oatia

Hi All.

I have to choose banks from a list of 8 that are recognised by the PRA.

I don’t seem to be very good at data mining here because I can’t find details of what products are available unless I contact each bank. Is there a quicker way to find out, please?

As far as I can see I’ll be better off going for a "no pension” option so will have to cough up $20,000.

Has anybody any recommendations or horror stories to relate about banks, please?

Also, in the UK, deposits are covered by a compensation scheme if a bank fails, but I don’t know the situation here. Is it possible to use more than 1 bank?

Thanks in advance.

Stokkevn

I used Bank of Commerce, very helpful and an interest rate of 4.5% tax free. The interest is transfered each month to a savings account.
As for a central place for any deals, unliely, I had two different offers from different branches of the same bank in the same town and both were different to what they had previously told me on the phone.

Gazza-d

Yes there is a scheme which covers you to 500k pesos or 1m joint and takes forever. Keep any large amounts of money in the UK and transfer as needed.

The recommended SRRV banks are the more stable banks.

piero

I also used BOC as they were and i guess still are 1 of the better Banks. After my first year i went to renew my ID card which now i have for 3 years then to see my new friend the Manager of BOC in Bel Air. I went in with a smile and walked out without it , yes to collect my 1 years interest. So this coming November i will once again go in with a smile after 3 years..Looking on the PRA website at bank rates which was dated September or October last year which is normal for them not to be up to date .The PRA account with BOC pays 0.25% . I guess i have missed the boat but if possible and as i said i will be in BOC this coming November can you please tell me where i went wrong as you have 4.25% and Tax Free and paid monthly into your current account.
Advance Thanks
Piero

piero

Sorry 4.5%

oatia

Gazza-d,

Thanks. Is that per account or per bank (as in UK) please?

Gazza-d

I believe it's per bank but take care that the banks aren't part of a group as even if they are named as different banks they will be considered as the same bank. The Legacy group was a prime example of 10-12 rural banks that were part of the same group. I think that you could, you must check this first, have a single account each and a joint account which would give you 2m. Still the best advice is to keep the bulk of your money in your home country and transfer as necessary.

piero

I be live you used to be able to split $ 20 000 across 2 banks same now i wouldn't know but if $10 000 only 1 bank but to split you need to do that on application 2 cheques etc .
Just if all goes well for you and it was easy for me, but if you ever get the chance of 4.5 % tax free and paid monthly into another account , please let me know.
Thanks

Stokkevn

I have spoken to a couple of other PRA retirees and they are getting 0.25% as well. Not too sure what I did right,I just turned up at the bank and opened a 5 year plus 1 day time deposit for 4.5%, then I said it was for the PRA system and got them to deal with the PRA to sort out the paperwork, the only thing I had to do is copy them on the e-mail showing that the finances had come from overseas. I opened my account in about Nov 2010. Maybe I am looking at a 4.25% reduction in my interest when I go to renew next year?

piero

More or less same i joined you did well/very well to get that, hope it will carry on ,but looking at the rates . OK last year .BOC on the bottom. I wont try and change , i did ask about changing branches and yes was possible but the fees and the messing about for me not worth it. If this November i can again get a 3 year ID that's OK i,ll just collect my interest at the same time

oatia

Thanks, guys.

If I use 2 different banks I guess I'd be covered but I'd also need an extra $10,000 in yet another bank (not necessarily here) that I could access immediately if one goes under so I can top up and keep my visa.

Raises a few extra issues in my mind, especially considering the low returns offered at present.

I also can't submit an application because hotel addresses aren't acceptable according to the website, so I'll have to see if I can apply from abroad.

I'll wait until next year I think, I also wonder if the UK budget proposals will change my situation.

mikemike

as you are Uk based why not open accounts with standard chartered bank as the back up reserve

oatia

Thanks mike, I can look into it when I get there, but as I'm now considered non-UK resident for tax purposes (I hope!) I'm not sure if I'm allowed to hold a UK a/c.

I had this problem when trying to open an a/c last year to manage my late mother's estate.

mikemike

You can hold a UK account as a non resident you just need to go through the due diligence process. many of us still have our UK bank accounts