Going to USA with over 10k

[anthonytt]

I'm selling my 2015 Toyota Fortuner and I want to bring that cash back to USA. Since it will be over 10k does anyone know what I need to show the customs officer in US when I check the box that says "are you bringing over 10k" ? Would a bill of sale from the Philippines be ok? Anyone have any knowledge on this or been through this? Im afraid they will take my money. Thanks, any help would be greatly appreciated! 

[Jollygoodfellow]

First you have to do the correct thing in the Philippines. Are you taking out peso or US dollars?  Theres is some info on the taking out here, http://www.investopedia.com/articles/personal-finance/111015/bringing-over-10k-philippines-not-so-fast.asp

Currency Export regulations:
Residents and Non-residents: local currency (Philippine Peso-PHP): up to PHP 10,000.-. Exceeding amounts require authorisation from the Central Bank of the Philippines. foreign currencies : up to USD 10,000.-, or its equivalent. Amounts exceeding USD 10,000.-, or its equivalent must be declared.

Source of the money and purpose of transport must be declared.
Note: Only banknotes and coins, which are legal tender, must be declared (exempt: travellers checks, credit cards etc.).

 

This is the form used to enter the US, https://www.fincen.gov/forms/files/fin105_cmir.pdf

Edited August 7, 2016 by Jollygoodfellow

[anthonytt]

I'm am bringing USD. Not PHP. I think I only need to report it when I fill out the customs form on the plans headed to USA? Not sure if I'm correct, and not sure how to go about it.  Do I also need to declare it when leaving Philippines? How would I do that? It it safe ? After all this is the Philippines

Edited August 7, 2016 by anthonytt

[chris49]

Travelling alone?

One of the main reasons for restricting currency being carried internationally is that large amounts of cash might be considered as drug money or money gained illegally.

One way to circumvent this, and this would be legal I think, is to do a money transfer to yourself in USA. Maybe through Western Union or LBC. And you absorb the costs of course. Do the transfer on the day you leave and collect it on arrival which would be about 24 hours later.

Or send it to a US Bank Account. Bank to bank.

[anthonytt]

2 minutes ago, chris49 said:

Travelling alone?

One of the main reasons for restricting currency being carried internationally is that large amounts of cash might be considered as drug money or money gained illegally.

One way to circumvent this, and this would be legal I think, is to do a money transfer to yourself in USA. Maybe through Western Union or LBC. And you absorb the costs of course. Do the transfer on the day you leave and collect it on arrival which would be about 24 hours later.

Or send it to a US Bank Account. Bank to bank.

How would I send it to my bank in the US? I only a peso account in Metrobank.i need to ask them if ththecan do it. But I know I'll get killed on the PHP to USD rate. Thanks for the reply! 

[chris49]

Sorry mate, I don't have experience with wire transfers or bank to bank. But I will wait for other replies.

A 2015 Forerunner might get you 1 milion ...just over $20, 000 USD. That's why I said spit the money between 2 parties and carry it.

What are the risks? Quite high if someone in the Philippines is aware you are carrying that amount of cash. Of course you know that. A few years ago there were armed robberies going on outside banks in Makati. There were tip offs about various clients and the amount of the transaction.

[OnMyWay]

3 minutes ago, anthonytt said:

How would I send it to my bank in the US? I only a peso account in Metrobank.i need to ask them if ththecan do it. But I know I'll get killed on the PHP to USD rate. Thanks for the reply! 

You are selling the Fortuner for dollars?  Open a dollar account here.  Do the vehicle transaction at the bank and put the dollars in the dollar account, for your safety.  That is way too much money to have outside the bank.  Then wire transfer the dollars to your U.S, dollar account.  There will be charges but no exchange rate.

[robert k]

38 minutes ago, anthonytt said:

How would I send it to my bank in the US? I only a peso account in Metrobank.i need to ask them if ththecan do it. But I know I'll get killed on the PHP to USD rate. Thanks for the reply! 

I actually converted some pesos to dollars in Manila and got a decent rate, less than 1/2 piso off per dollar. You could send by WU to your bank. If you sell your car for USD and you had a USD account in a bank, possibly the bank could write you a cashiers check? Which you could deposit in the US and wait.

[anthonytt]

1 hour ago, OnMyWay said:

You are selling the Fortuner for dollars?  Open a dollar account here.  Do the vehicle transaction at the bank and put the dollars in the dollar account, for your safety.  That is way too much money to have outside the bank.  Then wire transfer the dollars to your U.S, dollar account.  There will be charges but no exchange rate.

That's a good idea, I'm going to the bank tomorrow to get the details. Since I now have my ACR card I can now open a Dollar account. They wouldn't let me without one. Thanks!!

[anthonytt]

52 minutes ago, robert k said:

I actually converted some pesos to dollars in Manila and got a decent rate, less than 1/2 piso off per dollar. You could send by WU to your bank. If you sell your car for USD and you had a USD account in a bank, possibly the bank could write you a cashiers check? Which you could deposit in the US and wait.

Edited August 7, 2016 by anthonytt