The Secret Banks Every Crypto Freelancer in the Philippines Should Know!

The freelance economy in the Philippines is rapidly expanding, and more professionals are turning to cryptocurrency payments for faster, cheaper, and more reliable income. However, freelancers still need the right banks and e-wallets to manage funds, ensure compliance with taxes, and access everyday financial services. The article explores the best banks for freelancers in the Philippines, alternatives like GCash and Maya, and highlights how Luntra Paycore helps freelancers optimize crypto payments, convert stablecoins into pesos or dollars, and transfer funds seamlessly to banks and e-wallets. This hybrid approach gives Filipino freelancers both global flexibility and local financial stability, making it easier to succeed in today’s digital economy.

Introduction

The freelance economy in the Philippines has grown rapidly in the past decade. Today, the country is home to more than 1.5 million registered freelancers, according to government estimates. Many of them work with clients from the United States, Europe, and Asia, offering skills in IT, design, marketing, and customer support. For these professionals, getting paid quickly and reliably is just as important as landing projects.

In recent years, cryptocurrency payments have become a popular option for Filipino freelancers. Platforms like Upwork, Fiverr, and direct clients abroad are increasingly offering payments in Bitcoin, Ethereum, or stablecoins such as USDT and USDC. The reason is simple: crypto is fast, borderless, and avoids some of the high fees associated with PayPal or traditional remittance services.

Yet, there are still challenges. Converting digital assets into Philippine pesos (PHP) can be complicated. Some exchanges charge high withdrawal fees, while others don’t integrate smoothly with local banks or e-wallets. Freelancers also face uncertainty when choosing a crypto friendly bank in the Philippines. Not every institution is ready to handle deposits coming from exchanges or wallets, and unclear policies sometimes lead to frozen transactions.

This is why choosing the best banks for freelancers in the Philippines is critical. A reliable bank should offer stable operations, transparent fees, and convenient integration with popular e-wallets like GCash or Maya. Having a USD or multi-currency account is also an advantage, especially for digital nomads who want flexibility when working with global clients.

To make things easier, tools like Luntra Paycore help freelancers bridge the gap between crypto and banking. Instead of worrying about how to move funds from an exchange to a bank account, users can convert and transfer with fewer steps and lower costs. By combining a strong local bank with a platform like Luntra Paycore, freelancers gain speed, security, and full control over their earnings.

In this article, we will explore why freelancers prefer crypto, what to consider when choosing a bank, which institutions are the best options, and how solutions like Luntra Paycore can optimize the entire payment process.

Why Freelancers in the Philippines Choose Crypto

The rise of remote work has given Filipino freelancers more opportunities than ever. But along with those opportunities comes a familiar challenge: how to receive payments from clients abroad without losing money to fees or waiting days for the funds to clear. This is where cryptocurrency payments enter the picture. For many freelancers, digital assets are not just a trend — they are a practical solution.

One of the biggest advantages is speed. A crypto payment can arrive in minutes, compared to international wire transfers that sometimes take three to five business days. This means freelancers can access their money almost immediately after completing a project, which is essential for those who rely on consistent cash flow.

Another reason is lower costs. Traditional services like PayPal, Payoneer, or international banks often charge anywhere from 3% to 6% per transaction, plus hidden conversion fees. For a freelancer earning $1,000 a month, that could mean $30 to $60 lost every time. By contrast, receiving USDT or USDC typically costs just a fraction of that, making crypto an attractive alternative.

Crypto also makes it easier for Filipinos to work with international clients. A client in the U.S. can send stablecoins directly, without worrying about cross-border banking restrictions. Stablecoins such as USDT and USDC are especially popular because they avoid the volatility of Bitcoin or Ethereum. Their value is pegged to the U.S. dollar, giving freelancers peace of mind that the amount they receive today will still be worth the same tomorrow.

Of course, crypto is not without its challenges. Prices of non-stablecoins can fluctuate dramatically. There are also questions of tax compliance, since the Bureau of Internal Revenue (BIR) requires freelancers to report income regardless of how it was received. And while crypto can deliver funds quickly, freelancers still need a reliable way to convert those digital assets into pesos for daily expenses.

This is where banks and platforms like Luntra Paycore come into play. A bank account provides legitimacy, financial security, and the ability to pay bills locally. But it is the combination with a crypto bridge that makes the system efficient. With Luntra Paycore, freelancers can seamlessly convert stablecoins to PHP and send them directly to their bank or e-wallet. This hybrid approach solves the main challenge: how to get paid in crypto while still being able to spend money in the Philippines without hassle.

In short, freelancers choose crypto because it is fast, affordable, and global. And with the right tools and banking partners, it becomes not just a payment method, but a competitive advantage in today’s digital economy.

Key Factors to Consider When Choosing a Bank

Once freelancers decide to receive payments in crypto, the next challenge is clear: how to move those funds into the local financial system. Not all banks in the Philippines are equally prepared for this. Choosing the right institution can make the difference between smooth transactions and constant headaches. Below are the most important factors to weigh before opening an account.

1. Access to USD and Multi-Currency Accounts

Many freelancers work with clients who pay in U.S. dollars. Having a USD account allows you to receive funds directly without automatic conversion to pesos, which can result in unfavorable exchange rates. Some banks even offer multi-currency accounts where you can hold USD, EUR, and PHP in one profile — a useful feature for digital nomads who often travel or work with global clients.

2. Conversion and Transfer Fees

Every bank charges fees for converting USD to PHP or receiving international transfers. These costs can quickly add up, eating into freelance income. For example, a $500 transfer could lose 2–3% in fees alone. Choosing a bank with transparent pricing and competitive rates is crucial. Platforms like Luntra Paycore can also help reduce costs by handling crypto-to-fiat conversions before sending the money to your account.

3. Integration with E-Wallets

Popular wallets such as GCash and Maya have become essential tools for freelancers in the Philippines. Some banks have direct integration with these e-wallets, making it faster to move money around. This matters because freelancers often use e-wallets for bills, groceries, and everyday payments.

4. International Transfers and SWIFT Access

Even if you’re paid in crypto most of the time, there will be situations where clients send money through traditional banking systems. Banks that support SWIFT or SEPA transfers ensure you can receive payments from almost anywhere in the world. It also helps if your bank has partnerships with international institutions for smoother processing.

5. Security and Fraud Protection

Freelancers need peace of mind that their hard-earned money is safe. A reliable bank should provide strong anti-fraud measures, two-factor authentication, and customer support that understands the realities of digital work. It’s not just about protecting against hackers, but also ensuring your funds won’t be suddenly frozen due to “unusual activity.”

6. Convenience and Digital Banking

For freelancers, time is money. Having access to a modern online banking app with features like real-time transfers, account management, and automated statements makes life easier. The less time you spend in physical branches, the more time you can dedicate to projects and clients.

7. Compatibility with Luntra Paycore

Finally, consider how easily your chosen bank can work with Luntra Paycore. By linking your crypto wallet to Luntra Paycore and then to your bank, you minimize extra steps and reduce transaction costs. This combination gives freelancers the flexibility to accept crypto from clients worldwide and still manage their finances in the Philippines like any other professional.

In short, the right bank should not only safeguard your money but also make it easy, affordable, and efficient to move between crypto and fiat. For freelancers, this balance is key to staying competitive in today’s global economy.

Best Banks in the Philippines for Freelancers Paid in Crypto

Not every bank in the Philippines has embraced cryptocurrency, but a growing number of institutions are adapting to the needs of freelancers and digital nomads. Below is an overview of the most crypto friendly banks in the Philippines, highlighting their strengths, limitations, and how they can work alongside Luntra Paycore for smoother transactions.

UnionBank

UnionBank has earned a reputation as the most forward-looking bank in the country when it comes to digital assets. It was one of the first banks to launch its own licensed crypto exchange and wallet services, making it an excellent choice for freelancers who receive payments in Bitcoin, Ethereum, or stablecoins.

• Strengths: Crypto-friendly policies, easy USD account setup, strong digital banking app.
• Weaknesses: Limited branch network compared to BDO or BPI, some higher service fees.

When combined with Luntra Paycore, UnionBank users can seamlessly move stablecoins into PHP or USD accounts with minimal friction.

Bank of the Philippine Islands (BPI)

BPI is one of the oldest and most reliable banks in the Philippines. While it does not directly handle crypto, it is widely trusted for USD accounts and international transfers. For freelancers, this reliability means fewer surprises when receiving funds.

• Strengths: Large branch and ATM network, trusted by international clients, solid USD account options.
• Weaknesses: More conservative policies, longer compliance checks for large transfers.

Using Luntra Paycore as the bridge, freelancers can convert crypto into USD and transfer directly into BPI accounts without triggering unnecessary red flags.

BDO Unibank

As the largest bank in the country, BDO offers unmatched accessibility and account variety. Freelancers often choose BDO for its strong international partnerships, making it easier to receive money from clients abroad. While not openly pro-crypto, BDO’s global reach makes it a practical option.

• Strengths: Largest branch and ATM presence, wide range of account types, international credibility.
• Weaknesses: Less crypto-friendly compared to UnionBank, sometimes slow customer support.

Pairing BDO with Luntra Paycore helps freelancers sidestep potential issues, ensuring crypto is first converted into compliant fiat transfers before hitting their accounts.

Security Bank

Security Bank is a solid mid-sized option for freelancers who prioritize transparent fees and competitive USD account services. It may not have the same crypto-first approach as UnionBank, but its customer service and streamlined digital banking app make it attractive to independent workers.

• Strengths: Competitive foreign currency account fees, easy-to-use mobile app, clear pricing.
• Weaknesses: Smaller branch network, conservative compliance checks.

Freelancers who use Security Bank can still benefit from Luntra Paycore by routing crypto payments through the platform before reaching their USD or peso accounts.

Rizal Commercial Banking Corporation (RCBC)

RCBC has been active in digital innovation, rolling out fintech-friendly features and partnerships. It is not yet a full crypto adopter, but it has invested heavily in digital payments integration with e-wallets like GCash and Maya.

• Strengths: Strong fintech focus, e-wallet compatibility, competitive mobile banking.
• Weaknesses: Still conservative toward crypto, fewer options for multi-currency accounts.

By using Luntra Paycore, freelancers can enjoy the convenience of RCBC’s digital banking ecosystem while still converting crypto efficiently into pesos.

Comparison Table

As the table shows, each bank has unique advantages. Some excel in crypto adoption, while others stand out for international credibility or digital services. For freelancers, the best approach is often a combination: choose a reliable bank for fiat stability and pair it with Luntra Paycore to handle the crypto side. This way, they gain the flexibility to accept global payments and the convenience of spending locally.

Alternatives to Traditional Banks

While banks remain central to financial stability, many freelancers in the Philippines are also turning to alternative payment solutions. These options can be faster, more flexible, and better suited for those working with international clients who pay in crypto. Let’s explore the main alternatives and when they make sense.

E-Wallets

Digital wallets like GCash and Maya have become everyday essentials for Filipinos. They allow quick transfers, bill payments, and even investment options. For freelancers, e-wallets are particularly useful because they integrate with both banks and crypto platforms.

• GCash: Popular for its wide acceptance in stores, easy bank linking, and remittance options.
• Maya: Known for its stronger crypto integration, offering in-app buying and selling of digital assets.
• Payoneer: A global solution that connects freelancers to international clients, with support for USD balances.

By routing crypto through Luntra Paycore, freelancers can convert funds and send them directly into these wallets, making everyday spending seamless.

Crypto Exchanges and P2P Platforms

For those who want direct access to crypto markets, exchanges like Binance, Coins.ph, or PDAX provide conversion and withdrawal options. Peer-to-peer (P2P) platforms also allow freelancers to sell their stablecoins directly to buyers who pay in pesos via bank transfer or e-wallets.

The advantage is speed and flexibility. However, P2P trading carries risks such as scams or account freezes. Using a regulated intermediary like Luntra Paycore helps freelancers minimize these risks while still enjoying competitive conversion rates.

Stablecoin Providers

Stablecoins are the bridge between crypto and fiat. Some providers now offer direct payout solutions, enabling freelancers to hold USDT or USDC and convert them into local currency when needed. This reduces volatility and ensures earnings are protected from market swings.

When paired with Luntra Paycore, stablecoins become even more practical. Funds can be automatically exchanged into PHP and sent to a linked bank or wallet, avoiding manual steps.

When to Use Alternatives

Freelancers may prefer alternatives to banks in cases such as:

• Urgent withdrawals where speed matters more than low fees.
• Small, frequent transactions that are easier through e-wallets.
• Situations where banks have stricter compliance checks.

Still, banks remain essential for larger transactions, long-term savings, and formal tax reporting. The smartest approach is a hybrid system: use banks for security and compliance, and use e-wallets or exchanges for flexibility. Luntra Paycore acts as the glue between these systems, making it simple for freelancers to move money across platforms without stress.

Ultimately, alternatives are not a replacement for banks but rather an extension of financial freedom. For the modern freelancer, having access to both worlds — banking and digital wallets — creates the most resilient payment ecosystem.

Taxation and Compliance for Freelancers Paid in Crypto

For freelancers in the Philippines, getting paid in cryptocurrency may feel new and innovative, but tax obligations remain the same. The Bureau of Internal Revenue (BIR) considers crypto income as taxable income, whether it comes in pesos, dollars, or stablecoins. This means that freelancers must declare earnings and pay the corresponding taxes, regardless of how clients transfer the money.

Understanding Tax Responsibilities

Freelancers are generally required to pay:

• Income tax — based on the freelancer’s annual earnings.
• Percentage tax (for those earning less than ₱3 million annually and not VAT-registered).
• Value-added tax (VAT) — for freelancers exceeding ₱3 million in yearly gross income.

Regardless of whether payments come through PayPal, bank transfer, or crypto, the tax rates remain the same. What changes is how freelancers document these payments.

The Role of Banks in Compliance

Banks play an important role in recording transactions. When crypto is converted into fiat and deposited into a bank account, the records help freelancers prove income to the BIR. Statements from accounts, especially USD or PHP balances, serve as evidence that income was received and converted through legal channels.

Risks of Skipping Compliance

Some freelancers assume that because crypto is decentralized, tax authorities won’t notice their earnings. This is a mistake. Banks and exchanges follow anti-money laundering (AML) rules and can report large or suspicious transactions. Skipping compliance can result in fines, audits, or even account freezes.

Why Using Platforms Like Luntra Paycore Helps

Luntra Paycore provides freelancers with a transparent way to move from crypto to fiat. Instead of relying on peer-to-peer trades or unregulated exchanges, freelancers can convert stablecoins into pesos or USD with proper transaction documentation. This ensures:

• Funds arrive in local banks with clear records.
• Statements are easier to use for tax filings.
• Reduced risk of compliance issues with BIR and banks.

Practical Example

Imagine a freelancer earning $2,000 per month in USDT. Using Luntra Paycore, the USDT can be converted into PHP and deposited into a linked bank like UnionBank or BPI. The freelancer then has official bank statements showing monthly income, which can be declared when filing taxes. This method avoids the risks of undocumented transfers and makes tax season far less stressful.

In summary, paying taxes on crypto earnings is not optional — it is a legal responsibility. But with the right mix of banks and tools like Luntra Paycore, compliance becomes a straightforward process. This not only keeps freelancers on the right side of the law but also strengthens their financial credibility for future loans, investments, or even visa applications.

How Luntra Paycore Helps Freelancers Optimize Their Payments

While banks and e-wallets provide the infrastructure for handling money, freelancers often need an efficient bridge between crypto and traditional finance. This is where Luntra Paycore comes in. It is designed to simplify the process of converting and transferring crypto payments, making life easier for freelancers who work with international clients.

Seamless Crypto-to-Fiat Conversion

Freelancers are often paid in stablecoins like USDT or USDC. Luntra Paycore allows them to convert these digital assets directly into Philippine pesos or U.S. dollars, avoiding complicated manual transfers. Instead of juggling multiple exchanges and wallets, users can handle everything in one platform.

Integration with Banks and E-Wallets

Luntra Paycore connects smoothly with both crypto friendly banks in the Philippines and popular e-wallets such as GCash and Maya. This means freelancers can receive payment in crypto, convert it, and send it to their bank account or wallet — often within the same day. For those managing bills, savings, and investments, this integration removes delays and extra costs.

Lower Fees, Faster Access

Traditional platforms like PayPal or Payoneer may charge 3–5% in transaction fees. Over time, this significantly reduces freelancer income. Luntra Paycore helps cut costs by offering more competitive rates, allowing freelancers to keep more of their hard-earned money. Faster payouts also mean better cash flow, which is essential for daily living and reinvestment in skills or equipment.

Practical Example

Consider a graphic designer earning $1,500 per month in USDC. Using Luntra Paycore, the freelancer can:

• Convert USDC into pesos instantly.
• Send the money directly to a UnionBank account for savings.
• Transfer a portion to GCash for everyday expenses like utilities and groceries.

This streamlined process saves time, reduces costs, and keeps financial records organized for tax purposes.

Building Trust and Security

Freelancers also need to assure clients that payments will be handled securely. By using Luntra Paycore, they can demonstrate professionalism and reliability. The platform ensures that transactions are transparent and compliant, which protects freelancers from unexpected account freezes or compliance issues with their banks.

In essence, Luntra Paycore acts as the missing link between global crypto payments and the Philippine financial system. It gives freelancers the ability to accept work from anywhere in the world while still having the convenience of spending locally — without losing money or wasting time in the process.

Conclusion

The freelance economy in the Philippines is thriving, and with it, the need for smarter payment solutions. More freelancers are now embracing cryptocurrency as a way to receive international payments faster, with fewer fees and less hassle compared to traditional remittance services. Stablecoins like USDT and USDC are particularly popular because they combine the benefits of crypto speed with the stability of the U.S. dollar.

Still, freelancers cannot rely on crypto alone. Banks remain essential for handling everyday expenses, building financial credibility, and staying compliant with tax regulations. Choosing the best banks for freelancers in the Philippines means looking for institutions that support USD accounts, transparent fees, and easy connections to e-wallets. UnionBank, BPI, BDO, Security Bank, and RCBC each offer unique advantages — from crypto-friendly policies to strong international reputations.

At the same time, alternatives like GCash, Maya, and Payoneer provide the flexibility freelancers need for fast transfers and daily spending. The smartest approach is often a hybrid system, where banks provide long-term stability and e-wallets deliver everyday convenience.

This is exactly where Luntra Paycore proves invaluable. By acting as a reliable bridge between crypto payments and the Philippine financial system, it empowers freelancers to:

• Convert stablecoins into pesos or dollars seamlessly.
• Transfer earnings directly to banks or e-wallets at lower cost.
• Maintain proper records for tax compliance and financial growth.

There is no single “perfect” bank or wallet for every freelancer. Needs vary depending on income level, client location, and spending habits. What matters most is creating a flexible ecosystem where crypto, banks, and e-wallets work together. With Luntra Paycore at the center, Filipino freelancers can unlock the best of both worlds: the speed and affordability of crypto combined with the reliability of traditional finance.

In the years ahead, as more banks begin accepting crypto remittances in the Philippines and as digital nomads demand better financial tools, freelancers who adopt this blended approach will be best positioned to succeed. The future of freelance payments is already here — and it is faster, smarter, and more connected than ever before.