Bitcoin Forum

So I'm a foreigner living in the Philippines and have been funding my stay using coins.ph, but I wanted to open a bank account in order to invest in condos but the banks have been rejecting my account applications on the grounds that my source of income is bitcoin.

Any suggestions? Any bitcoin friendly banks here?

Maybe that bank don't know about bitcoin! try to ask assistant from coins.ph personnel for that matter to help you to open bank account, you should also try using security bank I'm sure they are aware of bitcoin, security bank is a business partner with coins.ph

That's the disappointing thing about most of thevbanks, they don't believe in bitcoin. Bitcoin is approaching $14k, they better start considering the value of it.

The reason is they don't know what bitcoin is or they have an idea but they don't believe that bitcoin can bring money and it is one of the great investment. My suggestion is try union bank and security bank.

I think because the bank here in philippines to know about bitcoin or maybe they know but they dont support it becaus bitcoin can kill thier business

Hi Sir,

Hope this helps, the banks are strict in opening bank accounts especially foreigners because of recent AMLA cases. If you have been staying in the PH for maybe a minimum of 1 year, you can already apply for a naturalization, by then banks will welcome you and only needs valid ID and your naturalization papers.

Maybe you can try security bank and then contact coins.ph for this matter they are the one who realy can help you about that. Maybe the main reason why they dont want you to open its because of some bad news about bitcoin and also banks and goverment cannot earn and hold bitcoin on there hands

You need an ACR = Alien Certificate of Registration.

Don't mention bitcoin at all. If or when they ask about source of funds, say from abroad or from your previous country. They don't usually ask too many questions after that.

Also, bring cash with you. Maybe 100k PHP, then go look for the bank manager. If they ask why, tell them you need a checking account to issue postdated checks to your landlord or something like that.

maybe i think if you have some source of income state in the bank , you should not let the bank know that your income is come from bitcoin they will reject you, as what is happened to me in BDO .

Of course all banks are aware what is Bitcoin, it is just that some banks don't allow people to use their accounts to buy and sell Bitcoin because they are afraid of it. Which bank are you trying to open an account? It is better if you do not include Bitcoin as source of income when you are opening a bank account here in the Philippines, if you are earning money in some other ways or have a job you can use that as an alternative to your source of funds. There are also some Bitcoin friendly banks here, you can try opening an account in BPI, Security Bank, and Metrobank.

I think you are having many knowledge about transactions in the bank already and been in this industry for quite a while. I just want to ask some questions about opening a bank account.

If you are a student what possible source of income is suitable and do you know how much is the limit for that? That would be approved.

What are some requirements for a legally aged citizen to get an account and what kind of account do I need to open when I think of storing my earning from bitcoin also to directly cash out my bitcoin from coinsdotph to get away from high transaction fees from remitance centers.

Also, what are the maximum limit for coinsdotph for lvl3 verification?


Thank you.

..banks here in the philippines are very strict in opening an account..they will going to ask you if where your funds come from..maybe that bank dont know what bitcoin really is..maybe you'll need to provide some other details in order to satisfied their bank requirements..try to open other account like security or union bank..and try to contact the admin of coins.ph..they have a thread on this forum..here is the link Coins.ph Official Thread https://bitcointalk.org/index.php?topic=1558587.0
..you could ask them and find some answers on your question..i hope this could help you..

may mga bangko kasi na hindi nila acknowledge ang source of income mo ay galing sa bitcoin, katulad ngyari sa kaibigan ko mag oopen lamang sya ng savings account hindi sya pinayagan nung nalaman na sa bitcoin galing ang perang ilalagay nya dito, sa bdo sya nag aply nun, meron naman na tumatanggap ng bitcoin limited nga lang na bangko

You don't need to mention them about bitcoin you can told them that source of your income is through remittance from your love ones abroad something like that. Banks don't believe in bitcoin yet, I have a filipino friend who has same scenario with you, they don't let him because he told the bank that he is earning online through bitcoin.

There are NO bitcoin friendly banks. You just have to be friends with either the teller who helps you open the account, or make small talk with the manager.

In case you can not open a checking account immediately, you might be able to open a regular savings account, wait 6 months, then open a checking account with that same bank.

I maintain several different bank accounts, but surely one of them will help you open if you have all the required documents, just never mention bitcoin. They don't need to know.

Some banks are so strict that they started rejecting new customers. It seems that they don't want additional work because it will be another work for them. The same thing happened to me before, they asked a lot of questions and asking a lot of requirement - its PS bank, BPI and BPO.Haha. I would recommend that you try to apply online using Union EON card portal. This is more convenient for you and the process was really fast.  Please refer to the link below for more details. Hope this helps and good luck.

https://www.moneymax.ph/blog/how-to-apply-for-an-eon-visa-debit-card-online

Thanks for all the advice, I considered lying to the bank about my source of income but they told me they would require documentation about the source of funds for any large deposits/transfers and I would need to transfer several millions if I buy a condo here. I'm also scared of having my account frozen if i lie on the application and they feel my usage is suspicious.

I never tried security bank as some have suggested but I got a positive response from HSBC who are reviewing my application and may or may not reject me. If they reject me I will probably try security bank next. I already got rejected at the larger banks

How do they define "large" ? Maybe 500k PHP is large? I've regularly deposited and withdrawn 1m to 2m to even 4m. They've never asked me for any documents. Anyway, coins.ph, if that's what you use, has a 400k daily limit, so you just need to do that for a few days to get enough to buy a condo.

And, I'm almost sure, you can somehow find a way to get some sort of loan or mortgage for a condo.

They didn't define the size of it, but I was intending to withdraw directly from bitstamp and that would make it obvious the source of the funds. As for coins yes I have a level 3 verified account with a 400k daily limit but as yet I do not have a bank account.

What the bank told me is that I normally need to have a savings account for 6 months before I can get a checking account but they were willing to waive that requirement because I had an endorsement letter from the property developer. Unfortunately it seems to get rejected once the application gets passed on to the branch manager for approval (I tried BDO and BPI so far).

I normally like BDO and BPI, but keep trying the others. Metrobank, PSBank, HSBC (this one needs a little bit more money than the others), RobinsonsBank, SecurityBank.

For your first transaction, use a small amount from coins.ph or rebit.ph, that should work. Then a few days later, make another one from the other site. Then, after that's all good, make a small withdrawal from bitstamp.

Is the price difference that big between stamp and coins? stamp will send dollars, so there might be an exchange rate fee or something if you're not using a dollar account in the Philippines.

You have any source of income except bitcoin? Banks has no idea what bitcoin is that's why your application is denied.

dont ever include bitcoin as source of income if you are going to open a bank account here in the philippines. you are just going to undergo even further investigation about it and keep asking questions about it. i have a friend who also had the same situation as you do. so i suggest not to include it anymore, you can say you are going to open an account as remittance.

kasi kapag bitcoin ang usapan pagdating sa bangko hindi pa nila ito masyadong kinikilala, nangyari sa tropa ko kasi ang ganyan magoopen sya ng account then sinabi nya na sa bitcoin galing ang perang ilalagay nya dito, yun hindi sya na approved. pero bakit ang bdo nag tatransact ng bitcoin kung hindi nila kinikilala ang bitcoin as source of income mo. kasi diba pwede tayong maglipat ng bitcoin thru cash papuntang bdo.

ganyan din ang nangyari sakin, nag try ako mag open ng bank account (BDO) pero inayawan agad nila ako nung sinabi ko na bitcoin ang source of income, may nagsabi naman sakin na hindi daw talaga pwede yun kaya ayun. next time po try nyo sa ibang bank mag open ng account tapos wag nyo na lang gamitin yung bitcoin na source of income

Our major banks here in the Philippines (BDO,BPI and Metrobank) already knows the bitcoin but they dont support it because it is not backed by any government (PH or USA).

So for now, it is not a good move to say bitcoin as your source of income. its a big red mark for banks here. you can make other excuses like, Remittance from your home country. Hope you get one.  good luck

Do you have any businesses here in the Philippines? Store your money in your wallet. You can open an account in security bank, I think they already accepted the bitcoin in their transaction or if nothing to do,  you can invest your money in bitcoin again.

hindi na denied ang account nyo dahil "walang alam ang bank sa bitcoin" kasi sa totoo lang bank is fully aware of bitcoin, hindi mo din sila masisi kasi ang bitcoin is no hard copy (or proof) how you earned it (specially no tax) so macoconsider den sya na money laundering which highly NO NO sa bank. Apply again in other bank (or other branch nang bank na inapplyan mo) then NEVER talk about bitcoin, explain to them your status without mentioning bitcoin and they will find a way for you to open an account.

If you want to open an account here in the Phils., I think you should not tell about bitcoin, maybe you should tell them that your source of funds is coming from your business in abroad or it is coming from your family., you can go to Union bank or Security bank to ask assistance from them.

Imposibleng hindi nila alam kung ano ang bitcoin, sa tingin mo ganun ka tanga mga bangko para wala sila idea kung ano ang bitcoin? yang malalaking company na yan walang alam sa bitcoin e ang mundo nila nasa usapin na pera LOL

hindi pa kasi masyadong ina acknowledge ng ibang bangko ang bitcoin kaya ayaw nila ito na source of income kapag nagaaply ka. pero ano ano nga ba ang bangko na acceptable nila ang bitcoin, ang alam ko kasi bdo hindi nila talaga accepted ang bitcoin. sino may alam dito na bangko na accepted ang bitcoin

All you need is a referral from a depositor from the same bank where you want to open and you are good to go, but please don't say that your source of funds is Bitcoin, you can just say trading blue chips stocks. Banks here in the Philippines lately is strict with opening new accounts even if you are a filipino citizen. They will check your back ground and source of funds to avoid bank being used for laundering.

Maybe the bank in phillipines didnt recognize the bitcoin and they no considering your income is bitcoin. they want is a money like a paper that you can give them and put them in their volt.... and maybe there`s no go signal for them when interms of any related issue in bitcoin like your income or any other reason that your source is bitcoin. try to change your bitcoin to peso or dollar and try it again to open an account im sure they will open an account for you as soon as possible.

Unfortunately, Bitcoin is not an acceptable source of income here in the Philippines. Our government has not yet accepted the concept of bitcoin as a primary source of income so opening a bank account is not possible. What you can do is find another source of income that can be "front" so that they won't know that your main source is from bitcoin. Like, for example, you'll have an online shop wherein you'll sell clothes or bags (This example has worked for me). You also need to show the bank your ACR (Alien Certificate of Registration) ID.

sir some of banks here in phil. dont know about BTC, and only few of them are getting or accepting transsaction from bitcoin. just try to search in google maybe itwwill help you sir.

I just had an idea. If you really want to piss off the bank, say your income is from your Paypal business. (This is a joke, but it may work without further explanation.)

Bitcoins is very well known in Philippines nowadays and banks also accept bitcoins money in out of their bank, Maybe they just smell something fishy on your source of income coz btc sometimes use to scam persons that's why they protect their bank to be related in that kind of business but i didn't say that your a scam i just point out other things that's why they didn't allow you to have an account to them.

Bdo and security bank you try it. But maybe because to big amount you put it. Thats why the bank are not release you money. If you want to wedraw just maintain your money so that the banks well not rejecting you.

maybe because they wont consider bitcoin as source of income as of today, that's why they wont allow him to open an account. there's a a lot of people saying that bitcoin is scam, or used to scam people, so you really cant apply that reason to open an account in every bank

maybe because they wont consider bitcoin as source of income as of today, that's why they wont allow him to open an account. there's a a lot of people saying that bitcoin is scam, or used to scam people, so you really cant apply that reason to open an account in a bank

It depends also on the bank, there are banks who are not that strict for as long as you have the money that can be presented they don't care where your money came from, they will just let you answer the application for opening an account. But, other banks especially those big banks are really strict especially that you are foreigner.

may friend ako, nagtry din siya mag open account sa BDO at sa BPI, and tinanong kung anong source of income niya, ang sabi niya bitcoin ang source of income niya, pagtapos daw nun ang dami nang further questions. siguro nga depende talaga siya sa banko, kasi ung bdo at bpi alam naman natin na mahigpit talaga yan. pero kung sinabi niyo lang na for remittance madali lang makapag open account.

Hmmm maybe the best to do when applying or opening bank accounts is avoid mentioning bitcoin as source of income. Maybe cryptocurrencies here in the Philippines makes banks uncomfortable, it will take time before major banks adopt this type of payment systems. We can't just pleased banks they have their own rules and policies unless central bank will acknowledge and approve all bitcoin related transactions.

Siguro ay depende sa banko syempre merun silang mga rules and regulations to follow like amla or anti money laundering iniisip nila amla ang bitcoin pero kung tutuusin ay hindi ito kasama sa anti money laundering.there are banks that restricted cryptocurrency so its better to find another bank that open minded in digital currency.

oo lalo na kasi bangko un, tungkol sa pera, kaya kailangan nila maghigpit lalo na kung hindi sila sigurado kung ano ung sinasabi mong source of income, kapag kaduda duda kasi iisipin agad nung mga un illegal ang source of income mo.

hi po, buti nakita ko tung thread na ito. ito kasi ang problema ko ngayun. gustong gusto ko mag open ng bank account kaso wala naman akong trabaho aside dito sa forum. so na mumublema ako kung anung sasabihin ko kung tungkol na sa source of income ang pag uusapan at tanungan..

nabasa ko na most sa suggestion nyu ay para sa remittance. ang tanung ko lang po is pag sinabi ko po bang for remittance, wala po ba silang follow up questions tungkol jaan? at kung sa mga nkapag try na, anu po ang posibling tanung? para nmn po mkapag hnda ako ng isasagot. ayoko din po kasi mag mukang tanga kung may further questions pa sila tungkol jan at d ako makasagot.

pa help na din po. kasi matagl kona gusto mag open kaso  natatakot ako dahil wala akong trabho tas malaking pera ang e dedeposit ko.

sabihin mo lang na jan ka tatanggap ng remittance from relatives mo, kahit wag mo na sabihing international, kahit sabihin mo na local lang. jan ipapadala allowance mo at yun lang, wala naman nang further questioning na mangyayare after nyan.

Obviously the banks are not yet considering bitcoin as a stable income which is disappointing for now even with the capability of bitcoin to provide you more financially. But sooner or later i'm pretty sure the system will change when time comes :)

hindi naman stable income ang point dyan ng bangko bro, may nagsabi sakin na ayaw tanggapin ng bank ang bitcoin dahil hindi naman talaga nate-trace yung mga transactions dun kaya hindi nila malalaman kung san na ba ginagamit ang bitcoin ng isang indibidwal

Oo,tama ka, yan din ang isang rason kung bakit hindi nag aaproved ng account ang isang banko kung galing sa bitcoin ang source of income mo .hindi kasi ma trace kung saan galing yang pera mo or may illegal kaba na ginagawa sa online. Pero may ibang banko naman na tumatanggap.

This situation goes to show that bitcoin is still not well known to the country. Maybe you should use other terms aside from the word bitcoin upon applying. Like maybe you use trading. Forex is also trading. So is cryptocurrency. Baka they would consider. But sir i beg tp disagree with your plan on investing or buying condos here in the Philippines. Unless you have dual citizenship. Because in the Philippine law, aliens(not filipino citezen) are not allowed to acquire  real properties.

In addition to my post, why not try security bank. They have partnered coins.ph so we must pressumed they have full knowledge of crypto currency trading.

bakit nga ba hindi sa security kumuha yung iba total parang sila naman ang partner talaga ng bitcoin e. pero yung iba kasi mas prepared nila yung mas malapit na bangko sa kanila. katulad ko sobrang layo ng security bank dito sa aming lugar. kaya sa rcbc ako nag open ng account.

anong bangko po yung tumatanggap ng bitcoin as source of income? balak ko sana mag open ng bank account para kung sakali dun na lang ako sa bank na tumatanggap ng bitcoin mag open para walang problema.

hindi ko pa na try na mag open ng account sa security bank, mukha ngang ok mag open sa kanila kasi sila naman talaga ang partner ng bitcoin pagdating sa cashout e, pero sa ngayon malabo na ako amg open dun kasi marami na akong bank account e saka malayo rin sa aming lugar ang security bank

Maybe because banks in the Philippines doesn't take bitcoin seriously or because it's not an accepted currency yet? Easiest to open an account is @ RCBC btw

Na try nyu na po yan? Baka kasi mag tanung. Tapos malakinh pera ipapasok mo sa banko. Baka sabihin san nanggagaling yung deposits. Yun kasi inaalala ko. Madami din kasi akong kakilala na na freeze ang accounts.

Change your source of income then go to bank if you said online business its approved by the bank and and check if you have the same name here in Philippines

kung sobrang laki ng perang ipapasok mo sure na matatanong yan kung saan nanggaling pero kung hindi naman kalakihan wala kana dapat problemahin dun. freeze ang account? bakit naman nila gagawin yun? maraming magagalit sa kanila kapag ginawa nila ng walang mabigat na rason yun

Wew, wala pa kasi sa protocol ng banks yang bitcoin. Bakit pa kasi yun ang sinabi mong means of income mo. Pwede ka namang wag na lang mag Banko, gawin mong bank yun wallet mo sa bitcoin, tataas pa yan.

yung iba kasi need nilang magkaroon ng bank statement lalo na yung iba hinahabol nila yung bank statement , ung iba kasi gustong kumuha ng mga bagay bagay na kailangan ng bank statement lalo na kung installment basis ang mode ng payment nila kaya yung iba nag oopen ng acct .

Maybe because they doesn't know yet what bitcoin is or even if they know they dont acknowledge it yet as one of the source of income. Just dont state yet that bitcoin is your source of income because in my case I just told them that it is an online business.

Totoong pwede ka naman mabuhay na walang bank account. Pero need mo magkaroon ng bank account para maging existing person ka sa mata ng mga bangko at gobyerno. Oo, pwede ka naman na di na maging existent sa mata nila pero dadating sa punto ng buhay mo na mangangailangan ka mag home loan or auto loan, mangangailangan ka mag credit card para makapag installment sa mga furniture sa bahay nyo or para mamahaling gadgets, mangangailangan ka ng bank statement para ma-approve ang visa application mo kung pupunta ka ng ibang bansa. Madaming advantages pag may bank account ka. Wag tayo maging ignorante sa mga ganyang bagay. Tandaan, maging open minded sa mga bagay bagay lalo na't sa mga basic traditional financial institutions gaya ng bangko :)

Kahit ako din sabi ko dati pwede ko naman itago ang pera ko sa isang lalagyan eh, pwede naman dito sa bahay namin kasi wala naman makikialam at kami kami lang naman ang tao dito ng aking pamilya, at sa totoo lang dati pinagiipunan ko pa ng matagal ang isang bagay para magkaroon lang ako hanggang sa hindi naman makaipon kaya napaisip ako na need ko talaga ang credit card kaya nagopen na ako ng account, narealize ko basta lang good payer ka maganda ang credit card lalo na sa needs lang at hindi gastadera.

maganda ang credit card ang nagiging pangit lang dyan yung mga gastadera gusto nila na anytime kahit wala silang pera may magagamit sila kaya in the end e nalulubog sila sa utang , malaking tulong ang bank statement lalo na kung gusto mong makabili ng mga bagay bagay sa buhay mo na masyadong malaking pera ang involved na installment basis ang gagawin mong mode ng payment .

Maganda talaga na meron kang open account sa isang bank lalo na kapag wala kang trabaho at purely online job ka lang kasi kailangan mo ng mga bank statement kapag gusto mo kumuha ng bahay or magbank loan lalo na kung gusto mo din magpatayo at kulang ka ng iyong capital. Advantage din dahil kapag emergency nauubusan pera nagagamit ko to.

To open a bank account in the Philippines you need an ACR I-card (Alien Certificate of Registration card). You may be able to open an account with just your passport and another form of ID other than the ACR. Some banks will accept an Immigrant Certificate of Registration (ICR) as proof of your residency. You will have to go to the bank in person to open an account and if you you don’t have an ACR card you might have to have a meeting with the bank manager.
Once you have your ACR card it is a fairly straightforward process. You will need your passport (or another photo ID), one passport-sized photo and proof of your address such as a utility bill or rental contract. You then fill in the forms at the bank and make the minimum deposit. You can get a bank book for making withdrawals and deposits straight away, but you will need to wait to receive your debit card in the post.
The bank you choose will depend on many factors, predominantly where you live and what you want to do with your money. If you will be making a lot of international transfers it might be better to choose a multi-national bank such as HSBC, Citibank or Deutsch Bank AG. Branches of all major banks can be found in most cities across the country.

Noong una cguro pero sa ngayon parang marami ng nakakaalam dito sa bansa ng bitcoin at yong income dito cguro naman i a acknwoledge na nila na pwdng mag bukas ng bank acc na source of income mo is came from bitcoin.

maybe they don't know about Bitcoin.. but there are some bank that not accepting bitcoin because bitcoin has no fix price.. bitcoin price is changing depends on the investor and holder..so i think they dont want to be involved in bitcoin.. for example you deposited and then you withdraw to their bank with $1000 using your bitcoin. then the next day. bitcoin drop to $900.. so the bank losses is $100.

My brother who just created an account with BDO, hide the fact that BTC and other alts is his source of income. It's the best way and the easiest way to have your bank account created and avoid the necessary requirements and talks...

Just like their suggestions, I would also encourage you to contact coins.ph. It is very easy to reach them by using their application. I think they'll help you and assist you in that matter.

May issue yung isang user sa fb pina open nga sya ng account pero nung nakita na may bitcoin transactions yung account biglang force close agad.

So far Many banks cant accept Bitcoin as source of your income. So you don't need to mention them about bitcoin you can told them that source of your income is through remittance from your love ones or if you have a work or mini business.

medyo katanggap tanggap pa yan kasi kung makikita nila na malalaki ang pumapasok na pera sayo na taliwas naman dun sa average na dapat na papasok na pera sayo medyo makukwestyon ka nyan tulad ng nabasa ko dto dati na pinatawag sya ng banko para tanungin bakit ang laki ng mga pumapasok na pera sa kanya tpos nasabi nya na bitcoin ang income nya pinaclose ang acct nya .

That's the problem about most of the banks here in philippines, they really don't believe and they don't know about bitcoin, maybe when you go to the other banks don't mention about bitcoin is your source of funds

Yes most of the banks know nothing about bitcoin. They are closely minded just like my professor who works in one of the banks here in Ph.
I asked him and he don't believe that it's exisiting. Just ask help with coins.ph they will help you.

Yeah number 1 kontra talga sa mga Bitcoin ngayon here In Ph is the BDO..lahat na ng mga may transactions ng Bitcoin ay ikino-close na nila.Maybe they really hate bitcoin's powerful progression now and maybe takot sila na mawala nyan sila In the Future at isinisecure na nila ipapaclose ang mga may bitcoin

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP) and the country’s regulators are planning to create regulatory standards for digital assets like bitcoin. This week the BSP Deputy Governor, Chuchi Fonacier, said the bank is working with the Securities and Exchange Commission in order to create regulatory guidelines for Philippine businesses and exchanges who deal with cryptocurrencies.

https://news.bitcoin.com/the-philippines-central-bank-considers-regulation-standards-for-bitcoin/

Bitcoin is not banned by Phil. Central bank.

Well, if bitcoin is really the reason why you can not
open a bank account is because of the misbehavior of another banks that bitcoin is scam. Better do not say that bitcoin is your source of income. Actually Philippine central bank is planning to regulate bitcoin.

lot of banks don't accept btc cause it's a treat to them more of them don't know that btc really exist or they don't want to make a way for btc to expose to a lot of  more people

Hindi naman yata lahat ng banko ang nag refuse,meron ding ilan dyan.but base yan sa laki ng e-deposit.kung sobrang laki lang,pwedeng hatiin or d kaya,quarter.

Kailangan nyo talaga pala makapagopen ng bank account dahil bibili pala kayo ng condo. Marami pa din po kasi mga bangko sa pilipinas ang wala pa ediya o lubos na kaalaman pagdating sa bitcoin. At ang madalas pa hindi nila ito kinikilala na maging source of income mas mabuti sana baguhin nyo nalang. O kaya subok kayo sa ibang bangko marami naman bangko na mapagpipiliian dito sa pilipinas baka may isang pumayag lalo na kung ang ipahayag nyo pinagmumulan ng kinita mo ay sa pag bibitcoin.