4.13.2014

Direct Deposit for US Pensioners in the Philippines

By Nora
You can receive your US pension in the Philippines faster and more secure by opening a
Direct Deposit account at a bank here in the Philippines or at a certain bank location in the U.S.

Any of the following pensions or payments is eligible: 
 . Social Security
 . Supplemental Security Income
 . Railroad Retirement
 . Civil Service Retirement
 . VA Pension
 . Federal Salary or Military Civilian Pay
 . Military Active Pay
 . Military Retiree Pay
 . Military Survivor Pay
 . World War II Veteran Pension
 . Other Pension from a US Government Agency

.  Bring at least 2 valid IDs, preferably your passport, driver's license, or any other valid government photo ID.
.  Bring also your document/s showing that you are a US pensioner.
.  You will accomplish the US Treasury-prescribed form: Direct Deposit Sign-Up Form


PHILIPPINE NATIONAL BANK (PNB)

PNB Direct Deposit Account

Open your PNB Direct Deposit Account at:
 .  any PNB branch in the Philippines
 .  the PNB Los Angeles branch
 .  the PNB New York branch

Your account can be either a peso or a US dollar account.

Bring:
. USTW checks
. US Social Security ID
. Letter from the US Federal Agency
. 2 government issued photo-IDs (driver’s license, SSS/ GSIS ID, voter’s ID, PRC license, passport)
. 2 ID pictures (1x1 or 2x2)

Initial Deposit:
Peso account - Php 100.00
Dollar account - $200.00

Maintaining Balance Requirement:
Peso Account - 100 pesos
Dollar Account - 200 US dollars

View the Direct Deposit Sign-Up Form prescribed by the US Treasury Department:


BANK OF THE PHILIPPINE ISLANDS (BPI)

BPI Direct Deposit Account

Your pension will be credited to your BPI savings account throught the Automated Clearing House facility of the Bank of New York.

How fast? Credited to your BPI account within 24 hours from receipt of your pension from the government agency

Go to the nearest BPI or BPI Family Bank and open your Peso or Dollar Passbook Savings account. You will fill up a US Treasury Direct Deposit Enrollment Form.

Bring at least 2 valid IDs (your passport, driver's license, SSS/GSIS ID or any other valid ID) and any document showing that you are a US pensioner.

Maintaining balance for a US dollar savings account: 100 US dollars
Maintaining balance for a peso savings account: 1,000 pesos

Penalty for falling below the maintaining balance:
  US dollar account: 5 US dollars (BPI and BPI Family)
  Peso account: 300 pesos (BPI); 250 pesos (BPI Family)


BDO 

BDO Direct Deposit

You can receive your US pension through a BDO Direct Deposit account.
It can be a peso or a US dollar account.

No initial deposit requirement
No maintaining balance requirement

Peso Account
Minimum balance to earn interest: 5,000 pesos

US Dollar Account
Minimum balance to earn interest: 500 US dollars

For more info, call BDO at 631-8000 or visit a BDO branch


CHINABANK

China Passbook Savings Account

Open a China Bank passbook savings account to receive your US pension.

Minimum maintaining balance:
Peso Passbook Savings:  1,000 pesos
US Dollar Savings: 100 US dollars

Transaction Fee for Pension Credit:
Credit to Peso Passbook Savings: $1.50 + Documentary Stamps Tax
    (30 centavos for every 200 pesos or fraction thereof)
Credit to US Dollar Savings: 3 US dollars

Bring at least 2 valid IDs and your Notice of Pension or Payment.
You will also accomplish the US Treasury Direct Deposit Sign-up Form.

US Pensioner in the Philippines
Direct Deposit

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