I am want to know how IDD International Direct Deposits work in Philippine Banks with The Veterans Administration Compensation pay method. I am a disabled Vet. I read on one forum that the V.A. does make such arrangements. I received a form from the V.A to have this done. If I sen in the form, they will send the money in local currency or U.S. Dollars if I choose. I read on one forum where they will send the direct deposit using the wholesale exchange rate to give Vets the highest possible return instead of being charged for converting to pesos from dollars. As you know, the Philippine banks will wash down deposits with high fees converting our money for us. In either case, the money would be deposited into my account as pesos and not dollars. My question is - Does anyone know if the pesos deposited is the highest possible if the deposit paid by the V.A.using the wholesale exchange rate? I could easily get 40 pesos per dollar if I convert it myself at a money changer after withdrawing in from a Philippines bank or converting it on the streets in Cebu. My real question is - Does the V.A. deposit it into my account in pesos as high as 42 or 43 pesos on the dollar or is it only paid as low as 40 pesos on the dollar? I just want to know if I should go ahead and submit the form and have the V.A. send me the compensation pay in pesos believing they will deposit my V.A. compensation in pesos paying as high as 42 pesos or higher per dollar. We obviously want to receive the highest conversion rate possible or 42 or 43 pesos per dollar than 39 or 40 pesos per dollar. Can someone who receives V.A. direct deposit in the Philippines tell me about their experience with the V.A. in this matter? Your help is greatly appreciated.
