Banking: Dollars v Pesos etc...

[paybaxz]

HI All,

I shall soon be moving out there to finally marry my fiance, and plan on staying there. I was wondering if anyone can update me on having my social security check paid directly into a bank there. I think I recall a past posting as suggesting China Bank?

Would it make sense to just continue to keep my check depositing in my Wells Fargo Bank here, then periodically send cash to my account in the Fils via XOOM.COM? I use this method to send cash to my fiance regualrly ($5.99 for up to $2,999.00). It's an excellent service at a reasonable price.

I also was thinking that I should create a USD account, and then change my dollars at at one of the money changers. I have always used them in the past when I was there, with satisfactory results.

I would be grateful for any advice.

Happy Easter from San Diego Ca.

Paybaxz (Ken)

[Gene and Viol]

Hi Ken,

Congratulations!!! That was probably me that suggested China Bank and they are very good. To change to a direct deposit here you will need a US dollar acct at an accepted bank here like China Bank etc. Then Do the paperwork at the US embassy in Manila. Appointments for that are accepted online ONLY now. But would suggest you wait to do that until you have been living here long enough (one year minimum) to know you really want to stay and that your life IS safe here.
Here is the site for the embassy IN Manila: http://manila.usembassy.gov/

XOOM is a good service if you can set it up with your bank until you really know for sure if you're staying here.
Send me a PM if I can help other than directly here in the open forum.
Congrats again on your upcoming wedding.


Gene and Viol...

PS. Yes, having a US dollar acct helps a bit for storing the $$$ until the exchange rate is in your favor and eliminates the need of having or keeping money at your house or with you-both of which is extremely dangerous here...

[paybaxz]

Hi Gene and Viol,

Thanks for the prompt response, and your congrats.

Having traveled back and forth many times over the years, I am at a point where I am VERY sure that I want to retire there, and expecially with my lovely new wife! I have kept her waiting almost two years, but I have also procrastinated in making the move even before then!

As always Gene, I appriciate your advice.

Regards,

paybaxz (Ken)

[paybaxz]

Hi Gene and Viol,

Thanks for the prompt response, and your congrats.

Having traveled back and forth many times over the years, I am at a point where I am VERY sure that I want to retire there, and expecially with my lovely new wife! I have kept her waiting almost two years, but I have also procrastinated in making the move even before then!

As always Gene, I appriciate your advice.

Regards,

paybaxz (Ken)

[jon1]

Congrats and best of luck, Ken!

If you want to save $ on the transaction/wire fees. This is what I did. I write myself a check for deposit (US $) in my BPI account the month prior to expecting to have access to the funds. BPI holds your check for 19 business days (not sure how long China bank does, maybe Gene can chime in on that), even though it will clear your stateside bank in about 3-5 days (depends on your bank). So it essentially takes 30 days to clear when you add in holidays/weekends. When you withdraw your $ you have the option to change the $ right there in the bank (you have to check the rates before you go in, sometimes it's better/sometimes not). I usually use the bank, as my branch is always competitive with the online rate, plus there is security there (inside/out). I write myself the checks as it saves me transfer fees, and any ATM fees (international transaction fee, conversion fee, etc..). Also, I recommend you get a VISA that has Verisign are Secure Mastercard prior to coming out here. And don't forget that you will need to notify your banks that you will be out here for whatever period and to have the credit cards/online banking unblocked for your account(s)... I would also start setting up your correspondence to be paperless (if you haven't already).

IMPORTANT: Be aware that the IRS is now trying to track down any $ over $10,000 offshore. So it's highly advisable to keep your balance over here ALWAYS below that.

I am with Gene about keeping your direct deposit stateside for now. Even if you stay here long term I recommend keeping it there. It is also simpler when dealing with people stateside. That way you just write a check and your $ is insured at a higher amount ($100-200K) in the states vs. 500,000php/$11200 here in the Phil.

Where are you planning on retiring in the phils?

Jon

[Gene and Viol]

Great information Jon. Lots of stuff I don't know about. I'm not sure of the holding time of China Bank on checks as I have never done it. I do know that some banks will hold foreign checks for up to 60 days clearing. A long time for sure!

Gene

[paybaxz]

[



If you want to save $ on the transaction/wire fees. This is what I did. I write myself a check for deposit (US $) in my BPI account the month prior to expecting to have access to the funds. BPI holds your check for 19 business days (not sure how long China bank does, maybe Gene can chime in on that), even though it will clear your stateside bank in about 3-5 days (depends on your bank). So it essentially takes 30 days to clear when you add in holidays/weekends. When you withdraw your $ you have the option to change the $ right there in the bank (you have to check the rates before you go in, sometimes it's better/sometimes not). I usually use the bank, as my branch is always competitive with the online rate, plus there is security there (inside/out). I write myself the checks as it saves me transfer fees, and any ATM fees (international transaction fee, conversion fee, etc..). Also, I recommend you get a VISA that has Verisign are Secure Mastercard prior to coming out here. And don't forget that you will need to notify your banks that you will be out here for whatever period and to have the credit cards/online banking unblocked for your account(s)... I would also start setting up your correspondence to be paperless (if you haven't already).

IMPORTANT: Be aware that the IRS is now trying to track down any $ over $10,000 offshore. So it's highly advisable to keep your balance over here ALWAYS below that.

I am with Gene about keeping your direct deposit stateside for now. Even if you stay here long term I recommend keeping it there. It is also simpler when dealing with people stateside. That way you just write a check and your $ is insured at a higher amount ($100-200K) in the states vs. 500,000php/$11200 here in the Phil.

Where are you planning on retiring in the phils?

Jon[/QUOTE]

[paybaxz]

Originally Posted by Gene and Viol

Great information Jon. Lots of stuff I don't know about. I'm not sure of the holding time of China Bank on checks as I have never done it. I do know that some banks will hold foreign checks for up to 60 days clearing. A long time for sure!

Gene

QUOTE=jon1;750015]Congrats and best of luck, Ken!

Hi Jon,

Thanks for your info, and your congrats, I appreciate it,

I have'nt settled on a specific location as of yet, but I'm considering the Cebu area, also Bohol, and perhaps Dumaguete. I also like CDO, but perhaps to south (for obvious reasons?).

My fiance is in Bayugan City, but we both don't want to be there, so I am somewhat open. I shall probably rent a place in Cebu initially, then we can do some traveling around to see what places we might consider settling in. Would also prefer to be in close proximity to other expats...if possible..... I always need and wlcome new friends..

Regards,

Ken

[paybaxz]

QUOTE=jon1;750015]Congrats and best of luck, Ken!

Hi Jon,

Thanks for your info, and your congrats, I appreciate it,

I have'nt settled on a specific location as of yet, but I'm considering the Cebu area, also Bohol, and perhaps Dumaguete. I also like CDO, but perhaps to south (for obvious reasons?).

My fiance is in Bayugan City, but we both don't want to be there, so I am somewhat open. I shall probably rent a place in Cebu initially, then we can do some traveling around to see what places we might consider settling in. Would also prefer to be in close proximity to other expats...if possible..... I always need and wlcome new friends..

Regards,

Ken

[Phil_expat]

Originally Posted by paybaxz

HI All,

I shall soon be moving out there to finally marry my fiance, and plan on staying there. I was wondering if anyone can update me on having my social security check paid directly into a bank there. I think I recall a past posting as suggesting China Bank?

Would it make sense to just continue to keep my check depositing in my Wells Fargo Bank here, then periodically send cash to my account in the Fils via XOOM.COM? I use this method to send cash to my fiance regualrly ($5.99 for up to $2,999.00). It's an excellent service at a reasonable price.

I also was thinking that I should create a USD account, and then change my dollars at at one of the money changers. I have always used them in the past when I was there, with satisfactory results.

I would be grateful for any advice.

Happy Easter from San Diego Ca.

Paybaxz (Ken)

My income goes to a US bank and I deposit personal checks to my China Bank dollar accounts. It takes 15 working days for the money to be available which equals 3 weeks plus holidays. I pay no fees and my account earns a small interest.
I do end up having a lot tied up for 3 weeks or more and have considered transfer online. I use Citi bank in the USA their global transfer is $8 to a Phil Citi bank here, there are many Citi Banks in the Philippines including Cebu. The bad is Citi requires $1,000 minimum balance and charge $1 if I deposit checks, China Bank is $100 minimal and no charge for depositing checks. There is no ATM at china bank for dollar accounts at Citi one can withdraw either dollars ($3,000 max) or pesos at their ATM. Yes dollars at ATM. I usually get dollars from China bank and exchange at money changers for a much better exchange rate.
I recently set up my daughter’s direct depots at a local China bank for her social security benefits (requires by SSA, I chose the bank from a list. To my surprise, China bank used Citi bank as an agent for their direct deposit. I pay a fee of $2. There seem to be no China bank branches in the USA but they do have an office.
My advice is to have you income (social security) deposited to a USA bank that also is in the Philippine. There are many Philippine banks that have branches in the USA. That would make it easier to transfer money online. I am not knowledgably about zoom. Keep your bank balance in Phil below $9,000 or you have to report it to the state department. Do not trust the government insurance on savings here. Get a bank safe deposit box for your papers and valuables.