There are countless reasons to open a dollar account. Some can include gaining interest from remittances sent by family members abroad. In other instances, you might want to open one because you need to set up an account for your business. While countless businesses are engaging with clients worldwide, one of the most popular ones is eCommerce. With this, we compiled a list of the best banks to open a dollar account in the Philippines. Let’s go through them one by one!
Opening a dollar account can be confusing at first. Dealing with foreign currencies can add to the challenge of opening a dollar account. However, there are solutions that can help make your work easier. Banks share the fine print with their clients and everyone interested in opening a dollar account. Being informed about different options helps interested individuals make wiser decisions.
How Does a Dollar Account Work?
A Dollar account is a convenient way to earn money. A Dollar Time Deposit is a type of fixed-term account for investments that enables you to earn higher interest rates on your money than a typical savings account. This account is intended for customers who wish to profit from the Dollar rate of exchange.
What are the Benefits of Opening a Dollar Account?
Organizations ought to be equipped to thrive on a global scale in order to remain competitive and grow their reach. E-Commerce shops, for example, must service clients all over the world by providing customized websites and payment methods to speed transactions.
A corporate dollar account is an advanced account that offers various benefits to organizations pursuing worldwide success. It is a vital instrument in achieving the efforts to succeed in their endeavors. These organizations may prosper and capture new development possibilities by adjusting to the ever-changing requirements of international commerce.
Multi-Currency Accessibility
This important feature reduces firms’ need to register bank accounts in many countries, enabling businesses to handle their worldwide activities from one account.
Improved Security
Higher levels of security are often associated with business accounts. Look for platform features like Two-Factor Authentication (2FA) as well as banking capabilities like 1:1 support and Know-Your-Vendor (KYV/KYC) procedures.
Higher Credit Line and Customer Credibility
Having a USD company account boosts your company’s reputation and confidence among worldwide clients and partners. Furthermore, a USD company account demonstrates your dedication to global commerce and competence, which attracts prospective customers and collaborators.
Top 7 Best Dollar Accounts
Bank of the Philippine Islands Dollar Account
BPI is one of the most established and widely known banks in the Philippines. Their services are available to new and old account holders through their countless branches and 3,000 ATMs around the country. The necessary minimum daily amount for generating the 0.050% annual interest rate is $500. Clients can withdraw funds from their accounts anywhere in the globe using ATMs linked with Mastercard or Cirrus.
The account may also be readily accessed via BPI Online Banking. The digital banking application helps users access their accounts anywhere and anytime. Customers can also deposit cash, cheques or request drafts. It is also available in a passbook. To earn interest, the corporate account must maintain the minimum balance throughout each year.
Banco de Oro Dollar Account
They find ways to make money grow. Banco de Oro, more commonly known as BDO provides comprehensive services and has one of the best online banking systems. The bank’s integrated resources, client deposits, and loans allow entrepreneurs to earn more money. Among their best features is safety. They offer the advantage of creating a Dollar account in the Philippines by providing an affordable minimum opening amount.
BDO is one of the most highly acclaimed banks in the Philippines for dollar accounts. The bank dates back to its foundation back in 1968 and has been trusted by millions of Filipinos to this day. The initial deposit and monthly ADB are both $200 for BDO. The minimum balance required to earn interest is $500. Earn as much as 0.05%interest per annum through the BDO Dollar Savings deposit for corporate accounts.
Metrobank Dollar Account
You’re in good hands with Metrobank, as it is one of the Philippines’ most reputable and robust banks. The bank’s “MetroDollar” program is one of the top dollar accounts to consider in the Philippines. Metrobank provides business and individual accounts the opportunity to open a MetroDollar Savings account. The initial deposit and daily balance are both $500 for the MetroDollar savings account. The account must have at least $500 in it to earn the 0.25% interest per annum.
Chinabank Dollar Account
This dollar account is ideal for people and businesses looking to increase currency. Notwithstanding the high ADB necessary to earn interest, you may earn a lot of money in this account in US dollars, Chinese yuan, and euros. The Chinabank dollar account offers an annual interest rate of 0.050%. The minimum deposit is $500, and the required average daily balance to earn interest is $1,000.
Unionbank Dollar Account
This bank has developed impressive banking advancements in recent years. Unionbank has surprised crowds from the financial sector and beyond with its unparalleled digital banking systems. The bank is among the few that offers interest rates in US currency. Along with the account is the benefit of using a passbook, online banking, and ATM cards for the dollar account. The minimum initial deposit is $500 for a Unionbank Dollar Account. To earn an interest rate of 0.050% per year, one must maintain a minimum of $1,000 in their account.
RCBC Dollar Account
This bank serves over 6 million customers through its 400 locations and 1,300 ATMs around the country. In addition, they operate remittance centers and links in 24 different nations. RCBC was founded as a development bank in 1960. Since then, RCBC has been known to serve Filipino families, individuals, and corporations diligently through their services. Clients not only receive the most value for their money, but they also get the best financing options.
Their Dragon Dollar Savings account offers tiered interest rates that increase based on your deposited amount. With a high average daily maintaining balance, you can also earn high-interest rates for your corporate dollar accounts. The minimum initial deposit for their Dragon Dollar Savings account is $1000. Through this, you may earn an interest of 0.100%, with the amount of $1000 to $500,000. For amounts over $500,000, you can earn as much as 0.125% per year.
DBP Dollar Account
This bank is the second-largest government-owned bank, as well as one of the largest enterprises, run and supervised by the state. DBP offers countless services to small, medium, and large businesses, enabling each to achieve a bankable future. One of the advantages of creating a dollar account in the Philippines is the bank’s credibility and fiscal stability. The initial deposit, minimum daily amount, and necessary balance to receive interest for business clients are all $1,000.
Dollar accounts are popular because they allow you to make deposits through remittances sent by business partners abroad or by payments made through your business’ online shop using the Philippine Peso (PHP). In case you haven’t set up shop online yet, you should invest in digital commerce before you get late in the game. For business-to-business procurement, you’d enjoy the perks you’ll receive from Shoppable. You can operate with a network of business partners nationwide and across the world. Use the platform to your advantage, and you can also have payments deposited to your dollar deposit account for maximum investments.
Dollar accounts are the most popular deposit options among Filipino entrepreneurs. With so many reasons to open a dollar account, it is not surprising that there are countless benefits and offers of dollar accounts available in the Philippines today. In fact, there are even more than you think. Today, we learned about the top five banks in the Philippines that offer the best service and highest interest rates for opening a dollar account. Don’t let your hard-earned money go to waste. Invest it where it will grow with the best results!
