# Social Security Direct Deposit Fees



## DonAndAbby (Jan 7, 2013)

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/philippines-expat-forum/1384002-applying-u-s-social-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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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> 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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## Zep (Jun 8, 2017)

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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## DonAndAbby (Jan 7, 2013)

Zep said:


> 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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## fmartin_gila (May 15, 2011)

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.

Fred


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## Zep (Jun 8, 2017)

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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## fmartin_gila (May 15, 2011)

Zep said:


> 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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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> 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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## DonAndAbby (Jan 7, 2013)

Asian Spirit said:


> 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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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> 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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## bidrod (Mar 31, 2015)

Zep said:


> 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.


My BDO branch manager waives the $5 fee on my US check deposit so it is free.

Chuck


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## esv1226 (Mar 13, 2014)

Maybe negotiate a family rate. Sometimes kids get to eat for free in some restaurants. Why not banks?


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## DonAndAbby (Jan 7, 2013)

Follow up question. We went to BPI, BDO and Metrobank today, for inquiry. They all said we need an "award notice" that shows the amount, etc. Without it, they will not open the accounts for the kids.

I think I know how to get one for me, online, but I have no clue for the kids. Any insights?


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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> Follow up question. We went to BPI, BDO and Metrobank today, for inquiry. They all said we need an "award notice" that shows the amount, etc. Without it, they will not open the accounts for the kids.
> 
> I think I know how to get one for me, online, but I have no clue for the kids. Any insights?


Good thing you are already here in the Phils. To make it easy just go to THIS PAGE of the US Embassy in Manila. Call or email them for the info you need. They have always been very good with answers and forms etc. Give them a try first.

It also pays to have your SS direct deposited to a local bank here to eliminate hassles and problems down the road such as lost or stolen ATM cards etc. If you do that you will be assigned a worker that is always there to assist. Better than dealing with SS in the states by far.


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## DonAndAbby (Jan 7, 2013)

Asian Spirit said:


> Good thing you are already here in the Phils. To make it easy just go to THIS PAGE of the US Embassy in Manila. Call or email them for the info you need. They have always been very good with answers and forms etc. Give them a try first.
> 
> It also pays to have your SS direct deposited to a local bank here to eliminate hassles and problems down the road such as lost or stolen ATM cards etc. If you do that you will be assigned a worker that is always there to assist. Better than dealing with SS in the states by far.


Yes, I do have a contact and I e-mailed her. I thought maybe someone might have some personal knowledge to share. My situation, applying with 2 kids, is unusual, so I know finding someone with experience like that is a long shot.


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## DonAndAbby (Jan 7, 2013)

Asian Spirit said:


> Good thing you are already here in the Phils. To make it easy just go to THIS PAGE of the US Embassy in Manila. Call or email them for the info you need. They have always been very good with answers and forms etc. Give them a try first.
> 
> It also pays to have your SS direct deposited to a local bank here to eliminate hassles and problems down the road such as lost or stolen ATM cards etc. If you do that you will be assigned a worker that is always there to assist. Better than dealing with SS in the states by far.


Did Metrobank require an award notice before they would open your direct deposit SS account? We have been there twice and they won't do anything without the award notice.

SS at embassy has been no help yet. They said the banks should open an account with the letter they gave us, and the banks say they need the award notice. Seems to be a catch 22. SS says the award notice will not be available for 4 months and that if we don't have a bank account, the checks will go to Manila.

We also seem to be having a problem with SS at the embassy because we applied early. We applied early because they said we could do the kids interview at the Olongapo outreach on May 17, 4 months before I turn 62. Normally you don't apply until 3 months before 62, yet she has given us deadlines for the bank accounts that are before the 3 months before I turn 62.


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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> Did Metrobank require an award notice before they would open your direct deposit SS account? We have been there twice and they won't do anything without the award notice.
> 
> SS at embassy has been no help yet. They said the banks should open an account with the letter they gave us, and the banks say they need the award notice. Seems to be a catch 22. SS says the award notice will not be available for 4 months and that if we don't have a bank account, the checks will go to Manila.
> 
> We also seem to be having a problem with SS at the embassy because we applied early. We applied early because they said we could do the kids interview at the Olongapo outreach on May 17, 4 months before I turn 62. Normally you don't apply until 3 months before 62, yet she has given us deadlines for the bank accounts that are before the 3 months before I turn 62.


Don,

I really don't remember needing an award letter as it's been four years now since we opened the account. I do remember the embassy emailing me a deposit slip PLUS one more item of some kind to take to the bank.

I'm surprised that you are having difficulty with the embassy workers as they have always been so good at getting things done and quickly. I'd suggest contacting someone else at the embassy SS office or a supervisor. Still shocked they aren't being more help.

Another idea would be to go to a different Metrobank location

Will send you a PM..


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## DonAndAbby (Jan 7, 2013)

The end result was ........

Both Metrobank and BDO refused to accept the official letter that SSA gave us to open the accounts.* They both insisted that an "award notice" is required before they will open an account.* SSA says those will not be available for months.* There seems to be a disconnect between SSA and some of their partner banks.

I took the letter to my manager at BPI yesterday and she said no problem.* We went back today to open the accounts.* After about 15 minutes waiting, it took the CS agent about 2 hours to finish!* Lots of papers as my wife is the representative for the kids so it is a bit more complicated than usual.

Unfortunately we have to eat a $6.50 per kid*service charge each month.* About $156 per year.* However, it will be easier to have the accounts at our main bank with our other accounts.


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