# USA Pensioner



## buck2232 (Mar 15, 2014)

I am relatively new to the Philippinees. Currently, my SS check goes into my USA bank. I am able to obtain cash with my ATM card. I pay the 200 peso fare for the Php ATM. My bank does not charge me a fee for my card use but they nail me on the exchange rate. I am looking for guidance as to how best access my money with less cost to me. In advance, thank you.


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## Asian Spirit (Mar 1, 2010)

buck2232 said:


> I am relatively new to the Philippinees. Currently, my SS check goes into my USA bank. I am able to obtain cash with my ATM card. I pay the 200 peso fare for the Php ATM. My bank does not charge me a fee for my card use but they nail me on the exchange rate. I am looking for guidance as to how best access my money with less cost to me. In advance, thank you.


Welcome to the forum,

I guess everyone has a preference. If you keep a US address and bank I think you must pay into Medicare. For me and others that is a major deciding factor as many of us never go back and Medicare is of no use here.
Also, having only a US ATM card, if anything goes wrong or it is lost, stolen, or whatever; it's a pain getting it replaced and a long wait.

I have found that for those reasons as well as no loss of exchange rate that it is better to have the direct deposit made to one of the "approved" local Philippine banks. Even then there are restrictions though.

Using a local bank *ONLY YOU* have any access to the account. Your wife if any has no access. There is no ATM allowed on that dollar account and no online access at all.

To make it easy, we have the US social deposited here in the Philippines and then have a joint peso acct at the same bank. I simply transfer retirement funds from the dollar acct into the peso acct and my wife and kids can access and use it as needed. All other retirement funds are also placed in the peso acct for easy access and use with ATM cards when shopping etc.

Main thing is to not use the Social Security site in the US for information. They are never up to speed with information for international use. For that reason it is best to use only the Social Security office at the US Embassy in Manila. They will assign a worker to you and will quickly help you open an account at an approved bank here.



Regards

Jet Lag


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## M.C.A. (Feb 24, 2013)

Buck I agree with Jetlag, I currently write checks to my Philippine bank but I'm getting tired of this also and may change to a US pension account or direct deposit. 

It's no fun using these ATM machines, I haven't used one in 4 years, but use the card if I purchase something in the store. Did you bring checks with you? If not you could find yourself in a very tough situation, if there is no check option and this is your final stop I'd find a major Philippine Bank chain that will handle US pension accounts or direct deposit, you also will need to have a certain amount of money for deposit, it could be anywhere from $200 - $500, my bank requires $500 deposit.

Another thing to think about is the location of your bank, some are located in tough spots or one way streets no parking, others have compounds and spots to park, so many different factors that come into play here.


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## Ram1957 (Oct 14, 2014)

BDO offers a Direct Deposit US Dollar account with no minimum to open. https://www.bdo.com.ph/personal/accounts/us-dollar-savings-account/direct-deposit


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## Asian Spirit (Mar 1, 2010)

Ram1957 said:


> BDO offers a Direct Deposit US Dollar account with no minimum to open. https://www.bdo.com.ph/personal/accounts/us-dollar-savings-account/direct-deposit


That's a pretty good deal! We use Metorbank and they require just $100us to open the social security dollar account. Whatever the amount to open the account at an approved bank; to me it's worth it just to have all financial dealings locally. Especially if there are difficulties. That way it's handled at a local level. And with Metrobank, there seems to never be a problem. Another advantage is that we get the absolute "current" exchange rate on withdrawals and transfers. If the rate changes while there at the bank - we get the rate change either good or bad. 


Jet


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## Tukaram (Dec 18, 2014)

Yeah, everyone has their preferred method...

I am not on medicare or Social Security yet so my method may change in 10 years, when I am. As a vet I use USAA bank. Using BPI machines I can pull out p20,000 at a time (on a foreign card). My BPI card can only pull p10,000 (but I no longer use BPI). I only pull p30,000 a month so no worries.

BPI charges me p200 for the ATM use, and USAA refunds ATM fees up to $15 per month. USAA also gives me a good rate on the exchange. I got 46.3:1 on the first of June. But I still keep a US address, bank, drivers license, voter's registration... everything. My credit card companies just seem to think I am vacationing a long time ha ha


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## Donwarner87 (Jan 18, 2016)

Wait! What's this about not paying Medicare? Is that even possible? Who do I contact for info?


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> Wait! What's this about not paying Medicare? Is that even possible? Who do I contact for info?


US Medicare is not usable outside the US except for places like Guam. So if living here, yes, you can opt out of paying Medicare. Contact the US Embassy, Social Security Admin office and they will help you get it taken care of. No sense of having that costly deduction when ya can't use it here. Same goes for Obama-Care. Not usable here so no need to pay into it.


Jet Lag


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## Donwarner87 (Jan 18, 2016)

I'll have to contract the embassy then. Can I call in or should I walk in? My retirement is still in interim status so maybe this will give me a bigger pay day when it is completed. Thanks Jet Lag!


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## Asian Spirit (Mar 1, 2010)

Very welcome Don. Calling by phone is a pain as it takes so long to get to someone. I just use email when I deal with them. They are there and start work about 5am each day so they have been fast with return emails and or phone calls.


Jet.


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## Rebaqshratz (May 15, 2016)

I use US banks for direct deposit and automatic payment for things like life insurance I send money to the PI with XOOM. I have 2 metro accounts - 1 a USD account and the other is a peso account. With XOOM they beat you up a little bit if you let them set the exchange rate so I send USD to my USD Metro account. My Filipino wife moves the money and after developing a relationship with the bank ladies we get a special exchange rate which is always above to street rate. I send $2999 each time. I actual was able to pay for the entire cost of our home in Cavite transferring money this way. I was able to make direct deposits into the builder's (Brother-in-law) account in a different bank. My cost of living is around $1000 monthly so I am able to build a war chest. We paid cash for a new car and the house is paid off...life is good I was sending lots of cash when I was working in Afghan so XOOM limited my monthly amounts but was able to be "upgraded" by furnishing proof of how the money was earned...guess they are worried about drug dealers et al getting money out of the country. My plan is to visit the US 1 month a year for medical exams, family visits et al so I maintain medicare and a retirement medical insurance for my younger wife. If I ever need significant medical attention I will do my best to get back to Boston for treatment for both myself and the bride


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## 197649 (Jan 1, 2013)

The statement made here about MEDICARE of is no use here. That is true in most cases. However if you are retired military and use TRICARE here in PI then you MUST have MEDICARE.


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## Cebu Citizen (Dec 13, 2013)

I also use the same banking technique as Jet Lag outlined, (avoids both the Medicare issue and the exchange rate issue...clean and easy banking), and I use BDO...I have never had any issues and every month my SS check is deposited as it should be and I just transfer it to my Peso account for necessary use when needed.


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## pijoe (Jul 21, 2015)

Can you do that online or do you have to go there?


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## Cebu Citizen (Dec 13, 2013)

pijoe said:


> Can you do that online or do you have to go there?



You have to go there to the actual bank branch and make the withdrawal in person. This is probably the only downside to banking with direct deposit from the US Government, (SS or VA), but it is actually for your protection...

You hear about how dangerous it can be if you are worth more dead than alive? And you can imagine how it might be if someone could make a withdrawal from your account in your absence and continue to withdraw your Social Security or any other US Government Direct Deposit every month.

For your safety and to make sure that you and only you are receiving your pension or disability or retirement checks, the checks *"MUST"* be direct deposited into an approved U.S. Dollar account in your name only and then you and only you can make withdrawals and these transactions *"MUST"* be made in person!

The U.S. Government just wants to make sure that you are the one actually receiving these payments. I often wondered what would happen if I were sick or injured and physically could not go to the bank...what would happen if a person got a legal *Power of Attorney* but I would venture to say that this would still not be possible as the banks and the U.S. Government regulations are rather firm about how direct deposit banking can be done in the Philippines!


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## pijoe (Jul 21, 2015)

Actually, That's why I asked. The possibility always exists that I may be too sick to go. Thanks for clearing that up... Good info.


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## Cebu Citizen (Dec 13, 2013)

The biggest and most ridiculous hassle with banking in the Philippines is the fact that a banking company, (BDO, BPI, East West), here is not treated as a whole entity! If you bank at one particular bank branch, that is your bank and if you go to another branch, they either penalize you and in the case of the direct deposit, you cannot do this transaction at another branch, I must go to my original bank branch where the direct deposit account was initially opened and do the withdrawal and conversion in person!

In the US, any bank branch is all one bank...no matter which branch you go to! Here in the Philippines, every separate branch is treated like an individual bank and they rarely do any crossover transactions without some sort of penalty or service charge. I had to change my address one time and BPI made me go all the way across town to my original bank branch just to do an address change. So I closed that account and changed to BDO and they do the exact same thing! And if I am traveling, I can use my ATM card at any bank ATM Machine but I cannot do my Direct Deposit transfer unless I go to the original bank branch in person...or you have to submit an entirely new direct deposit form to change which bank branch your money is deposited into.

The bad part about this is I currently live in the Manila Metro area but my wife and I are purchasing some land out in the Province on another island and building a house there...so every month I will have to travel ALL the way back to Manila to transfer my US Direct Deposit funds from the US Dollar Account and into my Peso Account...until our house is built and we have an official address and I can open a new bank account at a local branch of BDO and then reapply for my Direct Deposit to go to this "NEW" account...

What a hassle! Why can't every BDO be all in the same bank system? The same is true with East West Bank and BPI...they all do it the same way here...

In the US, I banked at Wells Fargo and I could travel any where around the world and every Wells Fargo was treated the same...just my personal account number and all my money was accessible from anywhere. Here in the Philippines... every BPI branch is not the same and every BDO branch is not the same and there are so many transactions you cannot do from any other branch other than your original branch! How crazy is that?

As long as you never move to a new location or travel at the time your Direct Deposit arrives, the system works great but there are times when the Philippine banking system really s**cks!


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## 197649 (Jan 1, 2013)

I use China Bank My disability check get deposited in my dollar account. The I transfer it to my peso account via the Internet. The whole purpose of the government doing this is they can get their money back if they are not notified of your demise. But think about it the same thing happens in the U.S. if they are not notified the money keeps coming in and you are allowed a joint account there. So in my opinion, its just another way the government punishes you for living overseas.


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## Tukaram (Dec 18, 2014)

Cebu Citizen said:


> T...What a hassle! Why can't every BDO be all in the same bank system? The same is true with East West Bank and BPI...they all do it the same way here...


Yeah, every bank here is run like a franchise. I had a BDO account and the original branch I opened it at closed. No one had any idea where my new "home" bank was. So I pulled as much as I could from the ATM and left a few hundred pesos in the account. I am sure it closed by now ha ha.

Then I opened a BPI account - and learned another lesson. BPI has different types of banks. Their 'family bank' has limited transaction types they can do. 

That is a big reason I just use my USAA account from the US. The ATM does everything I need here ... it gives me cash. Anything else I can do online with my US bank. Even on my phone! I give up on these banks ha ha.


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## Gary D (Oct 28, 2013)

c_acton98 said:


> I use China Bank My disability check get deposited in my dollar account. The I transfer it to my peso account via the Internet. The whole purpose of the government doing this is they can get their money back if they are not notified of your demise. But think about it the same thing happens in the U.S. if they are not notified the money keeps coming in and you are allowed a joint account there. So in my opinion, its just another way the government punishes you for living overseas.


This all came about due to families carrying ondrawing the money after the death of the recipient, sometimes for many years. The same happens in the Philippines with the locals, my mother in law's pension stops every now and again and she has to travel into Manila to sort it out. It's usually because she has reported that she is still alive when required because she can't be bothered and then moans when the bank won't let her have her money.


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## Anthony1984 (Jun 20, 2016)

Open a bank account in the PI and do online banking with your USA bank and "add external account" which will be your Philippine account. Then just go online to your US bank and transfer money to Philippines bank account


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## bidrod (Mar 31, 2015)

I just deposit a check from my US bank to my BDO dollar account. Wait 20 business days and the money is available. No cost except the checks and I will die before I run out of the checks I brought. This way it can be a joint account here. I just like not having to pay a fee to transfer or bad exchange rates.

Chuck


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## Cebu Citizen (Dec 13, 2013)

bidrod said:


> I just deposit a check from my US bank to my BDO dollar account. Wait 20 business days and the money is available. No cost except the checks and I will die before I run out of the checks I brought. This way it can be a joint account here. I just like not having to pay a fee to transfer or bad exchange rates.
> 
> Chuck



That works great for a regular deposit account but those of us who are receiving SS or VA retirement or disability checks cannot do that. We are required to have a US Dollar Savings Account at an approved Philippine Bank and that account can only be used for a US Government Check by Direct Deposit only! We cannot make any other deposits into that account.

Only Direct Deposits form the US Government can go in...and we can only make withdrawals in person at that one and only original banking branch where we initially opened the account. But the bright side is that our money comes directly to the Philippines and "IF" there is ever an issue, it is easy to correct. I always hated trying to fix a bank problem by "long distance" trying to communicate with my old US Bank was a hassle sometimes with the time zone differences and the long distance phone calls, etc.

All in all...even with the funky banking regulations here in the Philippines, I am glad I have my money coming directly here. Could it be easier? YES! But I can tolerate it.

The biggest down side for me is if my wife and I build our home on some property on another island...do I transfer my direct deposit to a bank near our home? Or do I keep it in the account I already have here in Manila? Then I have to travel back to Manila "every" month just to do the in person withdrawal and conversion into pesos! OR if I change it to a bank near my home...what happens when I am in the hospital again in Manila for an extended period of time or at the VA Medical Clinic and I need money here in Manila but it is in a bank in the Province near my home...

Crazy dilemma that could easily be solved if the Philippines banks actually operated like a REAL bank and every branch was a part of the mother bank and on the same computer network system! Hahaha...but you gotta love it...welcome to the Philippines!


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## bidrod (Mar 31, 2015)

Cebu Citizen said:


> That works great for a regular deposit account but those of us who are receiving SS or VA retirement or disability checks cannot do that. We are required to have a US Dollar Savings Account at an approved Philippine Bank and that account can only be used for a US Government Check by Direct Deposit only! We cannot make any other deposits into that account.
> 
> Only Direct Deposits form the US Government can go in...and we can only make withdrawals in person at that one and only original banking branch where we initially opened the account. But the bright side is that our money comes directly to the Philippines and "IF" there is ever an issue, it is easy to correct. I always hated trying to fix a bank problem by "long distance" trying to communicate with my old US Bank was a hassle sometimes with the time zone differences and the long distance phone calls, etc.
> 
> ...


I receive both SS and Mil Ret pay both go to my US bank, it is your choice whether you direct deposit in USA or Philippines. I have no problem with banking with a US bank, since it has on line banking. If I am in the hospital or incapacitated in some way my asawa has access to both the US and Philippine accounts. How you handle your finances is an individual choice this is the way I do it with no fees.

Chuck


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## Donwarner87 (Jan 18, 2016)

So you can transfer from a U.S. bank to your Philippine bank? I haven't tried yet because I have no account here and I have financial obligations in the States. My retirement is from federal government service but not SS or VA. I am hoping to split my retirement to two accounts, one here and one there, but no luck as of yet.


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## bidrod (Mar 31, 2015)

Donwarner87 said:


> So you can transfer from a U.S. bank to your Philippine bank? I haven't tried yet because I have no account here and I have financial obligations in the States. My retirement is from federal government service but not SS or VA. I am hoping to split my retirement to two accounts, one here and one there, but no luck as of yet.


Yes I can transfer with my BoA account to my BDO account but would only use in an emergency due to high transfer fees. The free way is to have a dollar account with a Philippine bank and deposit a check from your US account into your dollar account here. The check will clear in my account here in 20 business days.

Chuck


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## pijoe (Jul 21, 2015)

bidrod said:


> Yes I can transfer with my BoA account to my BDO account but would only use in an emergency due to high transfer fees. The free way is to have a dollar account with a Philippine bank and deposit a check from your US account into your dollar account here. The check will clear in my account here in 20 business days.
> 
> Chuck


I think I will adopt that approach as well. The benefits are that your wife has access to your SS. ( Maybe not for some...lol) Biggest benefit is no transfer fees and on line banking to pay stateside bills, ect... Biggest cons are that you need at least a month of operating expenses in reserve until the current months check clears.


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## Donwarner87 (Jan 18, 2016)

How much are the transfer fees from U.S. to BPI? 200 pesos per withdrawl sucks. Luckily my U.S. account doesn't charge any fees.


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## bidrod (Mar 31, 2015)

Donwarner87 said:


> How much are the transfer fees from U.S. to BPI? 200 pesos per withdrawl sucks. Luckily my U.S. account doesn't charge any fees.


Transfer fees would be if you wire transfer from your US bank to the PI bank, with BoA that is $45 to dollar account or $35 to peso account, with terrible exchange rate to peso account plus I think a $10 PI bank charge on the transfer. That is why I use the US check deposit to my PI dollar account it is free.

Chuck


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## Rebaqshratz (May 15, 2016)

bidrod said:


> Transfer fees would be if you wire transfer from your US bank to the PI bank, with BoA that is $45 to dollar account or $35 to peso account, with terrible exchange rate to peso account plus I think a $10 PI bank charge on the transfer. That is why I use the US check deposit to my PI dollar account it is free.
> 
> Chuck


This is my solution:

XOOM:	Below are the amounts allowed for me (level 3) which I had to show Tax info document with details as to my income so they can feel comfortable that I am not simply "cleaning" dirty (drug) money

Max amount for: single transfer = $2999.00 24 hour limit = $9,999.00 
30 day limit = $25,000.00 180 day limit = $60,000

$4.99 is the fee for Peso to Peso ($29990.00 USD). XOOM sets the exchange rate so they are taking part of the margin as a profit for themselves. Todays rate is 45.055 pesos (XOOM rate) per dollar.

The rates to send are cheaper if the amount being sent is less than the maximum.

It is 14.99 per transfer of 2999 USD to USD. We do it both ways depending if Asawa is there. If not we always go peso to peso so bills can be paid. If she is home I send it to USD so she can get the best exchange rate available at the bank branch we do business with..

No fees from Metro Bank or my US Bank. I like XOOM for many reasons one of which is no fingerprints on it as in Western Union Bank to bank with good documentation. XOOM sends the money within minutes with text confirmation both to the sender and recipient. They send it even before they withdraw the money from my US bank. Which means there is no administrative delay.

My 2 cents worth!


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## JakeSaPI (Sep 9, 2014)

Couple of years ago I had to go through all this. I don't know if I picked the best way but it has worked for me. Bank of Philippine Islands will accept US SS direct deposit. That is the only bank in the city where I live that will. I set it up with SS, I think I did it all on line, and the checks are deposited every month. So far no problems. I have a BPI ATM and go in and convert the dollars to peso and put them in the ATM account. No fees, no issues really, works fine. 

My one complaint is that BPI has unbelievably slow processing when you go in. To convert dollars you have to go to customer service. On average, and I've timed it, it takes them 30 - 45 minutes to process each customer. For example, even though I'm a long time customer, each time I go in they have to re-enter my address, age, phone number, and complete name in their data base. It is ridicules.


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## Asian Spirit (Mar 1, 2010)

JakeSaPI said:


> Couple of years ago I had to go through all this. I don't know if I picked the best way but it has worked for me. Bank of Philippine Islands will accept US SS direct deposit. That is the only bank in the city where I live that will. I set it up with SS, I think I did it all on line, and the checks are deposited every month. So far no problems. I have a BPI ATM and go in and convert the dollars to peso and put them in the ATM account. No fees, no issues really, works fine.
> 
> My one complaint is that BPI has unbelievably slow processing when you go in. To convert dollars you have to go to customer service. On average, and I've timed it, it takes them 30 - 45 minutes to process each customer. For example, even though I'm a long time customer, each time I go in they have to re-enter my address, age, phone number, and complete name in their data base. It is ridicules.


I think each bank and perhaps each branch has their own policies and ways of doing things. Our bank, if not real busy, takes about 5 minutes to the conversion and withdrawal into pesos. 

We have come to know most of the employees at our bank and even a few of the regular (local) customers. So being retired, I/we plan a trip to the bank when we are not in a hurry and enjoy the down time at the bank and visiting with folks. After all the years I worked, it's nice to not hurry even at the bank and have the time to just visit before heading back outside into the rush of life and traffic.


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## bidrod (Mar 31, 2015)

Jet Lag said:


> I think each bank and perhaps each branch has their own policies and ways of doing things. Our bank, if not real busy, takes about 5 minutes to the conversion and withdrawal into pesos.
> 
> We have come to know most of the employees at our bank and even a few of the regular (local) customers. So being retired, I/we plan a trip to the bank when we are not in a hurry and enjoy the down time at the bank and visiting with folks. After all the years I worked, it's nice to not hurry even at the bank and have the time to just visit before heading back outside into the rush of life and traffic.


We were at our BDO branch yesterday conducting some business with the manager. My wife was going to get in line to transfer dollars from that account to our peso account the manager told her to stay seated while he took the transaction to a cashier to process. We continued our business and the accomplished paperwork plus our passbooks were given to us while we were still with the manager. 

Chuck


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## Asian Spirit (Mar 1, 2010)

bidrod said:


> We were at our BDO branch yesterday conducting some business with the manager. My wife was going to get in line to transfer dollars from that account to our peso account the manager told her to stay seated while he took the transaction to a cashier to process. We continued our business and the accomplished paperwork plus our passbooks were given to us while we were still with the manager.
> 
> Chuck


Yep, that's the way to do it and that's the kind of customer service that keeps people and brings new business in as well.


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## fmartin_gila (May 15, 2011)

Jet Lag said:


> Yep, that's the way to do it and that's the kind of customer service that keeps people and brings new business in as well.


Most here don't seem to grasp the concept of Customer Service, that Manager should do well in life.

Fred


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## Asian Spirit (Mar 1, 2010)

fmartin_gila said:


> Most here don't seem to grasp the concept of Customer Service, that Manager should do well in life.
> 
> Fred


That sure is the truth Fred. Ya know, we would not know how to act if we went back home to where customer service is automatic, needs are met even before we have them, promises are kept, and people care about people! So what were we thinking when we moved here  Hahaha:spit:


Jet


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> Wait! What's this about not paying Medicare? Is that even possible? Who do I contact for info?


Don, I have absolute info for you from Social Security as I wanted to make sure myself too. Here is an email letter I just received from my Social Security worker at the US embassy in Manila:

*Dear Mr. Xxxxxxxx,

When you turn 65, you will be automatically enrolled only in Medicare Part A (Hospital Insurance). Medicare Part A is free and it is mandatory for all Social Security beneficiaries who attain age 65.

On the other hand, you will NOT be enrolled automatically in Medicare Part B (Medical Insurance). Medicare Part B is the optional coverage for which a monthly premium must be paid. You will not be enrolled automatically because your address on record is outside the United States. You need not worry about being charged unnecessarily.

If you wish to make sure, you can contact us again in January 2017 and have us check the status of your Medicare enrollment. The status should show then that you will be enrolled in Medicare Part A but Medicare Part B will be “refused.”

Sincerely,

XXX ZXXX
Social Security Administration 
U.S. Embassy, Manila
Address: 1201 Roxas Blvd., Ermita, Manila 0930 Philippines
Tel. +63 (2) 301-2000 extension x
Fax +63 (2) 708-9723 or +63 (2) 708-9714*

So the determining factor is our address of record with Social Security. If you have your addresses listed as here (outside the US) you will NOT be automatically enrolled in Medicare Part B.

Gotta love the gals working at the embassy! They are good at what they do and always willing to help and fast with any inquiry.



Regards

Jet Lag


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## JakeSaPI (Sep 9, 2014)

I got much the same letter directly from SS USA. Took a while to get here - Baguio - 6 weeks usually to get mail from Manila to Baguio - but it says the same thing. Part A is automatic enrollment, and part B has to be requested as I live out of the US. 

Nice SS did that, one less hassle.


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## Donwarner87 (Jan 18, 2016)

What about paying for FICA tax now until I turn 67? I will never use it, so why should I pay the tax now? I contacted my retirement coordinator and they informed me that medical retirees almost always opt out of paying that tax. Maybe she didn't understand my question.


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## Asian Spirit (Mar 1, 2010)

JakeSaPI said:


> I got much the same letter directly from SS USA. Took a while to get here - Baguio - 6 weeks usually to get mail from Manila to Baguio - but it says the same thing. Part A is automatic enrollment, and part B has to be requested as I live out of the US.
> 
> Nice SS did that, one less hassle.


That's for sure and good the snail mail made it to you. I use the mail service at the VFW to help insure things don't get lost --like the yearly are you still alive letter from SS.

I also use only Social Security at the embassy. I found years ago the the offices in the states don't always have the right info for overseas. Plus at the embassy they do most everything by phone and or email.

Jet Lag


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> What about paying for FICA tax now until I turn 67? I will never use it, so why should I pay the tax now? I contacted my retirement coordinator and they informed me that medical retirees almost always opt out of paying that tax. Maybe she didn't understand my question.


I'd suggest directing the question {via email} to a supervisor at the Manila embassy SS office.


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## Donwarner87 (Jan 18, 2016)

*Dollar account*

So why would I need to have a dollar account instead of depositing directly into a pesos account?


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> So why would I need to have a dollar account instead of depositing directly into a pesos account?


Because it's a requirement of US Social Security Admin. No way around it..


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## Donwarner87 (Jan 18, 2016)

Jet Lag said:


> Because it's a requirement of US Social Security Admin. No way around it..


Ok Thanks. I am not SS yet, but I have a government retirement. I'll have to find out if I can avoid for now. The FERS just has a Direct Deposit and allotment that as far as I can tell, doesn't require a Dollar account.


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> Ok Thanks. I am not SS yet, but I have a government retirement. I'll have to find out if I can avoid for now. The FERS just has a Direct Deposit and allotment that as far as I can tell, doesn't require a Dollar account.


Don,

I'm not familiar with the "FERS" that you mentioned here. Could be that it can go straight to a peso acct here. In my opinion, it's good to have Social Security directed deposited here for several reasons.
It's quick and painless, if you have a Peso acct you can transfer to it. If that peso ATM card goes missing or does not work any longer you can get a new one issued the same day here. Can't do that with a US acct. Also, if you have it directed deposited here and you have your physical address listed here in country, you can opt out of paying into Part B of Medicare. That in itself is a good savings.

For me/us, I'm glad I chose to have it sent here every month. I know it's there and the bank we have is very good to us.


Jet lag


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## DonAndAbby (Jan 7, 2013)

Donwarner87 said:


> Ok Thanks. I am not SS yet, but I have a government retirement. I'll have to find out if I can avoid for now. The FERS just has a Direct Deposit and allotment that as far as I can tell, doesn't require a Dollar account.


If you have dollars directly deposited to a peso account, you loose control of the exchange rate. You will get what ever rate is available on the deposit day, good or bad. If you deposit dollars to a dollar account, you choose when to exchange in order to get a good rate.


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## DonAndAbby (Jan 7, 2013)

Jet Lag said:


> I'd suggest directing the question {via email} to a supervisor at the Manila embassy SS office.


FICA is a payroll tax to fund SS and medicare so if you are not working for a U.S. company I don't see how you would pay it.


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## DonAndAbby (Jan 7, 2013)

Question. Is it possible to have your SS check split to 2 banks? E.g., if you get $2000 a month, have $1000 deposited to a U.S. bank and $1000 deposited to a Philippines bank?


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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> Question. Is it possible to have your SS check split to 2 banks? E.g., if you get $2000 a month, have $1000 deposited to a U.S. bank and $1000 deposited to a Philippines bank?


That really is a good question. Again, I Would contact Social Security at the Embassy -- not in the states. Social Security at the embassy handles these international issues every day where in the states they don't and would not be as knowledgeable in these matters.

Don't know why anyone would want to do it that way but just from living here as many years as I have, it's just one more way to have things messed up and not worth a risk. I/we use Metrobank and they really are good. Have had no problems ever. We have a US dollar Social Security account and a peso acct with them. Another expat friend of ours used Chinabank when he was alive and had equally good service.


Jet Lag


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## DonAndAbby (Jan 7, 2013)

Jet Lag said:


> Don't know why anyone would want to do it that way but just from living here as many years as I have, it's just one more way to have things messed up and not worth a risk.
> 
> Jet Lag


Yes, I suspect it is not possible anyway. Actually my 2 kids will get SS too, and I think it is paid to my wife, not me. So if I want to split up our total SS, I could have mine deposited to a U.S. bank and theirs will come to a Philippines bank.

I was just think that if you receive more SS than you need for monthly expenses, it would be better to keep some in the U.S. and invest it.

Jet Lag, another question for you. How far in advance should I start talking to SS about payments for my kids and I? I will start collecting when I turn 62, and that is about 26 months from now. Will they assign someone to me that far in advance? From what you have said, it seems that getting a relationship going is a good thing! I hope they will have Subic and Angeles outreaches in September, so it would be good to say hello and ask a few questions there.


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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> Yes, I suspect it is not possible anyway. Actually my 2 kids will get SS too, and I think it is paid to my wife, not me. So if I want to split up our total SS, I could have mine deposited to a U.S. bank and theirs will come to a Philippines bank.
> 
> I was just think that if you receive more SS than you need for monthly expenses, it would be better to keep some in the U.S. and invest it.
> 
> Jet Lag, another question for you. How far in advance should I start talking to SS about payments for my kids and I? I will start collecting when I turn 62, and that is about 26 months from now. Will they assign someone to me that far in advance? From what you have said, it seems that getting a relationship going is a good thing! I hope they will have Subic and Angeles outreaches in September, so it would be good to say hello and ask a few questions there.


Don,

I sent you a "Moderator Message/PM" on the info here.

Jet Lag


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## Asian Spirit (Mar 1, 2010)

DonAndAbby said:


> If you have dollars directly deposited to a peso account, you loose control of the exchange rate. You will get what ever rate is available on the deposit day, good or bad. If you deposit dollars to a dollar account, you choose when to exchange in order to get a good rate.


What helps in this situation is to stay one or two months ahead of what you have vs what you need. Then you can contact the bank when ready and find out what the current exchange rate is and change on a good day.

I have found that unless there is a natural disaster or act of war, what I may lose this month is made up next month or the month after and would be less that a meal at Jollibee; so why worry?

Jet Lag


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## M.C.A. (Feb 24, 2013)

One of our expats last year got stuck with an ATM US Government SS pension card that wasn't working or the internet connection to the ATM machine would time out so no money and he had no checks, customer service stateside was less than helpful.

If this is your final stop I'd get a Philippine Bank account, and don't forget about a major disaster scenario, ATM machines and electric power could be out from weeks to months ... I feel I've done my duty to warn anyone in this position to open up a major Philippine bank account and at least have an option to deposit a check or direct deposit, it's no fun being old and no option for mom and dad anymore Lol ... and trying to get someone stateside to mess with your finances or mail you cards or checks. 

So my next step is to go from check deposit to direct deposit because it's getting old showing up on the 1st to deposit my check, you have to wait 30 days plus sometimes for check to clear and I'm also sick of having checks mailed to me, and if my family member passes It'll be a challenge to get my address changed to another person that can handle my US Bank account mailings, so it's best (this is my final stop plus flying is for the birds) I finish up and make the changes.


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## Asian Spirit (Mar 1, 2010)

M.C.A. said:


> One of our expats last year got stuck with an ATM US Government SS pension card that wasn't working or the internet connection to the ATM machine would time out so no money and he had no checks, customer service stateside was less than helpful.
> 
> If this is your final stop I'd get a Philippine Bank account, and don't forget about a major disaster scenario, ATM machines and electric power could be out from weeks to months ... I feel I've done my duty to warn anyone in this position to open up a major Philippine bank account and at least have an option to deposit a check or direct deposit, it's no fun being old and no option for mom and dad anymore Lol ... and trying to get someone stateside to mess with your finances or mail you cards or checks.
> 
> So my next step is to go from check deposit to direct deposit because it's getting old showing up on the 1st to deposit my check, you have to wait 30 days plus sometimes for check to clear and I'm also sick of having checks mailed to me, and if my family member passes It'll be a challenge to get my address changed to another person that can handle my US Bank account mailings, so it's best (this is my final stop plus flying is for the birds) I finish up and make the changes.


Absolute gospel truth all of it. Well -- all of it except that we are getting old. I resemble that fact. Or are we just entering our 2nd childhood? I prefer the latter. That way I have an excuse when the asawa asks me why I forgot this or that at the store-Hahaha!!!

Seriously, you are right 100% in getting a local account for pension deposits. Even with accounts back home. If there is a natural disaster etc, the ATM's and banks are gonna be offline anyway.
I just like having our money available here when we want it and if an ATM card should be stolen or go bad it can be replaced here, the very same day.


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## Donwarner87 (Jan 18, 2016)

So when would I expect my direct deposit to reach the bank here in the Philippines? I mean when could I touch my money? 

I went to open a dollar account and they said I had to have a letter addressed to the bank from my retirement administrator to open an account. I doubt that will happen. Plus I have to maintain $500 in the account at all times. The transferring of funds from one account to another here doesn't bother mes much as not getting my check on time.


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## DonAndAbby (Jan 7, 2013)

Jet Lag said:


> What helps in this situation is to stay one or two months ahead of what you have vs what you need. Then you can contact the bank when ready and find out what the current exchange rate is and change on a good day.
> 
> I have found that unless there is a natural disaster or act of war, what I may lose this month is made up next month or the month after and would be less that a meal at Jollibee; so why worry?
> 
> Jet Lag


Yes, if you are doing a regular monthly exchange then it will even out in the long run. I have tended to do larger exchanges less frequently but that will probably change when I start getting SS.


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## bidrod (Mar 31, 2015)

BDO has a Prime Savers Account for 60 years old or older that has a $200 to open and the same maintaining balance. It is a regular account with online banking/passbook/ATM card. If your spouse is not 60 you are the only one on the account. I have no problem at my branch with me signing the withdrawal form and my wife presenting my IDs and performing the transfers without me being present. It is not a direct deposit account.

BDO also has a direct deposit account $0 to open and same for maintaining balance but as far as I know this passbook only and you have to perform all the transactions.

If you have the online Social Security account you can print your proof of entitlement and the monthly payment amount and this should suffice for what the bank is asking for proof of entitlement.

Hope this helps some of you.

Chuck


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> So when would I expect my direct deposit to reach the bank here in the Philippines? I mean when could I touch my money?
> 
> I went to open a dollar account and they said I had to have a letter addressed to the bank from my retirement administrator to open an account. I doubt that will happen. Plus I have to maintain $500 in the account at all times. The transferring of funds from one account to another here doesn't bother mes much as not getting my check on time.


US federal law requires that SS is direct deposited on the 3rd of each month. If the 3rd falls on a weekend or a holiday monday, it will be deposited the Friday before.

Here in the Philippines I usually wait till the 5th of the month to be sure its in the bank.
Also, yes, Social Security will email you a verification of your entitlement. Just take that to the bank to open your SS dollar account.

Metrobank will require $100us dollars to open and keep in the account at all times. It's worth the legwork setting up the account here and takes the worry out of problems and issues with trying to deal with banks and Social Security back in the States.



Jet Lag


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## Donwarner87 (Jan 18, 2016)

I'm not on SS yet. I'm a federal government retiree until I turn 62. Contacting and getting help from them can be quite difficult. My direct deposit is deposited on the 1st in the states, but I heard that there may be a delay through the local bank here.


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> I'm not on SS yet. I'm a federal government retiree until I turn 62. Contacting and getting help from them can be quite difficult. My direct deposit is deposited on the 1st in the states, but I heard that there may be a delay through the local bank here.


Yea, even with regular SS there is a delay of 2 or 3 days. That's usually due to us being across the international dateline here and often times weekends and or holidays slow things down.
Main idea is to try to get a month or two ahead on have vs needs so that ya won't run low on funds the end of each month.


Jet


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## bidrod (Mar 31, 2015)

Jet Lag said:


> US federal law requires that SS is direct deposited on the 3rd of each month. If the 3rd falls on a weekend or a holiday monday, it will be deposited the Friday before.
> 
> Here in the Philippines I usually wait till the 5th of the month to be sure its in the bank.
> Also, yes, Social Security will email you a verification of your entitlement. Just take that to the bank to open your SS dollar account.
> ...


My SS is direct deposited on the 2nd Wednesday of each month, of course this is to a stateside bank. The 3rd of the month changed a few years ago, at least prior to Dec 2010 when I started drawing. At least stateside for retirees my time and after it can be the 2nd , 3rd or 4th Wednesday of the month and depends on the day of the month you were born on i.e, 1-10, 11-20, 21-31.

https://www.ssa.gov/pubs/EN-05-10031.pdf

Chuck


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## Donwarner87 (Jan 18, 2016)

Ya, since I've been here my wife always gets on me for spending. "Every pesos counts." I think I will walk around Bacolod for the day and visit various banks. If nothing else it will give me something to do. Thanks for the advice.


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## Asian Spirit (Mar 1, 2010)

bidrod said:


> My SS is direct deposited on the 2nd Wednesday of each month, of course this is to a stateside bank. The 3rd of the month changed a few years ago, at least prior to Dec 2010 when I started drawing. At least stateside for retirees my time and after it can be the 2nd , 3rd or 4th Wednesday of the month and depends on the day of the month you were born on i.e, 1-10, 11-20, 21-31.
> 
> https://www.ssa.gov/pubs/EN-05-10031.pdf
> 
> Chuck


That's cool and good to know. Government keeps changing everything. Guess we can't complain really. The guys from Canada lose 25% of their SS every month by living outside of Canada. If the Feds did that to us there would be a 2nd revolutionary war! Hahaha.


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## Asian Spirit (Mar 1, 2010)

Donwarner87 said:


> Ya, since I've been here my wife always gets on me for spending. "Every pesos counts." I think I will walk around Bacolod for the day and visit various banks. If nothing else it will give me something to do. Thanks for the advice.


I heard that for sure. Here, I don't bother spending very often. I transfer retirement accounts into our joint peso acct and my wife just uses what is needed for bills and living expenses.
My young daughters are also on the peso acct and use their ATM cards when needed.
I even have them on the mail room at the VFW Post if they ever need to pick up that "Are you still alive" yearly letter that SS sends. Works out pretty good for us.

When looking for a bank there, remember there are only a select few that the US government approves for SS deposits. BPI, Metrobank, and Chinabank are some of them but I don't have the list of all of them. 


Jet


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## M.C.A. (Feb 24, 2013)

*DFAS? MyPay*



Donwarner87 said:


> I'm not on SS yet. I'm a federal government retiree until I turn 62. Contacting and getting help from them can be quite difficult. My direct deposit is deposited on the 1st in the states, but I heard that there may be a delay through the local bank here.



If MyPay...? I haven't done this yet but all your deposit information from the Government is located on your MyPay account and it can be downloaded or printed out, with that you can take that to your bank and see if that will work, if so ... get the banks routing number and which account number it will go into checking, savings or ___? DFAS told me they need those two things and they can set up a direct deposit, but it could take up to two months for deposit to be set up, depends on when you submit it. :fingerscrossed:

You can either call DFAS or log onto your MyPay account and email through this service, I've done this in the past.


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## bidrod (Mar 31, 2015)

M.C.A. said:


> If MyPay...? I haven't done this yet but all your deposit information from the Government is located on your MyPay account and it can be downloaded or printed out, with that you can take that to your bank and see if that will work, if so ... get the banks routing number and which account number it will go into checking, savings or ___? DFAS told me they need those two things and they can set up a direct deposit, but it could take up to two months for deposit to be set up, depends on when you submit it. :fingerscrossed:
> 
> You can either call DFAS or log onto your MyPay account and email through this service, I've done this in the past.


According to the DFAS site if they receive the change by the 19th of the month it should be deposited in the new account on the 1st of the next month. The change can be done online with your MyPay account. Checking yesterday on the DFAS site Philippines is still not listed as a direct deposit authorized country. If anyone is getting their us military retirement pay direct deposited to a Philippine bank please advise. I know you can have it deposited to the 2 PNB branches in US then transferred to your PNB branch here.

Chuck


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## M.C.A. (Feb 24, 2013)

*PNB Philippines*



bidrod said:


> According to the DFAS site if they receive the change by the 19th of the month it should be deposited in the new account on the 1st of the next month. The change can be done online with your MyPay account. Checking yesterday on the DFAS site Philippines is still not listed as a direct deposit authorized country. If anyone is getting their us military retirement pay direct deposited to a Philippine bank please advise. I know you can have it deposited to the 2 PNB branches in US then transferred to your PNB branch here.
> 
> Chuck


I don't see the Philippines either on their list of authorized direct deposits but 5 years ago I sent off a letter to DFAS and the reply from them was all that they needed was a routing number and what account checking or savings it was to be deposited into. :fingerscrossed:

I'm going to do this next year or after January so I'll start a new thread when that time comes, I use PNB Bank so my next time there I'll enquire if they have any pensioners there receiving direct deposit from the US or Military pensioners.


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## fmartin_gila (May 15, 2011)

bidrod said:


> My SS is direct deposited on the 2nd Wednesday of each month, of course this is to a stateside bank. The 3rd of the month changed a few years ago, at least prior to Dec 2010 when I started drawing. At least stateside for retirees my time and after it can be the 2nd , 3rd or 4th Wednesday of the month and depends on the day of the month you were born on i.e, 1-10, 11-20, 21-31.
> 
> https://www.ssa.gov/pubs/EN-05-10031.pdf
> 
> Chuck


Been at least 15 years. I started collecting in 2001 and has always been deposited on the 3rd wed as my bday is 19.

Fred


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## bidrod (Mar 31, 2015)

M.C.A. said:


> I don't see the Philippines either on their list of authorized direct deposits but 5 years ago I sent off a letter to DFAS and the reply from them was all that they needed was a routing number and what account checking or savings it was to be deposited into. :fingerscrossed:
> 
> I'm going to do this next year or after January so I'll start a new thread when that time comes, I use PNB Bank so my next time there I'll enquire if they have any pensioners there receiving direct deposit from the US or Military pensioners.


I just sent DFAS a query on their support system and will post their reply when I receive it.

Chuck


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