I thought I would only have a Canadian bank account and wait till I go home before I can open a bank account in the Philippines.
Then I received a message from a reader on Facebook that she read my blog post on how to open a Philippine bank account in Canada.
I was ecstatic to know that she took the time to write back and confirmed that she was able to open a Philippine National Bank account in Calgary. (You can also open a PNB account in other branches in Canada.)
Her experience gave me no choice but to do the same. Guess what, I also successfully opened a PNB account.
That’s two proof already. You can be the next depositor by following the steps later on.
Before you do, ever thought why I chose PNB? Simply because it’s the closest bank in my place; I want to consider other banks but there’s none.
So kudos to PNB for reaching out to OFWs worldwide.
6 Steps to Open a Philippine National Bank Account in Calgary
Within three days, depending on availability, anyone can accomplish the steps.
You have the option to either open a PNB checking or savings account, or both at the same time.
A Filipino who became a Canadian citizen is also qualified to apply for a PNB account (not a joint account). It’s a tip shared by a reader; refer to the comment for more details.
- Gather all the requirement.
- Get an application form at R & G Filipino Store, one of the Filipino convenience stores in Calgary. You can contact this mobile number (587) 969-8762 which is given to me when I called the corporate office in Ontario. The toll-free number left me no excuse not to call; I’m glad I called.
- Fill up the form and attach one 1×1 photograph at the right top corner.
- Contact the PNB staff in Calgary to find out when is the best time to submit the application form.
- Submit the application form and pay the fee (C$38.00) and initial deposit (PhP6,000.00 for a PNB checking account) through debit. Total fee is C$182.00 which depends on the current exchange rate.
- Wait for the call or email of the PNB Vancouver branch for the account number and passbook or ATM card for more than a month.
Note from PNB for the member: “PDIC and BancNet Maximum Deposit Insurance for each depositor is P500,000.”
I decided to only open a checking account although the deposit wouldn’t earn any interest unless it’s a savings account. That’s something I wouldn’t be concerned right now.
Maybe in the future if I have a huge amount to deposit; even then, I rather invest it on low-cost index fund like ETFs in Canada.
As of this writing Philippines has only one ETF: First Metro Philippine Equity Exchange Traded Fund Inc (FMETF). I wonder why.
Remember: Take note of the PNB Savings Account fees and charges to avoid paying unnecessarily like I did. FYI: I’m not proud of it.
Requirements for PNB Checking and Savings Account
- Two 1×1 photographs
- Application form
- Fee for opening an account is C$38.00 (charge through debit)
- Initial deposit of Php6,000.00 (charge through debit)
- Photocopy of 2 IDs (driver’s license, Philippine passport, PR card etc)
If you’re in downtown Calgary, you can have four 1×1 photos for C$19.95 at Photo Base in Scotia Centre.
Why Did I Open a PNB Account
Hindi pa ba obvious? I want to save and do more with a Philippine checking account just as with my Canadian chequing account.
“Are you paying somebody in the Philippines through check?”
This is the question that baffled me the most because a Canadian chequing account allows me to do just about anything.
- Shop online
- Send money to the Philippines
- Pay via Interac
- Invest in ETF
I hardly use the cheque. I probably did once or twice. By the way, the Canadian bank cheque is free for the first few sets and depending on the bank.
The only thing I can probably use a Philippine bank check for is by paying the Pag-IBIG mortgage. Other than that, the check will definitely end up on a file.
Stash away never to be remembered unless I have the need to use it.
I was persistent to open a Philippine bank account to take advantage of the high exchange rate and start saving in peso.
For future blog post I can write about the advantages and disadvantages of having a PNB checking account. Mas marami sana ang benepisyp kaysa sa sakit ng ulo.
For now, I’ll wait and focus on buying a house in the Philippines. But you can fill me now of feedback if you’re a PNB client in the comment.
What Philippine bank account you managed to open abroad?