Hplanning Moving To Glan To Spend My Retirement Years. I Have Many Questions.

[james121]

how to open bank account that direct deposit, can social security be depsited in the bank in the philippines

[JJReyes]

Yes. Social Security checks can be deposited to any bank worldwide except those in Cuba and North Korea. The Federal Reserve Bank of New York has arranged it so that there are no fees for the fund transfer. The commercial banks make money when the funds are converted to local currency.

[earthdome]

If you search the forum here you will find other topics on depositing SSS in philippine bank accounts. I think the consensus is that it is better to direct deposit in a US bank then transfer funds as needed to your local Philippine bank account.

 

Reasons include reducing headaches when dealing with the SSA and that Philippine bank accounts only insure up to approximately $12,000 USD.

[scott h]

As JJ and ED say you shouldn't have any problem. They do have all the modern banking systems here :thumbsup: . With out more specific information about what you are going to do here and your details all I can really relay is what I DID.

 

We built a house upon retirement and would be needing large sums, so we chose a stateside bank that has branches here in the Philippines (Dollar account) where our pension is directly deposited and just electronically transferred needed funds. We also opened a Peso account with one of the national banks (PNB). Once the house was finished we also opened a dollar account at PNB and now just deposit a check from the state side bank and wait the 30 days for it to clear. Its a system that works for us.

 

welcome to the forum and have fun