U.S. Dollars Coming into the Philippines

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 Tree16Likes

U.S. Dollars Coming into the Philippines


Reply
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 16th August 2015, 06:26 AM
New Member
 
Join Date: Nov 2012
Location: Thailand
Posts: 18
Rep Power: 0
thailen is on a distinguished road
2 likes received

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default U.S. Dollars Coming into the Philippines

Is there a maximum amount of U.S. dollars brought in at any one time? Is there a maximum? The purpose is for buying a house.

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 16th August 2015, 07:01 AM
Moderator
 
Join Date: Feb 2013
Location: Los Banos Laguna
Posts: 2,518
Rep Power: 268
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
2006 likes received
6382 likes given

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

Best to call the airlines and get that information but I know that anything over $10,000 has to be claimed if not I think they take it, one of the singers "Snoop Dog" recently lost $200,000 or about half of what he was carrying, here's a link to the article.

Snoop Dogg Lost $200000 Of His $422000 At Italian Airport
Asian Spirit and mogo51 like this.

__________________


Always be vigilant.
Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 16th August 2015, 07:07 AM
Member
 
Join Date: Sep 2014
Location: Philippines
Posts: 271
Rep Power: 118
pakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant future
252 likes received
2 likes given

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

Quote:
Originally Posted by thailen View Post
Is there a maximum amount of U.S. dollars brought in at any one time? Is there a maximum? The purpose is for buying a house.
Max $10K if you Hand Carry. No limit Bank to bank but send it all at one time, do not stack the transactions.

Ensure you send it to your PI Bank account, no friends, relatives. It's unbelievable how stupid some can be. In Feb 2015 an American visiting our area lost $50k wiring it to his Fiancées sisters bank account. They arrived to buy the house but the sister took all the cash. The cops & NBI are now involved but they had to both return to the states so it's in limbo.

You can't own the land unless you fall into one of these categories http://www.hoppler.com.ph/blog/featu...he-philippines but you can own the house and everything from the dirt up. Write a 50 year lease. Your spouse as the leasor. Use the money you paid for the land as payment for the 50 year lease & divide the cost of the land by 50 and use that as your annual lease cost. (to be fair if it ever goes to court). Get a receipt from your spouse that the 50 year lease was paid in full. Ensure the lease is written that you as the leasee own everything from the dirt up to include any houses, structures, etc. etc. Write a clause that if she violates any terms of the lease then you get back the amount paid for unused years within 6 months or the property must be sold to get your money back. Be creative & good luck!


Last edited by pakawala; 16th August 2015 at 07:16 AM.
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 16th August 2015, 10:33 AM
Member
 
Join Date: Feb 2009
Location: Polar Land
Posts: 2,429
Rep Power: 908
simonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond reputesimonsays has a reputation beyond repute
704 likes received
442 likes given

Users Flag! Originally from singapore. Users Flag! Expat in singapore.
Default

Quote:
Originally Posted by pakawala View Post
Ensure you send it to your PI Bank account, no friends, relatives.
Or marry the right person ....

I don't have any problem and none of the in laws are unemployed. I have remitted money for various purposes and it was all used and accounted properly.

But I do agree with you...
Missouri Bob likes this.

__________________
... ..
Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 16th August 2015, 06:20 PM
Gary D's Avatar
Member
 
Join Date: Oct 2013
Location: Hermosa Bataan
Posts: 1,567
Rep Power: 195
Gary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud ofGary D has much to be proud of
1359 likes received
294 likes given

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

Quote:
Originally Posted by pakawala View Post
Max $10K if you Hand Carry. No limit Bank to bank but send it all at one time, do not stack the transactions.

Ensure you send it to your PI Bank account, no friends, relatives. It's unbelievable how stupid some can be. In Feb 2015 an American visiting our area lost $50k wiring it to his Fiancées sisters bank account. They arrived to buy the house but the sister took all the cash. The cops & NBI are now involved but they had to both return to the states so it's in limbo.

You can't own the land unless you fall into one of these categories Can Foreigners Own Property in the Philippines? but you can own the house and everything from the dirt up. Write a 50 year lease. Your spouse as the leasor. Use the money you paid for the land as payment for the 50 year lease & divide the cost of the land by 50 and use that as your annual lease cost. (to be fair if it ever goes to court). Get a receipt from your spouse that the 50 year lease was paid in full. Ensure the lease is written that you as the leasee own everything from the dirt up to include any houses, structures, etc. etc. Write a clause that if she violates any terms of the lease then you get back the amount paid for unused years within 6 months or the property must be sold to get your money back. Be creative & good luck!
Philippine law doesn't allow you.lease from you spouse.

Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 16th August 2015, 08:23 PM
HondaGuy's Avatar
Member
 
Join Date: Aug 2012
Location: Manama
Posts: 271
Rep Power: 149
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
219 likes received
379 likes given

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

When leaving the US, you can take less than $10k in cash without declaring it. You can take more than $10k but you have to declare it before leaving.

Straight from the source (US Customs & Border Patrol):
https://help.cbp.gov/app/answers/detail/a_id/195/kw/$10000%20cash%20limit/suggested/1



When entering the Philippines, the same rules appear to apply. Bangko Sentral Ng Pilipinas Circular 698 says:
"Any person, who brings into or takes out of the Philippines foreign currency, as well as other foreign currency-denominated bearer monetary instruments, in excess of USD10,000 or its equivalent is required to declare the same in writing and to furnish information on the source and purpose of the transport of such currency or monetary instrument."

Source: http://www.bsp.gov.ph/downloads/regu...fxt/morfxt.pdf

And here is the story of an unfortunate soul who brought in too much cash, and didn't declare it:

Japanese national nabbed at NAIA for carrying P21-Million | Department of Finance: Bureau of Customs


Last edited by HondaGuy; 16th August 2015 at 08:25 PM. Reason: Fixed links
Reply With Quote Quick reply to this message
  #7 (permalink)  
Old 16th August 2015, 10:24 PM
Member
 
Join Date: Sep 2014
Location: Philippines
Posts: 271
Rep Power: 118
pakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant futurepakawala has a brilliant future
252 likes received
2 likes given

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

Quote:
Originally Posted by Gary D View Post
Philippine law doesn't allow you.lease from you spouse.
Please provide a legal source for your statement.

I and some other Expats in my area have 50 year leases on our properties with our spouses. Each lease was finalized and notarized by Philippine Attorneys. Then the leases were documented on each Land Title by other Philippine Attorneys to show the Foreign spouse had a 50 year Lease on the Land. Then the Leases were indicted in the wills by Philippine Attorney's. All documents show the titled land was leased by the foreign spouse. The leases saved two Expats I know from total loss because it boxed their spouse in from any maneuvers to rip them off when their wives started doing them wrong.

"Investors' Lease Act."


Last edited by pakawala; 16th August 2015 at 10:39 PM.
Reply With Quote Quick reply to this message
  #8 (permalink)  
Old 17th August 2015, 12:17 AM
New Member
 
Join Date: Nov 2012
Location: Thailand
Posts: 18
Rep Power: 0
thailen is on a distinguished road
2 likes received

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

Ah, there's the rub! "Information on the source and purpose". She has a receipt for her down payment on the house(purpose) she intends to buy. Now I'm not asking you to rule on her case. Just wondering if they'll want more proof(information) than that.

[quote=HondaGuy;7959433]When leaving the US, you can take less than $10k in cash without declaring it. You can take more than $10k but you have to declare it before leaving.

Straight from the source (US Customs & Border Patrol):
https://help.cbp.gov/app/answers/detail/a_id/195/kw/$10000%20cash%20limit/suggested/1



When entering the Philippines, the same rules appear to apply. Bangko Sentral Ng Pilipinas Circular 698 says:
"Any person, who brings into or takes out of the Philippines foreign currency, as well as other foreign currency-denominated bearer monetary instruments, in excess of USD10,000 or its equivalent is required to declare the same in writing and to furnish information on the source and purpose of the transport of such currency or monetary instrument."

Source: http://www.bsp.gov.ph/downloads/regu...fxt/morfxt.pdf


<Snip> Removed link reported to contain possible virus <Snip>


Last edited by Asian Spirit; 17th August 2015 at 07:46 AM. Reason: Removed Link
Reply With Quote Quick reply to this message
  #9 (permalink)  
Old 17th August 2015, 04:02 AM
Moderator
 
Join Date: Feb 2013
Location: Los Banos Laguna
Posts: 2,518
Rep Power: 268
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
2006 likes received
6382 likes given

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

Found some more helpful information and contact numbers from Philippine Consulate General web page, here's the link.

Bringing Currency into the Philippines

__________________


Always be vigilant.
Reply With Quote Quick reply to this message
  #10 (permalink)  
Old 17th August 2015, 06:14 AM
Moderator
 
Join Date: Feb 2013
Location: Los Banos Laguna
Posts: 2,518
Rep Power: 268
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
2006 likes received
6382 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default Got the warning also...Lol

Quote:
Originally Posted by ragbone13 View Post
Warning:I'm getting a virus detection when I click this link. Fortunately my AVG caught it.
I got this warning also and it blocked me from connecting I use Avast, maybe a false warning?
ragbone13 likes this.

__________________


Always be vigilant.
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:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pesos to Dollars MissKT Mexico Expat Forum for Expats Living in Mexico 5 13th October 2013 08:02 AM
Jams coming to Philippines 2014 jams Mabuhay Club Corner 2 19th September 2013 04:07 PM
Conversion of US Dollars to Australia Dollars Sarank Australia Expat Forum for Expats Living in Australia 5 17th July 2013 07:29 AM
Blue dollars? Fabien Other Americas 2 15th June 2013 09:10 PM
how to pay in dollars to us from the uk malaysianqueen Britain Expat Forum for Expats Living in the UK 2 12th August 2008 01:13 PM

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 01:10 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.