# SRRV visa deposit



## Fred98TJ (Apr 4, 2015)

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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## metmanph (Jan 4, 2013)

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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## pagbati (Apr 9, 2014)

*PRA approved banks*



Fred98TJ said:


> 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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## mincarpio (Apr 7, 2015)

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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## justice (Nov 26, 2012)

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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## metmanph (Jan 4, 2013)

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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## mincarpio (Apr 7, 2015)

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.


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## esv1226 (Mar 13, 2014)

justice said:


> 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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## dok49 (Mar 9, 2014)

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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## Gary D (Oct 28, 2013)

dok49 said:


> 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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## dok49 (Mar 9, 2014)

Actually, I do own the house and my girl owns the land. Does that make any difference.


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## rustyfox (Apr 14, 2015)

Sorry mate, a question rather than an answer! I'm coming there soon and want to build a house... I'm concerned that I can build a house on my girlfriend/wife's land, and then she can boot me out - I can't very well take it with me! What arrangement is good for protecting your investment in that case? I've been thinking of taking the company route, where I register a company, and I own 40% of the shares, and have 5 Filipino shareholders with 12% shareholding each. All five would have to vote against me, while I only need one to vote with me to control the company. I may be wrong, but I believe the company can own land.


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## dok49 (Mar 9, 2014)

First thing to realize here in the Philippines is contracts are about as good as toilet paper. Most Filipinos never would and never could afford to pay a lawyer to fight you in court and thats all contracts are good for.

Secondly, in any situation the law, council and any police will always rule in favor of the Filipino unless you pay big bribes to turn the tables.

First rule, dont spend what you can't afford to walk away from.
Second rule, just walk away.

Only by convincing your partner to be nice and play fair and having a good relationship that you hope will last is there any safety.


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## rustyfox (Apr 14, 2015)

Thanks mate - sounds like good advice!!

I just hope you haven't learned that the hard way!!


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## dok49 (Mar 9, 2014)

No, I study heaps about so many things. I do study like a lawyer requires of his assistant to research subjects. Just how I am. I bought a house with an extra building lot in the back all up 550 sq metres. The house has lots of marble and is not up to foreign standards but more like a fixer upper. It is still very nice. My partner of 5 years is older than a lot of guys want 38 now but, still looks and acts more like a 25 year old. She is better than most of the girls in the bar line ups. When we purchased the house was in what is called a Barangay which is squatters land. Now that doesn't mean there are no rich homes here. Many foreigners build $400,000USD homes here. But, none of us own the land outright. My house and lot cost us $10,000AUD.

When we did all the paper work I wrote a 500,000 peso loan against the house to my girl. Thinking at the time that if she booted me out she would lose the louse due to foreclosure on her loan. That still stands but, as I said. If we fought in court it would be moot. It is more of a tool to negotiate with her if we were to separate. I don't see that happening as I am 66 now and it is in her advantage to hang in there for the will. So far so good.


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## rustyfox (Apr 14, 2015)

I was in Cebu City last October (I've finished working, and will be in the Philippines within a month or two). I've been there three times, for a month each time. I like it a lot. I've got some relatives there too, through my step-mother (Dad married a pinay back in 1982, and she's a wonderful lady!) who I'm hoping to catch up with.

An Aussie guy I met in Cebu City recommended a scheme - I think he called it 'ghost renting' - something along those lines. Two people or more buy or build a house on land owned by the wife. But instead of living in it, you lease it for 25 years to one of the other people in the scheme. If there's a nasty split, she can't throw out the tenants who have a lease. He claimed (I don't know him, so he could be full of it) that because the person is a stranger, the woman would just have to accept the rent. (Each of you pays the same amount of rent to the other- so the nett result is zero money changing hands, just receipts.) It's an interesting idea - but no idea how reliable he was. 

The same guy was very friendly until I went into a shop and he saw the girl in the shop was a Muslim. He yelled out, "Don't go in there - she's a Muslim." I told him that I knew because I'd been there before, and that she was a very nice lady. He stormed off and never spoke to me again.


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## Gary D (Oct 28, 2013)

There are many schemes and scams but at end of the day as a foreigner you can't do anything that would give you control over any land, any control of land is expressly forbidden. You can't lease from your wife as you are considered a single unit so would be leasing from yourself. Forming a corporation to control land is prevented by the anti dummy corporation law. Giving a loan or mortgage will be invalid as again it implies control.


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## dok49 (Mar 9, 2014)

All true Gary, I find in the end, we just have to have trust and faith in the people we choose to deal with in life. I never had much success with having to go the legal route to settle differences so it makes doing that more important. I'm a bit more philosophical then most so I look at the situation as whatever happens to me, I have made someones life better even if they made mine worst. I don't always have to win to be content.


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