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Freedvr72

Options other than the dreaded ATM withdrawal for access to my monthly income??

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Freedvr72
15 hours ago, Salty Dog said:

 

On 9/3/2018 at 8:19 PM, Dafey said:

Definately open a Schwab 1 account. They'll give you free checking and an account to trade stocks, (if you want...I don't use the stock portion). They will actually set you up with a $2000 a day limit if you request and the fees that you pay at ATMs are refunded at the end of the month with no International fees. You can open the account online. If you want to add your wife it's a mail in form....

 

Thanks Salty!! Ill look into that for sure

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Freedvr72
14 hours ago, lamoe said:

Is the MasterCard affiliated with a US bank?

If so can you "add external account"?

Chase receives my various direct deposits and I transfer so much to Schwab every 6 months

Schwab is NOT a bank - not FDIC

 

 

No, the master card is with a bank only used by social security and the U.S.Treasury department. It gives,me little options, only to spend it domestically had either credit or debit card, OR open another account, which I did, and get a once a month free domestic transfer,  so I can transfer into my Hawaiian bank...If i had not no moved to Hawaii to open and run an airbnb there,  I would have stayed with my mainland U.S. bank...which gives you a free international card. Only way to do this now is to fly home. I fly home every few years, so if I can't find a better option I'll continue to lose 700 pesos per 10k until I fly home in a few years. It just really sucks. It's like paying double rent. I was told HSBC in Manila closed,  Cebu is last one left,  they offer 40k at a time, THAT would save money,  but the trip there from my home, ouch!! I would pay to avoid that traffic hell from car2 into the traffic mouth of Hades.

Edited by Freedvr72

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Freedvr72
14 hours ago, Jawny said:

There are many Philippine banks that have USA based branches. These branches would likely serve as a "domestic" bank for the transfer option you mentioned.  Once the finds are transferred to the Philippines bank, they are accessible to you.

I am unfamiliar with an annuity being deposited into a MasterCard account.  I do know some banks use an ATM card with the MasterCard logo.  I have a USA bank that does this.  It is not a credit card, but does allow me to use ATMs with the MasterCard logo for no fee (or reduced in some instances). 

I have used Metrobank for many years and am generally satisfied with their services.  A direct depost into my account (a passbook account) allows me access to the funds the same days as deposited. There are fees for this service, I think it’s $7 per deposit. 

You may find a checking account here to be less than useful.  I did have one for a while as I paid for a car using checks over a period of time.  A passbook account has served my needs to many years.  In fact, I haven’t even been inside the branch I use for s long while.  My wife makes withdrawals as we are well known to the bank.  

Do you know of a name of Philippine bank that has a U.S branch? That would solve this cheap easy and fast. The bank used for this master card is not bank only attached to the U.S. Treasury department,  and often used by social security as well, some get their social security disability benefits on this card. It's easy because it's federally protected, and inside the US was a great choice,  however due to limitations I opened a 2nd bank account with a public bank, however my government card allows for a transfer into a do Eric bank, takes 3 buisness days, if I can do this in a bank that is considered domestic by the US government, then it solves problem.  I'll Google to check this out

 Thank you. If you know of any of these banks can you list one?

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Jawny

The US Treasury and SSA use direct deposit as a way to simplify as I understand it.  From what I’ve learned about the process (of direct deposit) the annuities get paid into an account of the individuals choosing.  That may be limited, depending upon where the individual lives. 

For example, when I set up a direct deposit for a us treasury paid annuity, I used a USA bank.  The annuity I receive allows me to make adjustments to the payment, such as taxes, donations to some charities, that sort of thing.  I can also set up an allotment which acts much like an annuity.  That is, an allotment is set up to go to a bank of my choice.  I can have as many as two allotments. 

When I choose a bank to receive the direct deposit, or the allotment, it has to be a bank with an office (branch) in the USA.  In my case, that limits my choices to Philippine banks with branches in the USA. Metrobank worked for me.  

The metrobank account has some limitations such as it has to be a passbook account, a single owner, no online access. So, for me to access the funds, I have to go to the local branch where my account is in Leyte.  I can get cash, dollars or pesos, and I can also set up other accounts such as ATM, passbook, checking etc.  the only limitations are a minimum balance. 

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Enuff
That's what I do; cheapest method I have found so far.
 
Not to mention that getting to know your M Lhullier girls is an added benefit.

Plus I can pay my electric bill there too.

Sent from my CPH1819 using Tapatalk

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Jawny
6 minutes ago, Freedvr72 said:

Do you know of a name of Philippine bank that has a U.S branch? That would solve this cheap easy and fast. The bank used for this master card is not bank only attached to the U.S. Treasury department,  and often used by social security as well, some get their social security disability benefits on this card. It's easy because it's federally protected, and inside the US was a great choice,  however due to limitations I opened a 2nd bank account with a public bank, however my government card allows for a transfer into a do Eric bank, takes 3 buisness days, if I can do this in a bank that is considered domestic by the US government, then it solves problem.  I'll Google to check this out

 Thank you. If you know of any of these banks can you list one?

Yes.  Metrobank for one.  A google search will reveal many others (PNB, BDO?). These can be opened in the Philippines. 

BTW, the SSA has a large staff in the US Embassy in Manila.  They have outreach occasionally around the country.  They also have phone and email contact.  If the monies you are receiving come from SSA, they can be of assistance. 

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Freedvr72
14 hours ago, Jawny said:

There are many Philippine banks that have USA based branches. These branches would likely serve as a "domestic" bank for the transfer option you mentioned.  Once the finds are transferred to the Philippines bank, they are accessible to you.

I am unfamiliar with an annuity being deposited into a MasterCard account.  I do know some banks use an ATM card with the MasterCard logo.  I have a USA bank that does this.  It is not a credit card, but does allow me to use ATMs with the MasterCard logo for no fee (or reduced in some instances). 

I have used Metrobank for many years and am generally satisfied with their services.  A direct depost into my account (a passbook account) allows me access to the funds the same days as deposited. There are fees for this service, I think it’s $7 per deposit. 

You may find a checking account here to be less than useful.  I did have one for a while as I paid for a car using checks over a period of time.  A passbook account has served my needs to many years.  In fact, I haven’t even been inside the branch I use for s long while.  My wife makes withdrawals as we are well known to the bank.  

Ran into a problem, in order for it to be a domestic transfer,  I need to OPEN the account at the U.S. branch, then I could use it here,  again, 150-200k pesos and 30 hours of travel each way. Not really cost or time effective. So far, the best option I've heard for my needs is the money gram suggested to the local mluilher either to myself or my future wife, their one time charge to send that much money is just under 1k pesos, which would cut my costs by 5 times. However I have not tried this yet.  I will try Oct 1st,  next payday. I have sent and received money there, the exchange rate is my only concern, you don't get bank exchange rates, but much lower, I have to factor that in. If bank is giving say 53.85 to 1 on the dollar,  moneygram will give just 53.25 to 1. Doesn't seem like much,  but when talking about 40, 50, 60, 70k plus pesos even,  it could be a few thousand pesos difference which nullifies this as "cheaper" 

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Enuff
Ran into a problem, in order for it to be a domestic transfer,  I need to OPEN the account at the U.S. branch, then I could use it here,  again, 150-200k pesos and 30 hours of travel each way. Not really cost or time effective. So far, the best option I've heard for my needs is the money gram suggested to the local mluilher either to myself or my future wife, their one time charge to send that much money is just under 1k pesos, which would cut my costs by 5 times. However I have not tried this yet.  I will try Oct 1st,  next payday. I have sent and received money there, the exchange rate is my only concern, you don't get bank exchange rates, but much lower, I have to factor that in. If bank is giving say 53.85 to 1 on the dollar,  moneygram will give just 53.25 to 1. Doesn't seem like much,  but when talking about 40, 50, 60, 70k plus pesos even,  it could be a few thousand pesos difference which nullifies this as "cheaper" 

Using WorldRemit to M Lhullier

 

Send $4000 usd

Plus $5.99 cost

 

Gets you p210,632 or p52.58

 

Or open an account locally and send the same $4000 usd (fees included) with TransferWise and receive p213705 or p53.43 in 2 business days

 

 

 

Sent from my CPH1819 using Tapatalk

 

 

 

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Freedvr72
7 minutes ago, Jawny said:

Yes.  Metrobank for one.  A google search will reveal many others (PNB, BDO?). These can be opened in the Philippines. 

BTW, the SSA has a large staff in the US Embassy in Manila.  They have outreach occasionally around the country.  They also have phone and email contact.  If the monies you are receiving come from SSA, they can be of assistance. 

Yes, however I am not 100% sure yet but seems that in orderfor it to be domestic, I would need to open the account at a US branch. I will call to verify this, but it's what other expat social security recipient's who use this card have reported.

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Freedvr72

Yes,  it's the SSA office here I will be calling, i called them when I moved here to reprt change. I figure they could offer suggestion, it's who you get on the phone,  I've got alot of wrong info from them over the years,  their call center employees aren't always reliable, I've been told one thing then called back to be told that wasn't true, the fun of SSA and now the massive cutbacks,  case officers have triple workload and only have time for emergencies. 

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Jawny

I opened my Metrobank account, a NYC branch, in Seoul Korea.  I have used that account for decades.  I haven’t been to NYC since I was ten years old  

The staff may not be as fully informed as they should be.  There is an online website the ssa runs which has a blog section which answers queries related to a variety of topics.  There’s one which deals exclusively with overseas related topics.

 

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Freedvr72
13 minutes ago, Enuff said:

Using WorldRemit to M Lhullier

 

Send $4000 usd

Plus $5.99 cost

 

Gets you p210,632 or p52.58

 

Or open an account locally and send the same $4000 usd (fees included) with TransferWise and receive p213705 or p53.43 in 2 business days

 

 

 

Sent from my CPH1819 using Tapatalk

 

 

 

Ok, afyer verification of today's exchange rate. Bank giving 53.95 to 1, at only 750 dollars thats 40, 462 pesos

Moneygram rate today is 52.72 to 1, at 750 dollars that is 39,540 pesos. 

So...at just 750, you lose over 1k pesos not including the fee for using. That's was a quick check, plus I'm not sure how taxes play a role when using this method to wire thousands of dollars at a time.

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Freedvr72
10 minutes ago, Jawny said:

I opened my Metrobank account, a NYC branch, in Seoul Korea.  I have used that account for decades.  I haven’t been to NYC since I was ten years old  

The staff may not be as fully informed as they should be.  There is an online website the ssa runs which has a blog section which answers queries related to a variety of topics.  There’s one which deals exclusively with overseas related topics.

 

Yes, I have a personal my social security website account I use alot. I can change adress there , phone number and payment method, which I  dont recommend,  last time I changed it had a "system error"and sent my money to a old closed bank account and was told by my local office to "come to a office" to make any payment changes, it rook me 2 months and 2k headachea to fix that one. The "mysocialsecurity site" is notorious with us that have used it to make changes. It's great for simple things, like checking out info to verify, printing out award letter for income verification etc. 

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Headshot
22 minutes ago, Freedvr72 said:

Yes, however I am not 100% sure yet but seems that in orderfor it to be domestic, I would need to open the account at a US branch. I will call to verify this, but it's what other expat social security recipient's who use this card have reported.

What you need to talk with SSA in Manila about is how you get your funds. The way you get yours through a Mastercard is only one option of several. It seems like you somehow chose this option when starting the benefits, or else you didn't make a choice at all and they assigned it to you. It CAN be changed to direct deposit into any financial institution (bank or credit union). You need to talk with a representative at SSA in Manila to find out what your options are because the option you have certainly has to be the worst. Do you still have an account at any US bank or credit union?

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Goetz1965

Open a Skrill.com account - then you can transfer money from your Mastercard to Skrill - and from Skrill within 24h to most any philippine bankaccounts (even savings) AND GCash Wallet.

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