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Yes just open a bank account in philipinness in Us currancy . Then you change it to pesos at best exchange rate  you can find . This is the best choice .

John50 wrote:

hello,

  I have questions about banking and exchange.

  First off I am Disabled so I recieve a monthly check from SSD. I already have a Bank Of America account I have my check Direct Deposit.

  Now the Questions:

  I am told by Philippine National Bank in New York. I have a few options for accounts.
  First is open a account for direct deposit(US Funds)and I would be able to withdraw pesos there in PI with a Debit Card or use it as a Master Card, you also get checking/savings. Your Debit Card would work either as US funds or Peso.

  They also have a E account or something for online banking.

  I was told the fee for the account is $10 a month.

  When i contacted the SSA office I was told the move there is fine for a person on SSD but they would only pay in US funds but it could be Direct Desposit into PNB.

  Has anyone done this?

  Seams like a nice way to avoid the exchange cost

First, PNB is a good bank to stay away from. They are slow, antiquated, and their system is offline as much as it is on. But the most important reason is that there is a short list of banks that the US govt will approve for direct deposits here and PNB is not on that list. China Bank, BPI, and a few select others are. Your deposits can be sent direct deposit to the few approved banks but only after you have a dollar account for Social Security and or SDI/SSD direct deposits set up once you are here. After that, you must make an appointment with the
to set up the direct deposits. Because you are or will be living outside the US, your spouse, if you have one can not be on the account and an ATM card can not be issued on that account. To get all needed info and regs, visit or call the US Embassy and ask for the department to set up an appointment to handle everything. 


Good Luck and welcome to paradise...

Don't have it direct deposit here in the  Philippines, you do not get ATM card you have to go in the  bank to with draw, better to leave  it in BOA than open savings here, i have  BOA and  have  my money sent to my BPI account $4.99 for  up to $3,000 no charge for  my BPI Account no charge for BOA account, any other account will cost you the more  than the  $4.99

Okieboy wrote:

Don't have it direct deposit here in the  Philippines, you do not get ATM card you have to go in the  bank to with draw, better to leave  it in BOA than open savings here, i have  BOA and  have  my money sent to my BPI account $4.99 for  up to $3,000 no charge for  my BPI Account no charge for BOA account, any other account will cost you the more  than the  $4.99

I have Wells Fargo in the U.S. and there is no charge if you are a preferred customer...They make their money off the exchange rate up to $3000 each time with a max of 6 times in one month where I Int'l transfer to BPI ...After that there is a charge...

thats good any way you can save money you can also deposit a check from your bank in to BPI account no charge but takes a while to clear, but  direct deposit has a charge and  no ATM

If I read it right, $10.00 a month for the account you have internet banking with it. I also kept my BOA account to be on the safe side.

I have  BPI express savings no charge unless you go under P2000, you also get  International ATM card can use it out of the country, if  i want to visit Honk Kong don't need a lot of cash to convert

better not to let bank do the exchange they usually have the lowest rate, better if  you had some way to get dollars than change them at money changer, i would never take  dollars to a bank for exchange, but dollar accounts have  a charge here in most banks, find best account in Piso than send Piso or deposit your bank check in to Philippine bank, only way i know  to get free money from your bank

There is  fee for  dollar accounts here in most all banks

I do not mind paying $4.99 per month to exchange USD to PHP.

  Thank you so much for the Advice.

  OkieBoy, Hope you did not get any damage from the Earthquake. How do you like davao? I have one friend that lives in Davao city and another that grew up 2 hours north of Davao.