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Social Security/Banks

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LasVegas91
  5/11/2019 11:44 EST

I am considering to retire in Philippines..I have read many comments here, with advice & warnings..I think I am a bit more prepared..I'm in my 60's, & have been in contact with a younger Filipina girl for over 2 years..She owns a house in Cebu. She has tried last year for visa to come here, but was denied..The U.S. Embassy doesn't give a reason why they deny, just rip off the poor people there of 8000 pesos, & say, "better luck next time".. we think it was cause she mentioned that she wanted to work here, & she was applying for a tourist visa,,,Anyway, she will try again, but this time, she won't mention anything about work..If she should be denied again, that is when plan B will go into effect....I have met her family through fb video chat,
all wonderful people, so I won't be going there alone...Here in Vegas, I have a Filipina immigration attorney, & my banker, at BofA is from Philippines..Some of you have mentioned about earthquakes & the heat there,,,well, as far as the quakes go, I grew up in S. California, and for the "heat", I have lived in Las Vegas for 28 years, so nuff said.......My main concern is about the banks there., and transferring my social security, & savings there...I was happy to read that there was a BofA in Manila, only to find out by my banker, that it closed up...My gf .banks at BDO.. I haven't talked to Social Security yet, but I'm guessing, I need an account opened there in MY name, before they can start my check transfer..So I am hoping ,after I am there, I open account, then notify SS .. and hopefully notify BofA to transfer my savings & close my account...all done by phone, cause I have zero plans on flying back to the States....I have a fear of flying, & I am dreading a 15 hour flight.... (maybe they can put me out, & wake me when we land)...Salamat

Morgacj2004
  5/11/2019 14:40 EST

Welcome! My wife also is from Cebu. Fly business class if u can will make the flight more enjoyable and will give you access to airport lounges with free booze. LoL. I also lived in Vegas the heat there is dry vs high humidity in the PI. CITI has a branch in Cebu if you want an American bank. I use PNB. I will let others comment on SS issue. I am only 54 . Still have a few years left before I collect. Dont count on your GF getting a tourist Visa they are few and far between esp in today's immigration climate in the US. If you are planning on moving to the PI anyway save the money from the Visa application and if things work out maybe you two will eventually marry over there. GOOD LUCK!

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charkee
  5/11/2019 16:36 EST

The disadvantage of her not living in the US for 5 years, is that she won't be able to get your SS, should you pass on. But since she owns a home, with careful planning she may invest or save money to last her for years should something happen to you.

LarryKar
  5/11/2019 19:31 EST

LasVegas91 I use PNB for my SSA Direct but here is info on BDO. Note it must be only your name on the account and no ATM allowed on these type accounts. To withdraw you must appear at the bank. This is for your protection. I just have a separate joint account with my Gal and deposit to it so she has access. Remember if something happens to you your Girl cannot get to funds in your SSA Deposit Account.

LarryKar
  5/11/2019 19:32 EST

Forgot to add
https://www.banksphilippines.com/2014/04/direct-deposit-us-pensioner-philippines.html

redlandchuck
  5/11/2019 19:42 EST

Hello In my opinion the best thing is to leave your SS directly depositing in your BOA account in the US. Then u can easily transfer to a Philippine bank via a service like Transferwise every month. They will give a great conversion and a small transfer fee. I have been here over 8 years and am using this approach without any problems. It is no problem to open an account here I recommend BDO or metrobank the two largest with most branches.

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BOBV
  5/11/2019 19:52 EST

Please make sure its a PNB Bank not Allied bank that merged in 2013 with PNB I can tell you horror stories .....different system funds go to Guam instead of PNB NY branch. Metro bank is good also they have a branch in NY. BDO I was rejected by Social Security cause funds go through a secondary bank in USA therefore your BDO account number expands some 9 digits the BDO branch did not know that..

BOBV
  5/11/2019 19:54 EST

Somebody correct me but dont you need a ARC (non visitor) card to open an account in Philippines now

bbazor
  5/11/2019 20:58 EST

BOBV: I am surprised that BDO turned you down for SS deposit. They have many Americans that have SS dollar accounts. The accounts go through Mellon bank of NY. You said that you need an ARC card. I think that you meant ACR. I don't know much about ACR cards because I have the SRRV through the PRA, so I don't have or need an ACR card. It is possible that you will need one if you don't have the SRRV. Others here would know.

seernai
  5/11/2019 21:03 EST

Most Banks here require you to have an ACR card it’s your Immigration ID also on the card there is a special security number which is unique to the individual holder

TeeJay4103
  5/11/2019 21:28 EST

LasVegas91

Some expats on a tourist visa have had a problem opening bank accounts, though
the branch you choose may make a difference. An long time acquaintance here on a tourist visa recently opened an account at a new BDO branch, other older branches had refused him. It seems they need new accounts.

He needed to provide proof of income (his Social Security), a copy of his utility bill from his condo and Identification (his passport), and his ACR-I card. A $500 deposit was required (U.S. dollars).

If you have your SS money direct deposited to the RP, as others have stated, only YOU can access that account in person and you'll have no ATM card. We chose to continue using our stateside bank account and my SS and other monies are deposited to that account and when money is needed we transfer funds to the RP. This allows me to access the funds through wire transfer (the service of your choice or through your bank). If for some reason I am not able to go to the bank, my wife of 11 years is able to make the transfers on line and the funds are still available to her, (yes I trust her, obviously). If for some reason I or we need to return to the U.S. (I also do not plan on doing so), we can simply go back to using the account in the U.S. without interruption.

I for one, have not used an ATM card since my arrival in the RP and will not do so. I have read to many stories from expats and news sources about hidden cameras and card skimming at ATM machines as well as some machines that simply eat your card or fail to dispense funds while still debiting your account. I don't care to roll that set of dice with my finances. Just my 2 cents.

Get to know the RP before making any hard decisions, there is much to learn. If you do not know the Philippines, it has similarities to the U.S., though it is without doubt a very different country, another culture, and it has some very unusual ways of doing things that will no doubt test your patience at times. Some call it OZ for a reason.

I can say that I do love my wife dearly and more as time goes by. She is a true gem and I am a very luck man.
We are happy with the area in which we chose to live and build a home (for my wife, she let's me live there....lol). Take your time, what's the rush, you're retired and if your beautiful new Filipina gf is the real deal, you'll be together for a long time.

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BOBV
  5/11/2019 21:34 EST

Funny that you bring that up SRRV card the banks did not know what they are , lack of customers that have one. T

BOBV
  5/11/2019 21:44 EST

YES ACR card your correct. The banks i went into have a mind set for that ACR card not SRRV. maybe because in no experience. No problem with BDO with a Social Security Account they were the only back that considered my pension different then Social Security, allowed joint and into ATM with no visit. it was there non experience that they did not supply me with Mellons Bank pre account code that needed unlike Metro and PNB.TO complete a Bank transaction with deposits from my Social Security amount.

Morgacj2004
  5/11/2019 23:12 EST

I opened up two accounts at PNB 2 years ago without an ACR card. I simply showed them my passport and ID. Very easy process. Of course it helps when u have a Filipina wife. We used her family address in cebu.

TeeJay4103
  5/11/2019 23:57 EST

BobV

When I opened my account with BDO, I was using the Balikbayan privilege stamp in my passport. Those here using the BB stamp are not required to have an ACR-I card and BDO wanted one.

I went to the BI and applied for a voluntary ACR-I card (red in color).

The two BDO branches we use were not familiar with the Balibayan privilege stamp or the SRRV.

bbazor
  5/12/2019 01:17 EST

BOBV: I think you are right. Many have never heard of SRRV. My bank manager is well versed and I had no problem whatsoever. The account is through BDO. If you have the SRRV, maybe you can get your local branch director to call them or go to the bank with you. I don't know if they will do that for you, but I think that the one here in Baguio would do it for me if necessary. They are ignorant because not too many of us have the SRRV.

BOBV
  5/12/2019 01:40 EST

Your Right thats nice of your bank to go out of the way for you. Too many times I have found their policies change mid-stream or with a changing on the guard...

dcasanares
  5/12/2019 11:52 EST

Bless Your Heart :)

dcasanares
  5/12/2019 11:55 EST

Yes, if she was looking for a tourist visa and mentioned that she wanted to work in the US - that's the deal breaker.

I'm sure that you spent the 8000 pesos not her :)

The US Embassy did the proper thing to be honest, don't take it personal.

dcasanares
  5/12/2019 11:57 EST

I thought as long as you were married for 10 years that she could get your Social Security whether you live in the US or not?

dcasanares
  5/12/2019 12:03 EST

You are correct. https://secure.ssa.gov/POMS.NSF/LNX/0302610025

BOBV
  5/12/2019 14:19 EST

TeeJay No surprise here . First thought I had when different color AFR cards came out..

acol
  5/12/2019 15:07 EST

At the moment, I am sixty and I don't want the hassle of having to open a bank account. I am withdrawing cash at ATM with my belgian-based Mastercard. BPI seems to be the best as you can withdraw 20.000 pesos.

mootpoint20
  5/13/2019 13:21 EST

Keep it simple! Visit without deciding. You truly appear to have everything figured out like an 'accountant' would. But you're emotional. Hope you don't get offended!

wmg2
  5/26/2019 01:04 EST

TeeJay, et al,

The back of the SRRV I.D card states:

"A.C.R. Exemption per M.O.A with C.I.D. dated October 24,1986."

I admit that I don't know what the "MOA" and "CID" acronyms stand for but every time I am asked for an ACR Card, I just show the bank or whomever is asking for the ACR my SRRV Card and the language stated on the back and it works every time. I doubt they, too, know what the acronyms stand for either but they don't want to look stupid face so they accept it. Now I am curious myself so will find out what the acronyms and CID reference stands for. I bank at BDO in Makati and Silang. No problems with needing an ACR Card.

bbazor
  5/26/2019 01:28 EST

I think MOA means Memorandum of Agreement and CID means Commission on Immigration and Deportation. Don't quote me on that, but it does make sense. Anyone else know for sure?

LarryKar
  5/26/2019 03:18 EST

No idea what those acronyms mean either but was laughing at how the Filipinos love them. Especially the print media and TV News people. " According to Panelo the ZQGHJ has heard from TXYB and they are alarmed. ThePresident has ordered a full scale Senate Hearing." On and on.

ACEPoolPlayer
  5/26/2019 11:36 EST

bbazor,
You are correct!!

Beadwindow2020
  5/28/2019 01:11 EST

Not a response, but too bad on the embassy. I'm in Nepal with...WITH a marriage visa. No reason given, just an up yours arrogant email written by some lowly GS-10 wondering when he can get out of that place. Needless to say, I/we won't try again for the USA and particularly in light of the email I sent them. I know you can see me seething.

Asawa
  5/28/2019 09:59 EST

LasVegas91,

Regarding some of the talk about Tourist Visa's and Marriage visa's... I went into great depth about how the US Department of State singles out the Philippines (China and India) for special scrutiny and can black list folks for failed visa attempts.

You can read about that on this forum thread from last month:

https://www.expatexchange.com/expatguide/275/3437128/Philippines/Expats-Living-in-Philippines/spouse-tourist-visa-to-USA

I know this was a slight tangent (background info) to your primary question, but you may find the information useful.

-Asawa

BC57
  9/26/2019 09:25 EST

Finally got my ACR card today and went to open a peso account for my SS benefits at LandBank. I was in shock after reading so many post the last couple of years about not able to get a ATM card, can't have a joint account, no online capabilities, yet today without asking they gave me a visa ATM card with my new account and they were even going to add my wife to the account but I already had my direct deposit form filled out, so I'll add her later. I'm also able to take out 50,000 pesos at the ATM per day. I'm also able to go online to view my account activity. Can't do any transfers but that doesn't matter at this time. Finally things with my way for once, lol.

LovePhilly
  9/26/2019 20:58 EST

Asawa,

I was in the Philippines for 5 months last year and during that time became engaged to my wife. Also during that time her tourist visa expired (its good for 10 years) so she applied for and received a new one.

We then came to the U.S. and after 3 months here we decided to go ahead and get married. Afterward, we applied for her green card (did all the paperwork on our own).

We filed for it during the first week of May. 4 months later we attended an appointment for her photo and fingerprints. Now 5 months total have passed and we are still waiting for an interview. We understand it make take a total year before this happens and based upon what you have indicated, it may never happen!

Anyway, our initial plan was to go back to the islands now but we can't leave because she will lose her place "in line" if we do.

So, we patiently wait and hope for the best!

mactan64
  9/26/2019 21:48 EST

I once opened my own ATM account in Ayala Cebu with No alien card as my philipino friend was a gambling buddy of the manager & myself & my wife both opened a joint account in Davao with no Alien Card as my wife knew the Lions manager.Opening a account isn't hard.

Goslig
  9/26/2019 22:02 EST

mactan64 If you’re connected, it’s not hard to get whatever bend you wish in the rules. At BDO in Davao you can open a “USD remittance account” using your US SS card number @ passport before you get your ACR card. But that’s all you can do.

mactan64
  9/26/2019 23:47 EST

Myself & some philipino friends have had trouble with BDO & closed our accounts there.BPI seems the least strict & less hassle for foriegners.I didn't mean to beat my own drum,I was just realaying my experiences.

Goslig
  9/27/2019 02:05 EST

Mactan, I never heard any drums beating. BPI was the first bank I had. My problem with them and why I switched to BDO was that
the Roman Catholic Archbishop of Manila owns more than 300 million shares of BPI, and is the bank’s 4th largest owner. As of The San Miguel Corporation is also owned by the Catholic Church. The subsistence incidence among Filipino individuals was estimated at 8.5 percent in 2018; a family of five needed PhP 7,337, on average, to meet the family’s basic food needs for a month. This amount is the food threshold. PhP 10,481, on average, was needed to meet both basic food and non-food needs of a family of five in a month. This amount, less than $200 USD per mo. for a family of 5, The rate of basic subsistence food levels for Filipino’s was 16.1 % of the population in 2018, down from 22% in 2015. The level of greed of the Catholic Church stands in stark contrast to this. They pass the collection plate three times during mass. Banks are only insured up to 500,000 php per bank (including all branches). So if you have more than 500,000 php. then you need a different bank for the balance. If you want to deposit more than 1 mil php, then you need a third bank and so on.

Goslig
  9/27/2019 02:13 EST

To clarify in the Philippines, the subsistence food level for individuals is half the rate for the subsistence fool level rate for Filipino families in 2018.

darkfader24
  9/27/2019 04:46 EST

Goslig - As usual, all good information on both the subsistence levels of Filipino Families, the avarice of the Catholic Church, and how much is insured per account/bank. These are very good statistics to know. Thank you. Man, I am learning so much each day about this different world I am about to enter.

chiiman
  12/8/2019 14:53 EST

I have BOA in the USA and use Remity to transfer money to Philipines ... current rate is 49.22 and they charge me a $3.99 transfer fee

bbazor
  12/8/2019 22:16 EST

chiiman: You might want to consider transferring dollars to a bank account here in the Philippines and then changing your dollars to pesos here. I got 50.75 last week at BDO and could have done better if I went to a money changer at the local public market.

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