On June 2010, Bank of the Philippine Islands (BPI) was awarded as the best cash management and trade finance bank by Finance Asia, a popular finance publication and magazine in Asia and the Pacific. BPI is an old and established bank in the Philippines.
There are two subsidiary banks of BPI, BPI Direct Bank and BPI Family Savings Bank. BPI transacts mainly on employee and corporate accounts, BPI Direct concentrates on online and mobile banking while BPI Family Savings Bank deals on individual person who want to open a new bank account.
If you are considering to apply for a bank account at BPI, you can stick to the guide below and prepare all requirements needed. Before going to the bank, make sure you have all requirements with you to avoid any delays in processing your new bank account.
1. Prepare all the requirements such as ID, two 1×1 photo ID, billing statement and money for initial deposit. Do not forget to bring it when you decided to go to the bank. It will be very needed.
2. Choose the BPI branch of your choice. It is better to choose a branch near your residence so that if time come when there is a problem with your account, you can easily visit your branch.
3. Upon arriving at the bank, proceed to new account desk and then tell the bank employee that you want to apply for a new account.
4. Give the application forms, requirements and initial deposit for your new account. Usually the minimum initial deposit ranges from P1,000 to P10,000 depending on the type of account.
5. Obtain your ATM card or passbook in the branch where you open an account which is usually available after one week. Before you can use your ATM, you must activate it first at ATM machine.
BPI is a good bank to open a new bank account. You just need to have complete requirements before applying a new account and decide where will you open an account. BPI has many branches all around the Philippines so it is not a problem which branch to choose.
Gily Tenorio is a blogger on personal finance, saving and investing. He likes playing guitar and reading books. He is now residing in Korea with his family. For more information on how to open a BPI Philippines bank account, feel free to browse Free Financial Management , for free financial management articles on saving, investing and make money online.