Itís Your Money > Banking

IDD International Direct Deposit Effort

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markgottawinner:
I want to know how IDD International Direct Deposits works in Philippine Banks with the Veterans Administration Compensation pay method. I am a disabled Vet. I read on one forum that the V.A. does make such arrangements. I received a form from the V.A to have this done. If I send in the form, they will send the money in local currency or U.S. Dollars if I choose. I read on one forum where they will send the direct deposit using the (wholesale exchange rate) to give Vets the highest possible return instead of being charged for converting to pesos from dollars. As you know, the banks here will wash down deposits with high fees converting pesos to dollars. In either case, the money would be deposited into my account as pesos and not dollars. My question is - Does anyone know if the pesos deposited in philippine banks is the highest possible if the deposit paid by the V.A.uses the (wholesale exchange rate)? I could easily get 40 pesos per dollar if I convert it myself at a money changer after withdrawing U.S. dolars from a philippines bank or converting it on the streets in Cebu. My real question is - Does the V.A. deposit it into my account in pesos as high as 42 or 43 pesos on the dollar or is it only paid as low as 40 pesos on the dollar? I just want to know if I should go ahead and submit the form and have the V.A. send me the compensation pay in pesos believing they will deposit my V.A. compensation in pesos paying as high as 42 pesos or higher per dollar. We obviously want to receive the highest conversion rate possible or 42 or 43 pesos per dollar than 39 or 40 pesos per dollar. Can someone who receives V.A. direct deposit in the Philippines deposited in local currency (pesos) tell me about their experience with the V.A. in this matter? Your help is greatly appreciated.

Art, just a re(tired) Fil-Am:
I\'ve always had my V.A. Compensation and all of my other U.S. government pensions direct deposited into my U.S. Bank in California and just write out a U.S. personal check monthly for deposit into my Philippine U.S. dollar account which takes 25 days for the check to clear. Everyone in the Philippines is at the mercy as to what the going exchange rate is for the day! So, it\'s each to their own when to exchange their U.S. dollars! Do your own leg work where the highest exchange rates are locally!
I do not recommend direct deposits of U.S. government pensions directly deposited to their accounts in the Philippines, been there and done that, but changed it back to the way it originally was! Why?  With U.S. government direct deposits into a Philippine bank account, the banks here in the Philippines can only offer U.S. dollar passbook type  accounts without ATM or internet access and only in the depositor\'s name, because joint accounts are not allowed with their legal spouse or with anyone else in the Philippines! Also, there is a monthly fee for every direct deposit transaction, it used to be $3 per transaction (monthly) long ago, probably around $4 to $5 today, so right there you already lose money!
Just go to the forum index under \"Banking\" and I\'m sure more of your questions will be answered!

richardsinger:
I have money in a Singapore Citibank account, and if I need to transfer some to my Philippines pesos account, I just do an online transfer. I often use exchange4free for this since they do not have a transaction charge and their exchange rate is usually better than what Citibank offer. I\'m just wondering if using cheques gives any advantage?

Richard

richardsinger:

--- Quote from: \"Unfalintene\" post=47265 ---I cannt upload image file in new topic. Use only jpeg files
 
Can you tell me step by step how to make it?
--- End quote ---


Welcome to the forum!

Maybe you need to make a few posts first before being allowed to upload files? Just a thought, if I\'m wrong I\'m sure someone else will correct me.

Richard

Gray Wolf:

--- Quote from: \"Unfalintene\" post=47265 ---I cannt upload image file in new topic. Use only jpeg files
 
Can you tell me step by step how to make it?
--- End quote ---


You must make at least 3 posts total before you are allowed to attach a jpg image


By the way, you\'ll no longer see \"Unfalintene\".  It was a troll using a false IP address in Belgium.

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