PNB?

[Domino22]

I am tired of searching for info. My question is PNB has a branch in Houston Texas that I could open up a account or two in person. One the $10,000 for the retirement visa and another to get my social security payment deposited. If I do this will I have to deal with SS every year to fill out that form they send? I will change all my "stuff" to my sisters address in Texas, drivers license CC etc. When I die she gets it all anyway. Or do I do what I just suggested but keep my Texas accounts and transfer money within the states to PNB? Thanks and I will be in Dumagete Saturday.

[Queenie O.]

Is it the FATCA report that you're referring to Domino? I think that every bank here is obliged to have you fill that form out for US purposes every year. The banks that we deal with ask for it to be filled out, PNB being one.

We like the idea in the future, of keeping our SS deposits in a US bank instead of direct depositing here. We have no plans really to live permanently anywhere but here, but if anything goes "south" here in the future, we like the idea of having our SS deposited in the States, even if we were to move to another Asian country or elsewhere, if the need arose. I guess it's a matter of preference though..

[Gator]

1 hour ago, Domino22 said:

I am tired of searching for info. My question is PNB has a branch in Houston Texas that I could open up a account or two in person. One the $10,000 for the retirement visa and another to get my social security payment deposited. If I do this will I have to deal with SS every year to fill out that form they send? I will change all my "stuff" to my sisters address in Texas, drivers license CC etc. When I die she gets it all anyway. Or do I do what I just suggested but keep my Texas accounts and transfer money within the states to PNB? Thanks and I will be in Dumagete Saturday.

Have you called and spoken to the Houston branch about opening an account?

Maybe their policy has changed, but about 2 years ago when I looked into it I was told the only way to open an account with PNB was via their main office in Lost Angeles. I called there and the fees were outrageous - something like USD 250.00, plus it would take about 6-8 weeks as they send all the paperwork to Manila for approval. I'd also have to designate a Philippines branch as my "home" branch and pick up my ATM card once I got there. 

I decided to wait until my next visit to open an account. It took all of about 20 minutes and the account (Peso Savings) was set up. Note that you do need to have an ACR card and of course you have to sign the FATCA paperwork. So far I'm satisfied with their customer service.

Now before each visit I simply go online and transfer funds to the account, so no need to carry a large sum with me and their exchange rate is usually pretty good too. Also easy and mostly no charge (or low fees) to send remittances to my gf (we just opened an account for her about 2 weeks ago, so now I can simply transfer to her account). My only complaint is their online banking website is a bit awkward to use and takes a bit to get used to. 

Personally I'd leave my cash in the US and only transfer as needed; this includes my SS when it's time for me to collect it. 

[Happyhorn52]

I agree with Queenie. I would keep my SS in the US and use and use PNB Web Remit to move the money as needed. Hopefully going PNB(US) to PNB(PI) they won't need to hold your money to long. 

Using a bank account in the United States, you can send money to any bank in the Philippines, PNB Global Filipino Cards, schedule cash pick–up or door to door delivery. We will even notify the beneficiary of your money remittance via text message through our remittance tracker.

https://www.pnbwebremit.com/