Been bored at times during pandemic so I made a hobby of opening bank accounts to see which are good and which are not so good for my savings.
I also found I had to open multiple bank accounts in the Philippines just as contingency plans for the lack of reliable access to services with some. Of course my needs are going to be different from yours but here are my findings:
- Metro Bank
They used to have a good app then changed to a web based one that is so glitchy. You also have to notify Metro in advance if you travel abroad. Metro is otherwise a good bank. But I need more satisfaction.
- PNB Bank
They switched their app too because their last one unfortunately destroyed. The new one doesn't even have a QR code for receiving funds. If they want this technology to catch on they have to make it usable both ways for sending and receiving.
- Security Bank
I am so much disappointed with their services. They have limited online capabilities and user experience with app is terrible. They are also incredibly nosey about every tiny transaction. I'll probably close this account soon.
- Unionbank
Their online platform actually has one of the best apps and doesn't rely on SMS OTPs for authentication. Why is this important? Well apart from the security issue (SIM swapping). If you are roaming internationally and it fails roaming status and your banking app relies on SMS OTP. Only beef I have with UnionBank is they usually take an extra day compared to other top banks for incoming international wires. Unionbank has the best ATMs of all the domestic banks for those who want to make deposits.
- RCBC app
Their services are Very impressive All around. There is a reason this bank has won awards.
- Sun Savings
If your helper wants/needs an account then this is a good starter account for a local. 300 PHP minimum. No online facilities though
- Citibank
Apparently they are pulling out of the Philippines but until they do, I'll be keeping an account with this bank. Probably an unfair comparison to what other local bank offer but if you live near the branch in Ayala, Citi has easily the widest variety of services and facilities available. International transfers a breeze, USD ATMs with $3000 single transaction daily limits and their global wallet allows for multi currencies is dope 8 currencies. Only downside I can find about Citi is that they are not on the Instapay network. But then is seems no international banks in the Philippines are.
- HSBC
They are Known for having the most popular ATM in Cebu with 40k single transaction limits. I have an HSBC account in Hong Kong when I visited there, but didn't open with the branch here in Cebu. Staff seemed super pretentious. Your experience may differ but for an international bank I didn't find their office here, overly impressive either. Good for international wires but HSBC can be super nosey.
Be interested to know what your banking experiences have been like too.
Actually these are my personal opinion. If you find anything wrong about any of them then put your important opinion in the comment section.
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