UK pension paid directly into a Philippines bank account

@FindlayMacD

Why not just use an ATM to withdraw funds.  You can always pay the cash you draw out into a Philippines bank account if necessary. Work on a 'need to know basis' with banks.

Or set up a premier account with HSBC and have international banking.

I use HSBC EXPAT PREMIER BANKING from Jersey, offshore and transfer funds to HSBC philippines

Both accounts are linked 

Why not get pension paid directly in to a Philippine bank account? The government pension certaintly can and probably company pensions and private ones as well.  The government pension is oaid at the prevaling exchange rate

    @FindlayMacD
"Why not just use an ATM to withdraw funds".  You can always pay the cash you draw out into a Philippines bank account if necessary. Work on a 'need to know basis' with banks.
"Or set up a premier account with HSBC and have international banking."
   

    -@Lotus Eater

"Why not just use an ATM to withdraw funds" Because lots of Filipino banks charge PHP 250 for foreign card transactions. "Or set up a premier account with HSBC and have international banking" I will look into HSBC premier account and see if that can work for me here in Philippines

    Why not get pension paid directly in to a Philippine bank account? The government pension certaintly can and probably company pensions and private ones as well.  The government pension is oaid at the prevaling exchange rate
   

    -@tphgawn

I'm worried that if I have my pension paid into my Philippine bank account (in my case BDO Unibank) I am going to be at the mercy of BDO as far as exchange rates are concerned.

That is always the case as my BPI but it's not too bad of a rate.

FindlayMacD said. . . . Hi, looking for info from UK expats who have their pension or pensions paid directly into a UK Pound Philippines bank account. It's not something I really want to do but it seems my bank, Santander UK are looking to close the accounts of expats who have no UK address and I have read that Barclays UK are also doing this. They have not informed me that they are closing my account yet but a couple of weeks ago I had a phone call from them and they asked me to upload a load of info to them such as: proof of address, proof of I.D. , my Philippines bank account details etc etc. And just today when I logged on to my online banking, the details of my 2 credit cards had disappeared. This prompted me to try to make a small online purchase with one of my credit cards and that transaction failed so I suspect my credit cards have been cancelled already.
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(1) Call the bank to see why your card transaction did not go through, since they did not inform you they close the charge card account, maybe they did not. Maybe they thought it was a fraudulent charge and denied the transaction. My banks have a special number for those people outside the country to call when they have problems.

(2) It would be a good idea to establish an UK address, either by a mail forwarder or a family member.

(3) Use a company like to Wise transfer your pension money from Santanders Bank to your Philippines bank account. Wise and others have a good exchange rate.

(4) Since they asked you to provide them with further proof, did you comply?

@FindlayMacD

Hi, I am Austrian and my country makes a money transfer of the pension to my account in the Philippines. Also I do not pay any taxes in Austria anymore, however, I pay them in the Philippines now. (What is much lower than in Austria). To get this, I got a confirmation that I am a permanent resident of the Philipppines from the BIR. However, I still have my bank account in Austria to split the risk of just one bank account in one country.

    @FindlayMacD
Hi, I am Austrian and my country makes a money transfer of the pension to my account in the Philippines. Also I do not pay any taxes in Austria anymore, however, I pay them in the Philippines now. (What is much lower than in Austria). To get this, I got a confirmation that I am a permanent resident of the Philipppines from the BIR. However, I still have my bank account in Austria to split the risk of just one bank account in one country.
   

    -@Andy_1963

Just as a matter of interest, what is the tax rate you pay on your pensions in the Philippines, I currently pay about £55.00 in UK tax on two pensions, one state pension, one employer pension which total about £1,200 per month. I do not pay tax on my UK state pension but my employers pension puts me over the threshold to the point where my combined income exceeds my tax free allowance.

    FindlayMacD said. . . .

(4) Since they asked you to provide them with further proof, did you comply?
   

    -@Enzyte Bob

Yes I did comply, they gave me a link to upload a load of info which I did........... but unfortunately I did not see the button at the bottom of the page that said "SUBMIT", so although I uploaded the info I never submitted it which is why the whole problem arose. I have been in touch with them via Skype and have got it all sorted now thankfully.

FindlayMacD is jogging my memory with this post. . . . Just as a matter of interest, what is the tax rate you pay on your pensions in the Philippines, I currently pay about £55.00 in UK tax on two pensions, one state pension, one employer pension which total about £1,200 per month. I do not pay tax on my UK state pension but my employers pension puts me over the threshold to the point where my combined income exceeds my tax free allowance.

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I will be referring SS/SSDI as pensions. Reading on this forum and web sites there is wide range of distributions. In the US you get cost of living increases yearly, some countries get cost of living monthly, some pensions are fixed for the life of the rate when you filed for.  Some will not pay Expats pensions.

I pay no taxes on my ss.
   

   

Same Bob no taxes on pensions in Australia, Government pensions are reduced slightly if living O/S but no tax.

My private super pension that I set up last month, been with them 35 years or more, no tax in fact now I draw a pension no tax on the earnings either which is 15% so 15% better off on income produced from the fund.

It is paid (once so far into my investment account in oz earning 5%, Monthly I will transfer what I need to my working account, different bank and transfer to our Peso accounts here when needed and when the exchange rate is favourable. I have all my legal stuff registered to my sisters address in Oz, no problems and no charges from a forwarder, not that we get mail as all is digitized.

I am however peeved with the Australian government sprouting pensions for tax payers which I was for 45 years. Now? apparently I worked too hard, too many assets, too much cash in the bank so don't meet the "means test" Nada for me but more than happy I have no need to rely on a measly pension but still bitter.

To the OP as a British national why don't you have an address and bank account there? Not sure of your system but seems it would be similar to Oz, nary a problem here.

OMO.

Cheers, Steve.

    FindlayMacD
I pay no taxes on my ss.       
   

    -@Enzyte Bob

Are you registered as Philippines tax payer?

Registered PH. tax payer or not income derived from external (overseas) sources is taxed or not from the original country, tax treaties etc. and not for double dipping.

I have moved a lot of money from Australia to our ph accounts 13/4M and never an issue with tax only the proverbial call from the bank "sir did you know that PH. 1M pesos was just deposited?" Yes mam. "What's that for?" Is it any of your business? "Sir I have to ask" ok it's to pay wages and building materials. "Thank you sir"

Ben or I draw the funds and the questions come again. Never had a tax issue here and worked for multi national companies and paid my dues in Australia.

Cheers, Steve.

        FindlayMacD I pay no taxes on my ss.                -@Enzyte Bob

Are you registered as Philippines tax payer?
   

    -@FindlayMacD

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No and I don't see why I should, income is based in the US and not subject to US taxes.

    I use HSBC EXPAT PREMIER BANKING from Jersey, offshore and transfer funds to HSBC philippines
Both accounts are linked 
   

    -@mikeaudrain

Yup. It’s a no brainer.

        FindlayMacD I pay no taxes on my ss.                -@Enzyte Bob

Are you registered as Philippines tax payer?
   

    -@FindlayMacD

Findlay. If you are based out of the UK for more than 3 months of the year and you have notified HMRC (  ALWAYS keep them in the loop) you are not liable to UK tax. Our American friends theoretically are but I am not qualified on the detail.

If I may play the devils advocate here. An open question to the Forum. if you are not banked in the Philippines and do not own property but you are in receipt of a sizeable taxable income by Filipino law how would the govt find out?

This is purely a theoretical question of course.  Bear in mind that the amount of sales tax you pay will be considerable compared to the average Filipino. 

If you have previous filings with the IRS, they will expect filings every year. If your income was lower than the filing limit they will be happy with no return, however if they randomly audit you they will try to understand how you are able to live. IRS is pretty good at investigating but you may get away without any audits. In that case you are lucky given that BIR and IRS cooperate with each other based on tax treaties. If you file without declaring Phillipines income or do not file at all after having  earned such income, that is considered tax evasion, a crime that includes jail time. So, you migjt get away with it but if you get caught, consequences are severe. It isn't worth it 😔 n my opinion. It is also possible for some other expat who is jealous or doesn't like you very much to turn you in to the IRS.

        FindlayMacD I pay no taxes on my ss.                -@Enzyte Bob

Are you registered as Philippines tax payer?
   

    -@FindlayMacD

Not required for an American. By tax treaty, all pensions originating in the US pay USA taxes only; those originating in the Philippines require Philippine taxes only. Also, in the USA it is possible to pay no US taxes on ss based on total income earned but I think he earns more than that, I think he meant he pays no Phil taxes on the USA ss.

        FindlayMacD I pay no taxes on my ss.                -@Enzyte Bob

Are you registered as Philippines tax payer?
   

    -@FindlayMacD

I think many of us are registered with tax numbers if we bought or sold property and that is independent of earned Income. As noted Americans do not pay Philippine.taxes on US sourced pensions, retirement plans etc..

I should just clarify my above comment for British citizens living abroad. As I understand it if you do not spend more than 3 months of the year in the UK you are deemed not liable to UK tax. But as always check with a qualified accountant. However your domicile usually remains in the UK.

I think the US is one of the few countries that tax overseas income unless you renounce your US citizenship which needs to be carefully considered.

I think the US is one of the few countries that tax overseas income unless you renounce your US citizenship which needs to be carefully considered.
   

    -@Lotus Eater

That is correct; only Eritria and the US employ citizenship based taxation. The Philippines used to do it until 1995 when they ended it due to many problems with their greencard holders (nurses etc.) in the US getting stuck with huge tax bills when visiting home and not being allowed to board flights back home until tax settlements were made. The Filipinos just would not not cooperate, good for them. Also,renouncing US citizenship not that easy and very impressed expensive but once it is done it cannot be reversed.