Opening a bank account in Cebu is an easy process if you have all the necessary documents. If you’re a local hoping to find the right guide to make things easier for you, this article will surely help you through the process. Read everything below so you will have the ideas of what to do.
Also Read: List of BPI Bank and ATM Branches in Cebu City
Why is it really important to open a bank account? Regardless of whether you have a business or you’re currently employed, having a bank account serves you a lot of purposes. This includes keeping your money safe, paying using your debit card instead of cash, withdrawing cash anytime through ATMs, getting access to your credit accounts, being able to transfer your funds online, and earning extra dime because of the interest you’ll get for depositing your cash in your preferred bank. Here are the documents you need and the application process for opening a bank account if you’re in Cebu.
What are the documents required?
- At least 2 identification cards. Passport and UMID are enough but you can bring all the IDs you have in case you don’t have these two. Aside from these, make sure to bring your birth certificate and NBI clearance as these are powerful identification cards as well.
- A document showing your valid stay in the country. This is needed for expats who want to open an account in Cebu. Alien Certificate of Registration or Immigrant Certificate of Registration should be presented.
- Utility bills such as Meralco bill, water will, internet bill, and credit card SOA. This is to provide proof of your address.
Passport-sized or 2×2 pictures. - Minimum deposit. This depends on which bank you chose. Normally, the minimum deposit ranges from P2,000 to P3,000 for savings account with ATM and P10,000 for savings account with passbook.
Also Read: List of BDO Bank Branches and ATMs in Cebu City
-
Process To Open A Bank Account In Cebu
- Bring all the required documents with you.
- Go to the nearest bank in your area. If you’re in Cebu City, you will have easier access to bank branches. You can choose among these banks where you can open your account.
- Citibank Cebu Branch
- HSBC Philippines
- City Savings Bank
- Philippine Veterans Bank
- Sterling Bank of Asia
- Union Bank Of The Philippines
- CTBC Bank
- Bank Of Commerce
- Bank of the Philippine Island
- Banco De Oro
- Upon arriving at your preferred bank, the security guard will give you a number. Just tell him you’re there to open a new account.
- Go to the designated counter once you hear your number or see it popping in the big screens (some banks have screens to show the sequence of the number they are serving)
- Wait for the bank officer to process your application.
- Wait for further instructions. For accounts with ATM only, the normal turnaround time for you to get the ATM card is within 2-3 days while those with a passbook, you can get it the same day.
The only challenging part of the process is securing the required documents considering that it’s applying for valid IDs that may take a while if you don’t apply for it as early as possible.
