Questions about retiring in the Philippines

[Mark&Fatima 14]

My wife (Filipina) and I (U.S. citizen) are getting very close to retiring to the Philippines. I have a few questions and I appreciate any help I can get.

1 - I understand that I cannot bring more than $10,000 USD into the Philippines without declaring it upon entry. Of course, we have much more than that! How much is the tax on money that exceeds this amount? What is the best way to bring/transfer large amounts of money....carrying lots of cash on my person scares me. Can I leave it in a bank here in the U.S. and access it from PI? Can I have it bank transferred (from a trusted family member) to a bank once we're in PI? Should I have transferred a little bit at a time to avoid any charges?

2 - While most of what we want to take with us will fit in suitcases and Balikabayan (sp?) boxes that we'll send over before we leave, I would love to bring my large tv there (it's 65" flat screen, very new, and yes I understand the electricity differences). My question is this - How should I send something this large? Any ideas how much it would cost to ship it?

3 - What do I have to do to stay in the Philippines longer than the usual tourist time limits?

Thanks in advance for any help,

Fatima & Mark

[Vu&Nhung 2]

Are u banking with Citibank? If no u should open an account with Citibank. If yes u can use your ATM card there to access your fund at anytime.

[cristina16 81]

1. yes you can keep all your existing US accounts and access it here in the Philippines via on-line banking. Re-check with your bank however for transferring/ Wire large amount of money to your PH bank account. US bank may charge taxes on this.

BRINGING IN OF FOREIGN CURRENCY IN EXCESS OF US$10,000.00

No permit is required from the Bangko Sentral ng Pilipinas to bring in to or to take out from the Philippines of foreign currencies. However, foreign currency in excess of US$10,000 carried by the traveler must be declared at the Bureau of Customs Desk in the airport. This is pursuant to the Anti-Money Laundering Act of 2001, which requires all money transactions involving amounts in excess of PhP400,000 to be reported to the Anti-Money Laundering Council (even if the transaction is done through the banks).

Travelers arriving in the Philippines must submit to the Bureau of Customs Desk in the airport Arrival Area a Declaration Form stating the amount (foreign currency in excess of $10,000.00) being brought in. The source of the money (e.g., personal income) must be stated.

Travelers departing the Philippines must submit to the Bureau of Customs Desk in the airport Departure Area a Declaration Form stating the amount (foreign currency in excess of $10,000.00) to be brought in or taken out of the Philippines. The source of the money (e.g., personal income) must be stated.

2, You can send via loose cargo loads (LCL). Might be cheaper than sending several balikbayan boxes and the TV. Chekc with your local shipping company.

3. Visa and immigration

http://www.immigration.gov.ph/faqs/visa-inquiry/immigration-visa-by-marriage

Edited April 14, 2016 by cristina16

[cristina16 81]

Are u banking with Citibank? If no u should open an account with Citibank. If yes u can use your ATM card there to access your fund at anytime.

and pay a huge amount in charges! Not advisable.

[Vu&Nhung 2]

I pay no Fees!

[cristina16 81]

I pay no Fees!

maybe in Vietnam. May not be the case in PH. International ATM cards can withdraw money from Local banks, still they pay service fees per transaction; not cheap the last time I checked when my fiance was here.

[Terapin 10]

Most expats recommend keeping a active account in the US. (I'm a little foggy on this part) they open a account in Phills and set up a bank to bank wire transfer. Most also use a remaining service which emails them all of there US mail. There is a excellent source of information available at the expatforum. They would be more than happy to help you out, with all the questions.

[Hank_ 9,174]

My wife (Filipina) and I (U.S. citizen) are getting very close to retiring to the Philippines. I have a few questions and I appreciate any help I can get.

1 - I understand that I cannot bring more than $10,000 USD into the Philippines without declaring it upon entry. Of course, we have much more than that! How much is the tax on money that exceeds this amount? What is the best way to bring/transfer large amounts of money....carrying lots of cash on my person scares me. Can I leave it in a bank here in the U.S. and access it from PI? Can I have it bank transferred (from a trusted family member) to a bank once we're in PI? Should I have transferred a little bit at a time to avoid any charges?

2 - While most of what we want to take with us will fit in suitcases and Balikabayan (sp?) boxes that we'll send over before we leave, I would love to bring my large tv there (it's 65" flat screen, very new, and yes I understand the electricity differences). My question is this - How should I send something this large? Any ideas how much it would cost to ship it?

3 - What do I have to do to stay in the Philippines longer than the usual tourist time limits?

Thanks in advance for any help,

Fatima & Mark

1 - Leave your money in your U.S. bank account, transfer it to your Philippines bank account as you need it. We have a Philippines bank account that I move money to as needed. Philippines bank accounts are only insured to P 200,000 so don't put TOO much money in there.

2 - Sell the TV and buy a new one in the Phils, the prices on electronics have become comparable with U.S. prices over the last couple years. Trying to ship a large TV to the Phils can be difficult and destined for damage. If you really want to ship your large TV, go to Uhaul, Home Depot or such and get their shipping box, this is what I was told when I inquired about it with UMAC, there is extra charge for shipping the TV.

3 - When you and your wife are clearing customs/immigration at NAIA request the Balikbayan stamp, this is good for a year, we do this. If you are not planning to leave the Phils after that get your ACR card and a 13A visa through BI.

Edited April 14, 2016 by Hank_

[JM101 14]

We live in the Philippines and I have still use my US bank accounts for direct deposit of my Social Security checks and my VA compensation payments.

When I want money transfered to the Philippines all I do is go on line and transfer up to $1000usd per day from my Wells Fargo account, sending it for a remittance pick-up at any BPI branch.

You can also set up a BPI or a BDO account and do the same thing.

The only drawback is that this MUST be set up at WFB in person before you can transfer any money.

Fees are between $3.00 to $30.00 per transfer depending upon how FAST you want your money (not how much being transfered).

This has been very a convenient and safe way for us to do our money this way and also very economical...sure beats those ATM machines.

JM101

[Cyberfx1024 7,980]

There is a forum especially for living and retiring in the Philippines. That forum is expatforum.com