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$10,000 CASH limit when Traveling before Declaration


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I had written a few checks for way over $10,000 when buying our condos and no one said a peep but I had proof where the money was borrowed from if they ever did. Too many people are afraid of the US govt and rightly so in some cases but as long as the money is legal and you can prove where it came from, if need be, then IMHO there is nothing to worry about.

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No. Declarations are generally understood as per family. And you are talking about two different things here. Coming and going from the US, no problem just declare it, its not a big deal. Have a look

have read over rules many times IMHO I think since your toddlers are not filling out their own entry/customs card then they cant claim exemption.   Just a question: why travel with that much cash? i

The law is $10,000 per family. Also keep in mind that the other law is p10,000 max in or out of the Philippines in pesos. Best to wire the funds for larger amounts. 

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Monsoon

 

 

You will get caught

 

A buddy of mine flew over for my birthday back in Feb and swears there was a currency sniffing dog in the departure area sniffing everyone as they were lined up to board. He saw them approach several people and pulling them out of line. He said the dog took a quick sniff of his pocket on one side and kept going. 

 

One of the people that got pulled happened to be sat next to him on the plane so he got the whole story. The guy said they pulled him and asked him how much money he had on him. Apparently it was like $8000. They had him pull it out and they counted it. 

 

This was a flight from Houston to Doha. 

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Mikala

 

 

The guy said they pulled him and asked him how much money he had on him. Apparently it was like $8000. They had him pull it out and they counted it.

 

I've seen the morons go thru the boarding line and ask every person how much money they had on them. This was on a PAL flight to Manila (out of LAX). Imagine how happy I was to reveal that I had a few thousand dollars in my pocket to everyone around me. Duh!   :banghead:

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For Real

I used to stick it in my and tell no one. Never got pinged at the airport and never got killed en route to my house.

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Hey guys, so is there any way to get around this 10,000PHP limit? I am travelling in October and mentioned this to a coworker. She asked if I was interested in some pesos she had from a trip to the Philippines a few years back, I said yes. So I exchanged all she had for dollars since she has no plans to return and she gave me the current exchange rate. In any case, the amount is definitely more than 10K. I was happy until I found this thread, so now I am looking at leaving more than half the money I exchanged here in the U.S if I can't take more than 10K :-(

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One thing to remember (new law in July 2014 went to effect) if you have a total of 10,000 usd a year in any bank in the Philippines and U are from USA, U will have to declare it in taxes this year . As explain to me by the BPI manager, if U have money constantly moving in and out of your bank account, it is the total amount U put in your account for the year, not what your balance is ...

 

I was checked by TSA in Chicago on how much $ I had on hand. They made me take my money-belt off and then they took all of the money on my person and counted it , but was well under 10,000 usd...

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TheMatrix

Hey guys, so is there any way to get around this 10,000PHP limit? I am travelling in October and mentioned this to a coworker. She asked if I was interested in some pesos she had from a trip to the Philippines a few years back, I said yes. So I exchanged all she had for dollars since she has no plans to return and she gave me the current exchange rate. In any case, the amount is definitely more than 10K. I was happy until I found this thread, so now I am looking at leaving more than half the money I exchanged here in the U.S if I can't take more than 10K :-(

 

I think you're screwed, but I'm wondering why did you make the trade?  How'd you benefit?  What was in it for you?  Unless you were purely doing them a favor, you gained nothing but a headache, and still nothing if you were able to take the cash in with you. 

 

I'm not totally sure, but I think BPO and BPI bank has branches in California?  Deposit there and then access funds once you're on the islands. 

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Oasis Monarch

Hey guys, so is there any way to get around this 10,000PHP limit? I am travelling in October and mentioned this to a coworker. She asked if I was interested in some pesos she had from a trip to the Philippines a few years back, I said yes. So I exchanged all she had for dollars since she has no plans to return and she gave me the current exchange rate. In any case, the amount is definitely more than 10K. I was happy until I found this thread, so now I am looking at leaving more than half the money I exchanged here in the U.S if I can't take more than 10K :-(

 

1. See:http://www.bsp.gov.ph/downloads/Publications/FAQs/fxregulations.pdf (paragraph 6, and also take note of paragraph 7):

 

 

6. Can a person bring in or take out of the country any amount of Philippine 
currency? 
A person may, without prior BSP approval, import or export, or bring in or take out 
of the country, or electronically transfer, legal tender Philippine notes and coins, 
checks, money orders or other bills of exchange drawn in pesos against banks 
operating in the Philippines in amounts not exceeding P10,000.00. Prior 
authorization from the BSP, through the International Operations Department 
(IOD), is required for the export and import of Philippine currency exceeding 
P10,000.00. 
 
7. Is there any restriction or limit in the amount of foreign currency that a 
person may bring in or take out of the Philippines?
There is no restriction or limit on the amount of foreign currency that a person may 
bring in or take out of the Philippines. However, any person bringing in or 
taking out of the Philippines foreign currency, as well as other foreign 
exchange-denominated bearer monetary instruments, (whereby title thereto 
passes to another by endorsement, assignment or delivery), in excess of 
US$10,000.00 or its equivalent must declare such fact in writing and furnish 
information on the source and purpose of the transport of such currency or 
monetary instruments using the prescribed Foreign Currency and Other 
Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form. 
The form is available at the Bureau of Customs desk in the arrival/departure areas of 
all international airports and seaports. Failure to do so shall subject the violator to 
sanctions, including confiscation of the foreign currency or monetary instruments 

involved. 

 

2. Contact the embassy (http://www.philippineembassy-usa.org/philippines-dc/contact-us-dc/) and ask them how to get:

"Prior authorization from the BSP, through the International Operations Department 

(IOD), is required for the export and import of Philippine currency exceeding 
P10,000.00."
(I have contacted the embassy before on other matters, and they are very prompt in their replies).
 
3. I am sure the BSP will approve your request. Keep us updated on your experience .
Edited by Oasis Monarch
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Hey guys, so is there any way to get around this 10,000PHP limit? I am travelling in October and mentioned this to a coworker. She asked if I was interested in some pesos she had from a trip to the Philippines a few years back, I said yes. So I exchanged all she had for dollars since she has no plans to return and she gave me the current exchange rate. In any case, the amount is definitely more than 10K. I was happy until I found this thread, so now I am looking at leaving more than half the money I exchanged here in the U.S if I can't take more than 10K :-(

 

Open a Peso and/or Dollar Account with Philippine National Bank in the US then withdraw your pesos in the Philippines.  We've done this and it works.

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TheMatrix

Open a Peso and/or Dollar Account with Philippine National Bank in the US then withdraw your pesos in the Philippines.  We've done this and it works.

 

Yup, I think this is the best idea.  PNB, BPO and BPI all have branches in California, I think.

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Oasis Monarch

Open a Peso and/or Dollar Account with Philippine National Bank in the US then withdraw your pesos in the Philippines.  We've done this and it works.

One can deposit USD after opening an account with a branch of the Philippine National Bank in the USA.

One cannot deposit PHP after opening an account with a branch of the  Philippine National Bank in the USA. Which is the situation faced by @Agustin.

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TheMatrix

One can deposit USD after opening an account with a branch of the Philippine National Bank in the USA.

One cannot deposit PHP after opening an account with a branch of the  Philippine National Bank in the USA. Which is the situation faced by @Agustin.

 

When did U.S. banks stop accepting foreign currency as deposit?  I have in several instances, over the years, deposited foreign money... Mexican Pesos,  Russian Rubles and South African Rand as recent as year 2000.  We had to wait about 10 days for the credit to show up.  Is it different now?

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Oasis Monarch

When did U.S. banks stop accepting foreign currency as deposit?  I have in several instances, over the years, deposited foreign money... Mexican Pesos,  Russian Rubles and South African Rand as recent as year 2000.  We had to wait about 10 days for the credit to show up.  Is it different now?

1. I do not refer to "U.S. banks". I refer to an overseas branch of the Philippine National Bank (PNB) in the U.S.A.

See: http://www.pnb.com.ph/losangeles/index.php?option=com_content&view=article&id=556&Itemid=347

 

Edit: This applies to any overseas PNB Branch in any other country. e.g. at the PNB Branch in Singapore, one can only deposit the local currency, i.e SGD  (which can later be drawn in PHP once you are in the Philippines using an ATM card, or at a PNB branch.)

 

2. PNB branches in the U.S.A provide "Facilitation of Services for Philippine-Based Deposit Accounts"; but these are related to accounts that are already existing in the Philippines.

See:http://www.pnb.com.ph/losangeles/index.php?option=com_content&view=article&id=557&Itemid=348

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Oasis Monarch

 

 

Yup, I think this is the best idea.  PNB, BPO and BPI all have branches in California, I think.

 

See:http://www.banksphilippines.com/2011/08/philippine-banks-in-us-are-there-only.html

 

 

We found that Metrobank and Philippine National Bank are the only Philippine banks in the US licensed as banks. Here are their addresses and branches:


METROBANK NEW YORK 
10 East 53rd Street
New York, New York 10022
 Tel No.: 1 (212) 832-0855
Toll free: 1 (800) 863-8762 (US only)
Fax No.:  1 (212) 223-0916
Contact Person: Ivan S. Atmaja - General Manager
Email: [email protected]
[email protected]
Business Hours: 
Mondays to Fridays, 9:00 am to 3:00 pm
Saturdays 10:00 am to 1:00 pm (for remittances only)

METROBANK GUAM 
Sunny Plaza Bldg., 1st Flr
#125 Tun Jesus Crisostomo St.
Tamuning, Guam 96913
Tel No.: 1 (671) 649-9555 to 57
Fax No.:  1 (671) 649-9558
Contact Person: Susana Lei D. Dayco - Officer-in-Charge
Email: [email protected]
[email protected]
Business Business Hours:
Mondays to Thursdays -- 9am to 5pm
Fridays --10am to 6pm
Saturdays -- 9am to 3pm


PHILIPPINE NATIONAL BANK 
30 Broad Street, 36th Floor

New York, NY 10004
Tel Nos:  (212) 790-9600 to 30, (212) 790-9624
Email:  [email protected],
General Manager:  Araceli S. Manaloto
Listed as foreign branch by the State of New York Banking Department
 

 
PHILIPPINE NATIONAL BANK 
Queens New York Extension Office
#69 - 18 Roosevelt Avenue,
Woodside, Queens
New York 11377
Tel No:  (718) 898-6113
Officer in Charge:  Francisco C. Agulto
 


PHILIPPINE NATIONAL BANK
3345 Wilshire Boulevard, Suite 200
Los Angeles, California 90010
Tel No: 213-401-1800
Office Name: Ricardo Ramos
License # 1003, California Department of Financial Institutions


PHILIPPINE NATIONAL BANK
PNB Las Vegas Sahara
Sahara Towne Square, 2600-A S.
Maryland Parkway, Las Vegas
Nevada 89109
Tel Nos:  (702) 650-5263 / 6429
Email: [email protected]
Branch Supervisor: Socorro Santiago
 
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