Poll Seeking opinions on Social Security foreign bank deposits

I'm at the point of applying for my Social Security and I have a choice to make. weather to have my payment deposited in my US bank or my BPI dollar account. So I'm asking for opinions of the fellow members here. Pros and Cons. Thanks

 

This is one of those questions which does not have a correct answer, it has a correct answer for you (individuals will have different "correct" answers).

Personally, I will feel better off (safer/secure and less opportunity for problems) keeping a US Bank, US permanent resident address, (mail scanning/forwarding service like TravelingMailbox) and US phone number (google voice) for all government and financial transactions. Then decide on a method to transfer the money I need overseas (different topic).

 

I agree there is no perfect correct answer. Too many variables. That is why I ask the question. So I can hopefully find answers to questions I don't know to ask. Thanks for the input

 

I have mine deposit to BDO at the mall here, have never had an issue. Keep in mind that if you have it deposited here you need to set up a dollar secured account which means no ATM and no checking account and only in your name. You can set up a peso account and another dollar account.
The bank has the required form. I can't remember if the bank sends it to SSA or if I did.

 

I have my U.S. S.S. deposited direct to my BPI account and in 6 years have never had even one problem.
As Pat O. mentioned you will need a separate dollar account for the S.S. deposit which can only be withdrawn by you. I just transfer that deposit to our joint dollar account every month. Then I change the dollar to our joint peso account when the exchange rate looks good or as needed. By the way my direct deposit S.S. is always on time, has never been late.

 

How do you handle getting money back to the US for a payment or some other need? Western Union? I have this need occasionally. Currently my money stays in US bank, my son can write a check to anyone that needs money there and then transfer what is remaining. I also have one automatic withdraw on my account in the US which requires me to have money in a US bank account. Just wonder what the best solution is. Currently it seems to work, but I do have transfer fees. What happens if you want to transfer back to the US your SS deposit to a bank account there if something changes here?
Charlie T.
PatO

 

One question from my wife who used to work for a lending company. Does BPI still have a waiting period for access to your direct deposit. This maybe a discontinued practice I told her. But I ask anyway.

 

I have never had a hold or waiting period on mine. It has always been on time like clock-work.

 

WHEN I FIRST MOVED HERE IN 09, MY WIFE'S AUNT MANAGED A LOCAL BANK UCPB! WE GAVE HERE MY SS PAPERWORK, THEN THE NEXT MONTH I STARTED RECEIVING MY PAYMENTS RIGHT INTO THE ACCOUNT WE SET UP JUST FOR THAT PURPOSE! IT WAS AN ACCOUNT THAT ONLY I CAN ACCESS! MY WIFE CAN NOT GET MONEY OUT OF IT!
I IMAGINE YOUR BPI BANK CAN DO THE SAME FOR YOU! B/4 I ET THAT UP, I WAS GETTING MY PAYMENTS INTO MY BANK IN AMERICA! BUT MY BANK MANAGER HANDLED EVERYTHING FOR ME! REST ASSURED, THE BANKS WANT YOUR BUSINESS!! THE WANT TO HANDLE AMERICAN MONEY, AT LEAST UNTIL IT IS REPLACED BY CHINA, AS THE WORLD CURRENCY !!!

 

I usually receive my monthly SSA transfer on the 4th of the month so if the US wires it on the 1st, BDO gets the float until I withraw. Occasionally, I would receive the transfer on the afternoon of the 3rd but not consistent enough to count on so we just go to the bank on the 4th.