Originally Posted by Tiz
I'm currently here on a work visa, and so I have significant funds here in peso.
I wonder if this requirement would still hold true if/when I retire and convert to SRRV?
That is a question that you would have to ask the PRA directly. I just know that there were some comments here about some people having issues because they could not demonstrate that the deposit funds came from out of the country.
The deposit has to be made in USD so you will need to convert. I was warned when making the transfer that it had to go to a USD account here, the marketer set one up for me on a temporary basis so I could make the transfer directly, otherwise I could have been hit with two conversion fees USD to PNP then PNP back to USD, it would have been 1 or 2% each way.
If the funds have to come from out of the country, convert to a USD account outside of the Philippines then transfer back here as "fresh" funds???
If you have been in country more than 6 months I believe that you can use a local police clearance instead of one from home. However I believe that these can take a while to obtain, something else to look into.