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Banking in the Philippines

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blathim:
Hello Bob here,
Moving to near Tanjay City Negros Oriental April 1,2013 and thought I had all the info I needed but last night I was reading that my Social Security and my VA disability direct deposits can only be in my name,My Wife and I share everything here,we both worked and saved our money to build on our property in Tanjay,I am a Veteran Marine Corps,my Wife just became a us Citizen late 2012.
There must be a legal way to have a joint account,does anyone know if I can legaly open 2 accounts the first for the direct deposits from the US Government and a second one to put that direct deposited money in each month?
When we get to Negros she will take the oath for her filipino retention rights to regain her Filipino Citzenship and I will appy for an A-13 Visa.
Thanks for reading my question.
Bob
United States Marine Corps Retired
Semper Fi

bigrod:
Bob,

You can have additional joint accounts with your wife both in pesos and dollars, you just can not have direct deposit SS or Mil Ret in her name.  Once the money hits the bank you personally have to redeposit it to the other accounts, it will be a passbook only account with no ATM or internet access.  I personally deposit my SS and Mil Ret pay to our joint here by writing checks from my US bank and depositing to our dollr account, this gives us ATM and internet access locally.  Availability of th US deposited checks money is 20 banking days on average.

Chuck

bigrod:
Bob,

Also if your close to Philippine Embassy/Consulate in the States she can apply there for reinstatement also you can apply for 13A there also and upon approval it would be permanent, versus 1 year temporary here then permanant after that.

Chuck

P.S.  Think it cheaper to apply in States also.

suzukig1:
You should not have all of your bank accounts in the Phl as joint bank accounts.  When a person dies in the Phl all of that persons bank accounts, including joint accounts, by law are supposed to be frozen until that person's estate finishes going through probate and the government gets their estate taxes (or at least until the court releases the accounts).  Each person should have separate accounts with enough money available to survive the length of the probate process.  Or have access to money outside the Phl that you can get easily e.g. with an ATM card.  Otherwise you will force the surviving spouse to do something illegal; namely not report the death of the spouse to the banks.  Removing money from a joint account after one of the joint account holders dies is illegal.  There will be problems with the BIR over estate taxes.

BingColin:

--- Quote from: suzukig1 on February 15, 2013, 11:14:54 PM ---You should not have all of your bank accounts in the Phl as joint bank accounts.  When a person dies in the Phl all of that persons bank accounts, including joint accounts, by law are supposed to be frozen until that person's estate finishes going through probate and the government gets their estate taxes (or at least until the court releases the accounts).  Each person should have separate accounts with enough money available to survive the length of the probate process.  Or have access to money outside the Phl that you can get easily e.g. with an ATM card.  Otherwise you will force the surviving spouse to do something illegal; namely not report the death of the spouse to the banks.  Removing money from a joint account after one of the joint account holders dies is illegal.  There will be problems with the BIR over estate taxes.

--- End quote ---

I don't like that idea, the money in a joint account belongs to both partners and I don't think the bank should have the right to freeze the account of the surviving spouse. I guess we need to speak to BPI to straighten this out. Bing does most of the withdrawing so maybe we will have to open a second account in just her name and transfer some savings to it.

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