Transferring money from Philippines to US

[Lil dash of Faith 7]

Hello been a while since I last posted here, but I am hoping that someone might give me their opinions or give me suggestions.

I've sold my property in the Philippines and i am having difficulty in transferring the funds here in the US. Asked someone and said via PayPal and remittance is way too expensive. Most of the bank in the Philippines required alot of docs which is we are able to produce but giving us the limitations how much you can only send every now and then, their reasons is the Anti-Money Laundering 😥.

So if anyone here has any suggestions please let us know. Anything will be much appreciated 

 

God bless to us

[payxibka 10,045]

1 hour ago, Lil dash of Faith said:

Hello been a while since I last posted here, but I am hoping that someone might give me their opinions or give me suggestions.

I've sold my property in the Philippines and i am having difficulty in transferring the funds here in the US. Asked someone and said via PayPal and remittance is way too expensive. Most of the bank in the Philippines required alot of docs which is we are able to produce but giving us the limitations how much you can only send every now and then, their reasons is the Anti-Money Laundering 😥.

So if anyone here has any suggestions please let us know. Anything will be much appreciated 

 

God bless to us

What dollar amount?

[Nazim and Debbie 14]

If not Paypal Bitcoin/cryptocurrency is another option.

[Buckaroo 11]

Take a look at Transferwise. Their fees are the lowest i have found and they are both fast and reliable.

Chris

[MJ&YY 132]

Maybe check/ask around the Tax and Finances During Immigration forum:

 

https://www.visajourney.com/forums/forum/159-tax-finances-during-us-immigration/

[Lil dash of Faith 7]

5 hours ago, payxibka said:

What dollar amount?

Hi,

 

$150k

[Lil dash of Faith 7]

5 hours ago, JerseyNaz said:

If not Paypal Bitcoin/cryptocurrency is another option.

Hi yeah, a friend of my husband mentioned that but he said depending on how  sophisticated my philippine bank account. Is that true?

4 hours ago, Buckaroo said:

Take a look at Transferwise. Their fees are the lowest i have found and they are both fast and reliable.

Chris

Thank you we will look into that.

[Lil dash of Faith 7]

3 hours ago, MJ&YY said:

Maybe check/ask around the Tax and Finances During Immigration forum:

 

https://www.visajourney.com/forums/forum/159-tax-finances-during-us-immigration/

We will look into that, thanknyou

[payxibka 10,045]

27 minutes ago, Lil dash of Faith said:

We will look into that, thanknyou

Philippines regional forum would be better 

[Adventine 3,196]

We tried Transferwise and I can confirm no issues with transferring from a US bank account to a PH bank account. 

 

However, your question is about the reverse: a transfer from a PH bank account to a US bank account. That is not currently possible with Transferwise (source: What currencies can I send to and from? | TransferWise Help Centre) 

 

Have you tried asking your bank about a wire transfer? 

[JFH 12,190]

*~*~*off-topic country-specific question moved to regional forum*~*~*

[RO_AH 1,659]

Even transfer sites like Western Union and Transferwise have limits. That is a lot of money. Western Union has no fees and good rates but I have only done US > Philippines. If you do use them you would most likely have to do it over time and multiple transactions.

[Jordan & Jenet 48]

Keep in mind once you transfer it to the US they are going to want the taxes!

Jordan

[Adventine 3,196]

7 hours ago, RO_AH said:

Even transfer sites like Western Union and Transferwise have limits. That is a lot of money. Western Union has no fees and good rates but I have only done US > Philippines. If you do use them you would most likely have to do it over time and multiple transactions.

 

Out of curiosity, I created a Western Union account and poked around a bit.

 

It seems possible to transfer PH to US, but you're right that it will need time and multiple transactions.

 

I've never used WU before but it seems that the following steps are needed. Please correct me if this is inaccurate:

 

1. Someone trusted in the PH to withdraw the money from the PH bank account and to physically go to a WU branch to deposit the PHP

2. @Lil dash of Faith will need to a WU branch in the States to pick up the USD

 

It's a roundabout and inefficient way, and I would not be comfortable carrying around that much cash.

 

The fees are reasonable but the exchange rate is not. Fiancé just calculated that WU makes 3.7% on the exchange rate:

 

 

Edited February 4, 2021 by Adventine

[Lil dash of Faith 7]

10 hours ago, Adventine said:

We tried Transferwise and I can confirm no issues with transferring from a US bank account to a PH bank account. 

 

However, your question is about the reverse: a transfer from a PH bank account to a US bank account. That is not currently possible with Transferwise (source: What currencies can I send to and from? | TransferWise Help Centre) 

 

Have you tried asking your bank about a wire transfer? 

Hi Adventine, yes I've checked it last night tranferwise is not possible  for philippine to united States 😥