About bank
The Bank of the Philippine Islands (BPI) is a universal bank in the Philippines that offers a wide range of financial products and services, including consumer banking, corporate banking, investment banking, asset management, insurance, and brokerage services. BPI was founded in 1851 and is one of the oldest and largest banks in the Philippines.
BPI has a strong presence in the Philippines with over 800 branches and more than 3,000 ATMs nationwide. It also has a growing international presence with branches and representative offices in the United States, Europe, and Asia. BPI is a subsidiary of the Ayala Corporation, one of the largest conglomerates in the Philippines.
BPI offers a range of banking products and services, including savings and checking accounts, credit cards, personal loans, home loans, car loans, insurance, investments, and wealth management. BPI also offers online and mobile banking services, making it convenient for customers to access their accounts and perform transactions from anywhere.
BPI is committed to providing excellent customer service and has been recognized for its efforts, including being named the Best Retail Bank in the Philippines by The Asian Banker in 2020. BPI is also committed to sustainable banking and has implemented initiatives to promote environmental, social, and governance (ESG) practices.
Key Features
Here are some key features of the Bank of the Philippine Islands (BPI):
- Universal banking services. BPI offers a wide range of financial products and services, including consumer banking, corporate banking, investment banking, asset management, insurance, and brokerage services.
- Strong presence in the Philippines. With over 800 branches and more than 3,000 ATMs nationwide, BPI has a strong presence in the Philippines.
- International presence. BPI has a growing international presence with branches and representative offices in the United States, Europe, and Asia.
- Digital banking services. BPI offers online and mobile banking services, making it convenient for customers to access their accounts and perform transactions from anywhere.
- Award-winning customer service. BPI is committed to providing excellent customer service and has been recognized for its efforts, including being named the Best Retail Bank in the Philippines by The Asian Banker in 2020.
- Sustainable banking initiatives. BPI is committed to sustainable banking and has implemented initiatives to promote environmental, social, and governance (ESG) practices.
- Member of BancNet. BPI is a member of BancNet, a Philippine-based interbank network that allows customers to perform electronic transactions such as ATM withdrawals and online banking.
Requirements
The requirements to open an account or avail of a service with Bank of the Philippine Islands (BPI) may vary depending on the specific product or service that you are interested in. Here are some general requirements that customers may need to provide when opening an account with BPI:
- Valid government-issued ID. This includes a passport, driver's license, or any other government-issued ID with a photo.
- Proof of address. This includes a utility bill, lease agreement, or any other document that shows your name and address.
- TIN or tax identification number. This is required for certain types of accounts, such as a checking account.
- Proof of income. This may be required for certain types of loans or credit products, such as a personal loan or credit card.
- Minimum deposit. Some accounts require a minimum deposit to open and maintain the account.
- Other documents. Depending on the specific account or service, additional documents may be required, such as a business registration document or a certificate of deposit.
It is best to check with BPI directly to determine the specific requirements for the product or service that you are interested in. You can visit any BPI branch or contact BPI's customer service for more information.
Access on the Go
Bank of the Philippine Islands (BPI) offers various channels for customers to access their accounts and perform transactions on-the-go. These channels include:
- BPI Online and Mobile App. BPI's online and mobile banking platform allows customers to perform transactions such as balance inquiries, fund transfers, bill payments, and reloads. The mobile app is available for download on the App Store and Google Play.
- BPI Express Assist (BEA) Online. BEA Online is a chat-based platform where customers can perform transactions and request assistance from BPI customer service representatives.
- BPI ATMs. BPI has a wide network of ATMs that are accessible 24/7 for cash withdrawals, balance inquiries, and other services.
- BPI Cash Accept Machines (CAMs). CAMs are self-service machines that allow customers to deposit cash into their accounts.
- BPI Online Cash. BPI Online Cash is a virtual prepaid card that can be used for online purchases and transactions.
- BPI Debit and Credit Cards. BPI's debit and credit cards can be used for cashless transactions in physical stores and online.
These channels allow customers to conveniently access their accounts and perform transactions wherever they are, as long as they have an internet connection or access to a BPI ATM or CAM. It is important to note that customers must ensure the security of their accounts and personal information when using these channels.
Pros and Сons
Since it has been in operation for a long time, the Bank of the Philippine Islands has become one of the most trusted Filipino financial institutions in terms of financial security and stability.
However, before using the bank's products and services, weigh the advantages and disadvantages. These pros and cons include:
Pros
- Wide range of banking services. BPI offers a variety of financial products and services, making it a convenient one-stop-shop for all your banking needs.
- Strong presence in the Philippines. With over 800 branches and more than 3,000 ATMs nationwide, BPI has a large network that is easily accessible to customers.
- International presence. BPI's growing international presence means that customers can access its services even when they are abroad.
- Digital banking services. BPI's online and mobile banking services allow customers to perform transactions and manage their accounts from anywhere.
- Award-winning customer service. BPI is committed to providing excellent customer service and has been recognized for its efforts, which could mean a better banking experience for customers.
- Sustainable banking initiatives. BPI's commitment to sustainable banking could be attractive to customers who prioritize environmental and social responsibility.
Cons
- Limited international services. While BPI has an international presence, its services may be limited compared to larger international banks.
- Limited physical presence outside the Philippines. While BPI has a strong presence in the Philippines, its physical branches outside the country may be limited.
- Potential fees. Like any bank, BPI may charge fees for certain transactions or services, which could impact customers' overall banking costs.
- Potential account requirements. Depending on the type of account or service, BPI may require certain account or income requirements, which could limit accessibility for some customers.
- Technology issues. As with any digital banking service, there may be potential issues with BPI's online or mobile banking services, such as connectivity or security issues.
Products
The Bank of the Philippine Islands (BPI) offers a wide range of financial products and services. Here are some of the products that BPI offers:
- Deposit products. BPI offers various deposit products, including savings accounts, checking accounts, time deposit accounts, and foreign currency deposit accounts. BPI offers various savings accounts for personal and corporate use, each with its unique list of requirements. Among them are regular savings, #SaveUp, Pamana savings, Jumpstart, Saver plus, Passbook savings, Save-Up (Automatic Savings + Insurance), Save-Up high (Automatic Savings + High Interest), and Padala moneyger.
- Foreign currency savings accounts. These accounts include Direct deposit US pension with passbook, US dollar savings, Australian dollar savings (AUD), Canadian dollar savings (CAD), Chinese yuan savings (CNY/RMB), Euro savings (EUR), Hong Kong dollar savings (HKD), Japanese yen savings (JPY), Swiss Franc (CHF), and British pound savings (GBP). Savings accounts like Maxi saver, Pamana padala, and Pamana savings can be a peso or USD account.
- Credit cards. BPI offers a variety of credit cards with different features and benefits, including rewards, cashback, and installment plans.
- Loans. BPI offers different types of loans, including personal loans, home loans, car loans, and business loans. The loan can be a BPI personal loan, a Seafarer loan, or a salary loan. You can apply for a BPI personal loan for any amount between ₱ 20,000 and ₱ 2,000,000, and if approved, you can pay back in 12-36 monthly payments.
- Credit and debit cards for businesses. BPI also offers credit and debit cards specifically designed for businesses, with features such as cash management, expense management, and rewards.
Services
- Foreign exchange. BPI buys and sells frequently traded foreign currency notes, which are subject to availability. These services include indicative foreign exchange rates, multi-currency deposit accounts, and multi-currency investments.
- Transfer funds via InstaPay. You can securely transfer money, but the service has a daily transaction cap of ₱50,000 and levies a fee of ₱25 per transaction.
- Fixed-income securities. They include business and governmental bonds. Government securities include treasury bills, while corporate bonds enable you to purchase a security at face value with a predetermined sum or interest rate that the company will pay when the bond matures.
- Other services. You can use BPI Outward Remittance to send money abroad, use Remit to send money from abroad to loved ones in the Philippines, or BPI to Cash to send money to a pay-out partner.
- Cards.BPI enables customers to access credit, debit, and prepaid cards.
- Investments.You can diversify your portfolio by using a variety of investment instruments, such as unit investment trust funds, and government and corporate securities.
Which associations the BPI belongs to?
Bank of the Philippine Islands (BPI) is a member of several organizations and associations. Some of these include:
- Bankers Association of the Philippines (BAP). BPI is a member of BAP, which is the lead organization of universal and commercial banks in the Philippines.
- Philippine Stock Exchange (PSE). BPI is listed on the PSE, which is the national stock exchange of the Philippines.
- Philippine Dealing System Holdings Corp. (PDS). BPI is a member of the PDS, which is the main infrastructure for fixed income trading and central securities depository in the Philippines.
- Foreign Bank Association of the Philippines (FBAP). BPI is a member of FBAP, which is a non-stock, non-profit organization of foreign banks with representative offices, branches or subsidiaries in the Philippines.
- Bank Marketing Association of the Philippines (BMAP). BPI is a member of BMAP, which is a non-stock, non-profit organization of bank marketing professionals.
These are just some of the organizations and associations that BPI is a member of. Being part of these organizations allows BPI to collaborate with other industry players and stay updated with the latest developments and trends in the banking and finance sector.
Bank Reliability
Bank of the Philippine Islands (BPI) is one of the largest banks in the Philippines and has been operating for over 170 years. As a result, it has a long history of providing financial services to customers in the Philippines and has established a reputation for reliability.
BPI has been recognized for its financial stability and performance by various organizations. For example, in 2021, BPI was named the Best Bank in the Philippines by Euromoney Awards for Excellence. In addition, BPI consistently receives high credit ratings from credit rating agencies such as Standard & Poor's and Fitch Ratings.
BPI is regulated by the Bangko Sentral ng Pilipinas (BSP), which is the central bank of the Philippines. The BSP regulates and supervises banks in the Philippines to ensure their safety and soundness, and to maintain stability in the banking system. BPI is also a member of the Philippine Deposit Insurance Corporation (PDIC), which provides deposit insurance to protect depositors in case of bank failures.
Overall, BPI's long history, recognition from various organizations, high credit ratings, and regulation by the BSP and membership in PDIC all suggest that it is a reliable and stable bank in the Philippines.
Bank of the Philippine Islands vs. BDO Unibank
Bank of the Philippine Islands (BPI) and BDO Unibank are two of the largest banks in the Philippines and are often compared to each other. Here are some key differences and similarities between the two banks:
- Size and reach. BDO is currently the largest bank in the Philippines in terms of assets and deposits, while BPI is the third largest. BDO has a wider network of branches and ATMs than BPI, with over 1,400 branches and 4,400 ATMs nationwide, while BPI has around 800 branches and 3,000 ATMs.
- Products and services. Both BPI and BDO offer a wide range of banking products and services, including savings accounts, checking accounts, loans, credit cards, and investment products. However, the specific products and features may vary between the two banks.
- Online and mobile banking. Both BPI and BDO have online and mobile banking platforms that allow customers to perform transactions and manage their accounts on-the-go.
- Customer service. Both banks have customer service hotlines and chat-based support platforms that customers can use to request assistance or ask questions.
- Fees and charges. The fees and charges for specific products and services may vary between the two banks, and it is important to compare these when choosing a bank.
Overall, both BPI and BDO are well-established and reliable banks in the Philippines, with similar products and services. The key differences between the two are their size and reach, as well as the specific features and fees of their products and services. It is important for customers to compare these factors and choose the bank that best meets their needs.
Bank of the Philippine Islands vs. Land Bank
Bank of the Philippine Islands (BPI) and Land Bank of the Philippines (Land Bank) are two of the major banks in the Philippines. Here are some key differences and similarities between the two banks:
- Ownership. BPI is a privately-owned bank, while Land Bank is a government-owned and controlled corporation.
- Products and services. Both BPI and Land Bank offer a range of banking products and services, including savings accounts, loans, credit cards, and investment products. However, their specific products and features may vary.
- Focus. BPI primarily serves retail and commercial customers, while Land Bank has a focus on agricultural and rural development, as well as providing financial services to government agencies and institutions.
- Size and reach. BPI is the third largest bank in the Philippines by assets and deposits, while Land Bank is the fourth largest. BPI has a wider network of branches and ATMs than Land Bank, with over 800 branches and 3,000 ATMs nationwide, compared to Land Bank's 409 branches and 1,076 ATMs.
- Online and mobile banking. Both BPI and Land Bank offer online and mobile banking platforms, but the specific features and functionality may differ.
- Fees and charges. The fees and charges for specific products and services may vary between the two banks, and it is important to compare these when choosing a bank.
Overall, the key differences between BPI and Land Bank are their ownership, focus, and size and reach. BPI is a privately-owned bank that primarily serves retail and commercial customers, while Land Bank is a government-owned corporation that has a focus on agricultural and rural development. Customers should consider their banking needs and preferences when choosing between these two banks.
Bank of the Philippine Islands vs Security Bank
Bank of the Philippine Islands (BPI) and Security Bank are two of the major banks in the Philippines. Here are some key differences and similarities between the two banks:
- Size and reach. BPI is the third largest bank in the Philippines by assets and deposits, while Security Bank is the sixth largest. BPI has a wider network of branches and ATMs than Security Bank, with over 800 branches and 3,000 ATMs nationwide, compared to Security Bank's 313 branches and 709 ATMs.
- Products and services. Both BPI and Security Bank offer a range of banking products and services, including savings accounts, loans, credit cards, and investment products. However, their specific products and features may differ.
- Focus. BPI has a broad focus on retail and commercial banking, while Security Bank has a focus on serving small and medium-sized enterprises (SMEs) and high-net-worth individuals.
- Online and mobile banking. Both BPI and Security Bank offer online and mobile banking platforms, but the specific features and functionality may differ.
- Fees and charges. The fees and charges for specific products and services may vary between the two banks, and it is important to compare these when choosing a bank.
Overall, the key differences between BPI and Security Bank are their size and reach, focus, and specific products and features. BPI has a broader focus on retail and commercial banking, while Security Bank has a focus on serving SMEs and high-net-worth individuals. Customers should consider their banking needs and preferences when choosing between these two banks.
