Living In The Philippines Forum

It’s Your Money => Social Security and Pensions => Topic started by: sussexrob on January 16, 2016, 08:16:53 PM

Title: Pensions from the UK
Post by: sussexrob on January 16, 2016, 08:16:53 PM
Hi, just wondered if there are any guys there originally from the Uk??   I will be moving permanently later this year to Gensan, due to retire early in a couple of months.
What is the best way to have your pension paid over there please.   Should I just have it transferred monthly through my Uk bank, or just send it to myself whenever I need the money?
Would be grateful of any help .  Thanks.

Robert
Title: Re: Pensions from the UK
Post by: paulgee on January 17, 2016, 05:41:34 AM
Well Rob, there are probably any number of ways to arrange it, but this is what we do:

We still live in the UK but send money monthly to Shirleys family in the Philippines, and also for our annual visits etc.
Shirley opened an account with PNB in London, with just a small deposit. Now when we want to send money she phones them and they send the money to one of our accounts there for which they have details, and charge the debit card of our UK bank account. I believe transfers can also be requested by email, using a password, which would be handy if domiciled in the Philippines.

Not sure of the charges, but something like £6 upto £1000 sent, and £8 for £1000 plus, up to some higher limit. The exchange rate is quite reasonable.

Cheers  Paul

Title: Re: Pensions from the UK
Post by: sussexrob on January 18, 2016, 02:18:04 AM
Thanks for the reply Paul, I must admit I already send money to my wifes bank account with BDO in Gensan for what we need whilst there on holiday.  Usually I do this through LBC as the exchange rate seems better than most on average, and the charge is very reasonable ....  e.g.  only £2.99 when I send a thousand gbp.  Weekdays this is always in the account within 24 hours, so this suits me at present.  In fact I will maybe just do this when I move there, as at the moment I want to keep my Uk account open.

Rob
Title: Re: Pensions from the UK
Post by: Colin on January 18, 2016, 04:31:31 AM
Both Bing and I have our pensions paid into our joint HSBC account in the UK, we don't like keeping too much money in Philippine Banks. We also have an account with BPI Europe in the UK and tranfer money to it when we want it. We have a joint account in BPI Philippines and can sell the sell the UK Pounds on line into this account. We then just use ATM to withdraw.
Title: Re: Pensions from the UK
Post by: Lee2 on January 18, 2016, 04:42:06 AM
BPI bank has foreign currency savings accounts including Canadian Dollars, so if you have checks, then I think that you could deposit them into you BPI Canadian dollar account and wait the 21 business days for them to clear and then use a money changer for the best rates. Normally they require cash to open such accounts in the Philippines but then checks can be deposited once the account has been established.
https://www.bpiexpressonline.com/p/1/59/foreign-currency-savings (https://www.bpiexpressonline.com/p/1/59/foreign-currency-savings)
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 18, 2016, 05:24:51 AM
See the words in bold print below? It say PASSBOOK only, which means it has no ATM debit card and no internet access! Would anyone want that?
I certainly wouldn't, because I did it once long ago when we first arrived in the Philippines 18 yrs ago and I personally didn't like it at all! You're tied in to that one bank and that one bank only with your passbook.

https://www.bpiexpressonline.com/p/1/59/foreign-currency-savings (https://www.bpiexpressonline.com/p/1/59/foreign-currency-savings)
Foreign Currency Passbook Savings:

Safe keep funds in foreign currencies with passbook accounts. Available in the following currencies:

US Dollar
Japanese Yen
Euro
British Pound
Australian Dollar
Canadian Dollar
Swiss Franc
Chinese Yuan

Colin's way of banking is the best way to go if one can manage opening those accounts where he did his and also associated/linked to one's Philippine accounts for easy access!
We just write out U.S. personal checks for deposit into our BPI USD account with ATM and internet access and just wait 25 days before withdrawing funds, works just fine for us.
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 18, 2016, 12:06:44 PM
Thomas,
There's a guy on another forum and claims that he has an HSBC "Basic Banking" account in the U.S. with a minimum deposit of $5. he just transfers money from his bank's direct deposit account of his pension to his HSBC basic account and just use his HSBC Debit Master Card here in the Philippines to withdraw funds P40,000 per transaction per day without any foreign transaction fees and or any ATM transaction service fees from HSBC.

Check out HSBC's "Basic Banking" here:
http://tinyurl.com/zjkxgzq (http://tinyurl.com/zjkxgzq)
http://tinyurl.com/jckdy7d (http://tinyurl.com/jckdy7d)

When a basic checking and banking account is all you want
HSBC Debit MasterCard® Card
The convenience of HSBC Debit MasterCard® card with no transaction fees on purchases and no monthly or annual service fees.

Online banking
With free Personal Internet Banking, online Bill Pay and eStatements, banking is easier and greener, too.

No Minimum Balance
Regardless of your balance, your monthly maintenance fee is only $3

Optional overdraft protection
Enjoy peace of mind knowing your account is protected with HSBC Select Credit® for Overdraft Protection.
Title: Re: Pensions from the UK
Post by: sussexrob on January 21, 2016, 07:03:07 PM
Thanks for all your replies.  Will look into it a bit more when I get there in Feb.

Cheers.
Robert
Title: Re: Pensions from the UK
Post by: iamjames on January 21, 2016, 08:14:09 PM
For now just withdraw cash from the ATMS using your normal bank and card. They (PNB etc, )will charge you 200PHP per withdrawal with a limit of 10,000 per withdrawal. Just check what your own bank or card will charge added on to this.
Title: Re: Pensions from the UK
Post by: bigrod on January 21, 2016, 08:21:55 PM
I had a BPI ATM that I used to use that would give 20K per withdrawal in Rosario, Cavite.  Also HSBC and Citibank have ATMs that give 40K per withdrawal.

Chuck
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 21, 2016, 11:53:17 PM
For now just withdraw cash from the ATMS using your normal bank and card. They (PNB etc, )will charge you 200PHP per withdrawal with a limit of 10,000 per withdrawal. Just check what your own bank or card will charge added on to this.
Whenever I use my U.S. ATM debit and or credit card here in the Philippines for cash advance ATM withdrawals, the ATM only dispenses P10,000 per transaction up to my cash advance limit per day (multiple withdrawals) and each transaction is charged service fees at both ends (my U.S. bank and the foreign transaction fee). The cash advances will immediately show on-line, but the service fees takes a few days to post on my U.S. on-line home banking system.
So, I try to refrain from using my U.S. cards here in the Philippines and just use our RP local bank's ATM debit card and write out our U.S. personal checks for deposit into our joint USD account, wait 25 days before funds are available, but it's free to deposit U.S. checks here at our local bank's USD account.
BTW, if one wants to apply for a Philippines credit card, do it before you are over 65 yrs old. Banks here in the Philippines have age discrimination policies for credit cards and loans applications of any kind if one is over 65 yrs old.
That's why I mentioned that Colin's way of banking is pretty efficient for those who are from the U.K..   
Title: Re: Pensions from the UK
Post by: bigrod on January 22, 2016, 08:12:45 AM
Art,

I got my BDO VISA Gold credit card in March 2015, I was 67 years old.

Chuck
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 22, 2016, 10:07:19 AM
Chuck,
That's good for you, but you or your wife probably knew someone personally with connections to pull some strings under the table, the normal schemes in the Philippines to bypass local banking laws and or regulations.
I did all of my applications on-line and through telemarketers/brokers who's job was to assist in obtaining credit cards and or loans for their clients/applicants. I also personally spoke with several bank managers, also received email confirmations from their main branch who mentioned/quoted the age limit requirement according to their laws, regulations and bank policies.   
Title: Re: Pensions from the UK
Post by: bigrod on January 22, 2016, 10:32:40 AM
Art,

My wife and I have no connections as you tried to insinuate.  We dealt directly with the branch manager, no on-line or through brokers/telemarketers, etc.  Also BDO has contacted us regarding an AMEX card, which they said needs no application since they already have all the information on file.  Also the age as far as I know is not established by law, but by the individual banks.  BDO maximum is 65 while China Bank is 70.  I would think since the banks set the age they can waive that if they so desire.

Chuck
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 22, 2016, 10:55:44 AM
Chuck,

I would think it's the credit card and loan processors/brokers/telemarketers to know the bank's laws and regulations they are all representing and you yourself mentioned the 65 age limit with BDO and 70 at China Bank, but you still got a credit card from BDO at age 67. So, I just assumed the under the table schemes to be the norm since this is the Philippines and did not try in malice to insinuate anything.
BTW, BDO was one of the banks I submitted my application to and nothing became of it, so I didn't bother to resubmit my application to them again.   
Title: Re: Pensions from the UK
Post by: bigrod on January 22, 2016, 11:36:27 AM
Art,

I think you are missing my point.  I can find no law that states the maximum age for loans/credit cards, these are arbitrary policies/rules established by the banks.  So if they decide to deviate from that policy it is their prerogative

Chuck.
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 22, 2016, 01:00:39 PM
Chuck,

I got your point, but law and or policy makers making up laws, rules and regulations just to arbitrarily break them doesn't make any sense, but if you say so I won't argue with you. 
Title: Re: Pensions from the UK
Post by: Art, just a re(tired) Fil-Am on January 22, 2016, 02:09:18 PM
Chuck,

I got your point, but law and or policy makers making up laws, rules and regulations just to arbitrarily break them doesn't make any sense, but if you say so I won't argue with you.
But thanks for the info of China Bank's 70 yrs old age limit! I will try to apply with them.
Title: Re: Pensions from the UK
Post by: bigrod on January 22, 2016, 02:20:41 PM
Art,
What I saw was 70 yrs old if you have an account with China Bank.  Good luck.

Chuck