九龙博客 KowLoon Blog

This article introduces the registration and usage of Maya Bank.

1. Function Overview#

Maya Bank is a digital bank in the Philippines with no physical branches, regulated by the Central Bank of the Philippines, and each depositor enjoys a deposit insurance of 500,000 pesos (approximately 64,600 RMB).

Maya originated from the electronic payment tool PayMaya, inherently possessing internet genes. Although it is not as mainstream as GCash, which is backed by Ant Group, it essentially has all the functionalities that GCash offers, and the overall user experience is quite good. Compared to other banks and e-wallets in the Philippines, Maya is relatively more friendly to foreign users, making it easier to apply and convenient for foreigners to enjoy local electronic payment services while traveling or living in the Philippines.

2. Registration and Verification#

Click here to access the Maya Bank registration page, and download and install the Maya Bank APP from the Apple App Store, Google Play Store, or Huawei App Gallery.

After running the APP, click “Start an account.” Enter your First Name, Last Name, and Email, and then click “Continue.”

Next, enter your mobile number and set a login password, then click “Continue.”

Maya only supports registration with Philippine mobile numbers. If you do not have a Philippine mobile number, you might consider applying for an esim. The blogger KowLoon uses Globe, and real-name verification can be done using a Maya Bank Visa statement! Globe Application Tutorial

Use a virtual mobile number provided by Tinbo. Click “I don’t have a Philippine SIM,” and the APP will open Tinbo's website in the browser. Click “Register Now For Free” to obtain a virtual mobile number, which can receive SMS on the Tinbo website.
Philippine mobile numbers are subject to real-name verification, and the number obtained from Tinbo is no exception. You need to fill in personal information as prompted on the website and then email your ID photo and selfie to the operator's customer service. The number will be activated after passing the review, free for the first three months, after which a fee of 1 dollar will be charged (it is unclear whether this is a one-time fee or requires periodic renewal).

Next is the “Data Privacy” page; just click “Continue.”

Then you will see the “Data personalization” page; just click “Save.”

Next, your mobile number will be verified. Enter the verification code received, and then click “Verify” to complete the registration.

If you do not receive the SMS verification code, please try:
(1) For iPhone users, change the region to the Philippines and the language to English; or try registering with an Android phone.
(2) Change the roaming network operator.
(3) Send a text message to your mobile number through other channels to confirm that your phone can receive SMS normally, and then try to resend the Maya SMS verification code.

The verification status after registration is “Standard.” You need to click “Upgrade” to upgrade the verification status to use the full features.

Fill in your personal information as prompted, and patiently wait for the review. Once approved, you can use the full features of Maya normally.

1. Register for Maya Bank using the invitation code W351N5DKWG6K. In addition to the regular new user benefits, you can also enjoy a fee waiver for external transfers via InstaPay for the first three months. (The promotional information is for reference only; the actual fees are subject to the official activity rules and the amounts displayed on the transaction page. Reference Information: Regular Charging Standards)
2. “First Name” corresponds to the Chinese “名，” and “Last Name” corresponds to the Chinese “姓，” otherwise the review result will indicate that the name does not match the name on the ID.
3. “Country of residence” should be selected as “Philippines.” Maya only provides services to Filipinos and foreigners residing in the Philippines.
4. “Present address” should be filled with your residence address in the Philippines; tourists can fill in their hotel address.
   The “Barangay” in the address is similar to a street in China. In large cities, “Barangay” usually has both a numerical code and a name. If you cannot find the corresponding “Barangay” for the address, you can try using the street name instead.
5. Do not check “Same as Present address” for “Permanent address,” otherwise the review result will indicate missing information. “Permanent address” needs to be filled out separately; just fill in your domestic address.

3. Top-up and Deposit#

1. Top-up via Debit or Credit Card

   Supports top-up via Visa, Master, and JCB cards, charging a fee of 200 pesos (approximately 26 RMB) for each transaction.

2. International Remittance

   Some remittance channels like Wise and Paysend support remittances to GCash, Maya, and other local e-wallet accounts in the Philippines, as well as to local bank accounts. The specific fees depend on the remittance channel you use.
   It is recommended to use Paysend to transfer to a Philippine bank account for funding Maya, as it is fee-free, fast, and has a good exchange rate. Just fill in Maya's current Savings account for the receiving account.

3. Top-up through Offline Convenience Stores and Self-service Machines

   Maya supports top-ups through partnered offline stores or self-service machines, generally charging a fee of 0% to 2%.

   In the Maya APP, click “Cash In,” then select an offline top-up method in “Our Partners,” enter the amount you want to top up, and click “Continue.” Then follow the APP's prompts to go to the offline store, inform the staff or enter the “Cash in code” in the self-service machine, and pay in cash to complete the top-up.

4. Transfer from E-wallets that Support QR PH to Your Maya Wallet

   You can find sellers on Taobao or Xianyu for top-ups, but the prices are relatively high and not recommended.

5. Receive Cryptocurrency and Then Sell

   Maya currently supports 24 mainstream cryptocurrencies, but the supported networks are limited.
   After receiving cryptocurrency from external sources, click “Sell” to exchange the cryptocurrency for Philippine pesos, and the funds will enter your Maya wallet account.

6. Transfer from Local Banks to Your Maya Saving Account

7. Link Local Bank Accounts for Direct Deductions

4. Daily Consumption#

1. Scan to Pay

   The mainstream mobile payment protocol in the Philippines is the government-led QR Ph, which is widely used. As long as the payment code has the blue, yellow, and red QR Ph Logo, you can use Maya for scanning payments.

   

2. Card Payment

   Maya provides virtual Master and physical Visa and Master debit cards, which can be used for online payments, offline card swipes, and ATM withdrawals. The virtual card is free, while the physical card costs 200 pesos and can be mailed to your address in the Philippines.

3. Transportation
   You can directly purchase LRT1 light rail tickets on the Maya APP, and you can also top up your beep transportation card!

4. Pay Bills
   The Maya APP supports direct payment for mobile numbers, broadband, credit cards, utilities, insurance, toll fees, etc.

5. Game Top-ups
   You can directly purchase top-up cards for games or gaming platforms like LOL, Xbox, and Steam.

5. Other Features#

1. Savings
   The current annualized interest rate for the current account is 3.5%, while the fixed deposit account has an annualized interest rate of 4% to 6%. New users participating in activities can receive a maximum annualized interest rate reward of 14%.

2. Purchase Funds
   Currently, the partners are ATRM and ALFM, with limited product options, mainly local money market funds, bond funds, index funds, and Global Funds investing in various overseas industry themes.

3. Stock Investment
   The current partnered broker is Philistocks, and foreigners need to provide a Philippine tax number to open an account.

4. Cryptocurrency
   The Philippines is relatively friendly to crypto, with some banks and e-wallets providing cryptocurrency services. The Maya App supports direct buying, selling, receiving, and sending of cryptocurrencies.