Social Security Payments Made To The Philippines

[Mike S]

There has been a lot of discussion on the board about SS payments deposited directly to a bank here in the Philippines ..... some like it and others hate it ..... the info has never been cleared up as to who can access your funds .... some say only you can and in person and others say they know of people who have accessed SS accounts of others like their asawa or friend and have use of a bank card tied to that account ..... I think this is a very important question as it can vastly effect you and your partners future if you elect to have your funds deposited here ..... as I mentioned in another post should you become incapacitated and unable to have access to that account it can and will greatly effect your and your partners future as far as financial transaction are concerned ........

 

The US doesn't seem to be very concerned with the millions of SS folks who are getting their SS deposited to US banks and some of their accounts being hijacked by relatives and health-care workers but they are damn sure interested in the handful of folks living in foreign countries to make extra sure it won't happen over there .... seems kinda strange ..... is it because the money hijacked in the US stays in the US .....  :hystery: :hystery: :hystery: :hystery:  ......

 

Anyway what are your thoughts and or experiences on the matter ..... :cheersty:

[Jollygoodfellow]

I moved this topic to Life as an Expat as it is information that may be of use to others if anyone has the correct answers. :thumbsup:

[Beachboy]

hmmmm ... according to the SS office (http://www.s)ocialsecurity.gov/pubs/10137.pdf) electronic transfer is optional for those living outside the US.  
 

Here in the US, beside a single owner account, your deposit can be made into any joint account -- and the other party doesn't have to be your spouse as far as I know.  You can give your ATM/Debit card and password to anyone and they can withdraw the money.  The SS Office's job is to pay the recipient.  What they do with the money after that is their own business and responsibility.  I think the main reason for shifting to mandatory direct deposit in the US has more to do with cost they anything else. . 

[JJReyes]

The US doesn't seem to be very concerned with the millions of SS folks who are getting their SS deposited to US banks and some of their accounts being hijacked by relatives and health-care workers but they are damn sure interested in the handful of folks living in foreign countries to make extra sure it won't happen over there .... seems kinda strange ..... is it because the money hijacked in the US stays in the US .....

 

The issue is fraud. If committed in the United States, the theory is the government can go after the culprit. Overseas the US government has no jurisdiction, so they will encounter difficulties getting their money back.

 

Biggest fraud is not informing the Social Security Administration (SSA) that a person has passed away. In the United States, my understanding is the mortuaries will ask for the deceased person's Social Security Number from the family and the information is forwarded to the SSA.

Edited April 5, 2013 by JJReyes

[Flason456]

I was thinking on having both of my goverment checks deposited directly to my Metor account (SSD and VA). The only questions I have is there a 90day holded on these check or any holed, and what kind of exchange rate would I get?  OPINE...

[dennis donovan]

the social security countrylist6 does not list Philippines as eligible for direct deposit

 

[JJReyes]

the social security countrylist6 does not list Philippines as eligible for direct deposit

The Federal Bank of New York has international banking agreements for the direct deposit of American Social Security payments. Only two countries are not on the list namely: North Korea and Cuba. There are no fees involved in the transfer. However, local banks may require recipients to withdraw the money in local currency. Forex is how they make money.

[Americano]

Some banks in the Philippines have a US Dollar account where you can have your US Government Retirement and SS Payments direct deposited each month.  Then you can convert the dollars at some banks and others you must withdraw the dollars and then convert them yourself.

[dennis donovan]

thxx to j.j...I will dig deep into this

[Flason456]

Listen!!!! Your are not direct depositing to a Philippines bank you use the ABA number of the Metro Bank in NY and your account number here (metro bank cebu) and your check shows up on the 3d (my deposit day from SSN). no hold I have been doing it for 1yr now. I don't have the ABA number with me. Call the NY branch and get it and talk with them but I have been doing this now for a yr.  

 

 I also have money in an account in TD AMERITRADE to transfer TD charges 0$. I use the ABA number and my account number (METRO BAMK cebu) it takes 3 day but I get a great rate and Metro bank charges 8$