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


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MetroBank charges a flat $5 for all incoming USD wire transfers, regardless of the amount.

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Well are you going to have an escrow ? A middle man to hold the title while they hold the cash ? Are they giving you a check ? If so how will the deal go if they hand you a check for the amount and

The family buying the house are both Filipinos.      

Great news ,,, finally a person who sold something in the philippines ,, best to both of you

I will just have my wife go talk to RCBC (where I have my Dollar account) ... and then have her talk to BDO (where she has her Peso account).

 

I guess she can then figure out which bank will be the cheapest to wire Dollars from the PI to my account here in the US.

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smokey

I will just have my wife go talk to RCBC (where I have my Dollar account) ... and then have her talk to BDO (where she has her Peso account).

 

I guess she can then figure out which bank will be the cheapest to wire Dollars from the PI to my account here in the US.

 

 

 

dont you have to come yourself to sign stuff? did you include your bike in the sale or sell it already?

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SkyMan

Congrats on your sale nmy dear, dear, generous friend!

I am going to call my bank manager at RCBC bank in the Philippines and see what he thinks ...
Since you're familiar with RCBC, I have a dollar and a peso account there and they've never had a problem switching between though my amounts were large, not nearly as large as yours so I don't know. They also have a problem dispensing a large amount of dollars if you don't let them know in advance. They do have a dollar manager's type check. I would think you could deposit the pesos, convert it to the dollar account directly and just get a check to take with you to deposit in the US. Also, when converting a large amount they will generally give you a little better than their posted rate if you ask. I don't know of other banks doing that but maybe. Last time I converted a large amount of dollars to pesos, their rate was so close to any of thte other exchanges rates it wasn't worth me running around with a bunch of cash.
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Jim in Cebu

MetroBank charges a flat $5 for all incoming USD wire transfers, regardless of the amount.

 

BDO also charges only a flat $5 for all incoming USD to USD BDO accounts, regardless of the amount. I don't know about outgoing costs or restrictions.

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Hello Turborta, congrats on finally selling your very nice home...we sold ours, last april of this year and we did got a phillippines money for the amount. we then changed it to dollar money, from the money changer that we been used for over 3 years. reffered by our bank, BDO in cebu... NOTE: the bdo banks are only authorized to sell 30k dollar a month...inorder to transfer money from philippines dollar account to our usa checking account was not too bad, we just went to our bank holder and told the manager that we want to transfer dollar money to usa. she then filed up the application for us, you just need your passport or TIN# for your wife, some bank they will need the deed of sale so they well know where the money come from. charged any dollar amout was 40 dollars. and the next day the dollars was in our checking account .thanks ging

 

Looks like at BPI it is USD60,000 http://info.bpiexpre...gnExchangeRates look just below the chart

 

Limit on foreign exchange that may be purchased without documents for non-trade purposes has been increased from USD30,000 to USD60,000 effective November 24, 2010.

Edited by Woolf
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That limit is only if you change from pesos to dollars at the bank, but if you use exchanger to change money it's unlimited.

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They do have a dollar manager's type check. I would think you could deposit the pesos, convert it to the dollar account directly and just get a check to take with you to deposit in the US.

 

That might be a good idea. Instead of doing a wire transfer, my wife could just bring the manager's check with her back to the US.

 

 

Dont you have to come yourself to sign stuff? Did you include your bike in the sale or sell it already?

 

I don't think I really need to come to the PI myself to sign anything. The house and lot is in my wife's name.

I sold the Harley before leaving the Philippines 1 1/2 years ago.

_____________________________________

Edited by Turbota
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You can do this in one hit provided you have Banko Sentral clearance which can take a long time. They will want to see verified documents that you brought the funds in and converted to pesos. A history of the amounts broght in and converted will be needed, dates, time and exchange rates etc. Your local bank may have contacts with Banko Sentral to help but if they do not then expect a long and winding road.

 

The $60,000 transfer is per person per qtr, undocumenetd. I think from memory a couple of throw away tickets was enough to get the money transferred into a dollar account. Once it is all in transfer in one go. will take 3 qtrly transactions to complete. HSBC and BDO are the ones I talked to

Edited by spooks
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The $60,000 transfer is per person per qtr, undocumenetd. I think from memory a couple of throw away tickets was enough to get the money transferred into a dollar account. Once it is all in transfer in one go. will take 3 qtrly transactions to complete. HSBC and BDO are the ones I talked to

 

With restrictions like this .... I can't see how investors even operate efficiently in the Philippines.

 

shakes head .....

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Monsoon

 

 

Seems like in the Philippines, these banks will change as many Dollars to Pesos as you would ever want, but when it comes time to trade Pesos for Dollars ... everything gets in the way.

 

Hell of a way to run business in this day of Global Banking

___________________________

 

Yep. Thus the market for money changers. Have one meet you at your bank with dollars. The big ones in Manila will send a truck and guards. Must be a player where you are? I have them deliver to my house/office but no more than $10k but I do know they handle much larger transactions with notice.

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SkyMan
I don't think I really need to come to the PI myself to sign anything. The house and lot is in my wife's name.
But being married you both own it even if your name isn't on the title. She may need to have a POA from you to sell it legally and it will probably have to be an RP POA. Your lawyer here can draw it up and send it to you to sign at the embassy.
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I just found out that I am required to sign somewhere on the Deed of Sale.

 

My realtor can email it to me .. then I can sign it and have my wife hand carry it to the Philippines when she goes, but I am now thinking that I might just go with her to the Philippines anyway.

 

I need to renew my Permanent Resident Visa anyway very soon, and if I'm gone out of the PI for more than 1 year at a time, I will loose the visa ... so, I might as well go with my wife there.

 

I might make a side trip to Angeles City too while I'm there. :yahoo:

 

Also, there is a leak in the master bath ceiling when it rains real hard that I found out needs to be fixed.

 

Here is the scenerio that I want to avoid .... I buy 2 round trip tickets (about $3,000 total) ... and then for some reason, these buyers change there mind at the last minute! I am going to talk to the realtor and ask if I can get some kind of "Earnest Money" prior to closing this deal. At least enough to pay for the 2 round trip tickets if these people fall though on the deal at the last minute.

 

Ron,

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SkyMan

Just to recap:

 

Your wife is going to finalize the sale of your home and in the process she'll get a huge chuck of pesos and you...

might make a side trip to Angeles City too while I'm there.

 

Does this sound like a good plan? :rofl:

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