money transfer

Latest update but always please double check:


PLEASE NOTE:
From August 13, U.K. pensioners will need to follow stricter procedures when managing their pension payments. One of the main changes is that any updates to your bank account details will require extra verification. This could mean additional ID checks, phone verification, or even in-branch confirmation before changes take effect.

MOST IMPORTANTLY:
The DWP will also no longer accept certain types of accounts for pension deposits, particularly those not regulated under UK banking standards. For example, some prepaid cards or international accounts (Wise) will no longer be eligible for direct pension payments. If you currently receive your State Pension into one of these accounts, you will need to switch to an eligible UK-account before the rule change.

ADDITIONALLY:

From August 13, a change to bank details will trigger an automatic temporary payment hold until the account is fully verified. While this may cause slight delays in receiving payments, it is designed to ensure that funds go to the correct account and not into the hands of fraudsters.

Pensioners living outside the UK will also be affected if they use non UK bank accounts.
Payments to certain overseas accounts may face additional verification steps or, in some cases, may not longer be possible. Pensioners abroad should contact the International Payment Centre to confirm whether their current banking arrangements comply with the new rules.

You should also ensure that the contact information the DWP holds for you is correct, particularly your phone number and email, as these will be used for verification purposes.

You might nevertheless would want to look at this video from a U.K. expat..

 

Lately the exchange rate into pesos has been up and down like a bride's nighty, so I would prefer to choose when I transfer.

 

Another option - BPI offers a USD account. I don't know if they offer other countries funds, or if other Philippine banks do. The Perdices branch USD ATMs are inside. It spits out a ticket to bring to the teller. I don't know if they have a daily limit but I was able to withdrawal 2k/USD about two weeks ago. He did ask what it was for. Asawa going shoe shopping was good enough. Two blocks away, Optimum Trader exchange rate mirrored what I saw on WISE.

 

If you got an account with them, Metrobank offers an ever slightly better exchange rate then Optimum Trader offers…