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Canada Pension

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kentech:
Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken

Lee2:

--- Quote from: \"kentech\" post=46736 ---Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken
--- End quote ---


I am not Canadian so hopefully some will answer your question but one thing I have read on forums is that not a lot of banks in the Philippines deal with Canadian dollars, so that would have to be the first thing you would have to work out. I know HSBC does but requires a fairly large deposits which may preclude some people, and BPI does so researching them might make it possible to do what you wish to do with HSBC being the easiest because of their ability to easily move money online if you also have an account in a Canada HSBC.
ADD BPI Foreign currency deposit accounts info.

My opinion is that until you are 100% positive you will continue to live in the Philippines forever, it might be easier to start off with having your money deposited in your home country and depositing checks into your Philippine bank account and waiting the 21 days for it to clear and then exchanging them at a place which will give you the best exchange rate, but by doing it that way you must keep at least a month or more ahead.

starrt:
Hi Ken,

Here is a link for the Govt of Cda web site on pensioners living abroad.
http://www.servicecanada.gc.ca/eng/sc/pensionersabroad/index.shtml
There is information on what you need to do to receive the pension abroad, how to apply, which banks can be used, etc. Just be aware that all deposits for Canadians living in the Philippines are converted to Php before the money gets into your bank account.
Let us know if you need anymore information.
From a fellow Canuck

Thomas

Art, just a re(tired) Fil-Am:

--- Quote from: \"kentech\" post=46736 ---Hi all, any canadians having their canada pansion direct deposit to an account in the phils? If not how are you dealing with this issue?

   Ken
--- End quote ---

You asked about direct deposit of your Canadian pension to a local bank in the Philippines! Me personally I don\'t recommend it, because I once did that with my U.S. Government pensions 10 yrs ago where I could only avail using their passbook type account without ATM and internet access and there is a small fee for every direct deposit transaction to a Philippine bank account, don\'t know about Canada though, but I\'m sure there will be!
I have since then rediverted my pension direct deposit back into my U.S. Bank and just write out U.S. checks for deposit into my Philippine local dollar account, but the check takes 25 days to clear and post into my Philippine local bank! It isn\'t too bad doing it that way and plus there are no service fees involved and I have ATM and internet access to my local dollar/peso accounts and U.S. bank accounts! Works pretty well for us and have been doing it for 11 yrs now without any problems!

kentech:
Thanks for the info! I read a lot on the Canada.gc.ca web on the weekend and the one thing thing I was looking for there was, what if I don\'t plan on returning to Canada. I am in Ontario and as far as I can see, I will just loose OHIP. I am hoping to retire there when I turn 60 in 3 years! I have had enough of fixing cars for the past 40 years.
    Ken

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