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receive your uk pension in ph

receive your uk pension in ph

Old Aug 8th 2022, 10:57 pm
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Default 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
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Old Aug 8th 2022, 11:59 pm
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Default Re: receive your uk pension in ph

Originally Posted by sdh44
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
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.
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Old Aug 9th 2022, 9:26 am
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Default Re: receive your uk pension in ph

Anything to do with SSS will be a nightmare. Loooong queues. At the SSS office in Marikina they start turning up at 5 am!
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Old Aug 9th 2022, 2:04 pm
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Default 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.
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Old Aug 9th 2022, 6:27 pm
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Default 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.
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Old Aug 9th 2022, 7:38 pm
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Default Re: receive your uk pension in ph

will the gov not just transfer to a philippines bank in the philippines my bank pensions will be transferred that way as I do not have a UK bank account
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Old Aug 9th 2022, 8:19 pm
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Default Re: receive your uk pension in ph

Originally Posted by mikemike
will the gov not just transfer to a philippines bank in the philippines my bank pensions will be transferred that way as I do not have a UK bank account
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.
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Old Aug 9th 2022, 9:43 pm
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Default Re: receive your uk pension in ph

Originally Posted by Stokkevn
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.
If you make transfer from a UK account, as I do. Ask for remittance to be in £Stg. That way you are paying fees to the Philippine bank. The UK banks charge circa 3% and sometimes a transaction fee as well. BDO for example charges under 1%.
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!
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Old Aug 9th 2022, 10:04 pm
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Default 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.
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Old Aug 9th 2022, 10:05 pm
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Default 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!
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Old Aug 9th 2022, 11:55 pm
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Default Re: receive your uk pension in ph

Originally Posted by sdh44
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.
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.
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Old Aug 10th 2022, 12:31 am
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Default 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.
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Old Aug 10th 2022, 2:56 am
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Default Re: receive your uk pension in ph

Originally Posted by Bealinehx
"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.
As far as I know the Philippines pension is paid directly into a bank account. My wife's is PNB and MIL is Landbank. I don't know how the UK pension works but I assume you set it up in the UK first. A stipulation is that you become a non dom.
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Old Aug 10th 2022, 3:20 pm
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Default 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 ??
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Old Aug 10th 2022, 6:28 pm
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Default Re: receive your uk pension in ph

Originally Posted by freebie
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 have mine paid into my HSBC UK account then either online banking drag it into my HSBC Manila account or for a better exchange rate Wise it to out PNB account.
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