Opening a bank account is often time-consuming because you have to go to the bank, fill out a few forms and make an initial deposit before you can claim your passbook or ATM card. But thanks to the Internet, several banks now allow you to open a bank account online. One of them is the Bank of the Philippine Islands or BPI.
This means that you don’t have to visit the nearest BPI branch to open a new savings account. All you need to do is to login to the BPI mobile banking app and answer a few questions and voila!, you have a new BPI bank account. It’s so easy and convenient because you don’t have to leave your house to open a bank account.
At the moment, only current and active BPI account holders can open a BPI savings account online. So if you don’t have a BPI account yet, you may have to open one at the nearest BPI branch. You can check out our guide on how to open a BPI savings account personally.
Hopefully, BPI will soon allow anyone, including first-timers, to open a bank account online. There are other banks that allow you to open a bank account online, such as UnionBank and Security Bank, so hopefully BPI will follow suit.
Are you ready to open a BPI bank account online? Let’s dive in.
How to Open a BPI Savings Account Online
As mentioned previously, you must have an existing and active BPI account to be able to open a new BPI savings account online. Ideally, you should already be registered to BPI online banking.
First, open the BPI mobile app (download it from Google Play or the App Store) on your smartphone. Don’t login yet but select “Open a New Account.”
Choose any of the following:
- I’m ready to log in to BPI Online and open a new account now.
- I’d like to register to BPI Online, then open a new account right away.
If you are already registered to BPI online banking, select the first option and click “Confirm and continue.”
Enter your username and password for BPI Online, and tap “Login.”
Click “Open account now.”
Step 1: Fill in the details
Select your bank from the following choices:
- Bank of the Philippine Islands
- BPI Family Savings Bank
After choosing the bank, you will have the option to select the currency and product. In this example, I selected “PHP” as the currency and “Regular Savings with Debit Card” as the product.
Read the details of your chosen product such as the minimum deposit and the average daily balance. You must fund your new account with the minimum initial deposit or else it will be closed on the next banking day.
Click “Next” to confirm your selection.
Step 2: Review your details
The next step is to review your details. Make sure that your selected bank, currency and product are correct. If not, click “Edit” to change it.
Tap the “Terms and Conditions.” Read the terms and scroll down to the bottom, and then click “Accept.”
Tap “Confirm” to proceed.
You will be asked to enter a one-time PIN (OTP) that will be sent to your BPI-registered mobile number. Click “Yes, send me the code.”
Enter the 6-digit OTP code and press “Submit.”
Step 3: New account opened
Congratulations! You have successfully opened a new BPI bank account online.
Take note of your new BPI account number and read the important information regarding your new account. You will also receive an email with the details of your new BPI savings account.
Click “Done” and you will be taken straight to your BPI online account, where you can see your new savings account. You can now use it to transfer money, pay your bills, and many more. But first you must fund your new bank account with the minimum initial deposit to avoid account closure.
Step 4: Fund your account
After opening your new BPI account online, you should fund it with an amount equal to or more than its maintaining balance. So if you opened a BPI regular savings account, make sure to fund it with a minimum of ₱3,000. Otherwise, your account will be closed on the next banking day.
You can transfer funds to your new account using your other BPI account, or send money to it from other banks via InstaPay or PESONet. You can also deposit money at any BPI Cash Accept Machine or branch nationwide.
Newly opened debit card based accounts will be linked to their primary BPI MasterCard debit card. For accounts that require a new debit card, you may claim your card after 5 banking days.
Conclusion
There you have it. You’ve just learned how to open a BPI bank account online using your mobile phone. You don’t even need to leave your house and go to the bank. The caveat is that you must have an existing and active BPI account to open a new savings account online. We hope that BPI will someday allow everyone to open a bank account online, even those without existing BPI accounts.
