Author Topic: UK Citizen and Company Pensions  (Read 2065 times)

Offline hayling

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UK Citizen and Company Pensions
« on: August 24, 2017, 05:02:55 AM »
Hello
I am a UK citizen, I currently live in New York, have been here 8 years, and have a Citi Bank checking account. As I have not lived or visited the UK for 9 years I can not have a UK bank account.
I have two company pensions, only around 600GBP each month that are currently paid into my US Citibank account.

I am shortly to move to the Philippines and will be initially on a tourist visa renewing, until I can establish there with my Filipino partner.
My question is this.....Initially I can still have my US Citibank account, but as I will no longer maintain a US address, this is likely to become risky to keep, and I am paying for my pensions to be transferred into US$, and soon into PHP.....what would be my best options for securring a reliable monthly balance?
I suspect I can't open an account in PI to start, but I wonder if anyone else has had similar situations?

Thanks in advance for any advice.

Offline JoeLP

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Re: UK Citizen and Company Pensions
« Reply #1 on: August 24, 2017, 06:24:22 AM »
Your address will become the issue.  I still keep my US bank account, but use a sister's address as my address for that account.  Zero problems so far and been on tourist visa for 4 years.  Might have to do one of those "buy and address" things.  My dad did that when he had a motor home.  Paid some low cost(think it was $200) for legal ownership(shared) of property in Montana. He always had Montana license plates and all on it.  But that got him a Montana post office box that would be forwarded to his real address.

It saved him money on insurance and licenses and all that.  But I know there are other setups like that across the country.
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Offline hayling

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Re: UK Citizen and Company Pensions
« Reply #2 on: August 24, 2017, 07:38:24 AM »
Your address will become the issue.  I still keep my US bank account, but use a sister's address as my address for that account.  Zero problems so far and been on tourist visa for 4 years.  Might have to do one of those "buy and address" things.  My dad did that when he had a motor home.  Paid some low cost(think it was $200) for legal ownership(shared) of property in Montana. He always had Montana license plates and all on it.  But that got him a Montana post office box that would be forwarded to his real address.

It saved him money on insurance and licenses and all that.  But I know there are other setups like that across the country.

Thanks so much will look at the options, see what theer is although to sedn from the UK to USA and then to PI seems a long waya round, not to mention losing on all the conversion rates and exchanges.

Offline M.C.A.

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Re: UK Citizen and Company Pensions
« Reply #3 on: August 24, 2017, 05:26:14 PM »
Hopefully you can find a Philippine bank here that will accept a pension account so you could have a direct deposit to your Philippine bank, I know PNB does this but I don't know all the banks, also it might be difficult to open a bank account with out a 13a Visa but I have heard others that were able to do this with a ACR card. 

Make sure to bring plenty of checks if that card gets lost what a hassle.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline hayling

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Re: UK Citizen and Company Pensions
« Reply #4 on: August 25, 2017, 01:47:37 AM »
Hopefully you can find a Philippine bank here that will accept a pension account so you could have a direct deposit to your Philippine bank, I know PNB does this but I don't know all the banks, also it might be difficult to open a bank account with out a 13a Visa but I have heard others that were able to do this with a ACR card. 

Make sure to bring plenty of checks if that card gets lost what a hassle.

Thanks M.C.A. Yes I should hopefully be able to get the ACR Card, as I agree a direct account there would be much easier. Will look into this for sure.
I can bring lots of checks with me from my US bank, but are they valid there in US$?

Offline Lee2

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Re: UK Citizen and Company Pensions
« Reply #5 on: August 25, 2017, 03:57:04 AM »
Thanks M.C.A. Yes I should hopefully be able to get the ACR Card, as I agree a direct account there would be much easier. Will look into this for sure.
I can bring lots of checks with me from my US bank, but are they valid there in US$?
Yes you can deposit U.S. dollar checks into a Philippine bank U.S. dollar account and then wait 21 business days for it to clear.

If you deposit your U.S. SS or possibly pension into a Philippine account then it might be likely only be into a passbook account where you would have to physically go in to do withdrawals and no online access, I do not know the rules for UK pensions or all U.S. pensions, something you might have to also look into.

I am guessing, but maybe an account with HSBC in all places might solve your problem and Citibank has Global transfers, where you can move money from one countries account to the other countries account within I believe it is hours, so maybe look into that as well if there will be a Citibank in the area you move to or within a reasonable amount of time ride.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline iamjames

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Re: UK Citizen and Company Pensions
« Reply #6 on: August 25, 2017, 01:11:54 PM »
Your address will become the issue.  I still keep my US bank account, but use a sister's address as my address for that account.  Zero problems so far and been on tourist visa for 4 years.

Exactly my situation but read Ireland instead of US. My sister deals with any necessary correspondence and just contacts me if necessary. This is essential to have because your banks will not send cards etc. to the Philippines.

Offline bigrod

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Re: UK Citizen and Company Pensions
« Reply #7 on: August 25, 2017, 01:55:54 PM »
Exactly my situation but read Ireland instead of US. My sister deals with any necessary correspondence and just contacts me if necessary. This is essential to have because your banks will not send cards etc. to the Philippines.

BoA sends my cards here.

Chuck
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Offline M.C.A.

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Re: UK Citizen and Company Pensions
« Reply #8 on: December 14, 2017, 07:25:49 PM »
Thanks M.C.A. Yes I should hopefully be able to get the ACR Card, as I agree a direct account there would be much easier. Will look into this for sure.
I can bring lots of checks with me from my US bank, but are they valid there in US$?

Sorry for slow response, Hayling the checks are also good in case you can't open a bank account and so you'd cash your checks through a money exchanger and yes you can get dollars but the exchange rate won't be as good as the bank, money lenders take from 4 - 6 peso's off the dollar when exchanging into peso's so same when asking for dollars plus the money changer will charge around 500 pesos per check or more to cash it.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

 


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