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Coming in with lots of US Cash?

Discussie in 'Off-Topic Forum' gestart door Wildlands1, 3 nov 2015.

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  1. Wildlands1

    Wildlands1 DI Member Restricted Account Showcase Reviewer

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    I don't know.
    anyone ever moved to PH and brought in lots of cash? If one declared it in Cebu customs is there a problem? would the squeaky honest officials skim some or? just weighing options here.
     
    Wildlands1, 3 nov 2015
    #1
  2. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    You are allowed $10.000 in cash, or another denomination to that equivalent. anything over has to be certified by bank Certificate, if you are caught with excess it will be confiscated. Period!
    My Friend for me I would not take the Chance, there is no need for Large amounts of cash to be carried, banks and ATM's on every Corner. Said with tongue in cheek here but if it's hooky money, that's what they are looking for. Carrying very Large amounts to me is just too silly.

    Just saying.
    Jack :bag:
     
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    Jack Peterson, 3 nov 2015
    #2
  3. RR_biker

    RR_biker DI Senior Member Veteran Marines

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    Agree. Why taking the risk it will be confiscated or worse tipping someone who will make sure you get rid of the money on a non voluntary base.
    But again I dont know what kind of money is involved of course!
     
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    RR_biker, 3 nov 2015
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  4. KINGCOLE

    KINGCOLE DI Senior Member Highly Rated Poster

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    Also, assuming you are American, if you open a bank account here the IRS will be watching everything you do.
    Expats: Opening A Bank Account In The Philippines
     
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    KINGCOLE, 3 nov 2015
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  5. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    As they should. Hiding money and not paying your taxes is a crime....and unpatriotic. :wink:

    It's a bad idea. Having lots of cash on you in a third world country is an even worse idea.
     
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    Rye83, 3 nov 2015
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  6. RR_biker

    RR_biker DI Senior Member Veteran Marines

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    I am not an US citizen but when it's about honest earned money I cannot find one reason why opening a bank account in the PH and then transfer money from an US bank account can do any harm. Of course my 5 cents worth opinion only.
     
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    RR_biker, 4 nov 2015
    #6
  7. Cletus

    Cletus DI Forum Adept Showcase Reviewer

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    Cletus, 4 nov 2015
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  8. OP
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    Wildlands1

    Wildlands1 DI Member Restricted Account Showcase Reviewer

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    I don't know.
    That link is one reason i dont trust the system here in US, or banks, or anyone else. To clarify, I'm selling my house, its not tax evasion, but i dont want to leave anything here anymore. Has anyone ever brought american eagle gold coins into PH?
     
    Wildlands1, 7 nov 2015
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  9. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    After I arrived here and opened an account at MetroBank I deposited a cheque from my Canadian account. The bank asked where the money came from and I told them from selling my house. No more questions.
    PS. it takes 45 days for a cheque to clear and about 5 days for a wire transfer.

    The currency exchange rate was about 1% less than the rate shown on XE.com plus a couple of minor fees.

    If you try to be tricky bring gold etc. you will be playing with fire.
    You could end up losing everything and get tossed out to add insult to injury.
    Follow the rules, it's not that difficult.
     
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    Show Pony, 7 nov 2015
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  10. horizon155

    horizon155 DI Forum Adept Showcase Reviewer Blood Donor

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    If you are bringing a lot of cash in, just let me know the time/date of arrival, your arrival terminal, flight number, and a full description of yourself so I can meet you and let you know your best options :wink:
     
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    horizon155, 7 nov 2015
    #10
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