Taking Pesos Into The Country

[Call me bubba]

When I was in Cebu earlier this year, I was going to buy a motorbike with cash money.

So I did a Western Union to myself and picked up about 68K pesos.

 

Well, I never did buy the motorbike and just held onto the pesos rather than get slammed with a peso to USD exchange rate.

 

Now when I return this coming July.....I will have with me, over 60K pesos in my bag.

 

Should I have any concerns about entering with these pesos, in the unlikely event my bag is searched?

 

do you still have the "WESTERN UNION" pick up receipt? or something that would show that you had picked it up in the RP?

a copy of the $$ item you wanted to buy?  have that as some proof that it is NOT ILL GOTTEN GAINS,

 who knows if your caught, maybe the LOGIC you are showing will be understood.. 

 

next time just leave your money in a TIME DEPOSIT ACCOUNT so its here but cant disappear as a "normal"account

[Bigdog]

But if you had a WU reciept showing you picked up the peso in the Philippines then it shows you broke two laws....transporting more than 10k pesos OUT of the country and transporting more than 10k pesos INTO the country.... My first trip to the PHilippines i took about 23k in..didnt even know about the currency law before i got my  customs declaration paperwork after leaving HK..i had only seen the less than 10k US$ part...i just decided to go through and see what happened , which was nothing didnt even get slowed down by customs. BUT after more research i wont be bringing over the limit pesos into the country as it would be pretty much forfeited if it was found...

[dalidali]

I was unaware of these regulations about the 10K peso limit when I took them out of the country. ( I know I know...ignorance and all that)

We have all seen a million times, the rule about 10K USD, but who would have thought $250 USD bucks equivalent was a no no?

 

It was not until I was browsing these pages that the 10K peso rule leaped out at me. It was too late. The bills were safely stored in my home and are here with me as I write this.

 

The LAST thing I wanted to do was open another bank account, even if I could, as a visiting foreigner on a tourist visa.

I have 4 USA bank accounts and 1 here in Mexico where I live.

 

If your worried, Why not just put the money back into your Bank, And use your ATM when you are back in Cebu

This would have been the best obvious choice, but I have no Phil bank accounts.

[dalidali]

When I was in Cebu earlier this year, I was going to buy a motorbike with cash money.

So I did a Western Union to myself and picked up about 68K pesos.

 

Well, I never did buy the motorbike and just held onto the pesos rather than get slammed with a peso to USD exchange rate.

 

Now when I return this coming July.....I will have with me, over 60K pesos in my bag.

 

Should I have any concerns about entering with these pesos, in the unlikely event my bag is searched?

 

do you still have the "WESTERN UNION" pick up receipt? or something that would show that you had picked it up in the RP?

a copy of the $$ item you wanted to buy?  have that as some proof that it is NOT ILL GOTTEN GAINS,

 who knows if your caught, maybe the LOGIC you are showing will be understood.. 

 

next time just leave your money in a TIME DEPOSIT ACCOUNT so its here but cant disappear as a "normal"account

No WU receipt. No motorbike purchase agreement.

Excuse my ignorance but can a tourist in the Phils, on a tourist visa, open a Phil bank account?

I really do not want to open an account anyway.....I would just fund my fiances account and use her ATM card as needed.

 

My grand plan was to leave the motorbike with my fiance at her home so I would have runaround transport when I returned this coming July.

Well, the model and color we both wanted was not in stock and no telling when it would be. That, along with taking a month or so (according to the dealer) to get registered with plates and operative on the street. So we passed on the purchase at that time.

 

I had full intentions of changing these pesos to USD at the airport but was put off by the lousy exchange rate.

And seeings how I was coming back to the Phils in less than 4 months, I made the call to just hold on to them...all the while not knowing the 10K regulations. 10K USD yes.....$250 USD equivalent no.

 

I will be cautious about violating the terms of use on this board in regards to discussions of illegal transactions or actions, and just end this now without further revelations on what I might or might not do.

 

Thanks to all who contributed and shared opinions. I am grateful to you all.

[brock]

I did mean put the money in your bank account in your own country.

 

You can ride your motorbike the day you buy it, You dont have to wait until your plates arrive, It took over 2 months for ours to come, but we had to go to the lto to get a certificate if we wanted to go out of the area

[dalidali]

I did mean put the money in your bank account in your own country.

 

You can ride your motorbike the day you buy it, You dont have to wait until your plates arrive, It took over 2 months for ours to come, but we had to go to the lto to get a certificate if we wanted to go out of the area

You know.....I had zero clue that any bank in the USA would accept Philippine pesos for deposit to my USD account after conversion if this is what you mean?

Even if they would.......there goes another point on the exchange rate as their commission.

Here where I live in Mexico.....they would look at you like your "muy loco"

Some banks here will not even accept USD for exchange to MX pesos.

All this thanks to the MX government being paranoid about drug/cartel money laundering.

 

On the moto......no lo entiendo (I do not understand) the initials LTO. maybe LandTransportationOffice?......

I recall the dealer saying I could operate the moto on the street, if only I paid for another type of permit.

[samatm]

Good grief its not a big amount.   If you are concerned  and you cant bank it in the US or mex.  Just change into USD on your journey over at your transit airport.  Yes you will screwed on the FX.. but with a small amount like 60K Pesos it  cant be more than $50 - 100 difference.   it that gives you peace of mind , go for it.   

[Dave Hounddriver]

a small amount like 60K Pesos

:hystery:   Thats me budget for a month.  No small amount to me.

 

That said, If I was worried about it I would email whoever gives permission to bring the money in and explain it.  I would be shocked if they did not give you a letter of permission.  Perhaps writing to the Philippine embassy nearest you would be a start.

[samatm]

 

a small amount like 60K Pesos

:hystery:   Thats me budget for a month.  No small amount to me.

 

That said, If I was worried about it I would email whoever gives permission to bring the money in and explain it.  I would be shocked if they did not give you a letter of permission.  Perhaps writing to the Philippine embassy nearest you would be a start.

 

LOL 60K is a chunk to carry around in your wallet , but for Forex transactions its piddling.(hence his loss wouldn't be so great)    I certainly don't want to come off as flush high roller.    I dirve a common FX , drink SMB , and have  a local Askal dog !         

[i am bob]

Some of you may be interested in this article I found this morning...  I am only going to put in the last half of the story that is more pertinent to us...

 

http://www.bloomberg.com/news/2013-04-18/philippines-relaxes-curbs-on-dollar-buying-to-stem-peso-gains.html

 

 

Tourists can now change back as much as $10,000, double the previous limit, before they leave the country, the BSP said. Companies with unregistered foreign-currency loans were last allowed to obtain dollars locally from December 2011 to February 2012.

The rule changes, which will allow easier access to foreign exchange, are aimed at encouraging fund outflows, Governor Amando Tetangco told Bloomberg Television on March 28 when he revealed the April timetable for the revisions.

“It’s difficult to say if the new measures will weaken the peso but it’s a good opportunity for banks to use their foreign exchange resources,” Angeles said.

Bangko Sentral allowed banks to hold more foreign exchange in February 2007 as the peso traded near a six-year high. Since then, it has increased the amount of dollars that companies and individuals can buy or invest overseas without prior regulatory approval and allowed lenders to trade more foreign-currency derivatives.

In March 2012, the monetary authority raised the limit on purchases of the greenback by importers that don’t need to be supported by documents to $500,000 from $50,000. In October 2010, further caps were relaxed.