Transferring Funds From Uk

[Jack Peterson]

I just came back from Dumaguete, my bank is PNB, I enquired about  a pound Stirling account.The assistant manager that spoke to me told me, PNB has Branches in various Countries(This, I am sure, we all knew.) However, she was telling me where ever, there is a branch abroad, The Philippines will have a Recriprical  currency account available. ie  US has a few PNB branches so you can have a Dollar account. UK has 2 branches so a Pound account  is available. Her advice is to call in and see the new account Supervisor at any branch and discuss it. a lot of this is how far you are willing to trust a bank here, I know that we have seen posts on the anti of this but for me, I have my pension paid into my PNB account and it is paid in peso, Why? i Hear! well, I know that I am Not, going to live for ever, Far better, I get things sorted out well be for I move over, it could take 6 months or more for my wife to get a transfer of a UK bank to her name. I have already made her my beneficiary at the Bank. all she will do is show the D/Cert and the transfer of the account will take only 7/10 days. I tried to get PNB London to transfer any Funds but although, it is the PNB, it has No, actual dealings for Philippine accounts. So I thought why mess about. I still maintain a UK bank account for some things but the cost of transferring is very Expensive.

 

The balance each month from this little UK account I withdraw at ATM and bank it here. Leaving just enough, to cover what outgoings I have there.

 

Whilst on this Subject, I was informed also, that a Joint account is not that easy to separate, on the death of one of the account holders.

 

For this reason I had the pension account in my name only and as I said, made Azon the Beneficiary

 

 

:tiphat:

[stevewool]

I just came back from Dumaguete, my bank is PNB, I enquired about  a pound Stirling account.The assistant manager that spoke to me told me, PNB has Branches in various Countries(This, I am sure, we all knew.) However, she was telling me where ever, there is a branch abroad, The Philippines will have a Recriprical  currency account available. ie  US has a few PNB branches so you can have a Dollar account. UK has 2 branches so a Pound account  is available. Her advice is to call in and see the new account Supervisor at any branch and discuss it. a lot of this is how far you are willing to trust a bank here, I know that we have seen posts on the anti of this but for me, I have my pension paid into my PNB account and it is paid in peso, Why? i Hear! well, I know that I am Not, going to live for ever, Far better, I get things sorted out well be for I move over, it could take 6 months or more for my wife to get a transfer of a UK bank to her name. I have already made her my beneficiary at the Bank. all she will do is show the D/Cert and the transfer of the account will take only 7/10 days. I tried to get PNB London to transfer any Funds but although, it is the PNB, it has No, actual dealings for Philippine accounts. So I thought why mess about. I still maintain a UK bank account for some things but the cost of transferring is very Expensive.

 

The balance each month from this little UK account I withdraw at ATM and bank it here. Leaving just enough, to cover what outgoings I have there.

 

Whilst on this Subject, I was informed also, that a Joint account is not that easy to separate, on the death of one of the account holders.

 

For this reason I had the pension account in my name only and as I said, made Azon the Beneficiary

 

 

:tiphat:

thankyou for this information, we are in london in the next few weeks we shall book a appointment and see what they have to offer us, i shall also look over there web site too

[i am bob]

Whilst on this Subject, I was informed also, that a Joint account is not that easy to separate, on the death of one of the account holders.   For this reason I had the pension account in my name only and as I said, made Azon the Beneficiary

 

Jack, I'm not sure what you mean by this statement...  As it is a joint account, the money in the account should go to your wife tax free while on a separate account, would that money (a) be tied up in clearing the estate; (b)subject to estate taxes and thus tie up the money until the taxes are settled; and © be an all round pain in the derriere on your passing?  

 

If you use the joint account, your wife has access to the money on your death at any time as it is her money too.  And they can't charge death taxes on her money so there would be no delay in getting money out of the account for that reason either.

 

I still have a joint account with an old ex-girlfriend who moved back to Taiwan.  It has 93 cents in it but I could use that account any time I want to.  She could also use the account though.  If one of us was no longer alive, the other could still use that account.  We just wouldn't have to worry about anyone else taking money out anymore. 

[Dave Hounddriver]

If you use the joint account, your wife has access to the money on your death at any time as it is her money too.

 

Not in Philippines:

 

Unknown to many, Sec. 97 of the National Internal Revenue Code (or Republic Act No. 8424) provides that “if a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow any withdrawal from the said deposit account, unless the Commissioner [of Internal Revenue] has certified that the taxes imposed thereon … have been paid.”

 

(from a newspaper article a year ago which you can read here.  But better you ask your bank about it.  I've heard the same from many sources)

[i am bob]

If you use the joint account, your wife has access to the money on your death at any time as it is her money too.

 

Not in Philippines:

 

> 

Unknown to many, Sec. 97 of the National Internal Revenue Code (or Republic Act No. 8424) provides that “if a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow any withdrawal from the said deposit account, unless the Commissioner [of Internal Revenue] has certified that the taxes imposed thereon … have been paid.”

 

(from a newspaper article a year ago which you can read here.  But better you ask your bank about it.  I've heard the same from many sources)

 

 

You are correct,  I went back and found that I had misread Jack's post.  I thought he was referring to his accounts in the UK.

 

Dave, you are 100% correct.  On a joint account in the Philippines, it is locked upon the Bank hearing of the death of one of the holders of the account - that goes for any account in the deceased's name.  Upon presentation of the certificate from the COMMISSIONER of Internal Revenue, the accounts will be released to the estate for distribution as required.  Prior to this, the administrator of the estate or one of the heirs may - with permission from the Commissioner - may withdraw up to P20,000 from a joint account for the surviving person on that account.   

[Jack Peterson]

:hystery:  Thank You both! Dave and Bob, I could not have given any better answer

 

So glad, it is all understood now.

just hope all this is helping Steve, in his quest for an answer to his Topic. :thumbsup:

 

 

:tiphat:

[stevewool]

everything helps what i read, yes some are tounge in cheek stuff, but there is more good advice coming from people who has been down these tracks before,its all a mine field when going from a country where you know a little to somewhere you no nothing at all,

So if its alright with you llt i will keep asking questions till someone says thats enough, GOOGLE IT, :thumbsup:

[Dave Hounddriver]

i will keep asking questions till someone says thats enough, GOOGLE IT

Good idea.  Google is useful but we are more helpful.  Example  Google will tell you that Philippines offers you 30 free days before buying a visa.  (Google Philippines 30 day visa) but we're here to tell you it turned out to be all BS.  Never happened.

[Elena]

Hi all! Philippine banks refused to remote account opening, you need only personal presence. And I need to transfer money from Russia to the Philippines for a possible purchase of the house. Can someone know there is a limit on cash withdrawals with a debit card if you do not shoot in the ATM and the bank and what the bank takes% for this service?

[jpbago]

For withdrawals, I can get 10,000P from each foreign ATM debit card with a $5 fee. At a bank, I can get 49,000P from each credit card with a (sometimes, but not all the time) $5 fee. At a bank, I can get 200,000P (50,000P at a time) from each credit card with a phone call to authorize and a (sometimes, but not all the time) $5 fee. These are daily transactions. Go back the next day and do the same. That is how I paid for the first half of my house. I opened an account in PI and wired the rest from my bank in Canada to my bank in PI. The BDO bank in PI did not charge any fees, not even for the managers check. BDO ATMs let you withdraw 25,000P at a time with a 50,000P daily limit. Each person can bring $10,000 with you to the PI when you come.