Close

PRA SRRV US $ Deposit

Will soon be on the way to Philippine and hope I will get a Retirement Visa without to much hassle as soon I get my Medical examination done.  I have a couple of questions that I am not clear about, already asked PRA by e-mail but never got an answer.
A): Do it need to use Morgan Chase, NY or City Babank, NY as a Intermediary Bank?
B): Will it be ok if I transfer the $ by myself from a Dollar bank account in USA or Singapore.?.
C): Do I need a need a special signed slip to prove the money are sent of ,or just a print from the internet banking?.
D): Will it be ok to transfer processing fee together with the SRRV deposit?.

Thanks in advance for any advice

I contacted the BDO branch which is able to deal with PRA deposits (details on PRA site) and they gave me an account number and bank details. This was a holding account. I then got my UK bank to transfer the money in dollars to that account. On my first day in the country, I went to that branch with 2 IDs (passport and UK Driving licence) the account was opened properly and the money lodged in that account. I did it all about 3 weeks before leaving home and BDO emailed me as soon as the money had arrived there.
On that same first day I was there, I met up with my PRA Marketer, having been in contact with her before. She took me to the BDO branch and for my medical - which was free because of using the PRA approved clinic. We returned to the PRA office and she submitted my form and I paid the annual ID card fee in US dollar notes. I got all the photocopies, photos, notarised documents sorted in UK before I left. It was half a day there at PRA/bank/medical and then nothing more to do except wait for the visa etc to come through.
Make sure you have an extra photocopy of your passport to keep as you will have a month without it.
I recommend NOT submitting the application yourself, find a marketer who will do all the work for you and who will know all the various wrinkles

These are not definitive answers to any of your questions, just personal experience.

Before creating the account that is the deposit account the bank needed to recieve permission from the PRA. Before sending the permission to the bank the PRA needs a request from you. That request from the PRA might be difficult if they are not answering you. My PRA agent not only didnt answer but when I finally got them they actually told me to get on a plane or boat to Cebu to get that request. I yelled or threatened enough they sent it by email. I filled that in and sent it by courier back to Manila. Then leisurely they faxed or emailed it to my bank.

In the mean time I had already opened a dollar account and wired the money in and the funds had time to "clear". Then it was just a matter of transfering the money from the dollar account into the special PRA account.

Hold on though, the bank said any funds transferred into another account needed to clear. Thats right, cleared funds in one of their accounts needs a week or so to clear to transfer to another account they just created in their own bank. Luckily you can pay a small fee to waive the clearance time. :)

Advice, use a bank they suggest close to the main PRA office, not a branch. Do as much as you can in the main office of the PRA.

Yes, I used the one branch of BDO that is approved for PRA deposits. I contacted them by email before doing anything at all about the application, they opened a holding account. On the day that I did all the PRA application stuff, it was a short taxi ride from PRA office to the bank with the various authorisation papers. It was all extremely simple and quick, but I did use a PRA Marketer. Provided you have not submitted an application yet, the services of the marketer are free.

I agree 100% Once I used the wonky online site to start the process I was stuck with the person the PRA assigned. A marketer was giving me advice and that is the only thing that kept me from giving up. I tried to be switched to the marketer via a request by me and his office but the lazy agent in the PRA I was dealing with wouldnt release my account.
When I made it in to the PRA office, I requested the manager, and demanded a different agent or I was giving up. They gave me someone else (who was very angry obviously) but got the job done.

Glad I did it but it was the task from hell.  Since then everything involving the PRA has been top notch

New topic

Expatriate health insurance in the Philippines

Free advice and quotation service to choose an expat health insurance in the Philippines

Moving to the Philippines

Find tips from professionals about moving to the Philippines

Travel insurance in the Philippines

Enjoy stress-free travel to the Philippines