Our plan to retire to the Philippines has been made impossible by the stupidity and lack of thinking and foresight of the Philippine Retirement Authority. It is now 0% Philippines.
Here's what happened:
Trying to set up the $10,000USD PRA account from China I contact a bank listed as a PRA approved bank (Bank of Commerce) and send them the paperwork needed to open an account. My wife and I have been in China for the past 3 years. Our bank in the USA. Bank of the Wichitas, does not do SWIFT funds transfers.
PRA requires that all funds in the PRA account be USD. No problem, but USA banks, thanks to expats and Columbian Drug Lords both laundering money, require SWIFT transactions to be initiated IN a branch (yes, in the USA). On the advice of an Expat in the Philippines I tried to open an account at a larger bank - Citibank. As soon as I answered the question "Do you plan to have any international transactions" with a "yes" he process was terminated and I was told that I can only open the account IN a branch in the USA.
I tried to transfer USD through Paypal. I opened a Philippine Paypal account and transferred the $10,000 to it. Went through the steps to verify the Philippine bank account and transferred the $10,000USD. Paypal converted it to PHP. The Philippine sbank got it and has apoplexy. The bank says they cannot convert it back to USD and sent the money back to my Paypal account. I have since closed the account in the Philippines. Now Philippines banks say I must come to the Philippines to open an account.
The PRA has no response or solution to the simple issue: How do I move $10,00USD to the Philippines from the USA if I am in China?
I even asked if I could come to the Philippines and drop $10,000USD in cash on someone's desk. No response.
The PRA's policies assume everyone will come from their own country directly to the Philippines. I am sure most do - but not all.
As an American in China it is easier for me to get into Cuba than the Philippines it seems.
I am now house hunting in the USA.
Here's what happened:
Trying to set up the $10,000USD PRA account from China I contact a bank listed as a PRA approved bank (Bank of Commerce) and send them the paperwork needed to open an account. My wife and I have been in China for the past 3 years. Our bank in the USA. Bank of the Wichitas, does not do SWIFT funds transfers.
PRA requires that all funds in the PRA account be USD. No problem, but USA banks, thanks to expats and Columbian Drug Lords both laundering money, require SWIFT transactions to be initiated IN a branch (yes, in the USA). On the advice of an Expat in the Philippines I tried to open an account at a larger bank - Citibank. As soon as I answered the question "Do you plan to have any international transactions" with a "yes" he process was terminated and I was told that I can only open the account IN a branch in the USA.
I tried to transfer USD through Paypal. I opened a Philippine Paypal account and transferred the $10,000 to it. Went through the steps to verify the Philippine bank account and transferred the $10,000USD. Paypal converted it to PHP. The Philippine sbank got it and has apoplexy. The bank says they cannot convert it back to USD and sent the money back to my Paypal account. I have since closed the account in the Philippines. Now Philippines banks say I must come to the Philippines to open an account.
The PRA has no response or solution to the simple issue: How do I move $10,00USD to the Philippines from the USA if I am in China?
I even asked if I could come to the Philippines and drop $10,000USD in cash on someone's desk. No response.
The PRA's policies assume everyone will come from their own country directly to the Philippines. I am sure most do - but not all.
As an American in China it is easier for me to get into Cuba than the Philippines it seems.
I am now house hunting in the USA.
