How Do I Send My Pension To The Philippines Each Month?

[Art2ro]

Passbook accounts associated with U.S. Direct Deposits of Government Pensions and or Social Security Benefits are OK, but you have no ATM or internet access to your passbook type accounts! So, I'm sure you have other accounts with ATM and internet access just in case you plan trips outside of the Philippines? Your bank better be a reputable one and be of walking distance for convenience's sake if you plan to live in the Philippines indefinitely!

[UZI]

Let's get one fact clear - HSBC PHILIPPINES is the same as HSBC USA, HONG KONG & UK. They have branches here (Ortigas Center Makati etc) with all the same international guarantees in place. Do not however confuse that with HSBC Savings Bank which is a Philippine governed bank.So like Inspector you could use the HSBC Phil Premier account or open a Prestige account which only requires Php100k balance with a check book & ATM / Debit Card through the Visa network which covers most Phil ATM's.Uzi

[Mik]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

[daisy]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

I have asked the same question to the bank and they replied that cases like that could be considered as long as supported by a Doctor's certificate...anyway, somewhere along the way, you could established good relationship among bank officers and am sure consideration will be rendered in necessary. One good thing about "direct deposit account" is; it has a cheaper charge, I think for BDO it is 3 dollars every month and very minimal maintaining balance. If I remember correctly, Alan was even told before to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM but he never came to do that yet as we enjoyed our monthly trip to the bank most especially now that he is enjoying the senior citizen privilege given to the clients above 60 years old.

[Art2ro]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

I have asked the same question to the bank and they replied that cases like that could be considered as long as supported by a Doctor's certificate...anyway, somewhere along the way, you could established good relationship among bank officers and am sure consideration will be rendered in necessary. One good thing about "direct deposit account" is; it has a cheaper charge, I think for BDO it is 3 dollars every month and very minimal maintaining balance. If I remember correctly, Alan was even told before to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM but he never came to do that yet as we enjoyed our monthly trip to the bank most especially now that he is enjoying the senior citizen privilege given to the clients above 60 years old.

What Philippine Senior Citizen privilege are you referring to? RA 9994 does not pertain to foreigners! Here's the BIR link concerning the availment guidelines and taxes under the RA 9994: ftp://ftp.bir.gov.ph...RR%207-2010.pdf especially on page 12 paragraph 4.ATM cards or internet access are not available to any U.S. dollar direct deposit passbook accounts in the Philippines, I know from experience because it is also a U.S. government directive to the Central Bank of the Philippines! This has been explained in depth, read the previous post concerning direct deposits here: http://www.philippin...t=0entry17184 . Edited July 26, 2010 by MrBBtheFilAm

[Mik]

The easiest way (but not the cheapest) is to just use your foreign ATM cards here..

[Mr Lee]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

I have asked the same question to the bank and they replied that cases like that could be considered as long as supported by a Doctor's certificate...anyway, somewhere along the way, you could established good relationship among bank officers and am sure consideration will be rendered in necessary. One good thing about "direct deposit account" is; it has a cheaper charge, I think for BDO it is 3 dollars every month and very minimal maintaining balance. If I remember correctly, Alan was even told before to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM but he never came to do that yet as we enjoyed our monthly trip to the bank most especially now that he is enjoying the senior citizen privilege given to the clients above 60 years old.

What Philippine Senior Citizen privilege are you referring to? RA 9994 does not pertain to foreigners! Here's the BIR link concerning the availment guidelines and taxes under the RA 9994: ftp://ftp.bir.gov.ph...RR%207-2010.pdf especially on page 12 paragraph 4.ATM cards or internet access are not available to any U.S. dollar direct deposit passbook accounts in the Philippines, I know from experience because it is also a U.S. government directive to the Central Bank of the Philippines! This has been explained in depth, read the previous post concerning direct deposits here: http://www.philippin...t=0entry17184 .

Art, one thing you seem to forget is that most rules (laws) in the Philippines are at the discretion of the person enforcing them and many banks will break the rules or even the laws if they feel they can get away with it, and I can assure you that if Daisy says hers and Alan's bank offered it, then it is true and it really does not matter what the law says. Many banks seem to go above and beyond the laws but once they know a person then they will bend an awful lot. 

[Art2ro]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

I have asked the same question to the bank and they replied that cases like that could be considered as long as supported by a Doctor's certificate...anyway, somewhere along the way, you could established good relationship among bank officers and am sure consideration will be rendered in necessary. One good thing about "direct deposit account" is; it has a cheaper charge, I think for BDO it is 3 dollars every month and very minimal maintaining balance. If I remember correctly, Alan was even told before to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM but he never came to do that yet as we enjoyed our monthly trip to the bank most especially now that he is enjoying the senior citizen privilege given to the clients above 60 years old.

What Philippine Senior Citizen privilege are you referring to? RA 9994 does not pertain to foreigners! Here's the BIR link concerning the availment guidelines and taxes under the RA 9994: ftp://ftp.bir.gov.ph...RR%207-2010.pdf especially on page 12 paragraph 4.ATM cards or internet access are not available to any U.S. dollar direct deposit passbook accounts in the Philippines, I know from experience because it is also a U.S. government directive to the Central Bank of the Philippines! This has been explained in depth, read the previous post concerning direct deposits here: http://www.philippin...t=0entry17184 .

Art, one thing you seem to forget is that most rules (laws) in the Philippines are at the discretion of the person enforcing them and many banks will break the rules or even the laws if they feel they can get away with it, and I can assure you that if Daisy says hers and Alan's bank offered it, then it is true and it really does not matter what the law says. Many banks seem to go above and beyond the laws but once they know a person then they will bend an awful lot.

Daisy mentioned that, Alan was even told before, to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM, but he never came to do that yet as they enjoy their monthly trips to their bank. The only point that I was making, is that passbook accounts have no ATM or internet access even if one already has a regular peso or dollar account with ATM and internet access, I've personally experienced it and so has others I've read on other forums. Banks are just not allowed to link passbook accounts with on-line and ATM accounts period! The same principle also goes true for direct deposit of U.S. Social Security pensions in the Philippines where only passbook accounts are available without ATM or internet access! I don't know about other countries, but this is the ruling for U.S. banks concerning direct deposit in the Philippines.Anyway, why was Alan given a passbook account by his bank in the first place using direct deposit and not a regular account with ATM and internet access? My explanation above just answered that! Edited July 26, 2010 by MrBBtheFilAm

[Art2ro]

If your pension is deposited to a passbook account in the Philippines, take note that the pensioner has to show up in person at the bank each month. This could be a big problem if the pensioner can't make it to the bank. Suppose he is in the hospital or an invalid at home, what then? If you decide to bank with a passbook account be sure to have a backup account with sufficient funds that your spouse has access to in case you are laid up. This is one reason why I don't have a passbook account..

I have asked the same question to the bank and they replied that cases like that could be considered as long as supported by a Doctor's certificate...anyway, somewhere along the way, you could established good relationship among bank officers and am sure consideration will be rendered in necessary. One good thing about "direct deposit account" is; it has a cheaper charge, I think for BDO it is 3 dollars every month and very minimal maintaining balance. If I remember correctly, Alan was even told before to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM but he never came to do that yet as we enjoyed our monthly trip to the bank most especially now that he is enjoying the senior citizen privilege given to the clients above 60 years old.

What Philippine Senior Citizen privilege are you referring to? RA 9994 does not pertain to foreigners! Here's the BIR link concerning the availment guidelines and taxes under the RA 9994: ftp://ftp.bir.gov.ph...RR%207-2010.pdf especially on page 12 paragraph 4.ATM cards or internet access are not available to any U.S. dollar direct deposit passbook accounts in the Philippines, I know from experience because it is also a U.S. government directive to the Central Bank of the Philippines! This has been explained in depth, read the previous post concerning direct deposits here: http://www.philippin...t=0entry17184 .

Art, one thing you seem to forget is that most rules (laws) in the Philippines are at the discretion of the person enforcing them and many banks will break the rules or even the laws if they feel they can get away with it, and I can assure you that if Daisy says hers and Alan's bank offered it, then it is true and it really does not matter what the law says. Many banks seem to go above and beyond the laws but once they know a person then they will bend an awful lot.

Daisy mentioned that, Alan was even told before, to open an ATM account with them and he can just do the transfer online from his direct deposit account to his ATM, but he never came to do that yet as they enjoy their monthly trips to their bank. The only point that I was making, is that passbook accounts have no ATM or internet access even if one already has a regular peso or dollar account with ATM and internet access, I've personally experienced it and so has others I've read on other forums. Banks are just not allowed to link passbook accounts with on-line and ATM accounts period! The same principle also goes true for direct deposit of U.S. Social Security pensions in the Philippines where only passbook accounts are available without ATM or internet access! I don't know about other countries, but this is the ruling for U.S. banks concerning direct deposit in the Philippines.Anyway, why was Alan given a passbook account by his bank in the first place using direct deposit and not a regular account with ATM and internet access? My explanation above just answered that!

And furthermore, Alan can only use that particular bank to withdraw from his passbook account, because that was where his passbook account was originally initiated at! So, that's why Daisy and Alan have to make those monthly trips to Alan's bank and stand in line for how long it takes to make it to the teller's counter, because any other bank can't and won't do it! Here's a few links concerning direct deposits;http://goiloilo.com/...he-philippines/Do I have to convert my passbook account to an ATM account in order for it to be enrolled in BPI Express Online? In a word, yes if U.S. government directives and banking laws will allow it via U.S. direct deposit!The answer is at this BPI link below under the title, enrollment of accounts on line: https://www.bpiexpre...rnmore_faqs.asp Edited July 27, 2010 by MrBBtheFilAm

[daisy]

Perhaps some clarification is in order regarding my wife's post . Philam is correct in stating that direct deposit ss accounts may not have an atm card associated with them . The person that suggested this at the bank was a teller , not a manager and tellers like clerks in many Philippine business don't often know what they are talking about . For 2 months my wife was able to withdraw my funds by herself because the tellers thought it was acceptable . Apparently someone noticed so she can't now do that . :-) So an atm account would be separate and not related to my ss passbook account which would mean of course that i would still have to make a trip to the bank .There are however some rules and regulations that are at the discretion of the local bank manager . I was told by one bank that if i wanted to receive pesos instead of dollars i would have to withdraw dollars , leave the bank , return and then exchange into pesos . Obviously , i did not open an account there . I can receive in dollars or pesos at BDO without all the cloak and dagger and i can also withdraw at any BDO branch bank as the money is actually in Manila anyway and all the local bank does is verify that it's there electronically . Branches do charge a fee however if they are not your primary bank . And i never stand in line at the bank but that is a BDO bank policy extended to anyone age 60+ regardless of nationality .As for the Senior Citizen card i know what the rules say but do think Lee is correct in that it's all a matter of interpretation . Several expats here in CDO have the card and in one case an American expat has already used his to acquire discounts on hotels in Manila and an international flight . Having lived in this country for 8 yrs i can readily attest to the fact that rules and regulations in this culture are very loosely defined for a reason . I know for a fact that you can consult with 5 different attorneys regarding a point of law and get 5 different opinions . That's just the way it is here and in some cases it can be to your advantage and in some cases not .