US Social Security/direct deposit

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US Social Security/direct deposit


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Old 25th December 2018, 11:11 PM
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Does any one have their social security deposited into a Philippine bank

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Old 25th December 2018, 11:43 PM
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Does any one have their social security deposited into a Philippine bank
Hi mike and welcome to the forum. A merry Christmas and a prosperous new year to you and all members.
If you simply type in your question in the search option you will find plenty of info.

Cheers, Steve.
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Old 26th December 2018, 12:00 AM
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I think most of us use banks at home as there are only a few approved banks here to receive SS funds. Do some searching for info and I seem to remember Gene has mentioned in the past that he has his deposited in China Bank. Maybe he will chime in when he sees this thread.

Fred
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Old 26th December 2018, 12:18 AM
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Hi Mike and good question, my bank PNB does allow, (I don't have a complete listing) us to open a pension account and I've even noticed former Philippine citizens who retired here and also have their US Social Security direct deposited to select Philippine banks.

Here's a link on this subject https://www.expatforum.com/expats/ph...ity-check.html

It's not that easy to open up a bank account unless you have a 13a Permanent Resident or SRRV Visa so if you're married to a Philippina you could get this done before you make that final move by contacting the nearest Philippine Consulate that works with your state. Embassy of the Philippines - Consulate Finder Map

I had all my Visa requirements done before I retired to the Philippines and I accomplished this all through the mail system it took me a couple months. You can attain your Visa in the Philippines also but it's a lengthier process with trips to your nearest Philippine Bureau of Immigration.
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Old 26th December 2018, 01:47 AM
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I think most of us use banks at home as there are only a few approved banks here to receive SS funds. Do some searching for info and I seem to remember Gene has mentioned in the past that he has his deposited in China Bank. Maybe he will chime in when he sees this thread.

Fred
Good Morning All,

Yes, I use a local Philippine bank for Social Security. I /we use MetroBank and have been very happy with them. Looks like you are still in the States so if there and not yet collecting it is easy once you get here. Just locate the bank you want to use and then contact Social Security at the US Embassy In Manila. They are most helpful and will have you set up within a day or two..
If already on Social there just do the same thing after your move and have a local address. Easy and painless but there are strict rules in place for the usage of your US dollar SS account here so check things out first.

Gene
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Last edited by Asian Spirit; 26th December 2018 at 01:49 AM.
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Old 26th December 2018, 09:25 PM
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Isn't it a requirement for SRRV to have your pension directly deposited to a Philippine bank to avail of the $US 10,000 deposit?

I never looked into it as I don't have a pension.
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Old 27th December 2018, 04:37 AM
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Does any one have their social security deposited into a Philippine bank
My 2 kids have theirs deposited to BPI here and I have mine deposited at Chase in the U.S.

There may have been some changes to fees since that linked topic was posted in 2015. We shopped around at BDO, Metrobank and BPI before choosing where to deposit our kids checks. The fees are a bit high now. BPI charges us $6.50 per deposit every month. So $13.00 total for the 2 kids. The others were similar and we went with BPI because that is where we do our other banking.

No charges if deposited to a U.S. bank in the U.S., but that is not an option for kids.

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Old 27th December 2018, 08:08 AM
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My 2 kids have theirs deposited to BPI here and I have mine deposited at Chase in the U.S.

There may have been some changes to fees since that linked topic was posted in 2015. We shopped around at BDO, Metrobank and BPI before choosing where to deposit our kids checks. The fees are a bit high now. BPI charges us $6.50 per deposit every month. So $13.00 total for the 2 kids. The others were similar and we went with BPI because that is where we do our other banking.

No charges if deposited to a U.S. bank in the U.S., but that is not an option for kids.
There must be a set of different rules for charges. I/we use Metrobank for the US social security. As long as I maintain the $100 minimum balance there are no charges for having or using the account. Been there over 4 years now and no complaints. Great bunch of people. Also, our joint (with wife and two kids) Peso ATM acct has a P2,000 min balance to avoid a charge of just over P3oo.
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Old 27th December 2018, 04:27 PM
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There must be a set of different rules for charges. I/we use Metrobank for the US social security. As long as I maintain the $100 minimum balance there are no charges for having or using the account. Been there over 4 years now and no complaints. Great bunch of people. Also, our joint (with wife and two kids) Peso ATM acct has a P2,000 min balance to avoid a charge of just over P3oo.
You jogged my memory. I misspoke. I think Metrobank was recommended for SS (maybe by you?) and I think when we inquired there was no charge, as you said.

If it was me opening the account, it would have been no problem as I had what I think is called a benefit letter that states the amount I would get.

However, we were opening accounts for my 2 kids. The roadblock was red tape at our local branch of Metrobank, because of the kids. We had SS approval letters for the kids but did not have the benefit letter they wanted, stating the benefit amount. We spoke first to the asst mgr, then after she got back from leave, the head mgr. No go for the kids without the benefit amount letter.

The embassy SS staff were no help and just said we need to get accounts opened or payments would be delayed.

My mgr at BPI looked at the approval letters we had for the kids and said no problem. So we have the kid's accounts there.
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Old 27th December 2018, 05:11 PM
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You jogged my memory. I misspoke. I think Metrobank was recommended for SS (maybe by you?) and I think when we inquired there was no charge, as you said.

If it was me opening the account, it would have been no problem as I had what I think is called a benefit letter that states the amount I would get.

However, we were opening accounts for my 2 kids. The roadblock was red tape at our local branch of Metrobank, because of the kids. We had SS approval letters for the kids but did not have the benefit letter they wanted, stating the benefit amount. We spoke first to the asst mgr, then after she got back from leave, the head mgr. No go for the kids without the benefit amount letter.

The embassy SS staff were no help and just said we need to get accounts opened or payments would be delayed.

My mgr at BPI looked at the approval letters we had for the kids and said no problem. So we have the kid's accounts there.
That's too bad having such a hassle with opening an account. Seems as though banks of the same company operate as if they are a separate company from the parent company where the managers are free to make their own decisions on all things. Even here, we have a new management staff at our MetroBank branch but luckily they still operate well and seem as family when doing business.
Glad you were able to get it done though and hope all continues to go well. I'm really surprised to hear the embassy was of no help. VERY unusual.
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