ACE Money Transfer
ACE Money Transfer
01 Sep 2026
The Philippine banking sector includes traditional universal banks and digital-first platforms, each serving different customer profiles. Larger universal banks provide long-term systemic stability in the financial sector, while Digital banks’ assets also jumped by 40.54% to PHP 165.352 billion, up from PHP 117.658 billion a year earlier. Forbes recently published its World's Best Banks 2026 list, and several Philippine banks appeared. Choosing the right bank comes down to how you handle money, where you live, and what services you actually use.
This guide covers six banks selected based on services, accessibility, digital features, and fees. The list includes universal banks with hundreds of physical branches and digital banks that operate without physical branches. Tonik was the first neobank licensed in the Philippines, and GoTyme Bank offers services through both an app and physical kiosks, but the six below consistently rank among the strongest options for most Filipino customers.
Key factors when choosing a bank include accessibility, fees, and interest rates. Consumer priorities in banking include trustworthiness, digital capabilities, and minimal fees. We evaluated each bank across six criteria:
Branch and ATM network across Metro Manila, provinces, and rural areas
Online banking and mobile app quality, including account opening speed and feature depth
Account fees, minimum balance requirements, and competitive interest rates on savings accounts and time deposits
Broad range of financial products: savings, checking accounts, personal loans, credit cards, foreign currency accounts, insurance, and investment options
Customer service: availability on weekends, phone and chat support, in-branch wait times
Security and regulation: every bank listed is regulated by the Bangko Sentral ng Pilipinas (BSP). Deposits in digital banks are insured by PDIC up to 1,000,000 PHP, the same coverage that applies to traditional banks. Digital banks are regulated by the Bangko Sentral ng Pilipinas under separate DGB licensing rules.
Customer satisfaction surveys rank digital-native platforms highly due to quick app responses and ease of access, while traditional banks score well on trust and product range.
BDO Unibank is the largest bank by assets in the Philippines, reporting PHP 5,530.7 billion in total assets as of March 2026. Traditional banks have extensive branch networks across the country, and BDO leads with 1,994 domestic branches and over 7,700 teller machines.
BDO's branch network reaches rural and provincial areas that most competitors skip. The company opened 106 new branches by end-2025, targeting underserved communities. Many BDO branches inside SM Malls are open on weekends, giving customers access to banking services when other banks close. BDO also introduced "phygital" tools: self-service kiosks, universal teller machines for passbook updates and check deposits, and QR-based queue management at branches.
Customers who need widespread branch access and a full suite of banking products, from consumer loans to wealth management to remittance services.
Largest branch and ATM network nationwide
Weekend banking hours in mall locations
Full range of products: savings, checking, credit cards, loan options, trust, investments, remittances
Higher fees compared to digital banks, particularly for accounts below minimum balance thresholds
Branches can be crowded during peak hours given the large customer base
BPI is the oldest bank in the Philippines, founded in 1851. It holds PHP 3,659.6 billion in total assets, making it the second-largest commercial bank in the country.
BPI pairs its 170+ year track record with a polished mobile banking app. Its online banking platform supports InstaPay and PESONet transfers, biller enrollment (up to 99 billers), and branch appointment scheduling. Some BPI savings accounts offer a 0.125% annual bonus for months with no withdrawals through digital channels.
Customers seeking established banking with modern digital features and competitive rates on savings.
Long-established reputation and financial stability
Competitive interest rates and low fees on select accounts
Clean mobile banking app with security features like mobile-key authentication
Smaller branch network compared to BDO, particularly outside Metro Manila
Account opening requirements can be strict for higher-tier products
UnionBank of the Philippines reported total assets of approximately PHP 1.16 trillion as of December 2025. Its digital banking arm, UnionDigital, held PHP 20.53 billion in assets and PHP 15.26 billion in deposits as of September 2024.
UnionBank pioneered digital banking among Philippine local banks. UnionDigital won "Best Digital Bank in the Philippines" at the Global Excellence in Retail Finance Awards 2024. Digital banks often feature simpler onboarding processes than traditional banks, and UnionDigital offers fully digital account opening backed by the physical branches of its parent bank.
Tech-savvy customers who prefer digital banking and minimal branch visits but still want access to a universal bank's infrastructure when needed.
Industry leader in digital banking innovation
Fully digital account opening process
Strong app with lending, deposit, and investment features
Smaller physical branch network than the top three universal banks
Less suitable for customers who prefer in-person banking for complex transactions
Maya Bank is the most popular digital banking app in the Philippines. It ranks first among digital banks by monthly active users, with assets of approximately PHP 77.7 billion.
Maya evolved from PayMaya (a payments wallet) into a BSP-licensed digital bank in 2022. The app combines a wallet, savings accounts, time deposits, personal loans, investing, and even crypto trading in one ecosystem. Digital banks often provide higher interest rates on savings; Maya's base savings rate sits at 3% per annum, with "boosters" pushing yields up to 15% per annum when customers complete everyday transactions like QR payments, bill payments, and card spend. Time Deposit Plus offers up to 6% per annum. Digital banks offer loans and credit cards without collateral through Maya's platform as well.
Users who want seamless digital payments, savings, and lending in one platform. Account opening requires just one valid ID, and there is no maintaining balance.
Integrated wallet and banking services; you can send money, pay bills, invest, and save in one app
Competitive interest rates with behavior-based boosters
Deposits insured by PDIC up to PHP 1 million per depositor
Digital banks operate without physical branches; customer support is entirely remote
Newer bank with a shorter track record than universal banks; booster conditions can change
Metrobank is a major universal bank with CASA balances of PHP 1.58 trillion and 1.9 million active digital users as of 2025. Metrobank has 557 domestic branches across the Philippines and approximately 2,200 ATMs.
Metrobank is strong in both retail and corporate banking. The bank also financed large-scale infrastructure; it participated in the PHP 150 billion Terra Solar project and extended a PHP 15 billion Green Loan Facility to ACEN for renewable energy.
Customers needing full-service banking including business accounts, international services, and corporate financing.
Universal banking services for individuals and businesses
International presence with overseas offices in the Middle East, America, and China
Fast remittance processing and comprehensive funds transfer options
Digital banking features lag behind pure digital banks in flexibility and product innovation
Higher minimum balance requirements on some accounts
Security Bank ranks 7th among universal and commercial banks in the Philippines with total assets of approximately PHP 1.57 trillion as of March 2026.
Security Bank offers a "Third Currency Account" that allows customers to hold savings in multiple currencies: EUR, HKD, SGD, AUD, CAD, CNY, JPY, and GBP. This account is open to resident citizens, non-resident citizens, and resident aliens. There is no dormancy charge, and opening requires one valid primary ID.
Non-citizens, OFWs, and customers with foreign currency banking needs who want to manage funds across borders in multiple currencies.
Third Currency account supporting eight foreign currency denominations
Strong foreign exchange and investment services
Secure digital banking platform with modern features
Smaller branch network compared to BDO or Metrobank
Foreign currency cash withdrawals depend on branch availability; large deposits over USD 5,000 incur a 0.10% service charge
Send Money with Ace Money Transfer
| Bank | Best For | Branch Network | Savings Interest | Key Differentiator |
|---|---|---|---|---|
| BDO | Nationwide branch access | ~1,994 branches, 7,700+ TMs | Standard universal bank rates | Largest physical footprint; weekend hours |
| BPI | Reliable banking with digital features | Large, fewer rural branches than BDO | Bonus 0.125% for no-withdrawal months | Oldest bank in the Philippines (est. 1851) |
| UnionBank | Digital-first banking | Moderate physical + digital arm | Promo-based digital rates | Award-winning digital bank platform |
| Maya Bank | Integrated digital payments | No physical branches | 3% base, up to 15% boosted | Top digital bank by active users |
| Metrobank | Business and international services | ~557 branches, 2,200 ATMs | Competitive but below digital boosters | Green financing, 10-second remittances |
| Security Bank | Foreign currency and non-residents | Mid-size network | Varies by currency account | Third Currency Account in 8 currencies |
RCBC had total assets of over PHP 1.3 trillion as of March 2025 and PNB maintains a presence across Laguna and Manila, but neither matched the six above across all evaluation criteria for this comparison.
If you withdraw cash often, visit a branch for transactions, or need a notarized document, a bank with a large branch network like BDO or Metrobank fits. If you manage finances entirely from your phone, log in to check balances, and pay via QR, Maya or UnionBank removes the friction. Traditional banks offer face-to-face customer service, while digital banks let you open an account, save, and invest without leaving home.
Filipino citizens and residents can open accounts at any of these six banks. Non-residents and foreigners have fewer options. Security Bank's Third Currency Account accepts non-resident citizens and resident aliens with a passport or ACR I card. HSBC has been operating in the Philippines since 1875 and serves expats with multi-currency needs. Visit the bank's website to compare eligibility requirements before applying.
Traditional banks typically have higher maintaining balance requirements than digital banks. BPI and Security Bank charge maintenance fees when the average daily balance drops below the threshold for two consecutive months. Maya Bank requires no maintaining balance at all. Compare these costs against the interest rates and services each bank provides. Even low fees add up over years if they do not match the value you receive.
Sending money to the Philippines involves moving funds through international payment channels to recipients and eligible bank accounts across the country. ACE Money Transfer provides a digital route for initiating these transactions, while the receiving bank or financial institution processes the funds once they arrive.
Exchange rates fluctuate, and the rate applicable to your transfer can differ from rates shown at another time. Check the current rate atacemoneytransfer.combefore sending.
ACE Money Transfer supports international transfers to the Philippines through its digital platform and applicable payment infrastructure. The exchange rate and applicable fees are shown before a transfer is confirmed, with rates and charges subject to market conditions, service terms, and relevant regulatory requirements.
The time taken for funds to reach the recipient varies according to the payment method, receiving institution, and local processing arrangements. Any charges imposed by the recipient’s bank are determined by that institution and remain outside ACE Money Transfer’s control. Current rates and fees are available at acemoneytransfer.com.
Choose BDO Unibank if you need the widest branch access, weekend banking, and a full range of financial services across the Philippines
Choose BPI if you want an established bank with a polished app, competitive rates, and a balance of digital and in-branch support
Choose UnionBank if you prioritize digital banking technology and want a fully digital account opening process backed by a universal bank
Choose Maya Bank if you want to send money, pay bills, save at up to 15% per annum, and access personal loans from a single free app
Choose Metrobank if you need business banking, international services, or fast remittance processing
Choose Security Bank if you require foreign currency accounts, invest in multiple currencies, or are a non-resident looking for a secure PHP and FX banking relationship
The best bank in the Philippines depends on how you bank, where you live, and what you need from your money. All six banks on this list are BSP-licensed and PDIC-insured, so your deposits are protected up to PHP 1 million regardless of which you choose. The Philippine banking sector continues to evolve; digital bank assets nearly doubled between 2023 and 2025, and traditional banks are investing in self-service kiosks, biometric security, and faster digital transactions. Compare your options, check the account requirements on each bank's website, and open the account that fits your daily financial life.
Disclaimer: This article is intended for general informational and educational purposes only and should not be construed as legal, regulatory, tax, business, or financial advice. While reasonable efforts have been made to ensure that all facts, figures, and data are accurate and valid as of the date of publication, no warranty or guarantee is given as to the ongoing completeness, accuracy, or currency of the information.
The content is based on information available at the time of publication. Regulations, government policies, market conditions, and service offerings may change over time and vary across jurisdictions and providers. As a result, some information may no longer be current or applicable. Readers should independently verify all information and consult qualified professional advisors before making any financial, legal, or business decisions.
