Itís Your Money > Social Security and Pensions

Pensions from the UK

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sussexrob:
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

paulgee:
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

sussexrob:
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

Colin:
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.

Lee2:
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

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