Americans receiving government pensions may have those pensions direct deposited to their Philippine bank accounts. Participating banks include the following followed by the fees each charges per direct deposit to a U.S. dollar account in the Philippines. These fees were correct as of June 2007. If anyone has a correction or update please leave a comment below.
Allied Banking Corporation – $3.00
Bank of the Philippine Islands (BPI) – $3.00
Development Bank of the Philippines (DBP) – $5.00
Land Bank of the Philippines – $5.00
Maybank – $3.00
Philippine Veterans Bank (PVB) – $3.00
China Bank – $3.00
RCBC – $3.00 to $5.00
Banco de Oro – Unknown
Bank of Commerce (BOC) – $5.00 to $7.00
Manila Bank – $1.00
Security Bank – $5.00
United Coconut Planters Bank (UCPB) – $4.00 to $6.00
Metrobank – $3.00
Philippine National Bank – $7.00
The banks with variable fees charge more for larger direct deposits.
If you’d like to sign up for direct deposit in the Philippines go to the bank you have chosen and ask for the direct deposit enrollment form. They will help you fill it out and the bank will submit the form to Social Security representatives in Manila. U.S. Veteran’s benefits may also be direct deposited.
The account into which the funds are paid must be an individual account. A Social Security concern is that benefits may continue to be paid and spent long after the pensioner has expired. A large Social Security operation is lodged at the U.S. Embassy in Manila. A main responsibility is ensuring that Social Security recipients are still alive. This often includes annual letters to which you must respond or your benefits will be suspended.
More information is available at the U.S. Embassy website: http://manila.usembassy.gov/wwwh3032.html
Disadvantages of direct deposit to Philippine banks:
- The account may not be joint with your wife. This could present problems in accessing pension funds if you are incapacitated.
- You will receive periodic letters from Social Security to confirm that you have not deceased. If these are not received or answered your benefits may be suspended.
- Fee as shown above. There are no fees for direct deposit to U.S. banks. If you receive Social Security and VA benefits, you’ll pay two fees.