Dollar Account Philippines: Fees, Rates & Bank Comparison

A dollar account is a deposit account held at a Philippines bank's Foreign Currency Deposit Unit (FCDU), authorized under the Foreign Currency Deposit Act (RA 6426). It works like a peso savings account, but your balance sits and earns interest in USD — not pesos converted at today's rate. You're holding actual dollar-denominated deposits.

Who typically needs one: OFWs holding remittance income in USD, freelancers paid directly in dollars, Retail Dollar Bond investors, and anyone hedging peso savings against currency depreciation.

• Hedge against peso depreciation eating into your savings' value over time
• Choose when to convert USD to PHP, instead of converting at whatever rate you're paid
• Receive international payments — freelance, remote work, business — directly in USD
• Reduce the cost of repeatedly converting small amounts back and forth
• Access USD-denominated investments like the S&P 500, without a peso-hedged share class
• Diversify savings across currencies instead of holding everything in pesos
• Prepare for overseas travel, tuition, or other dollar-denominated expenses in advance

Yes. PDIC insures dollar (FCDU) accounts the same as peso accounts, up to ₱1,000,000 per depositor, per bank.

• Covered Peso and USD savings, checking, and time deposits — up to ₱1M combined, per bank.
• Not covered Bonds, mutual funds, UITFs, trust accounts.
• Payout Paid in USD, not pesos — but the ₱1M cap itself is in pesos, so it covers fewer dollars if the exchange rate moves.

On a $20,000 balance, that's roughly $17,000–18,000 guaranteed at current rates. Holding more than that in one bank? Split it across two to keep the full amount insured.

Requirements are broadly similar across banks, governed by BSP's minimum know-your-customer standards. These are commonly cited as BSP Circular No. 608, though we haven't independently confirmed that number against BSP's own archive — treat it as commonly cited, not certain. The specific ID list and deposit amount vary by bank and by account type; OFW-specific accounts almost always have lighter requirements than standard ones.

• At least one valid government-issued photo ID (passport, UMID, driver's license, PhilSys/national ID, or PRC ID are accepted almost everywhere; some banks require two IDs if your first choice isn't on their "primary ID" list)
• Proof of address if your ID doesn't show your current one (utility bill, barangay certificate)
• TIN, and SSS/GSIS number if applicable — some banks ask, not all
• The minimum initial deposit in USD (varies from $100 to $1,000 — see the comparison table below)
• Physical presence at a branch for most banks — very few Philippines banks let you open a dollar account fully online end-to-end; expect to visit at least once, even if the initial application is digital

• 1
  The "source of funds" field trips up more people than the ID requirements. RA 9160 requires banks to check where deposits come from. A vague answer ("savings") usually clears for a small deposit, but a larger sum can get you asked on the spot for a remittance receipt or payslip — bring proof so you're not sent home to fetch it.
• 2
  Not every teller handles dollar accounts. Foreign currency transactions run through a separate FCDU desk that isn't always staffed — the biggest reason a dollar account opening takes longer than a peso one. Call ahead to confirm someone's available.
• 3
  Bringing pesos to open a "dollar" account isn't simple. Without physical USD on hand, the bank converts your pesos at its own branch rate, often worse than the rate quoted online. Convert separately first if the difference matters to you.

Most guides stop at "visit your nearest branch." This table is compiled directly from each bank's own disclosures, not reposted — and the fee math after it is our own calculation.

*BDO Kabayan Dollar reverts to a regular account with a maintaining balance requirement if no remittance posts within a rolling one-year window. †RCBC Dragon Dollar's rate isn't a flat figure — it's tiered by balance, per RCBC's own page; ask the branch what tier your balance lands in. Figures for Security Bank were not independently confirmed at time of writing and are excluded rather than guessed — check directly if it's on your shortlist. Published dollar savings rates run low across the industry (0.025%–0.125% p.a.); a dollar account is a currency hedge, not a yield play.

1. Pick the right account, not just the right bank. Match the account type to your situation using the table above — OFW-specific and pensioner accounts almost always beat the standard product on minimums.
2. Gather your ID and proof of address. One primary photo ID is usually enough; have a backup ID ready in case the branch wants two.
3. Prepare the initial deposit in cash or via transfer. Some banks accept a peso-to-dollar conversion at time of opening; ask about the conversion rate they'll apply, since it may differ from the interbank rate you see online.
4. Visit the branch (or start online, where offered). Only a handful of banks — BDO among them — let you begin the application digitally; nearly all still require a branch visit to complete KYC and receive your passbook or debit card.
5. Fund the account within the bank's grace period. Some banks (BDO included) cancel the approved application if you don't fund it within about a week.
6. Set a balance reminder. The single most common way people lose money on a dollar account isn't fraud — it's forgetting the maintaining balance and eating fall-below fees for months before noticing.

These are our own recommendations, not regulatory rules or a guarantee. Your best fit depends on details we can't see — your existing bank relationships, how often you transact, your own risk tolerance. Treat this as a starting point, not a verdict.