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direct deposit in ph

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tommieboy999
  8/9/2009 13:12 EST

im collecting social security checks and are being directly deposited in my suntrust acct here in the usa. how can i keep my same bank ands still have my checks automatically deposited in my acct? do i really need to get a bank there in ph?

pguy11
  8/9/2009 23:30 EST

We just moved here to Talamban Cebu and I will be getting my ss checks in Sept I kept my accounts in the US and the checks are going there You can use the card here at most ATMS I still got a dollar acct here and a peso acct at BDO bank just for added ID purposes But I've been using the US card and paying I think it is P7-10 peso per transaction plus what your bank charges..... hope it helps.........

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Nancylongatan
  8/10/2009 04:51 EST

If you have an ATM card that can be used most places, you can probably use it in the Philippines to withdraw cash from most big banks, at least in the cities. But there are usually hefty charges for withdrawing in this way. Getting an account here would be cheaper in the long run. Both HSBC or Wells Fargo/Bank of the Philippine Islands have been mentioned by people on this forum as having good transfer systems from US banks. It really depends on how long you think you need it and how active your banking needs to be.

BruceinIloilo
  8/21/2009 02:13 EST

I don't know about direct deposit. You can certainly ask. You could also probably open a bank account at an American branch of a Philippine bank.

When I transfer dollars to the Philippines, I write a check on my US bank account and deposit it into my Philippine dollar bank account. They charge me 50 pesos and it takes a two weeks to clear. I then take the dollars out of the dollar account and change them to pesos as needed.

locopmd
  8/21/2009 09:04 EST

It's all about convenience for me - PayPal!

Link all your accounts: savings, checking, credit/debit/ATM

Their fees are reasonable considering I do everything online (I forgot what the inside of a bank branch looks like!)

Mike E
EXPAT PHILIPPINES (Creator)
http://www.linkedin.com/groups?about=&gid=1483687&trk=anet_ug_grppro

BlosomFresh
  6/12/2011 11:44 EST

If you are a pensioner, you don't need to get a bank in Philippines. You keep your US Account/bank as it is because you can use it at any atms in Philippines with bank charges and etc. If you are a pensioner you can do cash advance at BDO then you dont need to widraw in atms with charges at least doing cash advance would charge you only 1 time.

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rcampsr
  6/14/2011 21:05 EST

Hello Tommieboy999,

I had the same problem when I wanted to move here. My direct deposit goes to my bank there every month. I opened an account with Wells Fargo Bank, who have a agreement with BPI Bank here in the Philippines. Each month I transfer money from by bank there to W.F. Bank, then transfer it to my BPI account. The only problem I encountered was the first transaction has to be made from the bank in the USA, but I had to come to the Philippines to complete my account here. Luckily I had left my son as POA on the W.F. account and he completed the first transfer for me. Since then I have been making them online each month without a problem.

I have noticed a lot of advertising here for HSBC Bank International, but I am not familiar with their policies there in the US to move money to here.

SSA will also direct deposit to a bank here if you have one. They also have an office in Manila for service of US citizens.

You can also see if sun trust has an agreement with a bank here so you can make transfers straight from them to here.

Also, good USA credit is not worth anything here. They have their own way of credit here, I am still trying to figure it out.

Hope this helps, RAC, Leyte, Philippines

shgetovrit
  12/27/2011 20:59 EST

I've found the easiest way to get money from the US to PI is to set up PI bank account & use a transfer service from US bank to PI.

Two that i have used are www.transfast.com & www.xooom.com. Both have flat rates for transfers $7us/$6us repectively.

Xoom usually has your money available in your account in less than one hour. I've only used Transfast once & first time took about one week.

I am getting to retire to Boracay initially in Aug/Sep 2012 timeframe. I have been researching the banking situation, so appreciate all the info I can find on this forum.

Citi Bank has branches in both US & PI. Well Fargo does have arrangement with BPI & exchange rate (last time I checked) was a little better than Xoom, but not as good as Transfast. The transaction fee for Well's fargo was around $5. What I found with Citi Bank was that it cost nothing (transaction fee) to transfer to your PI Citi bank account. I could not get information on exchange rate.

You have to realize it is somewhat a game, since a low transaction fee is often time related to lower exchange rate. You have to look at total cost.

The Citi Bank thing sounded ideal except there is no Citi bank branch on Boracay.

scotthegerle
  12/28/2011 15:17 EST

I cuncur with the above post. After doing all my research we decided to open a citibank account here and an account in the phil. while they are not actually branches of the same bank exactly they are closely alligned with many reciprocal services

Borsia
  1/3/2012 02:01 EST

It more or less depends on the amounts involved. I live in CO and I just have my SS directed to my US bank account and use my ATM. I get whatever the exchange rate that day is without paying for conversion and it cost me $1.50 per transaction. Every bank has its own rules about the amount you can take out per transaction and the fees so check with yours and maybe move your account if needed.
I did the same when I lived in China.
I found it simply easier to keep the US bank I use because all of my PayPal etc goes through that bank.
For large amounts you are probably better off setting up a PH bank account and doing wire transfers.

rcampsr
  1/3/2012 03:53 EST

Hello, I moved to the Philippines a year ago and before I left the USA I setup a Philippine Bank Account online. I also setup a USA Bank Account so I could transfer funds to the Philippines for $5.00 a transaction. The only problem I had was you had to complete the Philippine bank account paperwork here in the Philippines and the first transaction had to be made in person in the USA Bank. Wells Fargo Bank has agreements with many banks here in the Philippines for funds transfers and is about the largest bank I know of for this kind of transaction. My state credit union bank also has an agreement to transfer out of the USA, so you would have to check with your personal bank and see if they have a reciprocal agreement for money transfer. My SSD is direct deposited in the USA bank and I do one transfer to my Philippine account a month. The transfer rate is pretty good, and is close to the going rate of transfer for the dollar. SS will also direct deposit to your Philippine Bank, and I believe the rate of transfer is a little better than the bank transfer rate. You would have to check on the rates with SS and banks. HSBC also has offices here in the Philippines that you can use to get your money from the USA. I like the Philippine Banks better because there are many of them all over the country and it is easier to get your funds out. Foreign banks seem to have offices in large cities only and you would have to travel to do your banking. Hope this helps. RC

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shgetovrit
  1/3/2012 14:54 EST

Thanks to everyone for the good information on banking in the PI.

Since I will be moving over in the summer from the US it really helps lower the stress.

I was talking with some local filipino friends in US here, & they had a good suggestion.

They indicated that however you transfer money into PI, you should set up a Dollar account at the PI Bank. This will give your 1 for 1 transfer excahnge rate. Then you two options on getting Pesos: 1) Use your local PI bank rate or 2) Withdraw the dollars & use a local exchange location to get the best rate. Either way you have flexibility.

Does anyone have knowledge or experience with this?

momlypeg
  1/5/2012 23:58 EST

I AM PUZZLED BY SUGGESTIONS TO ACCESS FUNDS IN PI. i SIMPLY USE MY USAA CHECKING ACCOUNT FOR AUTO DEPOSIT OF RETIREMENT. THEN USE BDO OR METROBANK ATM TO WITHDRAW UP TO 20,OOOP PER DAY. USAA REFUNDS ANY ATM FEES AT END OF MONTH. ANYONE KNOW A BETTER WAY?

shgetovrit
  1/6/2012 13:34 EST

Does USAA charge any transaction fees? Is the exchange rate set by the bank you withdraw from?

I'm not sure USAA is open to all US citizens.

Nancylongatan
  1/6/2012 16:47 EST

I had a checking account with Bank of the Philippine Islands, and they could easily handle checks written on my US account any time I wanted to transfer funds. Then I could use the BPI ATM card most anywhere. I was also able to use my US ATM card in most machines in Philippines to get cash, but my bank in the US had hefty charges when I did that, and I don't think the exchange rate was the best. If you're planning to stay a while and do regular banking, I'd recommend a local bank account. With an account at a BPI branch in Baguio City, I was able to get cash all over the country with no hassle.

pramos1947
  5/28/2013 21:03 EST

hello, go to the u.s. embassy in manila n fill up a form n they will take care of your pension to be trasfered to the philippines

pramos1947
  5/28/2013 21:05 EST

what u should do is go to the u.s. embassy in manila n fill up a form n they will takecare of your ss pension to be transfered in the philippines

Borsia
  6/3/2013 13:40 EST

I have all of my banking, including direct deposit of my SS to my US bank and all of my cards.
First while I buy very few things with my CC if the billing address isn't in the 1st world your card often won't be accepted.
I have an account in a PH bank that works with US banks and I can simply transfer funds if I need to.

LRod50
  5/27/2015 14:56 EST

I have been researching this very thing about getting your funds from the US to the PI. Regarding Citibank, they do have a service called Global Transfers. Transfers are in real time and are free. However, you must have a PI Citibank account and it will take $12,000 dollars to open. If you have plenty of money this the the best way to go.

Nephi
  5/27/2015 15:23 EST

Generally Philippine banks require only a $500 initial deposit to open a dollar account., If that account is to be a US Social Security dollar account then that deposit is only $100usd. There are one or two banks that require no deposit to open a Social Security account. It pays to shop around in person before opening an account here.

bang4dabuck
  5/27/2015 15:30 EST

Just get a U.S. Dollar account at Chinabank. It does take about a week before the money is available and they only charge a $3 service charge. They do take forever handing you your money, LOL. The banks over there are so slow. Takes about 1/2 hour to make a withdrawal ... that's on a good day.

tlallen59
  5/27/2015 18:47 EST

I just kept my bank of America account and xoom the money for a few bucks and pick it up 5 min. later. I hate lines at the bank. We used to have a PNB account and what a headache it was to get your money.

twj4241
  5/27/2015 21:28 EST

Thank you for your input tlallen. Your plan sounds very good. How do you handle the mechanics of the xoom account? Is the xoom account in your name and you send the funds to yourself? Or, if not that way, how do you do it? Seems to be a much better plan than having a bank account in the Philippines. And, i believe you can send up to $3000. by xoom for $5.99? Do you receive the money in USD or in Philippine Pesos? Does B of A charge a transaction fee to your checking account? Thank you again!

tlallen59
  5/28/2015 04:22 EST

No problem. My wife has the xoom account and sends the money to me or my mother in law from our joint account. Xoom has a problem with sending money to yourself for some reason. That has been the only drawback I've seen. Fair exchange rate and there before you get there to pick it up and no line most of the time.

LRod50
  5/28/2015 08:37 EST

xoom has a much lower exchange rate than say Remitly or Ria. I have used Ria for the past two years with the best exchange rate I have found. You are really looking for the bottom line and Ria pays the best bottom line of them all.

jasonkennedy
  5/28/2015 19:07 EST

Just open a dollar account at BPI Bank and instruct the SSA to direct deposit to it.

twj4241
  5/28/2015 21:08 EST

Thank you tlallen59! My wife and I both have a zoom account so I assume I could send money to her and she could send money to me? And, do you receive the funds as USD or Philippine Pesos and do you have a choice? LRod50 has commented that Remitly and Ria have a lower exchange rate than zoom and that he has used Ria for two years. Has anyone else here used Ria and if so, what has been your experience with them? Thank you tlallen59 and LRod50 and to anyone else who can help out here!!

twj4241
  5/28/2015 21:14 EST

And one more question to LRod50 or anyone......Will Ria allow you to send money to yourself? Thank you!

nonievales
  5/28/2015 23:04 EST

I assume all, if not most American expats on this forum have their pension or social security money deposited at least initially, or currently into American banks as I do. I have two American bank accounts, one where my social security is deposited and my pension into Navy Federal Credit Union. Here in the Philippines, I have a dollar account with BPI where I believe their minimum balance is 500.00 dollars. When I first opened my account, I deposited enough dollars for my next months budget. The following month, I deposited checks written out to myself from my two American bank accounts and withdrew what I deposited previously. This cycle goes on and on, meaning I deposit checks and withdraw previously deposited amount each month and this never cost me a penny. I have used every other bank here over the years and BPI has the least costly experience for me. I hope this helps.

tlallen59
  5/29/2015 00:07 EST

We get our funds in Philippine peso's. I think the rates might be just a bit better with the other services but we have used xoom for years without any trouble so we just stick with what works for us. The place where we get our money knows us and it's always quick in and out.

jasonkennedy
  5/29/2015 01:01 EST

Like I said, just have the SSA do direct electronic deposits to BPI. Simple.

nonievales
  5/29/2015 01:07 EST

@jasonkennedy, do you have your social security deposited in dollars or pesos? How do you find your exchange rate compared to money changer rate if in pesos?

Nephi
  5/29/2015 01:35 EST

@ Ninievales,

Not sure how Jason does is SS but thought I' stick a note here.

We get our US Social Security direct deposited to an "approved" bank here in the Philippines.
Us government requires that you open a US dollar account at your chosen "approved" bank. That account is allowed and usable for ONLY Social Security deposits. You can withdrawal in dollars if you want to-but YOU are the only one than can access that account. Spouse, girlfriend, or anyone else can not. No ATM card or online banking is allowed on that account. You must go to the bank each month to withdrawal or transfer funds in person. Easiest is to get your $$$ in pesos.
I do not like messing with money or having to pay bills etc. My wife and I have been married for years; so I simply go to the bank when the deposit is in and transfer the Social to our joint peso account and I'm done with it. Our peso account is strictly an ATM account which we enjoy. The ATM card can be used for malls, large grocery stores, restaurants etc. My wife as well as our 11 and 13 year old daughters all have the Mastercard ATM cards for use when out on school activities or whatever. Easy, handy, and with our bank there is never an issue of trust or theft.


Regards

Nephi

nonievales
  5/29/2015 02:09 EST

Very convenient setup it seems that you have, @Nephi. I had to have mine in the way I got it setup because my pension from Toyota had to be directly deposited into an American institution so I would have to either have it wired to me from Wells Fargo or as I said, I just write checks to me and I deposit it into BPI. There is a month's wait for it to clear, but I do not feel the clearing time because I withdraw equal amount as I deposit each month. I try not to leave too big a balance in any of my accounts here.

jasonkennedy
  5/29/2015 19:07 EST

Everything Nephi said is correct. BPI's exchange rate isn't bad but I use money changers.

harrellb2
  6/3/2015 09:29 EST

I never had any problems using my debit card in local ATMs in Phil. However, I would suggest finding a bank with low to no overseas transaction fees. Try ALLY bank. They have done really good by me and they have the highest interest rates on both checking and money market savings....both of which have separate debit cards.

brodavid
  6/27/2015 10:06 EST

There is no citi bank in Davao city eithrr. It ws closed down. But citi banks website still reflects tht it is still open...

knight4444
  10/20/2016 12:42 EST

I'm planning to move to cebu in the philippines, I'm thinking, just use PAYPAL from my USA bank account and send the money through my girlfriends name?? CRAZY? it avoids going through ATM machines and dealing with a brick and mortar bank. the exchange rate seems fair and theres no fee of 4.99 or more through xoom.

standupguy
  10/20/2016 18:28 EST

knight4444 - Please do not do that. Your are courting disaster. Use Western Union FX and direct deposit to your bank account in your name. Set your FX account up first, then when you get here set up your bank account in your name. If you have a MasterCard you can get cash advances limited to 10,000 PHP form any BDO ATM, The are some BDO branches where you can get over the counter International cash advances in PH peso's in any amount on MasterCard which gives a good rate. Loose control of your money and you are just circling the drain. Don't send the wrong message about giving money. This is something you must be EXTREMELY careful about. Any Pinoy would just think you are a Mark if you do what you are suggesting to do.

Spruik
  10/20/2016 19:16 EST

Consider using your USA credit card account (the account number of not your card number).

That's the only account you need. Worked for me.

Of course, that account can also be in credit, and 'cash advances' do not attract a cash advance fee (as you re drawing on credit funds).

knight4444
  10/21/2016 06:04 EST

Thank you very much for you comments, this site is wonderful, I'm learning a lot

brdavid111
  1/17/2017 07:28 EST

I have been in the Philippines for about a year now and have my US bank account for SSA deposit with Wells Fargo. Prior to coming here I was able to set it up so that I can go online and transfer money direct to any of 3 Philippine banks and pick up the cash transfer the next Philippine Bank business day.

I can use my Wells Fargo debit card here, and have been doing so but it costs P200 for each ATM withdrawal plus an $5 on the Wells Fargo end which gets expensive. So rather then using my US VISA Debit card I am planning to setup an account here in the Philippines with ATM access. I can direct send cash to BPI, PNB and MetroBank. However since I will receive cash (with a good exchange rate) I could realistically use any bank, but those three would be most convenient as that is where I would pick up my cash transfer.

Looking for recommendations on a Philippine Bank. I live in Tarlac.

FYI cost of my cash transfer is $5 for up to $3,000 with Wells Fargo, no fee on the receiving end. I also get a confirmation of actual exchange rate when I submit it. Since I will be staying here I plan to use that ability to move my SS funds to a bank here as one lump sum each month and eliminate all the ATM charges on both the Philippines and US ends. AT the same time it allows me to keep my US Bank account active for payment of some bills there.

sherwood
  1/17/2017 12:39 EST

I do not know what the fees are right now, but at one time I was told that you can transfer U.S. dollars from a U.S. Bank of America account to a Philippine BOA branch dollar account and the same with Citi Bank without any charges. I use to transfer funds from my Broker account to my savings in BDO for free, but last year that has changed. Both now charge me fees. It now cost $30 for a transfer. I will try to limit my transfers to twice a year. BPI said they would not charge me a fee if I wire money from the U.S. to my dollar savings account in BPI, but that was 18 months ago.

fredpassin6
  1/17/2017 13:13 EST

You have to go to cebu and open a city bank account there. Then u can use a city bank ATM free. This is what I am told by Citi bank in USA.

freetheirminds2
  1/17/2017 22:11 EST

For what its worth--here is my method: I kept my bank in the states using my sister's address as my home address. in 2012 I opened a BPI account. I use XOOM to transfer the dough at $5 a transfer. I transfer maybe 10 times a month--no problems in five years but I keep my fingers crossed.

Spruik
  1/18/2017 02:22 EST

>>>
using my sister's address as my home address
<<<

Some guys are lucky (well, it's only normal).

When I asked my sister in NZ if I could use her address in preparation to move back there, she replied with 'NO'.

The Bitch.

LarryKar
  1/18/2017 04:49 EST

I just used my "Dad power" and told my Son I was using his address back in the USA. Think my Sis would have been Ok but why push things? LOL

draks
  1/18/2017 07:04 EST

My sister did the exact same thing, thought it was illegal. But there's more than one way to skin a cat.

sherwood
  1/18/2017 10:01 EST

Could you clarify the method of transferring. You transfer using XOOM to a BPI account for $5. I assume that is the XOOM charge and BPI does not charge you a fee. What is the limit of dollar transfer for $5?

GaryD
  1/18/2017 10:25 EST

Don't just look at the transfer rate you can loose far more on a poor exchange rate.

sherwood
  1/18/2017 10:31 EST

I just contacted XOOM and they said I can send US dollars from the US to the Philippines as Dollars and not Pesos. So you will not loose on the exchange rate. Which can be 3% or more.

freetheirminds2
  1/18/2017 13:41 EST

Sherwood: I have had sent $600 from US to Phil. a few times and always was charged $5.00.
Call or email? xoom customer service for the lowdown.
Yeah, Xoom males money on the exchange rate. Usually 1 to 1.5 pesos per dollar.. Like right now the rate is 49.7 and Xoom pays 48.3 or something.
I have heard of all kinds of methods. There probably is a cheaper method than mine but I'm kind of stuck in my ways. More expensive ways are out there also.

BC57
  1/20/2017 08:10 EST

I was told that you can have your SS checks direct deposited to a PH bank. Did you contact the SS office? Good luck.

Mattglobe
  1/22/2017 22:06 EST

My Social Security is direct deposited to Bank of Commerce in the Philippines. The reason I do this is because if you maintain an account in the US, it costs about $10 in fees every time you make an ATM withdrawal. Also, if your bank in the US finds that you don't live there, they will close your account, because banks in the US cannot have foreign customers.

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