Large Money Transfers to Philippines

[JJReyes]

It seems the US$10,000 limit is the norm on a global basis.  This was most likely agreed upon at an international monetary or security conference.  The purpose is to reduce ill-gotten or undeclared wealth money transfers.  However, you can still transport amounts greater than $10,000 provided you declare it.  The US government has the submission form online.  If your destination is the Philippines, there is a paper form for submission upon arrival.  The Philippines, in addition, allows you to import/export local currency not to exceed PHP10,000.

I have experienced uniformed federal agents talking with passengers at the Honolulu airport departure lounge.  They ask how much currency you are carrying and may search hand carry bags if suspicious.

[BrettGC]

8 hours ago, JJReyes said:

It seems the US$10,000 limit is the norm on a global basis.  This was most likely agreed upon at an international monetary or security conference.  The purpose is to reduce ill-gotten or undeclared wealth money transfers.  However, you can still transport amounts greater than $10,000 provided you declare it.  The US government has the submission form online.  If your destination is the Philippines, there is a paper form for submission upon arrival.  The Philippines, in addition, allows you to import/export local currency not to exceed PHP10,000.

I have experienced uniformed federal agents talking with passengers at the Honolulu airport departure lounge.  They ask how much currency you are carrying and may search hand carry bags if suspicious.

From the PI central bank website:

Quote

Bringing of Philippine Peso into or out of the Philippines

 

 

1. A person may freely bring into or take out of the Philippines, or electronically transfer, legal tender Philippine currency and other monetary instruments in amounts up to PHP50,000. In excess of the PHP50,000 limit, prior BSP written authorization is required. Amounts exceeding the limit are usually allowed only for the following purposes:
    
    
    
   1. testing/calibration of money counting/sorting machines;
   2. numismatics (collectors of currency); and
   3. educational purposes.
2. International Passenger Service Charge (IPSC) for exempt passengers is not included in computing the amount of pesos brought to or from the Philippines.

 

Bringing of Foreign Currencies into or out of the Philippines

 

• A person may freely bring into or take out of the Philippines foreign currency and other bearer monetary instruments (e.g., travelers’ checks, other checks, drafts, notes, money orders, bonds) in amounts up to USD10,000 or its equivalent in other foreign currencies. In excess of the USD10,000 threshold, prior written declaration is required using the foreign currency declaration form. Said form is available at the Bureau of Customs Desk in the arrival/departure areas of international ports in the Philippines or can be downloaded from the BSP website (Annex K).

So basically 50k PHP or 10k USD - or equivalent  is allowed to be carried.  

[Dave Hounddriver]

2 hours ago, BrettGC said:

So basically 50k PHP or 10k USD - or equivalent  is allowed to be carried.  

I notice that says "a person may freely bring".  I recall reading, long ago, that all parties in a family may bring that amount as a family, not per person, has that changed now?

[BrettGC]

38 minutes ago, Dave Hounddriver said:

I notice that says "a person may freely bring".  I recall reading, long ago, that all parties in a family may bring that amount as a family, not per person, has that changed now?

Couldn't tell you mate.  If they're traveling on individual passports they could pretend not to know each other or go through different lines and no one would be the wiser....

[JJReyes]

13 hours ago, BrettGC said:

From the PI central bank website:

So basically 50k PHP or 10k USD - or equivalent  is allowed to be carried.  

You can bring any amount, no restrictions, provided you declare it.  My understanding is you need to declare for BSP (Bangko Sentral Ng Pilipinas) if the amount is above 10K PHP.  I am not up to date with the rules.  The 10K USD or equivalent in other currencies appears to be the standard rule from my experience.

[BrettGC]

2 hours ago, JJReyes said:

You can bring any amount, no restrictions, provided you declare it.  My understanding is you need to declare for BSP (Bangko Sentral Ng Pilipinas) if the amount is above 10K PHP.  I am not up to date with the rules.  The 10K USD or equivalent in other currencies appears to be the standard rule from my experience.

Yep, we were talking undeclared.  

[Clermont]

23 hours ago, Dave Hounddriver said:

I notice that says "a person may freely bring".  I recall reading, long ago, that all parties in a family may bring that amount as a family, not per person, has that changed now?

They left the phase, adult person out, but as it says ,per person is accurate. 

[Dave Hounddriver]

13 hours ago, JJReyes said:

You can bring any amount, no restrictions, provided you declare it.  My understanding is you need to declare for BSP (Bangko Sentral Ng Pilipinas) if the amount is above 10K PHP.  I am not up to date with the rules.

I found it interesting that this info is incorrect.  Here is a chart that shows the only reasons in which the BSP will issue an exception to the 50K PHP rule.  It seems like you can bring in lots more foreign currency if you declare it but they do not want too much PHP coming home.  Strange.  The chart is on the Bangko Sentral website.

[JJReyes]

21 hours ago, Dave Hounddriver said:

I found it interesting that this info is incorrect.  Here is a chart that shows the only reasons in which the BSP will issue an exception to the 50K PHP rule.  It seems like you can bring in lots more foreign currency if you declare it but they do not want too much PHP coming home.  Strange.  The chart is on the Bangko Sentral website.

Thanks for the info.  I was not aware BSP rules have changed.  It is always best to bring a few thousand pesos in small bills for tips, taxis, and other initial expenses.  The rates for changing currency at the airport and hotel are usually bad.  My wife points out it doesn't really matter because the amount need is small.  For me, it's the principle.  (a.k.a. Tightwad.)

[BrettGC]

2 hours ago, JJReyes said:

Thanks for the info.  I was not aware BSP rules have changed.  It is always best to bring a few thousand pesos in small bills for tips, taxis, and other initial expenses.  The rates for changing currency at the airport and hotel are usually bad.  My wife points out it doesn't really matter because the amount need is small.  For me, it's the principle.  (a.k.a. Tightwad.)

I was actually surprised in January at the rate, whilst not as good as you'd get online, it was better than it had been in the past.  I was already carrying PHP but the rate advertised at the airport prompted me to buy some more as I knew it was better than my bank would give me via ATM withdrawal.  Conversely, yep, I've seen it terrible at the airport as well.