Thursday, July 23, 2009

Direct Deposit in the Philippines

Is there a reliable bank in the Philippines that will accept direct deposit of your funds from the United States?

Most of the banks in the Philippines will accept direct deposit of your funds once you get to the Philippines, but you need to specify in advance when you set your account up in the Philippines, if you are going to have a Peso Account or a Dollar Account or both.

Which account you decide to set up is your personal preference, but there is an advantage to having your account set-up as a Dollar Account, so that you can best take advantage of the exchange rates.

If, you do decide to open a Peso Account, you will twice as many banks to choose from because nearly all the banks in the Philippines will open an account for you.

Whatever account you decide to set-up be aware of the fees associated with each account.

If, you have questions or concerns about Social Security Direct Deposits and would like more information about it, you can contact the Social Security Attaché at U.S. Embassy in Manila by clicking here. You can also contact the Department of Veteran Affairs at the U.S. Embassy in Manila by clicking here.

Philippines Banks that accept direct deposits are:

Banco de Oro

Bank of the Philippine Islands

Citibank Philippines

Equitable PCI

HSBC Philippines


Philippine National Bank

RCBC (Rizal Commercial Bank Corporation)

UCPB (United Coconut Planters Bank)

If, you are not yet in the Philippines and wish to set up a direct deposit and a veteran, you might want to have a look at Wells Fargo’s Military Banking Section. Here’s the link for Wells Fargo. One of the benefits of Wells Fargo’s Military Banking is that they allow you up to six free withdrawals from any ATM in the world. Just be sure to see if that is still in effect, as corporations change things without prior notice. If, you aren’t prior military, and you’re still in the States or your home country, just about any of the mega banks will be more than happy to set you up with a direct deposit arrangement until you get to the Philippines.

No comments:

Post a Comment