Not so long ago, I came across a Philippine checking account that comes with credit card. I thought it’s a great idea to apply for a checking account and credit card at the same time since I’ve read that it is hard to open a credit card in the Philippines.
A friend told me, who used to work as an agent finding a potential client to open a credit card, that it is easier to apply for a credit card if you already have an account with the same Philippine bank.
It came as a surprise to me since it is easier now to apply for a credit card in Canada unlike years ago when I was denied in Superstore and Walmart. Now I was occasionally asked to apply but I always decline. (I already have three credit cards so far and Tangerine is my favourite.)
Although I learned the possibilities of opening a Philippine bank account while working overseas, I still want to open a Philippine bank account once I have a vacation.
Sounds like a great plan isn’t it!
It is till I found out that I cannot find the Philippine checking account that comes with a credit card. This is similar to the time that Filipinos can apply online to open a bank account from overseas.
Why do good things don’t last? Cheer up. Look on the bright side.
Philippine checking accounts have debit card although not all. With debit or ATM card, you can shop online and withdraw in ATM machines.
With debit card you have to be mindful that the checking account has enough balance, which is a good thing, especially for those who can’t responsibly use a credit card.
11 Philippine Checking Accounts with Debit Card
These are the Philippine banks I’ve checked so far offering checking accounts with debit card for individuals. Checking accounts for business are also available but are excluded in the list.
Note: All the checking accounts has PDIC coverage, that is, PHP 500,000.00 is the maximum deposit insurance for each depositor for each checking account. So open an account in different Philippine banks to maximize the benefits of deposit insurance.
Let me know your recommendations in the comment for banks to vouch for and even the unpleasant experience are welcome.
1. Bank of the Philippine Islands (BPI)
The BPI has three checking accounts with an ATM card out of four:
- Express Teller
- Ka-Negosyo
- Maxi-One
These checking accounts are also available with passbook. So you have to choose between convenience and custom.
2. Citibank Philippines
The transactional banking (checking accounts) of Citibank are available in two currencies:
- Peso Everyday Banking Account
- Dollar Everyday Banking Account
The advantage of having a Citbank ATM card is the ease of withdrawals from any ATM in the Philippines and Citibank ATMs worldwide for FREE.
3. China Bank
China Bank allows Filipinos to save in an interest-bearing checking account with an ATM card through ChinaCheck Plus.
Initial Deposit – PHP 5,000.00
Maintaining Balance – PHP 5,000.00
Balance to Earn Interest – PHP 20,000.00
Interest – 0.125% (per year)
Withholding tax – 20%
4. East West Bank
Out of four EastWest Peso Checking Accounts, you can choose from the two checking accounts with a debit card.
- Basic Checking
- ChequeMax Rewards
The Basic Checking requires only an initial deposit of PHP 1,000.00; while PHP 100,000.00 is required for ChequeMax Rewards. Both accounts doesn’t earn interest. Take note that ChequeMax Rewards has a 20% withholding tax since depositor can redeem gift certificates in exchange for reward points.
5. Maybank Philippines
The Maybank Philippines is offering different ways for Filipinos to save. I’ve chose two checking accounts with ATM card for individuals. The Classic Checking Account has a maintaining balance of PHP 10,000.00 and checkbook access for PHP 175.00 for individuals. With Classic you can get a free regional ATM card and use it free of charge at any Maybank ATM in Malaysia, Singapore, Cambodia, and Brunei.
For Premier 1 Checking Account you can get more features than the Classic such as free personal accident insurance valued at 5 times the previous month’s ADB or up to PHP 1 million. With fewer withdrawals the deposited amount can earn higher interest rates.
6. Metrobank
The Account One Metrobank checking account comes with a passbook and an ATM card.
Initial Deposit – PHP 25,000.00
Maintaining Balance – PHP 25,000.00
Balance to Earn Interest – PHP 50,000.00
Interest – 0.250%
Below Minimum Monthly Balance Fee – PHP 500.00 (2 consecutive months)
Withholding tax – 20%
Related Post: Open a Metrobank Account in Canada
7. Philippine National Bank (PNB)
The PNB has five peso checking accounts. The Priority One Checking Account is an interest earning account with free personalized checkbook and MasterCard ATM card.
Initial Deposit – PHP 25,000.00
Maintaining Balance – PHP 25,000.00
Balance to Earn Interest – PHP 30,000.00
Interest – 0.100%
Dormancy – 1 year
Dormancy Fee – PHP 300.00
MasterCard Validity Period – 10 years
If you were not able to open a PNB account while in the Philippines, don’t worry. You can still open a PNB checking or savings account in Canada or specifically in Calgary, Alberta.
8. Philippine Savings Bank (PSBank)
With PSBank Premium Checking, clients will receive a checkbook, record book, and ATM card.
Initial Deposit – PHP 25,000.00
Maintaining Balance – PHP 25,000.00
Interest – 0.5000%
Interest Crediting – monthly
9. Rizal Commercial Banking Corporation (RCBC)
When it comes to variety, RCBC Checking Account gives more choices to clients. The initial deposit range from as low as PHP 5,000.00 – to PHP 35,000.00 while taking advantage of the RCBC MyDebitCard.
- Basic
- Premium
- Exclusive
Each checking account has subcategories. Choose a higher deposit for an interest-bearing account; as the balance keeps on increasing so is the interest rate.
10. Security Bank
The All-Access Checking Account is both a checking and savings account. You can choose to have a passbook, checkbook, and/or MasterCard ATM Debit Card.
Initial Deposit – PHP 5,000.00
Maintaining Balance – PHP 25,000.00
Balance to Earn Interest – PHP 100,000.00
Interest – 0.10% (per year)
Dormancy – 1 year
Dormancy Fee – PHP 300.00
MasterCard Validity Period – 3 years
With the Everyday ATM Debit MasterCard you can get discount and perks from partner merchants. Upon expiration, you can renew the card for free.
11. UnionBank of the Philippines (UnionBank)
The UnionBank checking accounts come with UnionBank E-Wallet that are accessible worldwide. Compare to other Philippine checking accounts, the UnionBank has a high initial deposit from PHP 50,000.00 to PHP 500,000.00; the minimum deposit has no interest.
- Regular Checking Account
- Power Checking Account
- Premium Deposit Account
Final Thoughts
I wish that the time comes when all the Philippine checking accounts will have a debit card similar to Canadian banks. Still, I’m glad that most of the Philippine banks are catching up with the global finance technology.
And if you happen to have a Philippine checking account with debit card, be careful in using it online and offline. If possible use a different debit/ATM card for daily transaction and make sure the bank has a reliable security.
Do your part as well by becoming vigilant and checking the transaction record. Report immediately any unfamiliar transaction.
What is the best bank to open account for my pension plan in Canada?
Banks in Canada are mostly reliable. It is best to focus on accessibility in choosing a bank. You can choose the existing bank that you’ve been using for many years. Is there a branch closed to your place or you don’t mind driving to a bit farther branch or taking the public transportation? Do you prefer online banking or dealing with bank staff? Why not choose the bank that would give more convenience and less or no monthly fee at all.