wire money in/out

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Asia > Philippines Expat Forum

Philippines Expat Forum The Philippines Expats Forum is dedicated those individuals that have chosen to make Philippines their new home. This forum is an ideal place for Expats now living in Philippines to meet and discuss all aspects to their new way of life.

Like Tree9Likes

wire money in/out


Reply
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 18th October 2020, 03:24 AM
New Member
 
Join Date: Sep 2018
Posts: 3
Rep Power: 0
Peter123459 is on a distinguished road
1 likes received

Default wire money in/out

I may wire money from a bank in Asia to the Philippines and into my wifes account (BPI) in order to buy property. If we do not end up doing the deal I will want to wire it to Canada. It will be a little over $100 K USD. I do not want the money stuck here in her bank if the land deal does not happen. Is it easy to wire the money out? Any restrictions? Thanks

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 18th October 2020, 04:25 AM
Member
 
Join Date: Sep 2016
Location: Philippines
Posts: 420
Rep Power: 105
Hey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to beholdHey_Joe is a splendid one to behold
482 likes received
55 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

Ask your wife to show this article to the BPI bank manager to see how it effects you.

https://business.inquirer.net/308628...until-year-end

If you decide to buy, have you considered a financial contingency clause? Then immediately wire the money. A financing contingency gives the buyer time to obtain financing for the purchase of the property.

https://www.investopedia.com/article...-contracts.asp

Otherwise, wire it to Canada if you don't buy.
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 18th October 2020, 05:04 AM
Moderator
 
Join Date: Feb 2013
Location: Los Banos Laguna
Posts: 3,205
Rep Power: 327
M.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond repute
2477 likes received
7858 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

Welcome to the forum Peter and always be careful when you are dealing with such a large amount of money, HeyJoe has a good point make payments, houses and condos here will accept monthly payments but with a large down payment.

I wouldn't purchase anything until you've spoken to a Lawyer that specializes in property or at a bare minimum check with your bank they probably do sell houses or least can recommend who to talk with.

So many unscrupulous people here that speak English very very well, you really need to be careful.

__________________


Check here for professional help with the Philippine Bureau of Immigration PBI https://www.facebook.com/officialbureauofimmigration another link for forms https://immigration.gov.ph or Philippine Retirement Authority (PRA) for an SRRV Visa https://pra.gov.ph/contact/ Always stay alert and don't let your guard down.
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 18th October 2020, 03:08 PM
Member
 
Join Date: Apr 2020
Posts: 54
Rep Power: 0
bobby1947 is on a distinguished road
63 likes received
2 likes given

Default

We considered buying a house when we arrived in 2011 but after considering all the hassles it would involve we decided to knock down the wifes small home and build the 2 story home we have now and a lot cheaper than buying a newly built home ! And we bought the Materials ourselves as needed 2 days before being used
The materials from the wifes old home were used to build a large dirty kitchen. The wife also owns the family home which we are slowly repairing and re-decorating since the mother passed.
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 18th October 2020, 03:48 PM
cvgtpc1's Avatar
Member
 
Join Date: Jul 2012
Location: Atlanta, US
Posts: 908
Rep Power: 202
cvgtpc1 is just really nicecvgtpc1 is just really nicecvgtpc1 is just really nicecvgtpc1 is just really nicecvgtpc1 is just really nicecvgtpc1 is just really nice
702 likes received
335 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

Before considering buying any property ensure the seller is the titled owner and you have a clear path to having the title signed over to you. Not necessarily from unscrupulous standpoint, just a lot a land still in grandpa's name who passed away 20 years ago and the beneficiaries never transferred it correctly.
fmartin_gila, M.C.A. and Nate5182 like this.

__________________
------------------
Former resident
Frequent visitor
Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 18th October 2020, 06:04 PM
Tiz Tiz is offline
Member
 
Join Date: Jan 2016
Location: Bonifacio Global City
Posts: 219
Rep Power: 0
Tiz is on a distinguished road
173 likes received
129 likes given

Users Flag! Originally from australia. Users Flag! Expat in philippines.
Default

Quote:
Originally Posted by Peter123459 View Post
Is it easy to wire the money out? Any restrictions? Thanks
Is it easy to wire the money out? No

Any restrictions? Yes

You'll notice that none of the remit companies like TransferWise have options to send PHP.

When I enquired with Citi, this is the reply that I got.

"We wish to inform you that we are unable to process a funds transfer
from a Peso account to a Dollar account or to an account abroad.
Transfers in Dollars should be deducted from a Dollar account. Due to
certain limitations and BSP regulations, purchase of Dollars would
require documentation that you would have to present over the counter at
any of our branches."

So from that reply, I would assume that if you kept the money in a USD account that it would be easier than if you convert it to PHP.

Reply With Quote Quick reply to this message
  #7 (permalink)  
Old 18th October 2020, 11:06 PM
New Member
 
Join Date: Sep 2018
Posts: 3
Rep Power: 0
Peter123459 is on a distinguished road
1 likes received

Default

Quote:
Originally Posted by Tiz View Post
Is it easy to wire the money out? No

Any restrictions? Yes

You'll notice that none of the remit companies like TransferWise have options to send PHP.

When I enquired with Citi, this is the reply that I got.

"We wish to inform you that we are unable to process a funds transfer
from a Peso account to a Dollar account or to an account abroad.
Transfers in Dollars should be deducted from a Dollar account. Due to
certain limitations and BSP regulations, purchase of Dollars would
require documentation that you would have to present over the counter at
any of our branches."

So from that reply, I would assume that if you kept the money in a USD account that it would be easier than if you convert it to PHP.

Thanks. I asked this question because years ago I bought an apartment in China and it was not easy to get the money out when I sold. My concern/fear is not being able to get the money out. We have USD accounts here. Just wonder if they have a limit on how much can leave the Philippines. Obviously I will ask the bank. Thanks for all the replies.
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #8 (permalink)  
Old 19th October 2020, 02:56 AM
Member
 
Join Date: Jan 2016
Location: Philippines
Posts: 1,468
Rep Power: 169
bigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to beholdbigpearl is a splendid one to behold
1173 likes received
1366 likes given

Users Flag! Originally from australia. Users Flag! Expat in philippines.
Default

Welcome to the forum Peter, enjoy. There has been some great input here but only an observation as an Aussie that has purchased property here some years ago. Firstly why do you need to transfer large funds on something you haven't purchased yet? A small deposit, 5% to 10% is sufficient, for us it was only 1.5% and settled 90 days. Simply transferred the balance to the seller once we were happy with all the documents. As others have mentioned moving funds out of PH can be difficult so only move what you intend to spend. We only transfer 6 to 12 months living expenses and the bulk sits in the safe.
Good luck.

Cheers, Steve.

Reply With Quote Quick reply to this message
  #9 (permalink)  
Old 19th October 2020, 04:28 PM
HondaGuy's Avatar
Member
 
Join Date: Aug 2012
Location: Manama
Posts: 312
Rep Power: 173
HondaGuy is a splendid one to beholdHondaGuy is a splendid one to beholdHondaGuy is a splendid one to beholdHondaGuy is a splendid one to beholdHondaGuy is a splendid one to beholdHondaGuy is a splendid one to beholdHondaGuy is a splendid one to behold
263 likes received
406 likes given

Users Flag! Originally from usa. Users Flag! Expat in bahrain.
Default

Tiz is correct. There is a BSP rule where ONLY US Dollars can be wired out, not PHP.
Here is where i've written about this twice before:

https://www.expatforum.com/expats/ph...ml#post8117458
https://www.expatforum.com/expats/ph...leaving-3.html

You can certainly wire inbound USD, but I would only change/convert it to PHP once you are ABSOLUTELY sure the purchase is a done deal.

Good luck!
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #10 (permalink)  
Old 19th October 2020, 09:48 PM
Member
 
Join Date: Aug 2020
Posts: 131
Rep Power: 0
Lunkan is on a distinguished road
22 likes received
43 likes given

Default

You have right to send out up to same amount as you can prove you have send in.
But I don't know if it's like that in reality

Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in


Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 02:09 PM.


Powered by vBulletin®
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.