Transferring money from Philippines to US

[Lil dash of Faith 7]

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.

My brother checked western union their limit is p120k per transaction and going there everyday would bit worrisome.

Thing is why is it there is so many difficulties in sending money out of the Philippines and yet bank is so quick or not having problems in receiving money from foreign countries🤔

[Adventine 3,189]

2 minutes ago, Lil dash of Faith said:

My brother checked western union their limit is p120k per transaction and going there everyday would bit worrisome.

Thing is why is it there is so many difficulties in sending money out of the Philippines and yet bank is so quick or not having problems in receiving money from foreign countries🤔

The unfortunate reality is that it's to prevent money laundering. 

 

It makes life harder for the honest people who just want to transfer their hard-earned savings.

[Lil dash of Faith 7]

25 minutes ago, Adventine said:

 

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:

 

 

Yep all accurate.

Tried to withdraw money from here Transaction per day is $500 plus $2 fees, in addition your bank will also charge you 150pesos per Transaction though great exchange rate. Husband said its not bad but lol doing it everyday is a bit troublesome 😅

[Lil dash of Faith 7]

1 minute ago, Adventine said:

 

It makes life harder for the honest people who just want to transfer their hard-earned savings.

Yes you are correct and eventhough you comply with all the required documents its still difficult.

My last option today is bitcoin/cryptocurrency.

Have you asked you fiance about it?

 

[Lil dash of Faith 7]

38 minutes ago, Jordan & Jenet said:

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

Jordan

Well jp Morgan said recieving the money with any limits will only be charged $15..

So I am hoping that was it

[Adventine 3,189]

6 minutes ago, Lil dash of Faith said:

Yes you are correct and eventhough you comply with all the required documents its still difficult.

My last option today is bitcoin/cryptocurrency.

Have you asked you fiance about it?

 

We've discussed it in passing, but we are not considering it as an option to transfer my assets.

 

Certain banks in the US, such as Bank of America, allow one to open an account without SSN. Perhaps that can be an option for you, and would make transfers easier, as you are transferring between two accounts in your name.

 

 

Edited February 4, 2021 by Adventine

[flicks1998 1,044]

1 hour ago, Lil dash of Faith said:

My brother checked western union their limit is p120k per transaction and going there everyday would bit worrisome.

Thing is why is it there is so many difficulties in sending money out of the Philippines and yet bank is so quick or not having problems in receiving money from foreign countries🤔

This is true with many countries, especially in the APAC region.  If you think the Philippines is bad, have a look at China.  

[Jordan & Jenet 48]

2 hours ago, Lil dash of Faith said:

Well jp Morgan said recieving the money with any limits will only be charged $15..

So I am hoping that was it

Sure to receive the wire transfer only 15$ but they are going to report that incoming money over 10k to the IRS, And you will be expected to pay taxes on it.

 

Jordan

[payxibka 10,045]

1 minute ago, Jordan & Jenet said:

Sure to receive the wire transfer only 15$ but they are going to report that incoming money over 10k to the IRS, And you will be expected to pay taxes on it.

 

Jordan

Huh?  What taxes?

[flicks1998 1,044]

10 minutes ago, Jordan & Jenet said:

Sure to receive the wire transfer only 15$ but they are going to report that incoming money over 10k to the IRS, And you will be expected to pay taxes on it.

 

Jordan

There wont be any taxes.  Ive actually entered the US on numerous times with way over 10K, nobody cares as long as you declare it.  Last time I did this was last year into Canada which their amount is $10K CAD and then the next day I had a flight to the US and declared it at US Immigration in Toronto.  You can bring in a billion or a trillion dollars if you want, nothing is going to happen to it as long as its declared.

Edited February 4, 2021 by flicks1998

[MarryMe987654 244]

I did a bank wire transfer from BPI to a credit union in GA few years ago. I have an aunt that that sold her house in the Philippines and deposited the money the money to my BPI account temporarily. I think the amount is just over $16k.

It was a bit challenging initiating the transfer because of the questions on the source of the fund because of the anti-money laundering law.

It took 3-5 days to receive the money. The fee was $15 on my side and $14 on the receiver's side.

 

Hope this helps!

[Talako 778]

4 hours ago, Jordan & Jenet said:

...and you will be expected to pay taxes on it.

Uh, no.

[Adventine 3,189]

4 hours ago, MarryMe987654 said:

I did a bank wire transfer from BPI to a credit union in GA few years ago. I have an aunt that that sold her house in the Philippines and deposited the money the money to my BPI account temporarily. I think the amount is just over $16k.

It was a bit challenging initiating the transfer because of the questions on the source of the fund because of the anti-money laundering law.

It took 3-5 days to receive the money. The fee was $15 on my side and $14 on the receiver's side.

 

Hope this helps!

 

Was the wire transfer from a USD denominated account in BPI? 

[Nazim and Debbie 14]

On 2/3/2021 at 9:40 PM, Lil dash of Faith said:

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

Thank you we will look into that.

 

I'm not sure. I think you'd have to have a trusted person withdraw the money, buy bitcoin or other cryptocurrency on an exchange and send it to you. I doubt a foreign bank would go through these steps.

 

Also you have to trust the person not to mess up and send it to wrong address because money is then irretrievable. 

Edited February 5, 2021 by JerseyNaz

[Milmauka 80]

I like @flicks1998 suggestion to the issue.  Just bring it with you in your carry-on luggage.  Bring your documents for the sale of the property and declare it.