Before You Leave | Retiring in the Philippines, Step-by-Step Guide
Before You Leave
11 things to handle back home so your move to the Philippines starts with a beach view, not a bank lockout.
Picture this. You land in Cebu, walk up to the airport ATM, and your bank locks you out. The only way to unlock your money is a six-digit code sent to a phone number you cancelled last month.
Congratulations. You just turned retirement into a crisis.
The good news? Every bit of that is avoidable. If you are planning to retire in the Philippines or move here from the US, this checklist covers the unglamorous stuff to sort out before you board the plane: your phone number, banking, US mailing address, money transfers, documents, insurance, subscriptions, and how you will pay for things once you arrive.
I retired at 50 and moved to Asia, and the biggest lesson so far is simple. The easiest way to deal with a problem overseas is to deal with it before it becomes one.
Your Pre-Move Checklist
Tick things off as you go. Your progress saves in this browser, so you can come back anytime.
01Get your financial life organized
This is the least exciting part of moving abroad, which is exactly why it goes first. ▶ 1:24
Make a list of every financial institution you use: banks, brokerages, credit cards, retirement accounts, insurance, Social Security, and anyone else who might send you money or ask you for something. Log into each one and make sure your contact details are current, especially your phone number.
Once you start logging in from the Philippines, your accounts will see a new country, a new IP address, maybe a new device, a new time zone and new spending patterns. To you, that is retirement. To a fraud detection system, it looks like someone stole your identity and went on vacation.
02Keep your US phone number
This is one of the biggest things I recommend. Your phone number isn't just a phone number anymore. It is part of your identity. Banks, credit cards, brokerages and government agencies all use it, and many still rely on SMS verification codes. ▶ 3:16
I moved my US number onto a family member's plan and keep the cellular data turned off most of the time. The number is there when a bank needs to text me, and it costs very little.
03Figure out your US address
Even if you move overseas for good, you will still have a relationship with the US: bank and investment accounts, credit cards, tax documents and government mail. Most financial institutions are picky about which addresses they accept. ▶ 4:47
Don't assume a mailbox service will work, since many institutions require a residential address. I use a family member's address, plus USPS Informed Delivery so I can see what is arriving. When something important shows up, they scan it and send it to me.
Fun fact: your credit card company will happily mail a replacement card to an island villa in the Philippines, then get deeply suspicious when you give them a mailbox service. Solve this while you are still standing in the US, because changing your address from abroad is much harder.
04Build a money backup system
My biggest financial rule for living abroad: no single point of failure. Cards get declined, accounts freeze, ATMs eat cards and apps go down. Sometimes the financial system just decides, "nah." ▶ 6:17
| If this fails… | …have this ready |
|---|---|
| Your main bank freezes your account | A second bank with money already in it |
| Your debit card gets eaten by an ATM | A backup debit card from a different bank |
| A credit card gets flagged for fraud | Two or three other cards on different networks |
| Your transfer app goes down | A second way to move or spend money |
| Your phone dies or disappears | Backup codes and a second trusted device |
That way, if one account gets locked, life keeps going and you have time to sort it out. You don't want to be sitting in Cebu staring at your phone thinking, "Well, apparently my retirement is currently unavailable."
05Set up your money transfer system
Figure out how you will move money from the US to the Philippines before you need it, and test it. ▶ 7:38
Wise for transfers and QR payments
I use Wise for a lot of my international transfers. You can send money to Philippine bank accounts and popular local wallets like GCash and Maya, which Filipinos use for just about everything. Wise also supports QR payments in the Philippines, so you can scan a supported merchant's QR code and pay straight from the app without reaching for cash or opening a local bank account.
QR payments have become part of everyday life here, and it is impressive how fast the country has embraced them. Set up Wise at home: verify your identity, move a small amount, and run a test. Your living room is a much better place to discover a problem than a checkout line with 20 people behind you.
Moreta Pay as a backup
Moreta Pay is built for travelers and expats who want to use local QR payment systems without a local bank account. You load money into the app and scan supported Philippine QR codes. It has transaction limits and fees, so check the current terms, but for coffee, restaurants and groceries it makes a handy second option. ▶ 9:00
06Get your documents together
Make digital copies of everything you might realistically need overseas. ▶ 10:15
- Passport and driver's license
- Birth certificate, plus marriage or divorce documents if they apply
- Insurance and financial account information
- Medical records such as surgeries and prescriptions
- Visa documents
Keep a copy on your phone for quick access, but your phone is a single point of failure too. Put copies on a couple of flash drives tucked away somewhere safe, and make sure someone you trust knows how to reach the information if something happens to you. The real test of your system isn't when everything works. It is when something breaks.
07Talk to your banks before you leave
Call your banks, card companies and insurance providers and tell them you will be overseas for at least a year. That is accurate without wandering into the extra regulations that can come with saying you are moving. ▶ 11:33
Questions worth asking:
- Will you mail replacement cards internationally?
- Which authentication methods do you support from abroad?
- Do you have any restrictions on overseas addresses?
- What number do I call from outside the US?
Don't assume the number on the back of your card will be convenient from the Philippines, and don't assume every institution treats international customers the same way. They don't.
08Fix your subscriptions
It sounds trivial. It isn't. Comb through your statements for recurring charges: streaming, gym, software, cloud storage, phone plans and automatic donations. Cancel what you don't need and update the payment method on what you keep. ▶ 12:44
Otherwise, six months from now your old card expires, Netflix stops, your cloud storage fails, and you spend a beautiful beach afternoon fixing problems you could have solved from your couch. Also check whether your streaming services work overseas. Some don't, and there is no reason to pay for shows you can't watch.
09Check your insurance
To me, most insurance feels like placing a bet against your future self. Still, you need to know exactly where you stand before you go: health, travel, evacuation, life and property coverage. ▶ 14:00
Don't just ask, "Am I covered overseas?" Ask covered for what, and for how long? Does it include routine care, emergencies, hospitalization or medical evacuation? What happens if you travel outside the Philippines or stay away for a year? Most people moving here end up looking at international health insurance, so get those answers before you need them.
10Don't cut off your US life
This is a big mindset shift. You are moving abroad, but you are not deleting your American existence. You may still have US investments, bank accounts, a phone number, a mailing address, credit cards, tax obligations, retirement accounts and Social Security. You may need some of those systems more once you are overseas. ▶ 15:04
Instead of closing everything, design your new financial setup. What stays in the US? What moves to the Philippines? How do the pieces work together?
11Do a trial run
Test your retirement before you retire. Don't go from "I've never lived overseas" to "I sold everything and bought a condo." Spend a month or two here first. ▶ 16:07
Rent a place, cook, buy groceries, ride Grab, visit a pharmacy, do laundry, pay bills, use ATMs and QR payments, and find the neighborhood that fits you. A vacation says, "Wow, this beach is amazing." Retirement asks, "Where's the pharmacy, how do I pay this bill, and why is the mall already playing Christmas music in September?" (That last one is my favorite Filipino tradition. Christmas here starts in September and nobody apologizes.)
+1Get rid of your stuff
Forget the usual keep, donate and trash piles. You have a rolling bag, a backpack and a sling bag. To paraphrase Johnnie Cochran: if it doesn't fit, you must lose it. ▶ 17:18
This was harder for me than I like to admit, but owning less lifted a huge mental weight. Everything you own rents a little space in your head, and the more it needs cleaning, fixing or feeding, the higher the rent. An upcoming episode covers the few things that are worth packing.
Frequently asked questions
Should I keep my US phone number when I move to the Philippines?
Yes. Banks, card issuers, brokerages and government agencies often send verification codes by text. Moving your number to a low-cost or family plan keeps it active so you don't get locked out of your accounts.
Can I use a mailbox service as my US address?
Sometimes, but many financial institutions require a residential address. Many retirees use a trusted family member's address and USPS Informed Delivery to see incoming mail. Confirm each institution's rules before you leave.
How do I send money from the US to the Philippines?
Services like Wise can send money to Philippine bank accounts and local wallets such as GCash and Maya. Set up and test your transfer method before you move, and keep a second option as a backup.
Can foreigners use QR payments in the Philippines without a local bank account?
Yes. Apps such as Wise and Moreta Pay let travelers scan supported Philippine QR codes. Check each app's current limits, fees and supported merchants.
Should I close my US bank accounts before retiring abroad?
Usually not. Most retirees keep US accounts for Social Security, investments, retirement income and taxes. Plan which accounts stay in the US and which tools you will use locally.
Retiring in the Philippines: the series
Wondering why so many retirees pick the Philippines in the first place? Watch why the Philippines is the #1 retirement country, and where I made my home base.
Your Turn, Kaibigan
What's the one thing you're doing before you leave that you absolutely don't want to forget? Tell me in the comments below or on YouTube. I read every one.
Subscribe on YouTubeI'm sharing my own experience, not financial, legal or tax advice. Bank policies, app features, fees and visa rules change, so confirm the current details with each provider before you rely on them.
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