Joint bank accounts for OFWs in the Philippines
USD INR ₹ 85.00
GBP INR ₹ 104.80
CAD INR ₹ 61.17

Opening A Joint Bank Account In The Philippines Simplified

Updated on December 17, 2021 02:23 pm
Young, happy couple

Joint accounts are bank accounts shared between two or more individuals. Contrary to the common assumption, joint accounts are not meant for just couples. You can share a bank account with a family member, teenage children, aging parents, business partner, or any individual that you trust.

The rules of joint account holding differ from country to country and banks to banks pertaining to conditions such as the death of an account holder. This article will discuss the rules of joint account ownership from an international money transfer perspective.

Can I Withdraw Money From The Joint Account In The Philippines?

Joint accounts work like regular bank accounts. You can use all the banking services, including withdrawal and deposits. There are two types of joint accounts: those using "or" and those using "and."

The main differences between an "AND" joint account and an "OR" joint account are the requirement of signature/s at the time of withdrawal and issuance of ATM cards.

  • "AND" Joint Account holders need the signature of both account holders as a way of authorization,
  • whereas an "OR" Joint Account allows co-holders to withdraw anytime independent of the fellow joint account holder's authorization.
  • "AND" Joint Account holders will be given passbooks and NO ATM card,
  • Whereas "OR" Joint Account holders will be given an ATM card

Almost all traditional banks have online banking facilities in the Philippines. However, you still need to visit a physical branch to open an account first. There are only a few online banks that process account opening and banking transactions completely online such as the ING bank.

According to Statista, it is projected that about 77.1 percent of the entire population of the Philippines would be using smartphones by 2025. It is precedented that lawmakers and central banks catch up to the new wave of online banking.

The Bangko Sentral ng Pilipinas (BSP) has recently been looking to relax rules on online banking, including allowing electronic signatures and the national ID as the sole proof of identity for account opening.

Key Changes In Joint Account Rules In The Philippines From The Recent Circular Of BSP:

  • Joint account holders are allowed to deposit money without the consent of their fellow account owners, regardless of the joint account type. 
  • Banks should allow account holders to submit their national IDs as official and sufficient proof of identity without the need to present other forms of identification for account opening.
  • Banks may define and conduct due diligence for joint depositors to ensure Money Laundering (ML) and Terrorist Financing (TF) risks are effectively managed.

Here Are The Documents Required For A Joint Account Opening In The Philippines:

  • Valid IDs (original and photocopy)
  • TIN (Tax Identification Number)
  • Phone number
  • Proof of address such as utility bills*
  • Initial deposit amount set by the bank
  • Passport photos

*If your proof of address should not match the address on your valid ID, you might need to get a barangay clearance


Can A Foreigner Open A Joint Bank Account In The Philippines?

A Foreigner can open most types of bank accounts that are available to Filipinos in the Philippines if you have lived in the country for more than 180 days because you will be classified as a resident alien.

The standard conditions for foreigners to open a bank account in the Philippines are:

  • You are a foreign national holding a valid Philippine visa
  • You have been in the Philippines for more than 59 days 
  • You have an ACR I-Card ( Alien Certificate of Registration Identity Card)

The rules around joint account opening for foreigners are still vague, and requirements vary depending on the bank and the bank manager you will be dealing with.  For instance, some banks may also ask for a bank reference from your country of residence or citizenship.

How To Send Money To A Bank Account In The Philippines?

A bank deposit is a quick and straightforward way to send money to the Philippines using your debit card, credit card, and in some instances, your PayPal balance. If you are an OFW sending money to your friends and families in the Philippines, you can simply transfer money online or from your branch in the U.S.

The best way to send money to the Philippines is the one that suits you and your recipients' needs.

The two entities that complete the cycle of money transfers are the payer and the receiver. The moving of money is facilitated by a money transfer service provider that can be banks, pawnshops, post offices, blockchain, credit unions, etc.

How you pay and how your recipient receives the money also impact the cost of sending money. For instance, if you use a credit card to send money to the Philippines, you will likely be charged more in fees than a debit card.

Similarly, it is more expensive to receive money through an agent or if you get the cash home-delivered compared to receiving the money online in your bank account.

Should I Send Money In U.S. Dollars Or Philippine Pesos?

Most of the money transferred from the U.S. to a Philippine bank account will be deposited in PHP. However, select money transfer specialists offer USD deposits for certain bank account holders. For example, WorldRemit offers U.S. dollar deposits for BDO US Dollar account holders.

While sending money in local currencies is possible through a wire transfer, it is rare for currencies such as the Philippine peso that are not in the G10 - a group of ten most heavily traded currencies globally.

If you would like your recipient to get an exact amount of pesos, check with your bank or enter the exact pesos by selecting "receive amount" on CompareRemit.

A step-by-step guide to sending money to a bank account in the Philippines:

  • Go to
  • Select "Receive Amount" and enter the exact pesos you want to send to the Philippines
  • Compare top money transfer companies for their fees, exchange rate, and speed shown upfront
  • Select the money transfer company that meets your needs
  • Click on "Send Money Now" to complete the transfer

What Is A Dollar Bank Account?

A dollar account is a foreign currency account that allows you to deposit and withdraw dollars in the Philippines.

Dollar accounts are recommended to diversify your financial portfolio since some banks also allow you to earn interest in dollars. It might be a good option if you often transact in US dollars since you can offset USD to PHP currency exchange rate fluctuations.

Dollar accounts are an excellent option for OFWs in the U.S. and their families who want an easy and secure way to remit and receive money from abroad through bank deposits. Or anyone who sends and receives money in foreign currencies, for that matter.

Can I Transfer Money To A Joint Bank Account In The Philippines?

Yes! Almost all banks and money transfer companies offer the service of transferring money to a bank in the Philippines.

You can make a transfer from your bank account in the U.S. to another bank account in the Philippines in a few simple steps, especially if your recipient has an account with popular banks like Banco de Oro (BDO), Metrobank, PNB, Landbank, BPI, Citibank, and HSBC.

In the case of foreign currency withdrawals, it is subject to the availability of the currency notes.

In addition to the bad exchange rate, banks typically charge a high service fee for foreign currency cash withdrawals. We recommend using a money transfer company to send money to the Philippines from abroad.

Read: Best savings banks for OFWs

How To Transfer Money To A Joint Bank Account In The Philippines?

Here is our step-by-step guide to transferring money online to a bank in the Philippines:

  1. Compare the top money transfer companies' USD to PHP exchange rates and transfer fees on
  2. Select the money transfer company that meet your needs*
  3. Click on "Send Money Now"
  4. Enter the amount you wish to send
  5. Enter your details and select your payment option
  6. Select "Bank Deposit" as a receiving option
  7. Enter the bank details of the recipient in the Philippines
  8. Click "Send," and your money is on its way to the Philippines

*CompareRemit is a leading money transfer comparison tool. When you select a money transfer company, you will be redirected to their mobile app or their website.

Why Use An Online Money Transfer Company?

When you are deciding on a money transfer company, keep in mind that the exchange rate, transfer fee, and speed of transfer vary.

Bank transfers typically take 1 to 2 business days to complete your transaction and are expensive. While you can opt for a faster transfer, it comes at a premium.

If you are not sending money for an emergency, we recommend using a regular transfer option that gives you the most competitive exchange rates and the lowest fees.

Should I Use A Bank-To-Bank Transfer To Send Money To The Philippines?

Bank to bank transfers is one of the conventional ways of sending money and is often a default choice for many people.

However, Banks charge exorbitant fees to facilitate international money transfers and offer bad exchange rates compared to online money transfer companies such as Xoom, Wise, and Pangea.

Our recommendation is to compare the cheapest money transfer options and save on every transfer.

In conclusion, joint accounts are an excellent way to maintain and monitor finances. The rules differ depending on the bank and the status of the joint account holders in the Philippines.

Traditionally, people merge their money along with their lives after marriage. Now, more couples are choosing to keep their finances separately. There are benefits to both options.

Having a joint account with someone gives your co-holder equal control over your finances. So if you do not have a legally binding agreement such as a marriage or a business agreement with the fellow joint account holder, the risk is higher from a financial standpoint.

Rate article:
Money Transfer FAQ's
Related Articles
Money from India to UK
Best Way For An NRI to Repatriate Money From India to UK

 When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.

gbp and inr
How to Send Money from GBP to INR with PassTo

Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website ( or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.

gbp to inr
GBP to INR 2023 Forecast

As with any other currency pair, the GBP to INR exchange rate fluctuates based on supply and demand on the international market.Inflation rates, interest rates, imports and exports, the political climate, and economic conditions are a few of the key factors that affect the fluctuation of currency values.Rate Increase by the Bank of England is Viewed as DovishEven though the Bank of England is expected to raise interest rates by 75 basis points, which would be the biggest increase since 1989, economists predict that policymakers will take a more dovish stance in the future as the likelihood of a recession rises. As U.K. inflation reached a 40-year high of 10.1% in September this year, the Bank is anticipated to increase its main lending rate for the 8th time in a row. However, slower growth momentum and a significant change in fiscal policy are expected to limit calls for further aggressive monetary tightening. The new prime minister, Rishi Sunak, dropped the controversial tax cuts at the centre of his predecessor Liz Truss' fiscal policy plan, so there is no longer a conflict between monetary and fiscal policy.The government's U-turns, which reduced market turbulence, mean that the Monetary Policy Committee (MPC) of the Bank won't have to counter the additional inflationary impact of government policy as it considers the possibility of future weaker growth.In light of what is likely to be a less generous household and business energy cost assistance scheme under Sunak, Goldman Sachs economists on Monday downgraded their 2023 U.K. growth predictions from an annual rate of -1% to -1.4%.Following Liz Truss' dismal fiscal policy statements in late September, the pound hit a record low versus the dollar. However, with Sunak's appointment and his decision to keep the more moderate Finance Minister Jeremy Hunt, the pound has since recovered somewhat.Sending Money Overseas When sending money to a foreign country, you need to take the current exchange rate into consideration. Take, for instance, the case of sending money from the UK to India. When you send money to India at a time when the exchange rate is favourable, the amount of money that your recipient receives will be higher.Today’s GBP to INR exchange rate (as of November 27, 2022) is 98.7572 INR per 1 pound as per Pound Forecast.GBP to INR 2023 Forecast Monthly GBP to INR Forecast 2023 MonthOpenMin-Max in INRCloseAveragedJanuary 1 GBP/102.05 INR102.05-106.691GBP/105.11 INR103.98February1 GBP/105.11 INR101.99-105.111 GBP/103.54 INR103.94March1 GBP/103.54 INR98.92-103.541 GBP/100.43 INR101.61April1 GBP/101.09 INR99.43-102.451 GBP/100.94 INR100.81May1 GBP/92.09 INR97.53-100.941 GBP/99.02 INR99.61June1 GBP/99.02 INR99.02-102.421 GBP/100.91 INR100.34July1 GBP/100.91 INR96.41-100.911 GBP/97.88 INR99.03August1 GBP/97.88 INR94.93-97.881 GBP/96.38 INR96.77September1 GBP/96.38 INR95.97-98.891 GBP/97.43 INR97.17October 1 GBP/97.43 INR95.49-98.391 GBP/96.94 INR97.06November1 GBP/96.94 INR96.18-99.101 GBP/97.64 INR97.47December1 GBP/97.64 INR93.84-97.641 GBP/95.27 INR96.10Source: Pound ForecastEven though you can send money through your banks, this is not the best option for sending money abroad. The good news is that the market is flooded with companies specialising in money transfers.PassTo is one such company that offers money transfer services from the UK to several countries and could be your best option for transferring money from GBP to INR. It is a London-based money transfer app that was introduced in late 2019 to offer simple, affordable money transfer services that save time, effort, and money. It primarily targets expats living in the UK.Reasons to Choose PassToPassTo has a lot to offer when it comes to transferring money:Easy Sign-up processSend money to friends and family in over 60 countries worldwide, and expandingGet the best exchange ratesTransfer money with no hidden fees Get discounted pricing for new usersFree First 2 transfers  FCA regulated secure platformGet your money transferred in just a few minutes or same day/next business daySend Airtime Top-ups to 150+ countries in real-timeSend up to £2,000 per dayEarn money using PassTo Rewards ProgramMultiple payments and delivery methods24/7 customer service via email, phone, or in-App chatTrust score 4.6/5 stars on TrustPilotPassTo FeaturesTransparent Pricing and Competitive Exchange RatesPassTo fees are always shown upfront before you make your transfers. Do note that the fees will vary based on the destination country, the payment method, and the delivery method.PassTo uses an in-house algorithm that compares the exchange rates on behalf of its customers to provide the best exchange rates when sending money abroad. Even though there are several variables that affect the rates, you'll be able to view the best rates for the currency corridor you've chosen so that you can estimate how much money your recipient will receive.Faster Transfer PassTo can deliver your money in as little as a few minutes, making it one of the fastest transfer services available. For some countries, it can show up the same business day or the day after.Higher Sending LimitsYou can typically send up to £2,000 per day, £10,000 per month, and £50,000 annually. However, the limits will vary from country to country.Multiple Payment Options You can fund your transfers using debit cards, bank transfers, and credit cards.Multiple Delivery MethodsTransfer money to bank accounts, mobile wallets, Cash Pickup agents, and airtime top-ups. PassTo Rewards ProgramRefer your 3 friends to PassTo and earn a £50 gift when they make their first transfer of at least £200 each. Your friends will also get a £5 gift each. You can visit their website to learn more about their rewards program.How Do I Transfer Money Using PassTo?Here is a step-by-step guide to transferring money using PassTo:Download the PassTo app from the App Store or Google Play Store or visit their websiteSign Up & create an account Verify your account Set up your preferred payment method Enter details about your recipient Verify the transfer details Press Send!Track your transfer in the app itselfBy using PassTo, you can send money internationally with transparent fees, the best exchange rates, and a platform that is both safe and simple to use. Use PassTo to send money from the UK to India today!To compare all exchange rates, fees, and transfer speeds, use our online comparison tool for GBP to INR here.

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App