How to Open a US Bank Account in the Philippines: Eligibility and Steps
Whether you’re a Filipino citizen or a US citizen living in the Philippines, getting access to the US dollar can change the way your business operates. It can allow you to expand your customer base, send money to the United States, or more easily sell products to American tourists. Fortunately, the United States and the Philippines have naturally developed a fairly strong connection. Filipino overseas workers sent a personal remittance record of $39.62 billion in 2025, with the United States accounting for 39.7% of that total, according to the Philippines Central Bank (BSP).
To support this kind of activity, several different financial institutions offer bank accounts that give residents of the Philippines access to the US dollar. While finding these accounts isn’t too difficult in itself, choosing the right partner and knowing the right documentation to gather can be tricky.
We put this guide together to explain who qualifies, what documentation you'll need, and the overall fastest path to accessing a functional US bank account within the Philippines. Whether you’re a US citizen looking to connect to your home country or a Filipino citizen growing your business’s footprint, these accounts will have you covered. One option you may want to consider is Slash, a business banking platform that offers a Global USD account built to work in nations like the Philippines.¹, ³ This account allows foreign users to send, receive, and manage the US dollar without having to own a US-based entity.
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Understanding Eligibility: What to Know as an Applicant
Before looking at which bank to open an account with, it's best to understand the different account types you’ll run into. Freelancers getting paid in USD by US clients, business owners receiving payments from US customers, and Filipino citizens looking to send remittances may all utilize different types of accounts.
A personal US bank account is for individual use, encompassing receiving income, holding savings in USD, and making purchases or transfers. For residents of the Philippines, opening a true personal bank account at a traditional US institution isn’t easy. Most of these banks require applicants to appear in person at a US branch, provide a US residential address, and supply a Social Security Number (SSN). If you can’t do all three of those things, you’re likely out of luck.
Philippine-based USD accounts at local banks, on the other hand, let Filipino residents hold and spend US dollars domestically without those America-specific requirements. While these are Philippines-regulated accounts rather than US accounts, they’re made to serve many of the same everyday purposes.
A business US bank account follows similar rules, but has some different requirements. You'll typically need a US-registered entity, an Employer Identification Number (EIN), and a US address. Business owners with operations based mainly in the Philippines usually hit a wall at this point. If you use Slash’s Global USD account, though, your business can access the US dollar without needing an entity based in the United States.
Laws and eligibility considerations
Since the Philippines isn’t subject to US economic sanctions, there are no legal prohibitions on Filipinos holding US bank accounts. Actually applying to those banks can be the tough part. US banks apply Know Your Customer (KYC) rules that typically require in-person identity verification and proof of US residency or business registration. A Filipino applicant without those things will likely be turned away.
The rules are a little different for US citizens living in the Philippines. As described in FATCA (the Foreign Account Tax Compliance Act), if you hold accounts at foreign financial institutions above certain thresholds, they must be reported to the IRS. Philippine banks that serve US citizens are also subject to FATCA reporting requirements, which is why Philippine banks may ask American account holders to certify their US tax status.
There are no Philippine regulations prohibiting residents from opening accounts at foreign banks, though the BSP does require documentation for foreign currency transactions of over $500,000 for individuals and $1,000,000 for businesses.
How to Select the Right Bank
For the most part, you’ll be choosing between Philippine banks with USD accounts and digital platforms specially designed for cross-border business. Both are practical for receiving USD payments locally, protecting savings from peso fluctuations, and making international transfers. However, Philippine banks tend to restrict their services to local residents, while most fintech options invite both Filipino and US citizens.
You may also choose a standard US-based bank like Bank of America or U.S. Bank, but because Filipinos are usually required to visit a branch in person to apply, it may only be practical for US citizens. Additionally, you can expect to be charged foreign transaction fees in the range of 1%-3% regardless of which country you’re a citizen of
Let’s take a quick look at some leading options outside of the realm of traditional American banks:
- Slash: A US financial platform with a Global USD Account built specifically for non-US entities. This account provides US account and routing numbers, supports ACH and wire payments, and doesn't require a US LLC, SSN, or EIN. It’s designed for Philippine businesses that need to transact in USD without establishing a US legal presence.
- Metrobank: A Philippine bank that offers a USD-denominated savings account called MetroDollar Savings alongside a money market fund for investors. Their savings account serves both personal and business customers.
- UnionBank: A digital-first Philippine bank with two types of USD account, the USD Savings Account and the Dollar Access Account.
- Payoneer: A global payment platform that enables Filipino users to receive USD by providing US bank account details, including routing and account numbers. Payoneer’s receiving account links to your local bank account.
- RCBC: A large Philippine bank that provides a Dragon Dollar Savings account and a US Virtual Account. The Virtual Account is built for Filipinos interested in receiving US salaries, while the Dragon Dollar Savings account allows you to deposit and withdraw physical US dollars.
Factors to consider when choosing a bank
Your choice of bank will largely depend on what country you’re a citizen of and what you’re looking to do with your account. Here are a few specific factors to keep in mind:
- Whether you need a real US routing number: Philippine USD accounts hold dollars locally, but they don't give you a US routing number that allows you to receive payments from the United States. If you need to get paid by American businesses or freelance marketplaces that send ACH, you’ll likely need a digital platform that provides US bank details.
- Fees and minimum balance requirements: Philippine bank dollar accounts typically require a minimum initial deposit and may charge monthly maintenance fees. For example, RCBC’s Dragon Dollar account must be started with a deposit of at least $2,500. Slash’s Global USD account, on the other hand, doesn’t require a minimum deposit.
- Online-only vs. branch-based access: Business owners and individuals that commonly handle cash will probably prefer easy access to a branch. Additionally, some traditional Philippine banks still require a branch visit to open a dollar account. If you don’t use cash, you’re free to choose between digital platforms and local banks.
How to Open a US Bank Account in the Philippines
There are slightly different steps involved in opening a US bank account with a digital platform, a Philippine bank, and a US bank. While the exact processes may vary from institution to institution, they’ll usually go something like this:
Required documents and identification
- For a Philippine bank USD account, you'll typically need a valid government-issued photo ID (passport, driver's license, or postal ID), a second form of ID, a completed application form, an initial deposit, and sometimes proof of income or source of funds.
- Fintechs and business banking platforms usually want to know relevant business information, proof of activity, articles of incorporation, and owner details. For Slash's Global USD Account, you won’t need an SSN or US-based entity, but you will need similar documentation along with your government ID.
- For a traditional US bank account opened in person, you'll usually need a valid passport, a US address, a US tax ID (SSN or ITIN), and possibly an existing relationship with the bank.
Completing the application process
- For Philippine bank USD accounts, the process typically involves visiting a branch with your documents, completing the account opening form, making the initial deposit, and activating online banking. Some banks, including UnionBank, allow online applications for certain account types.
- For digital platforms like Slash's Global USD Account, the application is fully online. Once you’re approved, you receive US banking details that allow you to get going immediately.
- When applying to a traditional US bank, you'll likely need to be present at a branch all the way out in the United States if you aren’t a US citizen. This is because your in-person identity has to be verified, as required by KYC regulations.
Get More Accessible US Banking with Slash
If you’re looking to access a USD account through a bank, your options are inherently limited. Philippine banks don’t usually accept US citizens, and US banks make Filipino citizens fly around the world just to prove their identity. Slash’s Global USD account, on the other hand, welcomes citizens of both countries without any in-person visits.
The Slash Global USD account is built to allow Filipino business owners to send, receive, and spend US dollars without having to open a US entity. Each of these accounts includes US routing and account numbers, which makes transacting with other US accounts simple. Once you fund your account via global ACH or international wire, you can also spend your USD locally in the Philippines with your Slash Global card.
Our Global USD accounts are backed by our USDSL stablecoin, which is designed to maintain a one-to-one value with the US dollar.⁴ When you make a purchase with a Slash Global card, the funds are drawn directly from your USDSL balance without currency conversions, intermediary banks, or delays. It works just like a regular card payment, but it’s linked to USD rather than PHP.
You can also issue unlimited virtual cards in the same way you would with a regular Slash Visa® Platinum Card. Virtual cards are created instantly and ready to use for online purchases and vendor payments, while physical cards are shipped right to your door.
Some other features that can help international Slash users include:
- Native cryptocurrency support: Send and receive USD-pegged stablecoins USDC and USDT across eight supported blockchains for faster, lower-cost global payments.
- Diverse payment methods: Slash supports a wide range of payments, including card spend, global ACH, international wire transfers to over 180 countries via SWIFT, and real-time domestic payments through RTP and FedNow.
- AI-powered finance: Our platform comes with Twin, a built-in AI agent that can be prompted with natural language to complete complex tasks. Users can ask it to create cards, pay invoices, review your cash flow, and much more.
Philippine business owners don’t need to visit America to open a US bank account. Open a Global USD account with Slash and get started today.
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Frequently Asked Questions
Why open a US bank account in the Philippines?
The main reasons come down to convenience and cost. A USD account, whether a Philippine dollar account or a US bank account with local access, makes it easier to receive payments from US clients without losing money on currency conversions. You can also hold savings in a more stable currency and pay US-based vendors or suppliers directly.
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Can a US citizen open a bank account in the Philippines?
Yes, but with conditions. Most Philippine banks require account holders to be resident in the Philippines and present proof of a local address. US citizens living in the Philippines are generally eligible to open accounts with US banks and digital platforms, as long as they can provide proof of citizenship.
Can I open a US bank account from the Philippines without visiting the US?
Yes, through certain platforms. Traditional US banks almost always require in-person application at a US branch, which means you'd need to be physically in the United States. Alternatives like Slash let you open an account with US banking details entirely online, without a US presence or US address.
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What’s the difference between a Philippine USD account, a traditional US bank account, and an account offered by a digital banking platform?
Philippine USD accounts are regulated in the Philippines and let you hold/spend dollars locally, but they don’t provide US routing numbers for ACH payments and often require a branch visit. Traditional US bank accounts are true American accounts but typically require an in-person visit to a US branch, a US address, and a US tax ID (SSN/ITIN). Digital platforms like Slash’s Global USD account can essentially bridge that gap by issuing US routing and account numbers and supporting ACH/wires without requiring a US entity, SSN, or in-person visit.
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