Traveling with cash / alternatives?

[Carpe Vinum 2,330]

1 minute ago, EllisAndRenz said:

There are some legal issues here.  First: In the USA there are IRS forms to fill out to declare the transfer out of the country.  According to the Philippine Gov't web-site, transferring over $10k cash into or out of the Philippines is actually illegal.  

I assume at that point, you transferred the funds into her account via wire?

 

Over 10k has to be declared. We set up the account for later transfers once I retire in a month. Loren (who posted above) is far more experienced carrying large amounts of money. I have never carried more than 5k into any country though carrying 5k into Ukraine in a money belt in 2007 made me twitch a little)))

[Timona 4,208]

22 minutes ago, Loren Y said:

Just carry the cash. I have that amount or more just about every-time I leave the US. I use a money belt, and declare anything over the limit. If you get some idiot customs agent that wants you to whip out 15K cash so he can count it in front of everybody in customs, politely inform him you value your life, and are not going to count out cash on his podium, but you are more than willing to go to a secure area and they can verify with a few people in the room. Usually this results in a go ahead and move on statement, no issues, and away you go. Only once in a foreign country have I had them actually take me to a room and count and verify the money.

 

Some good insights on the bolded. I have learnt how to conduct myself, should I find myself in such situations. This is why I love VJ.

 

However, I would not try carrying excessive hard cash in most countries. Some of those customs work in cahoot with thieves. They'll let you through but signal someone and next thing you know, you're robbed 5 days later and can't connect that the dots started at customs.

 

Kenya is one place that is good when don't carry excessive hard $$ around. $200 is fine. Anything above that, just have it on debit or mobile banking. You can actually pay with mobile banking in Kenya. This is why debit/ credit cards are not so popular there. 

[Loren Y 2,756]

27 minutes ago, EllisAndRenz said:

There are some legal issues here.  First: In the USA there are IRS forms to fill out to declare the transfer out of the country.  According to the Philippine Gov't web-site, transferring over $10k cash into or out of the Philippines is actually illegal.  

I assume at that point, you transferred the funds into her account via wire?

 

Yes, it's called a Fincen 105 form. It's a single page and idiot proof to fill out when you leave or enter the US. Most countries are 10k us upon entry, but you just declare it. I'll check the Philippines,  but I'm sure it's the same limits. 

 

Same thing for entry and exit to the Philippines,  single page form..

 

Foreign Currency

A person may carry up to the amount of USD 10,000 (or equivalent in any other foreign currency), in cash or other monetary instruments, into and out of the Philippines. Other monetary instruments include travellers’ checks, other checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets and confirmation of sale/investment.

If a person wishes to bring more that the equivalent of USD 10,000, a written declaration must be made in the form of the BSP’s “Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form” which may be downloaded from http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=631.

Edited August 24, 2022 by Loren Y

[Palawan 131]

50 minutes ago, Loren Y said:

Just carry the cash. I have that amount or more just about every-time I leave the US. I use a money belt, and declare anything over the limit. If you get some idiot customs agent that wants you to whip out 15K cash so he can count it in front of everybody in customs, politely inform him you value your life, and are not going to count out cash on his podium, but you are more than willing to go to a secure area and they can verify with a few people in the room. Usually this results in a go ahead and move on statement, no issues, and away you go. Only once in a foreign country have I had them actually take me to a room and count and verify the money.

If you alert someone in PHilippines customs you have 15K USD, you have a higher than normal chance of getting robbed once you leave the airport, I would say it's risky.  I would rather come in under the 10k limit and have nobody know my financial situation once I am in Philippines.

 

 

[Palawan 131]

Domestic airport seizing cash from passengers

 

https://www.youtube.com/watch?v=U-1NxEOq-DA&t=19s

 

Cash Grab Investigation: Government seizes billions in cash from air travelers (Part 2) - YouTube

 

 

Edited August 24, 2022 by Palawan

[EllisAndRenz 196]

35 minutes ago, Palawan said:

Domestic airport seizing cash from passengers

 

https://www.youtube.com/watch?v=U-1NxEOq-DA&t=19s

 

Cash Grab Investigation: Government seizes billions in cash from air travelers (Part 2) - YouTube

 

 

That is absolutely terrifying.  

 

[Palawan 131]

12 minutes ago, EllisAndRenz said:

That is absolutely terrifying.  

 

I agree, I had no clue stuff like that happened at domestic airports