Social Security Direct Deposit Fees

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Social Security Direct Deposit Fees


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Old 18th May 2018, 07:42 AM
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Default Social Security Direct Deposit Fees

Yesterday we applied for SS benefits for my kids and I. I will have my SS direct deposited to my U.S. bank account and continue to use check writing to transfer money.

For the kids, my wife is the custodian and we will direct deposit the dollars to a PH bank dollar account. SS gave us a list of banks and the fees they charge.

I know several of you have your SS direct deposited to your PH bank account, as mentioned in this thread:

http://www.expatforum.com/expats/phi...-security.html

Do all of you with SS direct deposit in PH get a fee charged each month? At BPI, it appears that the $6.50 they charge is the SWIFT incoming remittance fee, same as a wire transfer incoming fee. Some of the other banks are more, some less.

It is a double whammy for us because my two kids will each pay the fee. Any suggestions on how to avoid a fee?
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Old 18th May 2018, 08:20 AM
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Do all of you with SS direct deposit in PH get a fee charged each month? At BPI, it appears that the $6.50 they charge is the SWIFT incoming remittance fee, same as a wire transfer incoming fee. Some of the other banks are more, some less.

It is a double whammy for us because my two kids will each pay the fee. Any suggestions on how to avoid a fee?
We have our US Social Security direct deposited to Metrobank (a local Philippine bank) every month.
There is NO service charge or transfer fee of any kind. We maintain the $100usd minimum amount to keep the account open and transfer the rest into our peso account so my wife and daughters can have access to the funds. But again, no service charges for either account.
Visit a Metrobank branch and use them so that there is not a fee.

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Last edited by Asian Spirit; 18th May 2018 at 08:23 AM.
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Old 18th May 2018, 11:09 PM
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I think SSA charges the fee for all direct deposits into a PI bank. Not sure how Metrobank would be any different. I think SSA is charging it and you just don't know about it.

I think the $6.50 is cheap. You lose a lot more when you convert it to pesos with the bank's lower conversion rate.

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Old 19th May 2018, 12:28 AM
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I think SSA charges the fee for all direct deposits into a PI bank. Not sure how Metrobank would be any different. I think SSA is charging it and you just don't know about it.

I think the $6.50 is cheap. You lose a lot more when you convert it to pesos with the bank's lower conversion rate.
No, it is a bank fee. Here is the list that SS gave me. It is probably slightly outdated. I found on the BDO website that they charge $5.00, not $4.50.

Actually, you can receive it as pesos but that would be a bad idea as you would get whatever conversion rate they apply that day.

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Old 19th May 2018, 01:15 AM
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Philippine News Agency is where I check each day what the official exchange rate is (scroll down and watch on the right side) and a good source of Philippine news too. Each bank may have a slightly different rate, but you can keep pretty close track if it is trending up or down.

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Old 19th May 2018, 01:32 AM
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So the answer is there is no way to bring money into the PI without paying a fee. Whether you direct deposit or write a check or do a money gram or ..... you pay a fee.
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Old 19th May 2018, 07:46 AM
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So the answer is there is no way to bring money into the PI without paying a fee. Whether you direct deposit or write a check or do a money gram or ..... you pay a fee.
Lets face reality. We all know we are to be taken for as much as possible by most any means possible. We as individuals can only do what we can do for our own controls of what currency we handle/dispense. This country would not survive if not for the influx of foreign currency in some manner or other.

Fred
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Old 19th May 2018, 11:42 AM
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Originally Posted by DonAndAbby View Post
No, it is a bank fee. Here is the list that SS gave me. It is probably slightly outdated. I found on the BDO website that they charge $5.00, not $4.50.

Actually, you can receive it as pesos but that would be a bad idea as you would get whatever conversion rate they apply that day.

For some reason other banks are charging a fee I guess. But again, where we bank at Metrobank there is NO fee of any kind. I maintain the $100usd to keep the account open and we get EXACTLY the amount the US government sends and not one dollar less. Guess we are lucky but that's the way it is.

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Old 19th May 2018, 12:37 PM
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For some reason other banks are charging a fee I guess. But again, where we bank at Metrobank there is NO fee of any kind. I maintain the $100usd to keep the account open and we get EXACTLY the amount the US government sends and not one dollar less. Guess we are lucky but that's the way it is.
I will definitely take a look at Metrobank. Give me your account name and number. If they are going to charge us I will give them your info so they can charge you too.

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Old 19th May 2018, 01:13 PM
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I will definitely take a look at Metrobank. Give me your account name and number. If they are going to charge us I will give them your info so they can charge you too.
Oh Sure .

Another thing with them is I have never had an issue of any kind. I know that banks here are not too connected with other branches of the same bank but we count ourselves lucky for the kind of people they are and how smooth everything works.
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Last edited by Asian Spirit; 19th May 2018 at 03:28 PM.
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