TERENCE Posted June 3, 2010 Posted June 3, 2010 (edited) HI CAN ANYONE HELP ME! Im married to Philippine lady and we have a house in the Philippines, we are going to retire there soon.How can I arrange to have my pension sent to the Philippines each months bank to bank. Is this possible?Many thanks for anyone who can advice me. Edited June 3, 2010 by Mr. Lee Topic split by me Link to comment Share on other sites More sharing options...
Travis Posted June 3, 2010 Posted June 3, 2010 HI CAN ANYONE HELP ME! Im married to Philippine lady and we have a house in the Philippines, we are going to retire there soon.How can I arrange to have my pension sent to the Philippines each months bank to bank. Is this possible?Many thanks for anyone who can advice me. as I answered in another thread I am from the US so I can only tell you what I do. I have my pension deposited into my US bank account & write checks & deposit them here & it takes under a month for them to clear. if I need money right away then I would do a wire transfer but that has not happened yet. 1 of the guys I met here opened an account at a Philippine bank in the US & he said he can withdraw his money here so possibly look into if there are any Philippine banks in the UK that you can do that with & just play it safe & keep your money in the UK in case you ever change your mind & have to move back or go back & need money there. I hope someone from the UK can be of more help to you Link to comment Share on other sites More sharing options...
Mik Posted June 3, 2010 Posted June 3, 2010 Some people live here for years and never open a local bank account. They just maintain a bank account in their home country and have their new ATM cards sent here. It's convenient to use foreign ATM cards here in the Philippines, but the downside is you will lose around 3% on the transactions. A plus is that your foreign ATM card can be used anywhere in the world and you never have to queue up for a counter transaction or pay monthly fees.. Link to comment Share on other sites More sharing options...
Art2ro Posted June 3, 2010 Posted June 3, 2010 (edited) Top 15 Banks in the Philippines pdf file.pdf Check out BPI bank in the U.K.: http://www.bpieuropeplc.com/ and see if you can open an account there in England where your pension can be directly deposited which a small fee is charged each month for the direct deposit transaction. Once you have opened your BPI account in England, then when you get to the Philippines: https://www.bpiexpressonline.com/, open a BPI account here and then link it up with your U.K. BPI account with internet and ATM access to both of your two BPI accounts so you can do transfers and conversion of your U.K. pounds into pesos on-line and just use your BPI ATM cards to withdraw cash at any BPI branch teller and or ATMs free of any charges. That would be the best banking system for anyone if you can accomplish and establish it there in the U.K. and in the Philippines with BPI Bank, unless you know of other banks in both country, see if there's a PNB Bank there in England too or all the others in the attachment I included for your info. But if you can not open a BPI account or another R.P. Branch there in England, just keep your pension going to your present bank in the U.K. and just bring your U.K. personal checks with you when you come to the Philippines and just open a pound and peso account here and deposit your U.K. personal checks here each month which takes 25 days to clear! That's what I've been doing for the past 12 years here with my U.S. personal checks without any problems! Good luck! Hope this helps! Edited June 3, 2010 by Pinoy Art Link to comment Share on other sites More sharing options...
Inspector Posted June 3, 2010 Posted June 3, 2010 I use HSBC. If you have over 100 grand US in any combination of investment accounts in HSBC, you can open a premiere account and not pay a dime to take any money out. However, they only, to my knowledge, have 1 branch...across from Ayala mall near Rustans. There is also a 40,000 peso limit. The "check" plan Traveler mentions is the best way to go if you can't use the premier account. Also, I heard Wells Fargo has a plan similar to HSBC and uses BPI. Other are more versed in this, but this is what I know so far. Oh yeah...helping people...I like it. Link to comment Share on other sites More sharing options...
Mik Posted June 4, 2010 Posted June 4, 2010 ... If you have over 100 grand US ...cough, cough Kind of took my breath away. I'd be happy if I had 100T pesos in the bank.. Link to comment Share on other sites More sharing options...
Inspector Posted June 4, 2010 Posted June 4, 2010 ... If you have over 100 grand US ...cough, cough Kind of took my breath away. I'd be happy if I had 100T pesos in the bank..Will take over a decade for me to touch it, at age 59 1/2... it's a rollover. Link to comment Share on other sites More sharing options...
Art2ro Posted June 4, 2010 Posted June 4, 2010 I don't think I would want my $100,000 in any foreign bank! It's easy to get it in there, but I'm sure it will be a different story trying to get it all out when you need it! I trust the bank that I'm with now and have been for the past 13 years and they have at least 5 branches that I know of just within less than a mile radius from where we live. Actually there's two branches just walking distance from our house of at least 2 short blocks away! All my adult life I seldom relied on interest bearing accounts or IRAs. I just stash my extra money each month in a safe deposit box and just let it buildup for rainy days! We just like to live a simple and stress free retirement lifestyle! :508::thumbs-up-smile::( Link to comment Share on other sites More sharing options...
Singers Posted June 4, 2010 Posted June 4, 2010 (edited) I don't think I would want my $100,000 in any foreign bank! It's easy to get it in there, but I'm sure it will be a different story trying to get it all out when you need it! I trust the bank that I'm with now and have been for the past 13 years and they have at least 5 branches that I know of just within less than a mile radius from where we live. Actually there's two branches just walking distance from our house of at least 2 short blocks away! All my adult life I seldom relied on interest bearing accounts or IRAs. I just stash my extra money each month in a safe deposit box and just let it buildup for rainy days! We just like to live a simple and stress free retirement lifestyle! :508::thumbs-up-smile::(Hi Art,Trusting your Bank services is reasonable - OK - BUT to trust the integrity of any Bank one would have to be a BANKER. IMOUK Tom Edited June 4, 2010 by Singers Link to comment Share on other sites More sharing options...
Inspector Posted June 4, 2010 Posted June 4, 2010 I don't think I would want my $100,000 in any foreign bank! It's easy to get it in there, but I'm sure it will be a different story trying to get it all out when you need it! I trust the bank that I'm with now and have been for the past 13 years and they have at least 5 branches that I know of just within less than a mile radius from where we live. Actually there's two branches just walking distance from our house of at least 2 short blocks away! All my adult life I seldom relied on interest bearing accounts or IRAs. I just stash my extra money each month in a safe deposit box and just let it buildup for rainy days! We just like to live a simple and stress free retirement lifestyle! :508::thumbs-up-smile::(Hi Art...it's HSBC USA..FDIC insured ect. Not sure how you got HSBC being a Philippine bank. I agree...I would not keep 100 grand, let alone 5 grand pesos in a bank in the Philippines. :541:Although, I could be in trouble if they have a major issue with the ATM's coming from foreign establishments...might consider a Peso account of around 5 grand dollar for emergency issues. :cheers:Keeping your money in non risky growth is, IMHO, FAR better then a safe, at my age. :tiphat:You can still have a simple and non stress free situation retired...and actually make a few bucks. Say you have 200 grand from UPS stocks, IRA and an annuity...and you get 3% with NO risk...do the math for 12 years. Again, this is NO risk....just a little something more then what a safe would get you.85 grand...in a VERY safe and secure investment. A safe?0 dollarsBesides, a safe can be lifted. Link to comment Share on other sites More sharing options...
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