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NRG

How to collect pension payments easier

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NRG

Hi good people,

I am writing on behalf of a good old friend of mine who I have known here for many years. He gets is Social Security Pension paid in to his BDO Dollar account in Cebu City. 

The problem is that he is now 84 years old and is finding it increasingly difficult going to the city each month to collect his pension. We live over 100 km away from the city. 

Does anyone have any suggestions on how we can transfer his money from his BDO Dollar account in the city to our locality, so that he does not have to go there each month. 

I do not think they give out ATM cards with these Dollars accounts, and he no longer has an ACRI Card, that expired many years ago and never renewed it as he has no intentions of ever leaving the Philippines, so he cannot open a new account with Landbank for example. 

Any advice or suggestions would be most welcomed. 

Thanks,

Matt.

Edited by NRG

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NRG

Hi there,

 

I think I have already worked this out. I just rang BDO and they say they do an ATM Card for the Dollar Account, so they will apply for that next month when he is in the city. 

 

Thank you.

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Bama
20 minutes ago, NRG said:

and he no longer has an ACRI Card, that expired many years ago and never renewed it as he has no intentions of ever leaving the Philippines,

Not sure that I would ever live in a foreign country without proper authorization. Just me,though.

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Headshot
1 hour ago, NRG said:

he no longer has an ACRI Card, that expired many years ago and never renewed it as he has no intentions of ever leaving the Philippines, so he cannot open a new account

If he is illegally in the country (which not renewing his ACR-I card suggests), then he might find it difficult to do anything with his existing account, let alone opening a new account. If he has a savings account, he should already have an ATM account for it, but if not, that is exactly what he needs. From my dealings with banks here, they will want to see a government ID (either an ACR-I card or a Philippine drivers license) before they will hand over an ATM card to him. So, maybe he can get by if he has a current drivers license. If not, then he needs to go into Immigration and get himself straightened out before going any further.

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to_dave007
46 minutes ago, Headshot said:

If he is illegally in the country (which not renewing his ACR-I card suggests), then he might find it difficult to do anything with his existing account, let alone opening a new account. If he has a savings account, he should already have an ATM account for it, but if not, that is exactly what he needs. From my dealings with banks here, they will want to see a government ID (either an ACR-I card or a Philippine drivers license) before they will hand over an ATM card to him. So, maybe he can get by if he has a current drivers license. If not, then he needs to go into Immigration and get himself straightened out before going any further.

Don't think that ACRI being expired automatically means he's here illegally..  Mine is expired, but I'm on BB now. It'll get renewed next time I'm on tourist visa.  Better we ask what the actual immigration status for the old guy is.. rather than guessing.

I'd also want to find out:

  • what online services BDO can provide (for example I learned recently that I can go online to set up routine transfer from HSBC (n city) to UCPB (in Tuburan). Tested it and it works fine.  50 peso transaction fee.  But it means I can take money across the counter at the local UCPB if I want to.. or via local ATM.  I did it as test for my friend.
  • I'd ask at the BDO branch if it's possible to "auto-exchange" the funds each month..  so that local ATM could be used.
  • Generally speaking I think it would be good idea to get the BDO manager to suggest the best ways they can help.

I have 83 year old friend out here in province with same issue..  Increasingly it's a pain to go to city to get his cash.  It's a warning to the rest of us.  May not be an issue today..  but can become an issue tomorrow.

Edited by to_dave007
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Headshot
41 minutes ago, to_dave007 said:

Don't think that ACRI being expired automatically means he's here illegally..  Mine is expired, but I'm on BB now. It'll get renewed next time I'm on tourist visa.  Better we ask what the actual immigration status for the old guy is.. rather than guessing.

I'd also want to find out:

  • what online services BDO can provide (for example I learned recently that I can go online to set up routine transfer from HSBC (n city) to UCPB (in Tuburan). Tested it and it works fine.  50 peso transaction fee.  But it means I can take money across the counter at the local UCPB if I want to.. or via local ATM.  I did it as test for my friend.
  • I'd ask at the BDO branch if it's possible to "auto-exchange" the funds each month..  so that local ATM could be used.
  • Generally speaking I think it would be good idea to get the BDO manager to suggest the best ways they can help.

I have 83 year old friend out here in province with same issue..  Increasingly it's a pain to go to city to get his cash.  It's a warning to the rest of us.  May not be an issue today..  but can become an issue tomorrow.

I did say "IF." If the guy's only problem is an expired ACR-I card, then he still needs to get it taken care of before it leads to other problems. Like I said, he might be able to get by at the bank with just a drivers license, but they will always ask for some sort of government ID before handing over a card. BDO is a lot pickier than BPI, and even BPI requires that.

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smokey

Atm for a dollar acct well that would be interesting sure the atm only gives peso so probably converted i have a dollar acct and peso same bank what will he do with a atm for a dollar acct

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Taz

Last I was told you are not allowed to have a atm card with your dollar account where you receive your SS pension funds you must withdraw in person. 

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RogerDuMond
On 11/6/2019 at 3:03 PM, NRG said:

I just rang BDO and they say they do an ATM Card for the Dollar Account, so they will apply for that next month when he is in the city. 

Since he already has a BDO dollar account, why not open a peso account with an ATM card at the same bank next month? That way he can handle the conversion online and withdraw pesos at any ATM that takes BDO.

 

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to_dave007
5 minutes ago, RogerDuMond said:

Since he already has a BDO dollar account, why not open a peso account with an ATM card at the same bank next month? That way he can handle the conversion online and withdraw pesos at any ATM that takes BDO.

This DOES seem like a rather PRACTICAL solution doesn't it.

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Jawny
36 minutes ago, Taz said:

Last I was told you are not allowed to have a atm card with your dollar account where you receive your SS pension funds you must withdraw in person. 

I don’t know about all banks, but Metrobank will not allow annuity accounts such as for a SSA payment to use online access, ATM cards or other features similar.   Basically, in person transactions only.  I had the impression this was not just Metrobank, but a BSP requirement.

There are other dollar accounts available, without these restrictions.  For the SSA accounts, it is a lower minimum balance ($100) while a typical dollar account would be $500.  However, the originally dollar account has more features such as online and ATM access.

 

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RogerDuMond
5 minutes ago, Jawny said:

I don’t know about all banks, but Metrobank will not allow annuity accounts such as for a SSA payment to use online access, ATM cards or other features similar.   Basically, in person transactions only.  I had the impression this was not just Metrobank, but a BSP requirement.

What is the point of an annuity account? My dollar account at HSBC, where my SS goes, is just a regular dollar account.

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to_dave007
28 minutes ago, RogerDuMond said:

What is the point of an annuity account? My dollar account at HSBC, where my SS goes, is just a regular dollar account.

My accounts at HSBC are regular $ accounts (Canadian but regular).

I suspect the "annuity account" that Jawny refers to is a bit of a special account.. with minimum balances.. this minimum revenues for the bank as well..  so is limited in what services they will provide.  The bank is not a charity..  they need to make money..  Of course.. the flip side to that is WHY not allow ATM..  seems cheaper than forcing an "in person" transaction.

I must be a small town guy.. I actually LIKE the in person transactions at UCPB.

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RogerDuMond
9 minutes ago, to_dave007 said:

I suspect the "annuity account" that Jawny refers to is a bit of a special account..

When I google annuity account at BDO, it comes up as a special account for making investments.

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to_dave007
6 minutes ago, RogerDuMond said:

When I google annuity account at BDO, it comes up as a special account for making investments.

well.. gee..  if you are going to google it.. I can't compete with that..  must be right..  and does pretty much answer why only minimal services available.

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