SRRV visa deposit

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SRRV visa deposit


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Old 20th April 2015, 04:53 PM
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Default SRRV visa deposit

Does anyone know which bank(s) is/are approved for the SRRV visa deposit ?
Is there just one bank or are there several approved ones ?


Thanks...

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Old 23rd April 2015, 12:13 PM
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Since you did not get any other reply, I will just mention that my own experience when I got my SRRV in 2011 was that the PRA gave me a selection of commercial banks to chose from where I could place my deposit. However, I did read elsewhere on the internet that the PRA now requires the deposit to be held with the Development Bank of the Philippines only - I don't know whether this is correct or not. My advice would be to ask the PRA directly.
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Old 26th April 2015, 03:55 AM
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Default PRA approved banks

Quote:
Originally Posted by Fred98TJ View Post
Does anyone know which bank(s) is/are approved for the SRRV visa deposit ?
Is there just one bank or are there several approved ones ?


Thanks...
I can confirm that BDO is definately included as one of the PRA's approved banks re SRRV deposit. Should you require a definitive list, I agree with metmanph that approacing the PRA direct would be your best option.

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Old 27th April 2015, 06:45 AM
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Hi. Here is a list of PRA accredited banks:

Development Bank of the Philippines
PNB (formerly Allied Banking Corporation)
Banco de Oro (Pacific Star/Cebu IT Park branches only)
Korea Exchange Bank
Tong Yang Savings Bank
Union Bank of the Philippines

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Old 27th April 2015, 01:36 PM
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I have 9 more years to retire , my question is. Do you open up the account first and than deposit the entire amount by myself to my own account? or do you send the check to SRRV Agency ?

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Old 27th April 2015, 05:00 PM
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From my experience (3 years ago), the process was as follows, in this order:

1. Submitted SRRV application at the PRA office
2. Visited bank to open deposit account
3. Transferred the money to the deposit account (ie, direct to the bank, not to the PRA).
4. Once funds received, the bank issued a certificate of deposit which I took to the PRA who took a copy and let me retain the original
5. PRA issued SRRV visa (if all other requirements also met)

I can't vouch for whether that is still the process.

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Old 28th April 2015, 01:23 AM
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The procedures may change in 9yrs. <Snip>

You must have a bank account here at one of PRA's accredited banks wherein you will remit the money to and save the deposit slip for submission to PRA along with your other documents. You must be physically present to open the account, you cannot have a representative do it for you.

What I usually advise those who don't have a bank account here yet is to remit the deposit to the PRA's account at the Development Bank of the Philippines. (A PRA marketer can help you with the entire process and provide you with the bank details). After the application process and after you get your SRRV, you may choose to have your deposit transferred to your own bank account provided it is a PRA accredited bank.


Last edited by Asian Spirit; 29th April 2015 at 01:05 AM.
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Old 28th April 2015, 10:37 AM
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[QUOTE=justice;7016426]I have 9 more years to retire , my question is. Do you open up the account first and than deposit the entire amount by myself to my own account? or do you send the check to SRRV Agency ?[/QUOTEI

I would keep my money in my own account. I would not send money to a foreign agency. I would invest and let my money grow. Many changes can happen in 9 years. .
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Old 11th May 2015, 09:34 AM
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I bought my girl and myself a house and car in a Barangay 5 years ago for over $10,000. Can this be used as the deposit for the SRRV?

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Old 12th May 2015, 06:45 AM
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Quote:
Originally Posted by dok49 View Post
I bought my girl and myself a house and car in a Barangay 5 years ago for over $10,000. Can this be used as the deposit for the SRRV?
No as you don't own the house. You can only invest in a condo which is the only property you as a foreigner can legally own. I would assume that you must lodge the deposit before moving it into an investment.

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