# Les57



## Les57 (Jul 16, 2014)

I am trying to cover a number of points in my understanding of banking in The Philippines and the details of an SRRV. 
Is it not true that as a retiree on an SRRV the pension declared on the application must be remitted to The Philippines?
At the moment I have my Australian Government pension remitted to my US bank account because I am currently resident in USA. I can't change this until I have a bank account and an address in The Philippines.
Does such a transfer have to be to a Peso account or could it be to a US dollar or Australian dollar account?
My US bank accepts this transfer from Australia with no charge. Is this true of Philippine banks?


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## George6020 (Apr 18, 2014)

Les57 said:


> I am trying to cover a number of points in my understanding of banking in The Philippines and the details of an SRRV.
> Is it not true that as a retiree on an SRRV the pension declared on the application must be remitted to The Philippines?
> At the moment I have my Australian Government pension remitted to my US bank account because I am currently resident in USA. I can't change this until I have a bank account and an address in The Philippines.
> Does such a transfer have to be to a Peso account or could it be to a US dollar or Australian dollar account?
> My US bank accepts this transfer from Australia with no charge. Is this true of Philippine banks?


Good questions....I will try to answer based on my experiences here.
1. PROOF of your pension is required, but not sure if remittance here is a MUST.
2. Dollar account is acceptable
3. YES, there is a transaction charge each month.


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## Les57 (Jul 16, 2014)

Thanks for your response CaptainLarsen. How does one remain in The Philippines on a long term basis without a residence visa?

Cheers,

Les57


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## Gary D (Oct 28, 2013)

Les57 said:


> Thanks for your response CaptainLarsen. How does one remain in The Philippines on a long term basis without a residence visa?
> 
> Cheers,
> 
> Les57


Not being married to a Philippine citizen your only option is an extended visit visa, you can go up to 36 months before you need to leave the county and reset. Personally I'd start on a visit visa and convert to an SRRV once you are settled.


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## Les57 (Jul 16, 2014)

I understand your reluctance with respect to the SRRV deposit but such a thing is common to many countries in order to achieve long term residence Sometimes it is investment in a long term commercial project which may or may not be successful. At least the SRRV deposit is refundable on permanent exit from the country. Also I believe it can be used for the purchase of property - e.g. a condo. I am open to correction on these points. Thanks again CaptainLarsen (and all other respondents) for your experience and insight on things in The Philippines.

Cheers,

Les57


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## Manitoba (Jun 25, 2014)

CaptainLarsen said:


> ... own condo, house .......I just would never put any money into a lockdown in the PH government without any apparent benefit.


If you own a condo then you could have used the visa deposit against the condo price.

How did you ever get a house? Only way I know for a foriegner to own real property in PI is for their Philipina spouse to have owned it then inherited it.


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## esv1226 (Mar 13, 2014)

Les,
The amount of deposit/investment required by the Philippine Retirement Authority is dependent on age. Some opt for this type of visa even if they are eligible to apply for the 13a (available to foreign spouse). I was told they don't have to pay travel tax when they leave the country and they do not have to renew like the tourist visa (I need to check this out). Yet others find the tourist visa convenient especially with the changes. Your choice will have something to do with lifestyle.


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## Manitoba (Jun 25, 2014)

esv1226 said:


> Les,
> The amount of deposit/investment required by the Philippine Retirement Authority is dependent on age. .......


And if I am not mistaken with the amount of a guranteed pension income.


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## Les57 (Jul 16, 2014)

Thank you again CaptainLarsen. I must have missed the point about the deposit having to be $50K to use it for the purchase of a condo. For the SRRV I need only deposit $10K.
Thank you also esv1226. I think you are right about the travel tax and the length of stay on an SRRV is unlimited although it is not a residence visa as such.


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