receive your uk pension in ph
#1
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Joined: Aug 2022
Posts: 5
receive your uk pension in ph
i am soon moving to the Philippines. I just wondered if i let the UK DWP send my state pension directly to my Philippine bank account what sort of exchange rate you could expect or any other information on receiving your UK pension would be useful. thanks
#2
Re: receive your uk pension in ph
You need to talk to the DWP, there's a reciprocal arrangement with the Philippines so you have your pension issued in the Philippines I assume by the SSS people.
#4
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Joined: Feb 2014
Location: Capiz
Posts: 1,646
Re: receive your uk pension in ph
Best would be to have a UK bank account and have everything put in there and then transfer it to a bank account or door to door here using a money transfer company. Register with transfer companies before leaving the UK as many require a UK address and mobile number, money normally in bank account here within a couple of hours. You can then delay, if wanted, any transfers to get the best exchange rate and as Bealinehx says queues at SSS offices are horrendous and you will always be missing one piece of unrelated bit of paper that they say they need. Any direct transfers from UK gov offices always seem to attract the worst exchange rate possible.
#5
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Joined: Feb 2014
Location: Marikina Philippines
Posts: 885
Re: receive your uk pension in ph
Yes use UK Bank account and transfer. If you manage to open a Phils bank account the cheapest and fastest way is to use Wise. In my experience after many years of using Wise almost faultless. Or if you open an account with Wise get your pension paid straight there
. Wise will give you an account number and a sort code.
. Wise will give you an account number and a sort code.
#7
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Joined: Feb 2014
Location: Capiz
Posts: 1,646
Re: receive your uk pension in ph
They will, but they do it through their bank. I had to do a quick transfer years ago so phoned my UK bank, no problems, Forex rate was 78 Ph/GBP, they offered 66 Ph/GBP. They claimed it was because they did not do many transfers to Philippines. I used Philrem and got 78.
#8
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Joined: Mar 2005
Location: Island and Province of Cebu-Philippines
Posts: 562
Re: receive your uk pension in ph
They will, but they do it through their bank. I had to do a quick transfer years ago so phoned my UK bank, no problems, Forex rate was 78 Ph/GBP, they offered 66 Ph/GBP. They claimed it was because they did not do many transfers to Philippines. I used Philrem and got 78.
How it works:
Philippine Banks that have representation in London. Either directly or via another Philippine Bank, Have an account with a clearing bank. Usually Barclays. Your bank will put the transaction through Barclays Bank, who will use a Filipino bank, that banks with them. Lloyds charges £9.50 for this service. Transaction being done through Barclays.
HSBC have branches in Philippines (not many), and if you use them, you can transfer monies online.
Note if you withdraw money via ATM in Philippines, from another Filipino Bank. They charge P18 from a Filipino Bank Card and P250-P300 for an overseas card.
ANY REMITTANCE MUST HAVE A REASON FOR REMITTANCE, "this is to avoid money laundering etc."
You can check rates by Googling Banco Central Exchange Rates Philippines.
Rates usually fall on a Friday, when the American Banks come online. Generally climbing back on the Monday.
I WORKED IN INTERNATIONAL BANKING IN THE SIXTIES. A lot has changed since then!
.
#9
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Joined: Aug 2022
Posts: 5
Re: receive your uk pension in ph
according to uk pension service they need only your phily bank details and then they use city bank for transfer of your state pension, just trying to find the best way as not to lose too much on exchange rate. puzzled as to where sss comes into the arrangement.
#10
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Joined: Feb 2014
Location: Marikina Philippines
Posts: 885
Re: receive your uk pension in ph
WISE is the way to go. So easy no complications. Fast and probably the most competitive exchange rates. I cannot understand why people make life difficult for themselves. Maybe it's called Expat Masochism Syndrome- EMS!
#11
Re: receive your uk pension in ph
SSS is the Philippines version of DWP. You can opt to have your UK pension paid by the Philippines pension system, it's not a transfer from the UK.
#12
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Joined: Feb 2014
Location: Marikina Philippines
Posts: 885
Re: receive your uk pension in ph
"SSS is the Philippines version of DWP. You can opt to have your UK pension paid by the Philippines pension system, it's not a transfer from the UK."
So how does that work? Exchange rates and timely payments.? Do you have to go to your nearest SSS office? Can it be immediately paid into your Philippine bank account?
Having been here on my second stint, this time 10 years, I do have an underlying distrust of the banking system here.
So how does that work? Exchange rates and timely payments.? Do you have to go to your nearest SSS office? Can it be immediately paid into your Philippine bank account?
Having been here on my second stint, this time 10 years, I do have an underlying distrust of the banking system here.
#13
Re: receive your uk pension in ph
"SSS is the Philippines version of DWP. You can opt to have your UK pension paid by the Philippines pension system, it's not a transfer from the UK."
So how does that work? Exchange rates and timely payments.? Do you have to go to your nearest SSS office? Can it be immediately paid into your Philippine bank account?
Having been here on my second stint, this time 10 years, I do have an underlying distrust of the banking system here.
So how does that work? Exchange rates and timely payments.? Do you have to go to your nearest SSS office? Can it be immediately paid into your Philippine bank account?
Having been here on my second stint, this time 10 years, I do have an underlying distrust of the banking system here.
#14
Forum Regular
Joined: Nov 2019
Location: Makati
Posts: 116
Re: receive your uk pension in ph
I will be calling the fine folk to start my pension payments soon. /the amount is paltry as I only have 10 years of Nat Ins contributions. I have HSBC accounts in Jersey HK and Manila, plus BPI.. any thoughts on what way I do this....for my GBP 50 quid or thereabouts a week.
I understand for small amounts they pay quarterly ??
I understand for small amounts they pay quarterly ??
#15
Re: receive your uk pension in ph
I will be calling the fine folk to start my pension payments soon. /the amount is paltry as I only have 10 years of Nat Ins contributions. I have HSBC accounts in Jersey HK and Manila, plus BPI.. any thoughts on what way I do this....for my GBP 50 quid or thereabouts a week.
I understand for small amounts they pay quarterly ??
I understand for small amounts they pay quarterly ??