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Advice buying truck in philippines


hilyfe

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Well it's the advantage of my Citibank AU and Citibank PH accounts.  

I can transfer funds from one account to the other  - both owned by me - I get no questions. The transfer is generally within a few minutes.

I haven't tried to transfer over AU$10K though - I did several close to that amount though. 

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cookie47
Well it's the advantage of my Citibank AU and Citibank PH accounts.  
I can transfer funds from one account to the other  - both owned by me - I get no questions. The transfer is generally within a few minutes.
I haven't tried to transfer over AU$10K though - I did several close to that amount though. 
Yeh, ours was a couple of $50,000 au.
Probably flagged a computer somewhere....

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2 hours ago, cookie47 said:

Yeh, ours was a couple of $50,000 au.
Probably flagged a computer somewhere....

Sent from my Redmi Note 3 using Tapatalk
 

Not only that - new regulations. With the AEOI implemented another step is taken to fight tax evasion (even the Philippines has not committed yet, but per example Australia has. So banks from any countries which implements AEOI, will automatically send any information back to your tax residency authorities without asking you. So in the example of citi bank they will get all your accounts from around the world and send all your account information  (net worth) back to your tax residency. Australia has committed by 2018.  So banks are very careful and go through a lot of audit processes, as they could get heavy fines from other countries. 

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hilyfe
21 hours ago, Daddy said:

You could set it up with your bank in US to wire the money to the dealership after you make the deal or you might be able to put it on a credit card, which they would probably charge 3 or 4% for taking, if they accept it at all. We have a checking acct at PS bank and simply write a check to our account in RP from out US acct. It takes more than 30 days for it to clear and converted into pesos. Obviously that is probably a no starter because you will want the truck right away but an option. 

 

Thanx 

Yeah i will want that truck right away 

They dont accept creditcard 

If my bank wire the money is it pretty safe

You how it is in philippines

 

21 hours ago, Woolf said:

@hilyfe

 

How long do you plan to stay in PH

You can use your foreign license for 3 months, after that you need to have a Philippine license to drive legal in PH

Not sure yet how long itll be 

For sure i would want to go driving around with it

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hilyfe
21 hours ago, smokey said:

Wire.   Open a (example) union bank dollar acct in philippines.   Open (example)acct in usa at wells fargo. Tell wells you want to open repetive wire between two banks they will give you a password rest can be done on line 

How can i wire a money to philippines if i dont have an account there?

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hilyfe
19 hours ago, Goetz1965 said:

Open an account with Skrill.com - and get the verifications done so that 30K is no problem !

From skrill you can transfer money to philippine banks without problems - I did that for BPI, PNB and Metrobank - transfer was done within 24h.

That way you can ask the dealer for the bankaccount and then transfer from skrill.

Or bring cheques with you - they are regular method of payment here.

Also you CAN bring 30K cash with you - you just need to declare that amount at customs in US and here in phils.
Just tell them "to buy a car" and no one will ask, but maybe you also need to bring a bodyguard ;)

What does that meant when you declare

Do you jave to pay tax etc.

Some people have tried not declaring it so

There must be a reason why theu doing it that way

17 hours ago, Headshot said:

Why bother with all of that? Most new car dealerships in the Philippines are set up to take credit cards. I used my AMEX card to buy my vehicle. Just make sure your credit card company knows in advance  that you will be making a large purchase, so they don't block the transaction. No Philippine accounts are necessary. The other advantage is that you can also earn points (good for mileage?) by using your card.

Can you tell me what toyota dealership

Will accept creditcard

All  they told me is tjat only up to 50k

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hilyfe
15 hours ago, SkyMan said:

When I was shopping for my truck I found that Cebu dealers added on p40K or more delivery charge so I bought it from a Manila dealership and drove it down.  The wife and I made a vacation of it but didn't spend over p15K for the trip including the flights to Manila and got to see some sights along the way.  Also, if you're interested in a spray in bed liner you can get that done at Line-X in the Manila area.

Ohhh man yes i would like that sprayed on bedliner not those damn plastic bedliners lol

So how did you pay for your truck

Man i would love it if i could us emy creditcard to pat

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hilyfe
9 hours ago, GBT62 said:

Well it's the advantage of my Citibank AU and Citibank PH accounts.  

I can transfer funds from one account to the other  - both owned by me - I get no questions. The transfer is generally within a few minutes.

I haven't tried to transfer over AU$10K though - I did several close to that amount though. 

I didjt kniw theu have citibank in philippijes

I might have to stop by yhe citibank here

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Headshot
6 hours ago, hilyfe said:

Thanx 

Yeah i will want that truck right away 

They dont accept creditcard 

If my bank wire the money is it pretty safe

You how it is in philippines

 

Not sure yet how long itll be 

For sure i would want to go driving around with it

Just remember, if your US bank wires the money into your Philippine account, you must complete a FATCA report to the IRS next year (assuming that the amount is over $10,000 US).

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5 hours ago, hilyfe said:

I didjt kniw theu have citibank in philippijes

I might have to stop by yhe citibank here

You need a ACR if you want to open an account in citi as a foreigner, same in HSBC (both are just across Ayala). Without ACR you might be able to open a joint account with a Filipino citizen, however, you will be restricted in some transfers (you will not be able to transfer from a peso to a  peso account and of course no transfer from peso to foreign currency).

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SkyMan
6 hours ago, hilyfe said:

What does that meant when you declare

Do you jave to pay tax etc.

Some people have tried not declaring it so

There must be a reason why theu doing it that way

I haven't needed to do this but I believe some don't declare to avoid questions of where the money came from.  As long as you can show that I don't think there is a problem.

6 hours ago, hilyfe said:

Can you tell me what toyota dealership

Will accept creditcard

All  they told me is tjat only up to 50k

You'll need to call around for that.  If you want to buy in Manila, you may have better luck finding a dealer that takes cc.  50K dollars or pesos?

6 hours ago, hilyfe said:

Ohhh man yes i would like that sprayed on bedliner not those damn plastic bedliners lol

So how did you pay for your truck

Man i would love it if i could us emy creditcard to pat

There are Line-X dealers and Ziebart dealers in Manila.  I was told by Ziebart they take 3 days to do a bedliner but when I got there they said they didn't have the materials in stock.  (Go figure.)  Line-X seems to do it in a few hours.  There is also Line-X in CDO and they tell me it's on the way to Cebu but that has been for months now. (search line=x philippines on fookbace)

I ordered my Ranger to get what I wanted and had to pay like 30% deposit which I transferred from BPI.  It took 5 months to arrive and then I took the balance in cash to Manila.

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6 hours ago, hilyfe said:

I didjt kniw theu have citibank in philippijes

I might have to stop by yhe citibank here

Yeah, not many branches here - Manila and Cebu I think. Cebu branch is near Ayala. 

https://www.citibank.com.ph/portal/citiph_home.htm

https://www.citibank.com.ph/gcb/deposits/banking-branches.htm

Your local branch won't help here though - you'll need to open a Citibank Philippines account - they are totally separate entities as far as your accounts go. Like others have said - you'll need and ACR or similar (I have a PRA SRRV Retirement Visa) to open an account here. So it might not be possible if you are here only short term.

 

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cookie47
Yeah, not many branches here - Manila and Cebu I think. Cebu branch is near Ayala. 
https://www.citibank.com.ph/portal/citiph_home.htm
https://www.citibank.com.ph/gcb/deposits/banking-branches.htm
Your local branch won't help here though - you'll need to open a Citibank Philippines account - they are totally separate entities as far as your accounts go. Like others have said - you'll need and ACR or similar (I have a PRA SRRV Retirement Visa) to open an account here. So it might not be possible if you are here only short term.
 
Just "my" little bit of input.I know its about a car purchase.... However..

Having now settled permanently (well Balakbayan at this point) in Consolacion Cebu "we" have just opened bank accounts with Metrobank. To be completely accurate my wife is the principal account holder, however i had to fill in a separate application which noted my nationality and all papers went to Manila for approval. I now have a shiny ATM card with my own name on it. The process was an absolute breeze and the staff couldn't be more helpfull. Yes true it's doesn't have all the fancy overseas transfer features, but we use an Australian money remittance company anyway and i can have $5000, in PH same day with just a text message For the cost of $7 au.... Have a nice day.

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hilyfe
4 hours ago, Cgu said:

You need a ACR if you want to open an account in citi as a foreigner, same in HSBC (both are just across Ayala). Without ACR you might be able to open a joint account with a Filipino citizen, however, you will be restricted in some transfers (you will not be able to transfer from a peso to a  peso account and of course no transfer from peso to foreign currency).

Ok how about if i open a pnb acount here in hawaii

Deposit the money therr and take it out in phils

4 hours ago, Headshot said:

Just remember, if your US bank wires the money into your Philippine account, you must complete a FATCA report to the IRS next year (assuming that the amount is over $10,000 US).

I dont have an account in phils.

Im talking about  wire the koney to toyota account?

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smokey
On 8/3/2018 at 6:45 AM, Woolf said:

I think there is one problem here 

I am pretty sure that you can NOT open an account in any Philippine bank, without having a ACR-I card

you can not  get ther ACR-I card until after you been in PH for 59 days and it takes about a month before you can pickup  the card at BI

that is about 3 months  you are allowed to drive on your foreign license for 3 months only

Well i have a card but my new bdo acct they never asked i opened a dollar acct and atm peso

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