Transferring large amount of money from PI to US (sold house)

[garg 465]

I remember one of these countries makes you prove where the funds came from before you can export them. I'm not sure if it was the Philippines or Thailand. And the answer would be not just from the sale of your house but where did the money used to buy the house come from. Assuming you have all the bank records (and that is is the Philippines) it should be no problem to get the proper documentation.

Edited October 27, 2012 by garg

[BFHammer 584]

For smaller amounts would it be easier to just leave it and use a credit card internationally that draws off that account?

 

Actually I think the issue is the IRS and new Obama laws trying to grab money all over the world.

 

http://watchdogwire.com/blog/2012/10/23/facta-new-federal-law-causes-swiss-banks-to-reject-american-investors/

Edited October 27, 2012 by BFHammer

[Mr.T 202]

Nothing wrong with a bank asking where the 11 million Pesos is coming from

[eggnoggin 101]

most countries will let you build and buy like crazy..getting ones money out can be a hassle and boon for lawyers judges ..the usual crooks..documentation of the source of funds during the buildng process is important..in argentina..when buying or selling ..the funds are always cash..serial nos are written down for all bills at the site of closing..then checked against the list before deposit at the bank..when selling in one country and wanting payment in another..an intermediary legal service trusted and specializing in such transactions can set up the whole enchilada without an actual transfer of funds between countries..

[smokey 21,911]

i like the idea of deposit and then write checks to your acct. in the usa... use a large bank like union bank ,, sure you can slip in a few larger checks

[Turbota 95]

 

You should do a bit of a search on the forums and see where Ron posted photos of the progress during construction of the home. He did it right, for sure!

 

Ron, congrats on selling your home. I hope we meet up again one day.

 

Paul, it was nice meeting you too. I certainly hope we can see each other again.

 

For now ... I'm here in Florida.

[Rocketman 480]

Keep in-mind that opening an account in the RP is not easy. They require certain documentation and most likely, you'll have to be here in-person. At least that was the case for me with Citibank.

[Ungaro 230]

But could U not keep the PI Bank checking account open and just write a check (for max $ amount) on your PI account and deposit it in your USA bank each month ?

 

MetroBank does not allow check writing on foreign currency accounts and I do not know of any PI bank that does. The only thing I can do with my USD account is wire money into it and withdraw cash, but only at the branch where I opened the account.

 

Slim told the OP how to do it and that is the only way I am aware of doing it. My money changer has a 5 centavo spread between the USD buying and selling rates for transactions above 1M pesos. I would convert the PHP into USD and have any bank wire it into my US account for a fee of $40. Banks have the LEAST favorable rate and the highest spread, I never exchange money at the bank.

[billy 1,691]

what ungaro said is the best way to send money. call an outside exchanger he will come in bank and exchange to dollars then wire.. wire fee for BDO is very cheap maybe 10.00 dollars ungaro can you email me your exchanger name and number? thanks

[billy 1,691]

one last thing RCBC is one of the worst banks they take a percentage of your funds on incoming and outgoing wires. at least as of 2-3 years ago they did

[A_Simple_Man 6,199]

RCBC is one of the worst banks they take a percentage of your funds on incoming and outgoing wires. at least as of 2-3 years ago they did

 

That is one are that I have experience in. Wiring money *into my RCBC account every 3 months for 5 years and they have never taken a percentage. But like all else Philippines, your experience will vary.

 

Hmmm. In retrospect, maybe its because I have the funds converted and wired in as Pesos. Do you mean its the US dollar accounts they take a percentage of?

Edited October 28, 2012 by A_Simple_Man

[billy 1,691]

yes they charged me about $300.00 on incoming wire about 3 years ago. i complained and they credited me back about 120.00 i closed my account after that. i've dealt with a lot of banks here in the philippines and they are the only one that did that. i don't like that bank

[billy 1,691]

BDO is one of the best banks and cheapest as far as wires if i remember it's only five or ten dollars for wire fee. i've dealt with at least five banks.

[billy 1,691]

yes dollar accounts. dollar to dollar. i still have passbook . i'll show you if you want

[toshi 750]

you just could call HSBC in Philippines and ask them how much you can transfer, explain u sold a house etc... (or call any other bank for that matter)

 

piece of cake....