Living Abroad - Banking

I receive a Disability Pension from Oz and applied to Centrelink to be approved to live abroad and gained approval, Centrelink pays my Pension directly into my Philippines Bank account, converts it to Pesos for free and pays at the current market value according to the money markets on the day it is deposited into my account, I never need to return back to Oz and am allowed to stay here permanently. Have you looked into this if you are not aware of it already?

 

First and foremost;
You MUST apply to Centrelink to be approved to "Live Abroad" Permanently!​

When I first came here I was told my Pension would be cut off after a certain period of time (I now forget the exact amount of time - I *think* I was told if more than 6 weeks they cut would cut me off and I would lose my Government funded Housing House) so I came here for 6 weeks only...

When I went back to Australia, I went to my local Centrelink Branch and enquired about "Living Abroad" permanently, they referred me to the International Branch which is based in Tasmania. (I never had to attend the Tasmanian branch!) I filled out the application and had the required medical tests done to prove I was permanently disabled and unable to return to the workforce (for my 'Disability Pension') and submitted them to Centrelink. I am sure if you are "Officially Retired" then the same applies if you are not returning to the workforce.

It took (from memory -> I applied in *I think* February 2014 - was approved November 2014) so around 10 months for them to come to a decision and finally approve my application to live abroad. When living abroad you will be paid the most basic rate of Pension, no frills like Rent Assistance, Medical supplement etc... So you will need to buy your own Medicines here in the Philippines (so an important factor if you require expensive medical care/drugs etc as OFTEN the Pharmacies here are "Out of Stock Sir"...)

Also for those wishing to come here and Marry a Filipina;
The Australian Government will NOT pay the "Married Rate of Pension" to both you and your (Filipina) Wife unless your Wife is an Australian Citizen! And to receive the "Full Single rate of Pension" you MUST prove that you are supporting your Filipino Wife/children 100% otherwise they will cut you down to the lower Married Rate. So if you initially tell Centrelink you are married, they will automatically pay you at the Married rate minus the payment the Wife would normally receive meaning you will receive less money. I did this (proved support) and kept my "Single Rate of Pension" which is thankfully higher than receiving only "Half of the Married Rate of Pension"... Also; contrary to what some may believe, Centrelink will pay no support whatsoever to your Filipina Wife here in the Philippines in the event you should die, best to make this clear as some Filipina think they will continue to receive your Aussie Pension should you pass away. (It *might* weed out those with a different agenda to what you are thinking.)

When I first came here I opened a 'Joint Bank Account' (BPI Bank) with my Wife, this gave me somewhere I could have my Disability Pension deposited whilst living abroad. Centrelink pay for the transfer fees, convert to pesos and pay at the current rate at the time of deposit as that dictated by the money market... When I first looked into living abroad all I could find was 3rd Party handlers who transferred your Pension abroad, so began the process by signing up and opening an Account with the Commonwealth Bank in Oz. I mentioned this to one of the Centrelink staff one day that I was preparing to arrange to have my Pension sent to my Philippines Bank Account, he quickly informed me that Centrelink DID IT ALL! NO NEED to use a 3rd party money handler! In more than 2 years here I have only ever had one time when my payment was late to show up in my account, but I think that had something to do with clashing holidays both here and in Australia at the time my money was due to go in.

I met with a woman (a RUDE She-b*tch as most are in Centrelink!) who tried scaring me out of applying, telling me if I applied and was judged able to work then I would be forced to join the workforce and would lose my Disability Pension (I thought having the X-rays of a permanently broken leg since the steel plate was removed back in 1985 showing a complete break in the bone was proof enough, along with a shortened leg (6") and a proven medical history of severe back, leg and hip pain etc, but still I needed to prove to them I was indeed disabled... I DID THAT!

It can be a stressful process (mainly the waiting) but if it is what you truly want to do, then do it, it is totally worth it in the long run, I have applied for and now have been granted Permanent Residency here in the Philippines (13a Visa) and I feel it was the best thing I could have done under the circumstances...

A few links which may or may not help (or most likely confuse you more!)

International Services
International Services - Australian Government Department of Human Services

International Phone Numbers
International phone numbers - Australian Government Department of Human Services

International Social Security Agreements
International Social Security Agreements - Australian Government Department of Human Services

International Forms
International forms - Australian Government Department of Human Services

Age Pension while Traveling outside Australia
Age Pension while travelling outside Australia - Australian Government Department of Human Services

Australians Overseas
Australians overseas - Australian Government Department of Human Services

Reciprocal Health Care Agreements
Reciprocal Health Care Agreements - Australian Government Department of Human Services

Payments while outside Australia
Payments while outside Australia - Australian Government Department of Human Services

Pension rates payable to people outside Australia
Pension rates payable to people outside Australia - Australian Government Department of Human Services

 

Did you mean to add a question to this tis me?

 

I speak with facts about a friend of mine who had a joint bank account with his phil wife, he passed away and when the bank found out he had died they froze the account and his widow had to go through the court system with the help of a lawyer, and by the time it was settled which took about 14 months about 60% of the account was loss. Yes i also have a joint account with my phil partner but do not allow to have a huge amount of pesos in the account. You might want to ask your bank what their policy is on joint bank accounts.

 

Thank you for reminding me; I NEED to speak to the Manager at BPI to sign a form that in the event of my death they do not freeze the Account and my Wife still has full access to our account. I had forgotten all about doing this...

 

Brian, im definitely no finance guru, but i think it doesnt matter what you sign they will freeze a joint account....i think it happens everywhere, not just here....Think maybe seperate accounts are the go............

 

Interesting you should say that as we did exactly that and every month we deposit into her own personal account. However I would still like to ensure that our joint account is not frozen should the inevitable occur one day soon and she will be needing money for funeral expenses etc.

 

d*mn! An eye opener for sure! I was told all I needed to do was sign at the Bank to not freeze our joint account so my Wife could access it but you are 100% right mate! It is the Law, end of story, until a BIR Receipt is issued... Something I think anyone here who wishes to take care of their Wife/Family should be aware of!

Quote:
Banks are not interested in keeping this money. The culprit is Section 97 of the Tax Code, which requires that a BIR certificate that estate taxes have been paid be presented. Only then can banks allow withdrawal from the deceased depositor’s bank accounts, including joint accounts.

Bank account of the ‘living’ dead