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

 

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.

 

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.

 

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!

 

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.

 

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