Coming in with lots of US Cash?

You can open a bank account in Hong Kong or Singapore, deposit funds there, then transfer to PI as needed after that. I personally would not have a large sum of money in any bank here. As for gold coins you can have them stored in Singapore, not in bank, but a storage facility for gold at which point it is not reportable to Irs. At least that is my understanding on the process.

 

Well I don't know so much about bringing it into the PI but I would hazard a guess something may be said about taking it out of the US, I know the UK has Stringent currency Regulations to this effect.

Jack

 

Below, if allowed on D.I., is a link to an article re the transportation of cash, coins, and gold bullion. It also discusses US( and other) Gov policies and the likely reasons that these policies have been put in place:

It's Time To Get Your Gold Out Of The U.S. | Zero Hedge

 

Once you get here, open up a dollar account at one of the banks here (I use RCBC) ... Then do an international wire of funds (in US dollar) from your bank in the US to your Philippines dollar account.

My account in the US is at USAA. It costs me a total amount of $45 to do a wire of funds. That's $45 whether you wire a $100 or $20,000 ... so make the wire for a pretty large amount if you can (just to save money). The funds will be in your RCBC dollar account within a couple of days.

Then, when you withdraw money out, just have the Philippines bank convert the money into pesos before you walk out the door.

When we built our house in Bacolod City, I wired about $220,000 in US funds over a period of time to pay for the lot and construction of the house.

Be advised that if you have more than $10,000 in an overseas bank account at any given time during the year (even for 1 day), you will have to declare the amount to the US government .... Be advised that I had to declare money in my account when it went above $10,000 for one of the years I was here, but this never presented a problem. The US government is worried about money laundering, but if the money in excess of $10,000 is for legitimate purposes, you have nothing to worry about.

Be advised, you don't have to worry about paying US taxes on the interest you receive from the money you have in your Philippines bank account, since it won't amount to hardly anything (non-reportable)

Here is a link to everything you need to know if you ever have in excess of $10,000 in a foreign bank account (the form you send in is simple to fill out):

How To Declare Foreign Bank Accounts To The IRS | OPEN Forum

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Be advised that most US banks will NOT do a wire transfer to foreign bank accounts that are not US dollar accounts, so don't open up a peso account here in the Philippines and expect to do a wire transfer into it from your US bank.

 

I recently transferred quite a bit of money from the U.S. to the Philippines. The money came from the sale of a house. It was done by wire transfer. Cost $35 on the U.S. side. Nothing here. Was done in dollars to a dollar account, so no conversion discount. Went through smoothly. No questions. Took a couple of days. I plan to report the money next year in accordance with the FACTA and FBAR requirements and on my 1040 I'll note that I do have a foreign bank account.