Jump to content

PNB holding my cash deposit


Recommended Posts

Hmmm...  I have a credit union account in the US. I also have a BPI dollar account and a BPI peso account. I email my credit union in the evening to transfer funds to my BPI dollar account. By the morning of the next business day here in Cebu, the money is in my BPI dollar account (I check online), and is available for use. The wire transfer costs me $25 regardless of the amount (I have never sent more than $10,000 for tax reasons). If I want to transfer the money to my peso account, I go into any branch of BPI and move it across (which involves a currency exchange). The transfer costs me 50 pesos (about a dollar), so the entire process costs me about $26. BTW, BPI has the best exchange rate I have seen (with a very small margin). It is considerably better than anything I have seen at any of the currency exchanges at the malls. Their currency exchange rate changes constantly through the day, as the currency markets change (most currency exchanges use the closing value for the previous day for their rate basis...minus their larger margin).

 

Now...if you try to transfer money from a US account directly to your BPI peso account, the transfer has to go through the main BPI offices in Manila, and it can take a week or even more to access the money...so don't do that. As long as you are willing to go to the bank to transfer between BPI accounts, it is very fast. I haven't tried to transfer money between accounts online, but I suspect it also goes through Manila, which would mean considerable delays.

Depositing and wiring are two very different things. Wiring money as you wrote should be available as soon as it shows up in the account. My post was about depositing based on the op's experiences depositing cash in his bank. 

 

As for going into the branch, with BPI you can do an exchange online as long as you have a dollar account and a peso account, without leaving your home but from personal experience for larger exchanges (over $1000) you would get a better exchange rate if you call a money changer or have the branch call an outside money changer they use for the best rates and have them come to the bank for the exchange and you never have to touch the money, that is what I usually do and deposit the pesos into our peso account right then.  

 

As far as transfers, we try to keep enough on hand that we can last more than one month and then write a US check each month and deposit it and wait for it to clear usually 21 days or 21 business days depending on the bank and thus pay NO fees and then do as I wrote above to get the best rates. We each have different ways of doing things and no one way is the right or the only way, I am just too frugal to pay fees when I do not have to since those fees over years can really add up. 

 

As for under $10,000, as long as the money is legit then I do not feel people have to worry about the amounts, when we bought our condo I borrowed the money in the US because it cost less interest that way and then deposited a check to our then Citibank account  (much more than $10,000) and waited for it to clear. The US law says if a person has $10,000 at any time in their account it must be reported, so if you deposit $9000 and already have $1000 value in dollars or pesos then you must report it yearly anyway or risk the possible consequences. I sent in FBAR any year we had over $10,000 in all of our accounts combined.

Section 16. Report of Foreign Bank and Financial Accounts (FBAR)

  1. The Report of Foreign Bank and Financial Accounts, TD F 90–22.1, (FBAR), is required when a U.S. Person has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value greater than $10,000. If a report is required, certain records must also be kept.

Link to post
Share on other sites
Mandingo

 

 

As for under $10,000, as long as the money is legit then I do not feel people have to worry about the amounts, when we bought our condo I borrowed the money in the US because it cost less interest that way and then deposited a check to our then Citibank account  (much more than $10,000) and waited for it to clear. The US law says if a person has $10,000 at any time in their account it must be reported, so if you deposit $9000 and already have $1000 value in dollars or pesos then you must report it yearly anyway or risk the possible consequences. I sent in FBAR any year we had over $10,000 in all of our accounts combined.

Section 16. Report of Foreign Bank and Financial Accounts (FBAR)

  1. The Report of Foreign Bank and Financial Accounts, TD F 90–22.1, (FBAR), is required when a U.S. Person has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value greater than $10,000. If a report is required, certain records must also be kept.

 

 

 

Exactly. It never made any sense to me to wire several smaller amounts instead of one large amount, as long as it is legit money that you've already paid taxes nobody cares how much you send, they only care that taxes have been paid on it. Yes the bank reports anything over $10,000 but I really don't care if they do or do not, I prefer to do things "above the board" and to be honest, it always pays to be honest in the long run. I also report the monies in our dollar account, if over $10,000, and do the FBAR as well and never had any problems.

Edited by Mandingo
Link to post
Share on other sites
Guest
This topic is now closed to further replies.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..