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aiden9991

Transferring Money From PH to UK

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aiden9991

So I am going back to the UK next year on a temp basis. 
Sold up my car and some things. Need to sort out some personal stuff back home. 

Now I bank with BDO/RCBC.
I need to take approximately 4,000 usd with me. (proceeds from my car and other things)


Is it safe to carry this amount with me on hand or is it best to transfer it directly to my UK bank account?
I have read that 10k usd is the maximum we can carry as travellers.

any advice will be appreciated.

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Jawny

The $10,000 amount is the threshold for declaring the money when you travel. Less than that, no need to declare it when traveling.  However, I believe there is a limit of the amount of pesos you can travel with.  I thought I read it had been  ₽10000 but increased to ₽50000.   

I found a source for the amounts.  

https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/

 

Edited by Jawny
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Chris24

You're fine to take it with you in cash as USD or GBP.  Not sure what will give you a better overall exchange rate - - pesos to dollars and then dollars to pounds, or just pesos to pounds.  Probably the latter but it's worth checking.  I'd definitely keep it on your person rather than in hand carry.

Edited by Chris24

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Davaoeno
2 hours ago, aiden9991 said:

So I am going back to the UK next year on a temp basis. 
Sold up my car and some things. Need to sort out some personal stuff back home. 

Now I bank with BDO/RCBC.
I need to take approximately 4,000 usd with me. (proceeds from my car and other things)


Is it safe to carry this amount with me on hand or is it best to transfer it directly to my UK bank account?
I have read that 10k usd is the maximum we can carry as travellers.

any advice will be appreciated.

Just put it in your pocket. I do. No problem

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MickyG

Changing $ to £ in the Uk is an horrific robbery in  motion.

 

Suggest you go to the local money changer here, usually the one with the western union sign. Ask him if he can change it $ to £ for you. I did that and it was at a far better rate than I would have got in the UK. You may have to go to a couple as they may not hold enough stock in £. 

 

Despite the poor exchange rate to the $, the notes will take up less room in your wallet.

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aiden9991
1 hour ago, MickyG said:

Changing $ to £ in the Uk is an horrific robbery in  motion.

 

Suggest you go to the local money changer here, usually the one with the western union sign. Ask him if he can change it $ to £ for you. I did that and it was at a far better rate than I would have got in the UK. You may have to go to a couple as they may not hold enough stock in £. 

  

Despite the poor exchange rate to the $, the notes will take up less room in your wallet.

My money is in pesos at the moment.

So i shall need to exchange from pesos to pounds if its permits.

 

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Cgu

Do transfer it by bank if possible or withdraw pesos and go to a money changer. Withdrawing cash in foreign currency will always hit you with high fees. 

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MickyG

if you are in pesos then buy the £ the Money union office may have. I do that not just for £ but other Asean currencies when flying around this locale. You will get a far better rate than trying to exchange pesos in the UK, if anyone will accept them.

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Cgu
14 minutes ago, MickyG said:

if you are in pesos then buy the £ the Money union office may have. I do that not just for £ but other Asean currencies when flying around this locale. You will get a far better rate than trying to exchange pesos in the UK, if anyone will accept them.

Anyway you cannot bring out pesos (limit is 50k). It is govt. controlled.

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MickyG

Can you not get authorisation for above 50,000 pesos?  Not that I would do that, Probably take enough pesos to cover costs of return expenses from the airport to home.

Edited by MickyG

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Cgu
5 minutes ago, MickyG said:

Can you not get authorisation for above 50,000 pesos?  Not that I would do that, Probably take enough pesos to cover costs of return expenses from the airport to home.

No. There is no reason either. Peso quantity is controlled. The gov. can control the floatimg quantity easier. Most developing nations do.

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