Updated August 2020
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
For those receiving US Social Security pension, there’s now a Direct Deposit Sign-Up Form exclusively for the Philippines: Direct Deposit Sign-Up Form (Philippines) or see it here: Direct Deposit Form
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, PNB Los Angeles and PNB New York.
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.
. 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 (1×1 or 2×2)
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.
Metrobank Superbilis Pension (Passbook Account)
You can open a peso or dollar US Pension passbook account at a Metrobank branch here in the Philippines. It can be a savings account or a checking account.
It should be a single account under your name. A joint account for receiving your US pension is not allowed.
You can choose to open a new account exclusively for your US pension, or you can choose to use your existing Metrobank savings account.
You can also visit or email the Metrobank branch in New York:
Phone: (800) 863-8762 / (212) 832-0855
Metrobank New York Branch
10 East 53rd Street
New York, NY 10022
By subway: Take E or V train to Fifth Avenue station.
By car: Drive to East 53rd street just East of Fifth Avenue
Mon to Fri : 9am to 5pm
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
US Dollar 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
Easy Dollar Pension account
You can open an individual peso savings account or a US 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
BDO Direct Deposit
You can receive your US pension through a BDO Direct Deposit savings account.
It can be a peso or a US dollar savings account.
No initial deposit requirement
No maintaining balance requirement
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
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)
CHINABANKChina 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
Credit for photo above:
Lakawon Island Resort, Cadiz City, Philippines
Photo by Louie Martinez on Unsplash