Pension payments

Very good topic ???? Am very interrsted also as looking to retire in phill within 12 mths & just getting conflicting info !!!

Your $1000.00 Australian should turn into approx. PHP 40,800 here in your Philippine bank account.

Two questions here, if centreline transfer the money, ask them and the bank that it will be remitted to.
Do it yourself as you have probably been doing, shop around, there are plenty of money movers you just need to find the best deal that suits your needs whether monthly, quarterly or annually.
Good luck.

Cheers, Steve.

Silvercobra wrote:

I am retired and living in the Philippines. My pension is paid into an Australian bank then I transfer to my Philippines bank.
Centrelink can transfer directly to my Philippines bank but I want to know how much will get here.
For example if I send $1000 how much money will arrive in my account.

Perhaps you should speak to others from Oz concerning pensions.  It is my understanding that there are some retirement programs which will not pay to you if you do not live in Oz.

"Perhaps you should speak to others from Oz concerning pensions.  It is my understanding that there are some retirement programs which will not pay to you if you do not live in Oz."

Australian retirees that receive the pension from CentreLink and perhaps most superannuation companies can live in any country but with some reduced benefits and conditions as long as they qualify. Unfortunately for me after 45 years of paying copious amounts of tax to secure a decent living standard and educate my children well, I will never see a pension as my assets, income and cash negate any hope of retrieving the promised pension that we were all led to believe would help in our retirement. Mind you the trifling amount that my government offers the workers and builders of Australia is a smack in the face but enough to secure a reasonable life in a third world or developing country, though difficult to survive in Oz is surmountable as many do as the Australian pension is a reasonable amount of bucks in the likes of PH.

Cheers, Steve.

bigpearl wrote:

"Perhaps you should speak to others from Oz concerning pensions.  It is my understanding that there are some retirement programs which will not pay to you if you do not live in Oz."

Australian retirees that receive the pension from CentreLink and perhaps most superannuation companies can live in any country but with some reduced benefits and conditions as long as they qualify. Unfortunately for me after 45 years of paying copious amounts of tax to secure a decent living standard and educate my children well, I will never see a pension as my assets, income and cash negate any hope of retrieving the promised pension that we were all led to believe would help in our retirement. Mind you the trifling amount that my government offers the workers and builders of Australia is a smack in the face but enough to secure a reasonable life in a third world or developing country, though difficult to survive in Oz is surmountable as many do as the Australian pension is a reasonable amount of bucks in the likes of PH.

Cheers, Steve.

I have two friends who are citizens of Australia and receive no SS benefits because they have saved too much.  It is my understanding that if you invest in your home, then it is not counted in when determining if you qualify for the benefits.  They worked in the USA, but for less than 10 years so they cannot file in the USA.  They are currently taking trip all over the world to reduce their assets so they can start collecting.  Sounds like a real challenge.

I arrived in Oz 1969 from New Zealand. Became a citizen. bought real estate there. Chose to work overseas but had all monies paid into my Oz bank. Paid all taxes required. I did work short term contracts in Oz and worked there full time when I came back from overseas in 2011 to 2015.

Family circumstances meant I had to come back to NZ to look after my elderly father. I applied for the Oz pension to be paid into my NZ bank.  After much debate and correspondence they pay me the grand sum of OZ$132 a month because I am living overseas.

bigpearl wrote:

"Perhaps you should speak to others from Oz concerning pensions.  It is my understanding that there are some retirement programs which will not pay to you if you do not live in Oz."

Australian retirees that receive the pension from CentreLink and perhaps most superannuation companies can live in any country but with some reduced benefits and conditions as long as they qualify. Unfortunately for me after 45 years of paying copious amounts of tax to secure a decent living standard and educate my children well, I will never see a pension as my assets, income and cash negate any hope of retrieving the promised pension that we were all led to believe would help in our retirement. Mind you the trifling amount that my government offers the workers and builders of Australia is a smack in the face but enough to secure a reasonable life in a third world or developing country, though difficult to survive in Oz is surmountable as many do as the Australian pension is a reasonable amount of bucks in the likes of PH.

Cheers, Steve.

Yep assets and income based tests.

But also the starting age of getting the pension, if someone is currently under the pension age they are a non resident of Australia (living in the Philippines, some other countries this does not apply to) they will never get the pension even if there are under the asset and income thresholds.  Unless  they return and live in Australia for two years, either two years prior to there pension age or any period there after.

mugtech wrote:

bigpearl wrote:

"Perhaps you should speak to others from Oz concerning pensions.  It is my understanding that there are some retirement programs which will not pay to you if you do not live in Oz."

Australian retirees that receive the pension from CentreLink and perhaps most superannuation companies can live in any country but with some reduced benefits and conditions as long as they qualify. Unfortunately for me after 45 years of paying copious amounts of tax to secure a decent living standard and educate my children well, I will never see a pension as my assets, income and cash negate any hope of retrieving the promised pension that we were all led to believe would help in our retirement. Mind you the trifling amount that my government offers the workers and builders of Australia is a smack in the face but enough to secure a reasonable life in a third world or developing country, though difficult to survive in Oz is surmountable as many do as the Australian pension is a reasonable amount of bucks in the likes of PH.

Cheers, Steve.

I have two friends who are citizens of Australia and receive no SS benefits because they have saved too much.  It is my understanding that if you invest in your home, then it is not counted in when determining if you qualify for the benefits.  They worked in the USA, but for less than 10 years so they cannot file in the USA.  They are currently taking trip all over the world to reduce their assets so they can start collecting.  Sounds like a real challenge.

I certainly won't bother trying to blow my superannuation, assets, cash and other passive incomes to secure a laughable Oz pension. Mind you if ever a pension for me that is still 8 plus years away and I am sure I can grow my/our wealth in that time more fold to never think about a pension, still take holidays and live securely with a lifestyle that was worked for.
The Australian government are cunning, probably like most other countries. for those that have a few bucks and assets and qualify for the Aussie pension then do it, take what is rightfully yours then jump ship to what ever country takes your fancy so you can actually enjoy your retirement years and not wallow in Oz watching TV for lack of funds.

Cheers, Steve.

For those aged pensioners who are living in the Philippines or intending to, I have found the best way to get your pension is to have it paid into your Australian account. Its handy to keep your Australian account. They will even send you your new visa debit when the old one expires when you ask.  Then use a money transfer company like OrbitRemit, a NZ company. Online and problem free. Best to find out what your pension will be overseas, as its much less than you get in Australia.  It also depends how long you have worked and lived in Australia and whether you are still in Australia when your pension is due.  Aged pensioners are the only ones that can live permanently here and get paid without having to return. I have found Orbit Remit great, Good exchange rate, AU$4.00 transaction fee and good if you have problems they always reply within a few hours.  Always many that tell you how it is without really knowing.  There are other companies that can do it quicker but they are not as cheap. I transfer my money to their account before the close of banking EST and the money is in your nominated account Saturday aft.  Many Filipino,s will not use them because they want the money transferred the same day.

Thanks Bob,
Would you happen to know what the exchange rate was that day. Curious to know how much they shave off in fees

Some history.
I have been using the same company to transfer money from OZ to the Philippines for a number of years and am fairly happy with them.
For the last four years I have been living here in paradise with no intention of going back.
I was told by an officer in Centrelink back in 2014 that they can transfer my payments directly into a Philippine bank with comparable exchange rate.
At that time I didn't have a BPI account so declined.
I'm worried that if I accept their offer and then find out it's not what I expected then to reverse it and cancel the action would be a major issue. After all it's the government I'm dealing with here.
This is why I would like to get the information directly from someone who has a direct Centrelink transfer arrangement.
No replies directly on the subject is telling me that if no one does it, then it must be a bad idea.
My information is today's rate is 40.41 (from xe app.) and j&j are at 39.75
Maybe time to give Orbit a go.
Thanks Kenny and the others. All good information.

This is not advertising just FYI.
J&J's upfront fee is $10.

From Orbit Remit todays exchange rate is PHP 40.2994 / AU$1.00

Are pension payments taxed if you open a Philippine bank account
Someone from a bank there spoke to my partner ,they said the pension is subject to taxing
Does  anyone know about this ?
As some might know withdrawing over there to an Australian bank costs about $6 every time you withdraw.
I was thinking of having my pension go directly into a Philippine bank .
I'm unsure where that leaves me ..with tax over there .
Tim.

I got payments here in the Philippines and Thailand since 2005...No taxes never....JOE

JOE CLOUGH wrote:

I got payments here in the Philippines and Thailand since 2005...No taxes never....JOE

As a US citizen you are required to file US income tax returns if you earn certain minimal amounts or if on any one day of the year the total value of all of your foreign bank accounts is greater than $10,000.  I am sure it is different for Australians.

Australia and the Philippines have tax treaties so pensions or other incomes paid into a Philippines bank account from outside the country (accountable in that country) are not subject to to tax as an individual, only monies/income derived within the Philippines are subject to tax. Income/profits from the Philippines are subject to tax and must also be reported to the ATO if residing in PH.

To Tim Hodges, perhaps the clerk or manager saw an opportunity as long as you went along with the ride, definitely happens in PH. and one must always do their research. Always safer to keep your dollars in a first world country and only transfers what you need.

Cheers, Steve.

mugtech wrote:

JOE CLOUGH wrote:

I got payments here in the Philippines and Thailand since 2005...No taxes never....JOE

As a US citizen you are required to file US income tax returns if you earn certain minimal amounts or if on any one day of the year the total value of all of your foreign bank accounts is greater than $10,000.  I am sure it is different for Australians.

Fortunately I would never keep more than 10K Oz or US in a Filipino bank. And if greater amounts are needed I would farm them out from My Oz. accounts. Yes Like US citizens we are required to declare foreign assets/income as that is our residential country and one must abide by the rules/law.

Ones partner can earn from memory PHP. 250K per year now in PH. and pay no tax,,,,, get it back every financial year with the new tax regime if they are astute and submit an annual return, good luck with that; but also have to declare foreign income, no different to any other tax aligned countries......... What we do in other areas is up for grabs. Companies, family trusts etc.

Cheers, Steve.

WELL, GOOD LUCK WITH THAT....JOE