Dumaguete Info Search


Coming in with lots of US Cash?

Discussion in 'Off-Topic Forum' started by Wildlands1, Nov 3, 2015.

  1. Cletus

    Cletus DI Forum Adept Showcase Reviewer

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    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.
     
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  2. Jack Peterson

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

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    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 :whistling:
     
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  3. Rye83

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

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    Agree, gold is going to light up like a Christmas tree on the x-rays and backscatter checks (the higher the object's density the darker it shows on the images). Getting gold out of the US might be a trick. I also thought the US had a law on the amount of "cash" you could carry....that being 10k USD. Anything over that and they can confiscate your money/currency if you don't have the proper paperwork from a bank. Even if you got out of the US with the gold I wouldn't want to be messing around with that much money/gold in Manila or Cebu. All it takes it a bit of bad luck and you are getting strung up by airport security, your bags get delayed.....or you hop in the wrong taxi.

    If you really want to move money around anonymously and under the radar of governments your best bet is to use bitcoin. The exchange rates are volatile as hell but it is almost completely untraceable. I've been told there are local shops that will exchange bitcoins for cash in Dumaguete.
     
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  4. RALPHHOGAN

    RALPHHOGAN DI Member

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    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
     
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  5. Turbota

    Turbota DI Member

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    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.
     
    Last edited: Nov 11, 2015
  6. OP
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    Wildlands1

    Wildlands1 DI Member Restricted Account Showcase Reviewer

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    ok, then i'll wire it.... now, about gold/platinum coins.... if i brought just, say, 2 of each to PH is that allowed? or not? ....and does anyone know if the new hotel on the corner in Valencia is open? and whats its cheapest rates? contact info?
     
  7. Rye83

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

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    No, it is not open yet.
     
  8. george

    george DI Member

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    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.
     
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