Move to the Philippines.Banking, in the right order
Two money systems run your retirement: the PRA deposit account that anchors the visa, and the everyday accounts that pay for life. Set them up in sequence, not in panic.
The short answer
How do you set up banking for the SRRV in the Philippines?
Open the PRA deposit account first, at an accredited bank, using PRA’s Letter of Introduction, and fund it by inward remittance from abroad with the exact purpose line PRA requires. Everyday accounts and US direct deposit come after the visa deposit is anchored, never before.
First: the visa deposit account
The SRRV deposit lives at a PRA-accredited bank, opened with PRA’s Letter of Introduction (requested through srrvwalkin@pra.gov.ph with your bank choice, SRRV option and amount, and passport bio page). The money must arrive as an inward remittance from a bank abroad; domestic transfers inside the Philippines do not count, and the wire carries the exact purpose line “SRRV deposit of [full passport name]”, plus date of birth, passport number. The field note on how to wire the deposit right the first time walks the remittance step end to end.
Government
- Development Bank of the Philippines (DBP)
No letter required.
Private, letter required
- PNB (all branches)
- BDO (Pacific Star and Cebu IT Park branches only)
- KEB Hana Bank Manila
- UnionBank (all branches)
- Bank of Commerce (all branches)
- Shinhan Bank Manila
The government track needs no Letter of Introduction; the private track does. The field note on which accredited bank to choose, and why weighs the trade-offs. The step-by-step money move, with the full document context, lives on the documents page.
PRA figures verified June 18, 2026Sources
Then: everyday money
Most clients keep their US bank and credit union accounts open, keep DFAS and VA deposits landing where they always have, and move spending money to the Philippines in measured transfers. It preserves your US credit footprint, keeps benefit payments boring, and gives you two rails instead of one when a card gets flagged.
A local peso account makes rent, utilities, and daily life cheaper and simpler, and your PRA ID is the document that makes local bankers relax. Branch requirements vary, which is why our Arrival Concierge walks clients into the bank rather than handing them a brochure.
Keep a US mailing address and a US phone number that can receive verification texts; more banking friction abroad traces to dead 2FA numbers than to anything the Philippines does.
Wire discipline
Never send the visa deposit to a non-accredited bank or without the purpose line. The remittance is part of your application evidence, and unwinding a wrong wire costs weeks.
The money move:Wired right, once
Letter of Introduction, accredited bank, exact purpose line: we sequence it with you before anything moves.
SRRV Courtesy qualification is determined by the Philippine Retirement Authority on the documents. Many US military retirees may qualify; others fit SRRV Classic. We screen both routes before you commit, and we will tell you plainly if the SRRV is not your best option.