My Move to the Philippines

Number 2 on my checklist of preparations for my move to the Philippines is banking and how will I get money from the states. From talking with the experts I believe this is the way I’ll do my banking.

I will be receiving two pensions while living there and will be receiving numerous amounts from investments which will be put into my US account. This will enable me to pay bills online and keep me in a checking account. One other reason I want to have this money in a US bank is the FDIC insurance that protects up to $100,000.

We will also open a Philippine dollar account and a Philippine peso account. In the dollar account we will write a check from the US bank and deposit for our living expenses. There is a time lag for the funds to clear and we will have to compensate for that by having an amount in the peso account. Also when we are short on pesos we can transfer from the dollar account to peso account. Once I get this procedure started it will flow smoothly and the financial part of the move will be finished.