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-   -   Has anyone wired large sums of money to Philippines? (https://www.expatforum.com/expats/philippines-expat-forum/1473372-has-anyone-wired-large-sums-money-philippines.html)

fruitcop2 30th January 2019 05:23 AM

Has anyone wired large sums of money to Philippines?
 
Well, I'm certainly not rich, but have recently sold my house and would like to wire at least $100,000 to the Philippines, to build a house. My wife is a Philippine citizen, but spent most of her life in the west, so relatives aren't an issue. I know some say not a good idea, but with the current trend of American Banks to cancel accounts of those living out of the country, I just don't trust the banks. I'm too old to keep running back and forth to the US when I leave. I know you generate reports if you make several smaller wires, but what issues have you had with the US and Philippine government?

Thanks

bmays1969 30th January 2019 09:04 AM

I did a large transfer from australia to php last year. 150k Aud. Did not hear anything from anyone. I called my bank and got a better rate for the amount :)


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Manitoba 30th January 2019 08:20 PM

Not in the same league but I wired my SRRV deposit of $US20 k here with no problems.

However the OP is an American, their banks live by different rules. You may have to demonstrate where you obtained the funds to get it past the US tax man but if you have the documentation and a valid reason for transferring the money should not be an issue.

fmartin_gila 31st January 2019 01:17 AM

Quote:

Originally Posted by Manitoba (Post 14787682)
However the OP is an American, their banks live by different rules. You may have to demonstrate where you obtained the funds to get it past the US tax man but if you have the documentation and a valid reason for transferring the money should not be an issue.

As long as you can provide the documentation, there should be no problem to transfer the funds, but please be aware of the fact that the Philippine banks do not insure accounts to the standards that we are used to. Just to be on the cautious side, I would recommend to keep the major portion in a US institution and transfer as necessary or keep it all there and use a debit card and withdraw as needed(which is how I and some others do here). There is a discussion about this just within the last week or so if you look back a bit.

I also had a house built here and they use a progressive method to pay for it. When an agreed upon percentage is completed, a certain amount is paid, then when another percentage is completed, another payment is made, until completion when the final payment is made.

Fred

Manitoba 31st January 2019 04:10 AM

Quote:

Originally Posted by fmartin_gila (Post 14787744)
As long as you can provide the documentation, there should be no problem to transfer the funds, but please be aware of the fact that the Philippine banks do not insure accounts to the standards that we are used to. .....

Yes true only 500,000 p deposit insurance and I believe that US banks are $US250,000. Canada is in the middle at $CDN 100,000. Don't know if Canada has ever had to pay up but I have read where both US and Philippine banks have had to pay up as well.

Insurance is per depositor so you can put cash in your name, your wife's name and a joint account and get triple coverage for only triple hassle opening all those accounts.

DonAndAbby 31st January 2019 05:59 AM

Quote:

Originally Posted by fruitcop2 (Post 14786942)
Well, I'm certainly not rich, but have recently sold my house and would like to wire at least $100,000 to the Philippines, to build a house. My wife is a Philippine citizen, but spent most of her life in the west, so relatives aren't an issue. I know some say not a good idea, but with the current trend of American Banks to cancel accounts of those living out of the country, I just don't trust the banks. I'm too old to keep running back and forth to the US when I leave. I know you generate reports if you make several smaller wires, but what issues have you had with the US and Philippine government?

Thanks

You should not have any U.S. government issues, but you need to make sure you file an FBAR every year that you have more than $10,000 in foreign banks.

https://www.irs.gov/businesses/small...-accounts-fbar

I usually have to do it every year and it is not a big deal. They are not looking at small fish like us.

If you have more than one bank to transfer from, find out the costs and choose the cheapest option. When I bought my house, I found out my Chase bank only allowed me $25,000 per transfer, so I had transfer 4 times a few days apart and had to pay the fees 4 times. I had no other options at the time.

The PH bank insurance of only p500,000 is not of much concern as long as you bank at one of the big boys. BPI has been in business for over 100 years. (Side note: you may have heard than Hanjin Shipyard in Subic is going bankrupt. Four big PH banks are on the hook for around $800 million. The central bank says they can absorb without problem, so they are in good shape).

Tiz 31st January 2019 09:20 AM

What about a Citibank to Citibank transfer?
From their website:

Citibank® Global Transfers.
Your money…on the move.
Need to get funds from New York to Korea? This service lets you transfer money from your Citibank account to other Citibank accounts in the US. or abroad.

What it Costs
Incoming transfers free. Outgoing domestic transfers free. Outgoing international transfers, no transfer fee

Manitoba 31st January 2019 08:34 PM

Same HSBC to HSBC, you can transfer globally for free as well.

Zep 1st February 2019 12:55 AM

My guess is the transfer for free ones are sending USD and then it is converted into Pesos. They make up for no transfer fee by giving less in the conversion rate but that's the way it goes. I like to tell the wife - Nothings Free

DonAndAbby 1st February 2019 01:13 AM

Quote:

Originally Posted by Zep (Post 14788878)
My guess is the transfer for free ones are sending USD and then it is converted into Pesos. They make up for no transfer fee by giving less in the conversion rate but that's the way it goes. I like to tell the wife - Nothings Free

Yes, and I had looked into some of these options before. I think both banks mentioned only have branches in Manila, and maybe Cebu. That doesn't work for me.


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