4/13/2014

Direct Deposit for US Pensioners in the Philippines

Updated Jan 28, 2018

You can receive your US pension in the Philippines faster and more securely by opening a
Direct Deposit US Pensioner account at a bank here in the Philippines or at a Philippine bank branch in the U.S.

Any of the following US 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
.  You will open an account under your name only. Joint account is not allowed.

PHILIPPINE NATIONAL BANK (PNB)

PNB Direct Deposit Account (Passbook Account)

Your US pension will be directly deposited to your PNB passbook account through the Fedline System of PNB Guam and PNB Los Angeles.

Open your PNB Direct Deposit Passbook Account at the:
 .  PNB branch nearest your residence in the Philippines
     (You will be allowed to withdraw over the counter only at your branch)
 .  PNB Los Angeles branch
 .  PNB New York branch
 .  PNB Guam branch

Your account can be either a peso or a US dollar passbook 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 - 100 pesos
Dollar account - 200 US dollars

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

Penalty for not maintaining your account for 2 consecutive months:
       55 pesos for peso account
       10 US dollard for US dollar account

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


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

METROBANK

Metrobank Superbilis Pension (Passbook Account)

You can open a peso or dollar US Pension passbook account at a Metrobank branch here in the Philippines.
You can also visit or email the Metrobank branch in New York:
Phone: (800) 863-8762 / (212) 832-0855
Email: customerservice@metrobankny.com

Peso Account
Minimum initial deposit: 100 USD
Minimum Maintaining Balance: 100 USD
Minimum Average Daily Balance to Earn Interest: 500 USD
Savings Interest Rate: 0.125% per year
Penalty for not maintaining MADB for 2 consecutive months: 5 USD

US Dollar Account
Minimum initial deposit: 500 pesos
Minimum maintaining balance: 500 pesos
Minimum average daily balance to earn interest: 10,000 pesos
Savings interest rate: 0.25% per year
Penalty for not maintaining MADB for 2 consecutive months: 300 pesos

At a Metrobank branch, you will 
fill up this Direct Deposit form, which will be sent to your US pension provider.

Notice for US Pensions processed by Metrobank New York branch:

Remittance service fee will increase starting April 1,2018:
If credit is to a peso account, service fee will increase from 5 US dollars to 6 US dollars.
If credit is to a US dollar account, service fee will increase from 6 USD to 7 USD 
Service fee is automatically deducted from the remitted pension.

For inquiries:
Email: customercare@metrobank.com.ph
Hotline: (632) 8700-700
Domestic Toll Free No.: 1-800-1888-5775

LANDBANK
Easy Dollar Pension account
You can open an individual peso savings account or a dollar savings account to where your US pension will be directly credited by the US Federal agency that provides your pension.
Just visit a Landbank branch with your IDs and documents.

24/7 Customer Care Center Phone: (+632) 405-7000
Email: customercare@mail.landbank.com

For BPI and China Bank US pension accounts, sorry I can't find updates yet:

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)


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
US pension
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