If you're planning to move to the Philippines—whether to retire, work, study, or invest—getting your finances and healthcare sorted early on will make life much easier. While the country is known for its warm hospitality and low cost of living, setting up the essentials like banking and health insurance takes some preparation.
Let’s start with banking. The good news is that expats can open a bank account in the Philippines, provided they have a valid resident visa and a local address. While not the smoothest process in the world, it’s entirely doable with the right documents in hand. You’ll typically need:
Some banks might also request a reference from your current bank, especially if you’re applying with a Philippine institution you haven’t worked with before.
As for choosing a bank, expats often find it easiest to go with either a well-established national bank or an international one that operates locally. These options tend to offer better online services, wider ATM networks, English-speaking staff, and more robust customer support than smaller rural banks.
Popular banks among expats include BDO, Metrobank, BPI, and Landbank, all of which offer accounts that support everyday transactions and online banking. These banks have nationwide branches and are generally more convenient for newcomers trying to establish a stable financial routine.
Pacific Cross provides reliable Health Insurance Philippines options for expats, retirees, and long-term visitors. Stay protected and focus on enjoying your life in the Philippines, knowing we’ve got your healthcare covered.
Opening a bank account is just the start. With one in place, you’ll have access to essential services like local transfers, online payments, cash withdrawals, and even investment tools. If you're thinking long-term, some expats also qualify for mortgages, especially if you're married to a Filipino citizen and hold a resident visa.
If you're moving to the Philippines to run a business or invest, you’ll want to look into the Special Investor's Resident Visa (SIRV), which allows for easier business transactions and banking. It’s worth speaking directly with banks to understand their requirements based on your visa status.
Even non-residents who have been in the country less than 180 days can open limited foreign currency deposit accounts, typically in USD. While you can’t open a local peso savings account as a non-resident, this is a handy option if you're staying short-term or transitioning into full residency.
Healthcare is another important piece of the puzzle. While the Philippines has both public and private healthcare options, private hospitals tend to be the preferred choice for expats. They're typically better equipped, with shorter wait times and more English-speaking staff—but they come at a cost. This makes Health Insurance Philippines essential for anyone planning to stay more than a few months. It protects you not only from big emergencies but also from the stress of navigating unexpected medical costs.
The transition to life in the Philippines can be incredibly rewarding. With the right banking setup and proper health insurance, you’re free to enjoy the rich culture, welcoming communities, and the adventure that brought you here in the first place.
