Internation Wire Transfers?

[StayAtHomeDad]

All cash deposits of $10,000 or more into a US bank account must be reported to the IRS. Cumulative cash deposits of $10,000 or more over a ninety days period must be reported (for example, $2,000 x 5 deposits). If you transfer $10,000 or more from a US bank to a foreign account, the transaction has to be reported prior to fund transmittal. The law is to prevent money laundering, opening secret bank accounts overseas and because of the drug trade. There is now an additional security feature is newer US currency. The scanners at the airport go "Beep! Beep!" if the checked or handcarried bags contain a large amount of currency. Passengers on direct flights to the Philippines from Honolulu (Hawaiian and Philippine Airlines) are sometimes screen by US Customs agents at the pre-departure lounged. If suspicious, the agents will search all handcarried items on the spot. You can carry more than $10,000 in cash and cash equivalent like precious metal, but you have to declare it prior to departure.

Thanks, that helps a lot. Do you have any idea how long it will add to the transfer time? Already 2 weeks now. Thanks again.

[JJReyes]

Thanks, that helps a lot. Do you have any idea how long it will add to the transfer time? Already 2 weeks now. Thanks again.

You should re-check. 2 weeks seems too long. It's a default system. The banks add the information to a databank. If there is no reaction from the feds, then it is okay.

One possible problem is most transactions to the Philippines are routed to the Bangko Sentral clearing house. If the names and account numbers are not an exact match, the computers reject it. From Honolulu, I use either PNB or MetroBank because both have remittance centers here. If the money is sent to a PNB or Metro branch account in the Philippines, the routing is direct. I receive immediate confirmation that the money has been deposited to the account.

[StayAtHomeDad]

Well, they sent me a copy of the wire slip. Name and account number match. My bank in the States seems to think its a hold up on the part of RCBC. Guess I have to trek to my branch Monday and inquire. Problem is I now live a couple of hours away from the branch where I opened the account. RCBC has a messaging system in the online banking app, but they never reply to messages sent from it. I have sent many messages over the years and never got a reply even once. I guess maybe it doesnt work or something.

Edited January 12, 2013 by jessdaddu

[Dave Hounddriver]

Yep. They make you go into the branch where you have the account and talk to the manager in person if you want any kind of result. Anything else is usually a waste of time. I'm surprised you have not done that already with the amount involved. My wife had to travel to Cebu to withdraw an amount much less than that because they (RCBC) do not go out of their to help you unless you are right there in their face. And then they are pretty good.

[StayAtHomeDad]

Yep. They make you go into the branch where you have the account and talk to the manager in person if you want any kind of result. Anything else is usually a waste of time. I'm surprised you have not done that already with the amount involved. My wife had to travel to Cebu to withdraw an amount much less than that because they (RCBC) do not go out of their to help you unless you are right there in their face. And then they are pretty good.

Yeah, I had thought about going sooner, but fortunately the transfer does not make or break me - yet! But, I would like to get it resolved as soon as possible. I called the branch today - they are in the mall and open on saturday. The branch manager was not in but the customer service girl said was better if I came in. I think it's the Philippines government eying the transfer more so than the U.S. This is the first time I have had a transfer of this size with this particular bank or account, so I get that they want to make sure I am not a drug dealer or terrorist front man. The source of the funds is easy enough to verify, though. So, I dont anticipate too many problems. Just hope it gets resolved this coming week.

[StayAtHomeDad]

Update*** Just received word from my bank that the transfer will be credited today. Dont know why it was delayed or who was at fault. I am just glad it's coming. Almost 3 weeks in all.. pretty scary as the amount was substantial for me.

[JJReyes]

I am glad the problem is resolved and you got the money. There is nothing worse than having your money in electronic limbo and no one can give you a straight answer as to what happened.

[StayAtHomeDad]

I am glad the problem is resolved and you got the money. There is nothing worse than having your money in electronic limbo and no one can give you a straight answer as to what happened.

 

Thank you

[bootleultras]

You should definitely check over all the information provided as it is essential for the completion of any transfer no matter how large or small eg transfer code, full name & address. I found that a large wire transfer showed in the bank in the same period of time as a much smaller amount.

Good luck, hope it shows up soon!