and business banking services, with account-opening requirements for individual customers, including foreign nationals.

Strengths:

• One of ASEAN’s largest banks with a regional network across 18 countries
• Cross-border transaction support across Southeast Asian markets
• Accessible maintaining balance requirements for individual account holders

Ideal for:

• Expats from Southeast Asia or those who frequently travel within the ASEAN region
• Foreign nationals seeking a bank with strong cross-border capabilities
• Business owners with operations or transactions across multiple ASEAN markets

How to choose the right bank in the Philippines

Finding the right fit among the top banks in the Philippines starts with understanding your residency status, since the accounts available to you depend largely on how long you’ve been in the country and what visa you hold.

Beyond eligibility, the most useful starting point is your day-to-day banking habits. If branch access and ATM coverage matter most, BDO Unibank and PNB offer some of the widest networks in the country. If you’d rather manage everything from your phone, UnionBank and RCBC lead the way with digital tools.

Expats managing income in foreign currencies will want to consider Security Bank’s Third Currency account or HSBC’s wealth management services, while those traveling frequently within Southeast Asia may find Maybank’s regional network particularly useful.

For students and newcomers, BPI offers low fees and student-friendly account options, backed by a stable, long-established institution. It’s also worth reviewing USD-to-PHP exchange rates and the Philippine peso to better understand how your money moves before committing to an account.

Send money abroad

Choosing the right bank in the Philippines helps you manage everyday finances, but many residents and expats also need to send money to family or make payments abroad.

Traditional banks cover standard transfers, and services like Western Union can complement your banking setup with additional ways to move money internationally. Use the app to send money or send money online whenever you need a fast, reliable option for sending funds abroad.