UK pensions paid directly into a Philippines bank account via Citibank

FindlayMacD asked. . . .Hi, does anyone on here have experience of having their UK pension from Dept of Work and Pensions paid directly into their Philippines bank account through Citibank. I am thinking particularly about how long it takes, their (Citibank's) exchange rate compared to the market rate and any additional charges Citibank impose.

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Unrelated, but my experience with Citibank Philippines.

I've been a CitiBank USA customer for 20 years. When arriving in the Philippines I visited CitiBank Philippines. I was told I would not be allowed to link the accounts if I were to open one.

So I bank at BDO.

Hi Findlay.

While I have no idea of the UK pension or banking system can I ask if you have a UK address and bank accounts there? Where does your pension currently go?

I hold an Australian Address (my nephew) for bank accounts, tax and 7 months ago started drawing a superannuation pension and is paid to my Australian investment bank account. If needed I simply transfer to my operating account (free) when the exchange is high and send it to my BDO account here from my Westpac account and they charge me 5 bucks and the exchange rate is generally .1 to .11 lower than the current exchange rate.

I do it all online and have used this system from the Philippes for 5 years and never an issue.

I hope you get some definitive answers from members that Know the system in the UK, good luck.

Cheers, Steve.

I'm pretty much the same. I get my UK pension paid every 4 weeks into my HSBC account, using a family member as my address for the bank.I then transfer using BC Remit every month into my Metrobank account here. Into my account within minutes. Been doing it 3 years NO problems.

No HSBC charges and 2.99 pounds BC Remit charges.

I have a friend who gets it paid direct and exchange rates are not so good.

    Hi Findlay.
While I have no idea of the UK pension or banking system can I ask if you have a UK address and bank accounts there? Where does your pension currently go?

I hold an Australian Address (my nephew) for bank accounts, tax and 7 months ago started drawing a superannuation pension and is paid to my Australian investment bank account. If needed I simply transfer to my operating account (free) when the exchange is high and send it to my BDO account here from my Westpac account and they charge me 5 bucks and the exchange rate is generally .1 to .11 lower than the current exchange rate.
I do it all online and have used this system from the Philippes for 5 years and never an issue.

I hope you get some definitive answers from members that Know the system in the UK, good luck.

Cheers, Steve.
   

    -@bigpearl

I had a UK bank account until the 3rd of this month when my bank (Santander) decided to close it and I am currently trying to open an online account with HSBC in the UK.

    I'm pretty much the same. I get my UK pension paid every 4 weeks into my HSBC account, using a family member as my address for the bank.I then transfer using BC Remit every month into my Metrobank account here. Into my account within minutes. Been doing it 3 years NO problems.
No HSBC charges and 2.99 pounds BC Remit charges.
I have a friend who gets it paid direct and exchange rates are not so good.
   

    -@richardjinks710

I am currently trying to open an online bank account with HSBC in the UK but the online verification processes keep failing.

    I'm pretty much the same. I get my UK pension paid every 4 weeks into my HSBC account, using a family member as my address for the bank.I then transfer using BC Remit every month into my Metrobank account here. Into my account within minutes. Been doing it 3 years NO problems.
No HSBC charges and 2.99 pounds BC Remit charges.
I have a friend who gets it paid direct and exchange rates are not so good.
   

    -@richardjinks710

Why use a family member's address for a HSBC account? If it's a Premier account you can use any address worldwide. I assumed that's why expats use HSBC. I will open one for that reason plus a PNB peso account plus keep a U.S. account open for U.S. bills. First Entertainment CU said I can keep accounts open as long as there's activity and a phone agent can manually add a PH address (online format only accepts U.S. addresses) so they can forward plastic cards to PH. Somehow I don't trust that agent's accuracy but she insisted it's true. Hopefully then I will have a U.S. PayPal account and a PH PayPal account.

HSBC  Premier account is far too expensive for me, I think you have have GBP 10,000 to open that account.

I am currently struggling with HSBC's online verification system process for opening an online account with them, the online verification system they use is run by a company called hooyu.com and their online verification processes always seem to fail....... and also everything takes so long. You can spend so many hours online with hooyu.com trying to verify your "Liveness" a test I have never heard of before; and then upload your Proof of Address documents to them etc''' and then finally they want you to take a photo of your passport. To do this they are going to send you an SMS message because they want you to do this on your cellphone to complete the procedure, but unfortunately, no matter how many times you try, the message to your cellphone does not arrive, the whole procedure sucks

    HSBC  Premier account is far too expensive for me, I think you have have GBP 10,000 to open that account.
   

    -@FindlayMacD

I have a Premier account. The minimum float is 50K but you get free gold plated travel insurance & airport lounges with the 'Priority Pass'

I opened a Chase UK account 3 years ago which is part of the US JP Morgan Chase bank. Fantastic service with a user friendly phone app. Perhaps you could give them a try.

Hi again Findlay.

I asked before do you have a UK address for mail and your domicile (pretend) there?

As said In other posts I use my nephews address for the balance of my life in Australia and he gets 2 or 3 letters a year and when he asks me I generally tell him to tear them up. My latest debit card went to him a year ago and my sis uses that to put my lotto on in Oz, she and her husband were recently here visiting for a couple of weeks and she brought my debit card with her.

Aside 6 months after living here I sold the farm. From the Philippines I opened an investment account with a major bank in Australia for my deposit. All done online from PH. and sure I had to supply passport and drivers license pics, Tax number, a residential address in Oz and more meaningless asks and my account was opened in 48 hours and the money deposited from my solicitor.

I transfer what I need from that account to my operating account (different bank) and then send simple Pesos to my account with BDO here.

I have a private superannuation fund and late last year converted to a pension fund paid monthly to my investment account,,,,, I did all this from the Philippines online and sure there is paperwork but achievable and works perfectly.

Perhaps try a different bank?

Cheers, Steve.

@jozica

It works for me, so no need to change. Do most stuff online but wouldn't want the bank sending mail to my Philippines address.

@FindlayMacD

It's 50k pounds in bank or annual income of 75k pounds.

I believe it difers country to country.

    @FindlayMacD
It's 50k pounds in bank or annual income of 75k pounds.
I believe it difers country to country.
   

    -@richardjinks710

I have no savings at present, I just live from month to month and my pension(s) amount to just more than £13,000 each month, so £50,000 float is impossible for me at this time. Having said that, I have house in the UK that I have just accepted an offer on. It is being sold for £225,000 and after my ex-wife takes her share I should have around £160,000 for myself.

My problem right now is that I do not have a UK account to pay that money into and I really don't want to send all that money to the Philippines. I would like to be able to pay my 2 pensions into a UK bank account along with the lump sum from my house sale and send money to my Philippines bank account each months through remittance companies as and when I need it.

Read what I said.

Cheers, Steve.

FindlayMacD said. . . . I have no savings at present, I just live from month to month and my pension(s) amount to just £13,000 each month.

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No savings on 13,000  each month?

    FindlayMacD said. . . . I have no savings at present, I just live from month to month and my pension(s) amount to just £13,000 each month.
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No savings on 13,000  each month?
   

    -@Enzyte Bo

That should have been £1,300 each month

        HSBC  Premier account is far too expensive for me, I think you have have GBP 10,000 to open that account.        -@FindlayMacD

I have a Premier account. The minimum float is 50K but you get free gold plated travel insurance & airport lounges with the 'Priority Pass'

I opened a Chase UK account 3 years ago which is part of the US JP Morgan Chase bank. Fantastic service with a user friendly phone app. Perhaps you could give them a try.
   

    -@Lotus Eater

Do you use Chase in the Phils? I have a Chase account in U.S. but plan to close it if it serves no purpose down the road.

    @jozica
It works for me, so no need to change. Do most stuff online but wouldn't want the bank sending mail to my Philippines address.
   

    -@richardjinks710

Yeah I hear ya

@jozica

Do you use Chase in the Phils? I have a Chase account in U.S. but plan to close it if it serves no purpose down the road.

Yes I do. No ATM transaction charges although HSBC have copied suit on that too. Great phone app which is intuitive and user friendly. Excellent customer service. Very occasionally (and I think everyone who has been to the Philippines can attest to this) when you put your card in an ATM and nothing happens after you have processed the request the app will confirm that no money has been withdrawn from your account. Piece of mind.

Always wise to have at least two debit cards when travelling. Leave one at home or in your hotel safe so I would not rush to close your US Chase account. I'm not sure if the US based account offers the same level of service as the UK based one. Would imagine its very similar.