USD business account in the Philippines: how companies hold and receive dollars
A Philippine business can hold US dollars in an FCDU dollar account at a Philippine bank, in an account abroad, or with a foreign provider that accepts Philippine companies. Bangko Sentral ng Pilipinas (BSP) rules let exporters sell, keep or deposit dollar earnings in the Philippines or abroad, so the choice is mainly commercial. This guide covers the rules, the options side by side, documents, stablecoins and where a Helm account fits.
- Philippine banks hold business dollars in foreign currency deposit units (FCDUs), which operate under Republic Act No. 6426, the Foreign Currency Deposit Act.
- Under the BSP Manual of Regulations on Foreign Exchange Transactions, export earnings may be sold for pesos, retained, or deposited in foreign currency accounts in the Philippines or abroad.
- The Philippine Deposit Insurance Corporation covers foreign currency deposits, and its maximum coverage rose to P1,000,000 per depositor, per bank from 15 March 2025.
- Wise, Airwallex and Aspire each list the Philippines on their own published country pages, and Airwallex onboards Philippine businesses through its Singapore entity.
- BSP Circular No. 1108 states that virtual assets are not issued or guaranteed by any jurisdiction and do not have legal tender status, and the BSP extended its moratorium on new VASP licenses indefinitely in 2025.
- A US buyer can pay a US routing and account number by ACH, while a payment to a Philippine bank must travel by SWIFT, often through a correspondent bank.
How a Philippine business can hold US dollars
Importers, exporters, wholesalers, trading companies, outsourcing firms and agencies in the Philippines handle US dollars every month. They collect from buyers abroad, pay suppliers, and keep a dollar balance to avoid converting twice. There are four places a Philippine company can hold those dollars.
- An FCDU dollar account at a Philippine bank. A foreign currency deposit unit (FCDU) is the unit of a Philippine bank authorized to accept deposits in foreign currency under Republic Act No. 6426, the Foreign Currency Deposit Act. Most banks offer dollar savings, current and time deposit accounts to companies.
- A dollar account at a bank outside the Philippines. BSP rules allow export and other foreign exchange earnings to be held in foreign currency accounts abroad, so a group may bank in Hong Kong, Singapore or the United States.
- A foreign provider that issues USD account details. Financial technology companies give a Philippine company a US routing and account number, or SWIFT details, in a regulated partner institution.
- A US company with its own US account. Some groups form a US entity, obtain a US tax number and open a US account in that entity's name.
The BSP is the central bank of the Philippines and sets the foreign exchange rules for banks and residents. Its rules on dollar earnings are liberal compared with most of Asia, which is why the decision for a Philippine company usually turns on cost, speed and how buyers pay, not on permission.
How the buyer pays matters most. A US customer can pay a US routing and account number by ACH, the US domestic bank transfer network, at the same cost as paying a local supplier. A payment to a dollar account in Manila must go by SWIFT, the international network banks use to send cross-border payments, and usually passes through a correspondent bank in New York. Our guide to SWIFT, ACH and Fedwire explains the difference in fees and timing.
FCDU dollar accounts at Philippine banks
The FCDU system dates from Republic Act No. 6426 of 1972. Presidential Decree No. 1246 later strengthened the Act's secrecy rules, making eligible foreign currency deposits confidential and exempt from attachment, garnishment or any court or government process unless the depositor consents in writing, as summarized by the law firm NDV Law. Courts have recognized narrow exceptions, so treat this as a strong protection, not an absolute one. Confidentiality does not take interest income outside tax rules.
Philippine banks offer companies three kinds of dollar account: savings accounts, current accounts and time deposits. A time deposit locks funds for a fixed period, which RCBC describes as typically ranging from 30 days to several years, in return for a higher rate. Opening amounts and maintaining balances are set by each bank and change often, so ask for the bank's current schedule before you apply.
| Feature | What applies | Source |
|---|---|---|
| Legal basis | Republic Act No. 6426, the Foreign Currency Deposit Act, as amended | RA 6426; PD 1246 |
| Confidentiality | Eligible foreign currency deposits are confidential and cannot be examined without the depositor's written permission | PD 1246, as summarized by NDV Law |
| Deposit insurance | P1,000,000 per depositor, per bank, for banks closed on or after 15 March 2025 | PDIC notice to depositors |
| Foreign currency deposits covered | Yes; payouts are made in the same currency as the insured deposit | PDIC notice to depositors |
| Account types | Savings, current and time deposit accounts in US dollars | Bank product pages |
| Opening amount and fees | Set by each bank | Ask the bank for its current schedule |
Sources: Republic Act No. 6426 and Presidential Decree No. 1246 as summarized by NDV Law; Philippine Deposit Insurance Corporation notice to depositors on the increase in maximum deposit insurance coverage; RCBC dollar account guidance, as published on 29 October 2026.
Deposit insurance of P1,000,000 is small relative to a trading company's working balance. A company that holds several hundred thousand dollars should weigh the bank's own strength, not the insurance, and many split balances across two banks.
BSP rules on receiving, holding and paying out USD
The BSP's foreign exchange rules sit in the Manual of Regulations on Foreign Exchange Transactions. The version filed with the World Trade Organization consolidates amendments up to BSP Circular No. 1030 of 2019. Three parts of it matter for a company that holds dollars.
1. Export earnings can stay in dollars, onshore or offshore
Section 20 of the Manual states that foreign exchange receipts, acquisitions or earnings of residents from exports may be used freely for any purpose. At the option of the exporter, they may be sold for pesos, retained, or deposited in foreign currency accounts, whether in the Philippines or abroad. Section 1 applies the same freedom to non-trade receipts, such as service income, so an outsourcing firm or agency has the same choice.
2. Buying dollars from a bank
Banks sell dollars to companies for imports and other payments. For non-trade purposes, the Manual allows a bank to sell up to USD 1,000,000 per client per day to a corporate or other entity, and up to USD 500,000 to an individual, against only the BSP Application to Purchase Foreign Exchange. Above those amounts, the bank also asks for supporting documents. No prior BSP approval is needed.
3. Paying for imports
For import payments, the bank asks for the Application to Purchase Foreign Exchange and, above the threshold the Manual sets, the trade documents listed in its appendices, such as the invoice and shipping documents. A company that pays a supplier from dollars it already holds in its FCDU account does not need to buy foreign exchange, which is one practical reason importers keep a dollar balance.
| Flow | Rule in the BSP Manual | What it means in practice |
|---|---|---|
| Export earnings received | Section 20: may be sold for pesos, retained, or deposited in foreign currency accounts in the Philippines or abroad | No requirement to bring dollars home or convert them |
| Service and other non-trade receipts | Section 1: same options, in the Philippines or abroad | Agencies and service exporters can hold USD |
| Buying USD for non-trade payments | Section 2: up to USD 1,000,000 per day for corporates on the application form alone | Larger amounts need supporting documents |
| Buying USD for imports | Section 6: Application to Purchase Foreign Exchange, plus listed documents above the threshold | Keep invoices and shipping documents ready |
| Prior BSP approval | Not required for these current account purchases | The bank processes the request directly |
Source: BSP Manual of Regulations on Foreign Exchange Transactions, version filed with the WTO and consolidated to Circular No. 1030 (2019), as published on 29 October 2026. The BSP has amended the Manual since; confirm current thresholds with your bank.
The freedom to hold dollars abroad is what makes an offshore USD account a straightforward option for a Philippine exporter, compared with countries where export proceeds must return to a local bank by a deadline.
Foreign providers and the US company route
Several non-bank providers publish lists of the countries they accept. The table records what each provider's own page said about the Philippines. It is not a ranking. Lists change, so check the page again before you apply.
| Provider | What its own page says about the Philippines | Point to check |
|---|---|---|
| Wise | The Philippines is on Wise's list of countries where customers can hold money | Whether USD account details are issued to your business type |
| Airwallex | The Philippines is an eligible country of business registration, onboarded by Airwallex's Singapore entity | Which currencies and account details the Singapore entity offers |
| Aspire | The Philippines is listed as a supported country of incorporation | Whether USD details are available for Philippine companies |
| Payoneer | States it serves 190+ countries and territories and offers local receiving details in USD, EUR and GBP among others | Fees for receiving and withdrawing to a Philippine bank |
Sources: Wise, "Where do I need to live to hold money with Wise"; Airwallex, eligible countries and territories for business registration; Aspire, "What countries does Aspire support"; Payoneer, Receive Payments page, as published on 29 October 2026.
The US company route. A group can form a US company and open an account in that company's name. The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence or principal place of business in the US may call 267-941-1099, or fax the form to 304-707-9471 from outside the US, and that only international applicants can receive an EIN by telephone. A US company brings its own US tax filings, so take Philippine and US tax advice first.
The four options compared
Each option suits a different company. The table compares them on the points that decide the choice in practice.
| Point | FCDU account in the Philippines | Bank account abroad | Provider with USD details | US company account |
|---|---|---|---|---|
| Account holder | Your Philippine company | Your Philippine company or an affiliate | Your Philippine company | A separate US company |
| How a US buyer pays | SWIFT wire through a correspondent bank | Depends on the country of the bank | ACH or wire, if US routing details are issued | ACH or wire |
| Deposit protection | PDIC up to P1,000,000 per depositor, per bank | The scheme of that country, if any | Depends on the provider and its partner institution | FDIC rules for the US bank |
| BSP position | Standard FCDU account | Permitted for export and non-trade earnings | Permitted for export and non-trade earnings | An outward investment by the Philippine parent |
| Main limit | Inbound SWIFT fees and slower credit | Opening a bank account abroad as a non-resident | Country lists and account features vary | Cost of a second company and US filings |
| Typical fit | Domestic dollar payments and simple banking | Groups with an operating affiliate abroad | Exporters and agencies paid by US clients | Groups with US operations |
Source: Helm Editorial Team, from the BSP Manual of Regulations on Foreign Exchange Transactions, the PDIC notice to depositors and providers' published pages, as published on 29 October 2026.
Many Philippine trading companies use two of these together: a provider with US details to collect from US buyers by ACH, and an FCDU account at home for peso conversion and local dollar payments. For more on what buyers need from you, read how to receive USD from overseas buyers.
Documents banks and providers ask for
A Philippine bank asks a corporation for documents that prove the company exists, who controls it and who may sign. Maybank Philippines publishes a typical list. Foreign providers ask for the same facts, usually as uploads.
| Document | Why it is requested |
|---|---|
| SEC Certificate of Registration of incorporation | Proves the corporation exists; foreign corporations need an SEC license to do business |
| Latest General Information Sheet (GIS) | Lists directors, stockholders with 20% or more, and principal officers |
| Secretary's Certificate of incumbent officers | Confirms who currently holds each office |
| Notarized Secretary's Certificate of the board resolution | Authorizes the account, names the bank and appoints signatories |
| Beneficial owner details | Name, address, date and place of birth, work and source of funds of each beneficial owner |
| Mayor's Business Permit for the current year | Confirms the company may operate at its address |
| IDs of signatories and owners | Identity checks on each person |
| Invoices, contracts or a buyer list | Explains expected dollar inflows and outflows |
Source: Maybank Philippines, documentary requirements for corporate accounts, as published on 29 October 2026. Other banks and providers may ask for more.
Prepare a one-page description of the business: what you sell, your main buyers' and suppliers' countries, and expected monthly dollar volumes in and out. Banks and providers use it to set expectations for your account, and a clear profile reduces questions later.
Where USDC and USDT stand in the Philippines
USDC and USDT are stablecoins: digital tokens designed to hold a steady value of one US dollar each. Some Philippine businesses receive them from buyers abroad. Two regulators set the rules.
The BSP regulates virtual asset service providers (VASPs), the businesses that exchange, transfer or hold virtual assets for customers. BSP Circular No. 1108 of 26 January 2021 defines a virtual asset as any type of digital unit that can be digitally traded or transferred and used for payment or investment. It states that virtual assets are not issued nor guaranteed by any jurisdiction and do not have legal tender status. A VASP must obtain a Certificate of Authority from the BSP to operate as a money service business, and for transfers of P50,000 or more it must collect and pass on originator and beneficiary information. In August 2025 the BSP extended its moratorium on new VASP licenses, first applied in 2022, indefinitely, and urged the public to deal only with licensed VASPs, as reported by Context.ph.
The Securities and Exchange Commission (SEC) issued Memorandum Circulars No. 4 and No. 5 of 2025, its rules and operating guidelines for crypto-asset service providers (CASPs). As summarized by CryptoSlate, a CASP must be an SEC-registered corporation with at least P100 million in paid-up capital and a staffed office in the Philippines.
| Authority | Instrument | What it says |
|---|---|---|
| BSP | Circular No. 1108 (2021) | Virtual assets have no legal tender status; VASPs need a BSP Certificate of Authority |
| BSP | VASP licensing moratorium (extended 2025) | No new VASP licenses until further notice; transact only with licensed VASPs |
| SEC | Memorandum Circulars No. 4 and 5 (2025) | CASPs must register with the SEC and meet capital and office requirements |
Sources: BSP Circular No. 1108; Context.ph report of 30 August 2025; CryptoSlate summary of SEC Memorandum Circulars No. 4 and 5 of 2025, as published on 29 October 2026.
None of these rules make a stablecoin a deposit or legal tender in the Philippines. A company that is paid in USDC or USDT should know which licensed provider handles the conversion and how it will document the receipt for its accounts and taxes. Read more about digital dollars at Helm.
Freelancers and sole proprietors
Many Filipinos earn dollars as freelancers or run a business as a sole proprietor. A sole proprietorship registers with the Department of Trade and Industry (DTI) rather than the SEC, and banks ask for the DTI Certificate of Registration, a tax identification number and a valid ID to open a business account. The BSP rules above on non-trade receipts apply to individuals as well: dollar income may be kept in dollars, at home or abroad.
A freelancer paid by US clients faces the same choice as a company. A personal FCDU account receives SWIFT payments. A provider with US account details lets clients pay by ACH. Business account providers generally require a registered business, so a sole proprietor should register with the DTI before applying for a business account.
How a Helm USD account fits
Helm works with companies registered in the Philippines. Helm is a financial technology company, not a bank; accounts are held with regulated partner institutions. A Helm account gives your company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT, so a US buyer pays you the way it pays a domestic supplier.
- Collect and hold. Collections from buyers abroad are held in USD or converted. EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT) are also issued in your company's own name.
- Pay suppliers. International payments go by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
- Stablecoins. You can receive, send and convert USDC and USDT to USD inside the account.
- People. A named account manager answers review questions in writing within one business day. Trade finance is arranged case by case.
Because Section 20 of the BSP Manual lets exporters hold earnings in foreign currency accounts abroad, a Philippine exporter can keep dollars in a Helm account and move to its FCDU account only what it needs to convert or spend at home. Helm agrees pricing with each business in writing before the account opens. Companies in neighboring markets can compare the rules in our guides for Vietnam and Indonesia.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Philippine company open a US dollar account?
Yes. Philippine banks open dollar savings, current and time deposit accounts for companies through their foreign currency deposit units (FCDUs), which operate under Republic Act No. 6426. A company can also hold dollars abroad or with a foreign provider, because BSP rules allow export and non-trade earnings to be deposited in foreign currency accounts in the Philippines or abroad.
What is an FCDU account?
An FCDU account is a foreign currency deposit account held in the foreign currency deposit unit of a Philippine bank. FCDUs operate under the Foreign Currency Deposit Act, Republic Act No. 6426, and eligible deposits are confidential under Presidential Decree No. 1246. Most business dollar accounts in the Philippines are FCDU accounts.
Do Philippine exporters have to convert dollars to pesos?
No. Section 20 of the BSP Manual of Regulations on Foreign Exchange Transactions states that export earnings may be used freely for any purpose. The exporter may sell them for pesos, retain them, or deposit them in foreign currency accounts in the Philippines or abroad.
Can a Philippine business keep its dollars in an account abroad?
Yes, for export and non-trade earnings. The BSP Manual allows residents to deposit these earnings in foreign currency accounts whether in the Philippines or abroad. Check the tax and reporting treatment with your accountant before moving large balances.
Are dollar deposits in the Philippines insured?
Yes. The Philippine Deposit Insurance Corporation covers foreign currency deposits, with payouts in the same currency as the insured deposit. Maximum coverage is P1,000,000 per depositor, per bank, for banks closed on or after 15 March 2025.
How much USD can a company buy from a Philippine bank without documents?
Under the version of the BSP Manual filed with the WTO, a bank may sell up to USD 1,000,000 per client per day to a corporate for non-trade purposes against the Application to Purchase Foreign Exchange alone. Above that, it asks for supporting documents. The BSP amends the Manual from time to time, so confirm the current figure with your bank.
Which foreign providers accept businesses registered in the Philippines?
On their own published pages, Airwallex lists the Philippines as an eligible country of business registration onboarded by its Singapore entity, Aspire lists it as a supported country of incorporation, and Wise lists it among countries where customers can hold money. Each provider decides which account details it issues, so confirm USD details before applying.
Is USDT or USDC legal in the Philippines?
Stablecoins are virtual assets under BSP Circular No. 1108, which states that virtual assets have no legal tender status. Businesses that exchange or hold them for customers need a BSP Certificate of Authority as VASPs, and the SEC's 2025 rules require crypto-asset service providers to register with the SEC. The BSP has not granted new VASP licenses since 2022 and extended that moratorium indefinitely in 2025.
What documents does a Philippine corporation need to open a dollar account?
Banks typically ask for the SEC Certificate of Registration, the latest General Information Sheet, a Secretary's Certificate of incumbent officers, a notarized board resolution authorizing the account and signatories, beneficial owner details and the current Mayor's Business Permit. Maybank Philippines publishes this list for corporate accounts.
References
- Bangko Sentral ng Pilipinas: Manual of Regulations on Foreign Exchange Transactions (version filed with the WTO)
- Bangko Sentral ng Pilipinas: Circular No. 1108, Guidelines for Virtual Asset Service Providers (2021)
- Philippine Deposit Insurance Corporation: notice to depositors on maximum deposit insurance coverage of P1,000,000 (via SMBC Manila)
- Maybank Philippines: documentary requirements for corporate accounts
- Airwallex: eligible countries and territories for business registration
- Wise: Where do I need to live to hold money with Wise
- Aspire: What countries does Aspire support
- IRS: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.