coming in with cash thats over the limit

[Peaceful John]

20 hours ago, Mike J said:

I would be nervous as hell if I carried and reported that sum of money.  How many people would then know?  Are you setting yourself up to be robbed?  I would figure some way to transfer from an outside account into the Philippines rather than carry the cash.  Maybe that is just me being too cautious? 

.

I agree with Mike 100%.  As soon as you declare it, it will be common knowledge (at least to the BI/Customs people) and some enterprising person or group will relieve you of it.  Keep in mind, that amount of money is "life changing" here and worth the risk (not to mention the physical risk it brings to you).  If the thief is caught, they just use a portion to buy off the police then walk away.    Question for you Sanagimo.....why not just do a wire transfer when the time comes to purchase?  In any case, good luck to you my friend.

[BrettGC]

2 hours ago, Gas said:

Using a ATM is always a better option than using a money changer because you get better rates. Yes some banks charge a fee, but it still works out cheaper. 

Most of the kiwi banks waived ATM fees  both in NZ and overseas a few years ago. 

Similar to Australia then after our banking royal commission with local fees.  I just checked, and some Aussie banks at least, are still charging at the time of transaction in addition to the charge at the end of the month.  Can't speak for NZ.

[OnMyWay]

7 hours ago, Gas said:

That will work out very expensive.
Why not use their  New Zealand ATM cards and withdraw the money from the machine?  Much cheaper than converting. 

I don't know why you guys or me did not think of this.  She brought up using World Remit and I said no, use Wise.  So she can send to my wife or me or her brother, and we will give her the pesos.

[BrettGC]

1 hour ago, OnMyWay said:

I don't know why you guys or me did not think of this.  She brought up using World Remit and I said no, use Wise.  So she can send to my wife or me or her brother, and we will give her the pesos.

Huh, it's how I send money to my wife every pension day for her and my own use... Brain fart. 

[Colsie]

Last Friday morning I transfered some USD from my overseas account to my Metrobank account via the Development Bank of the Philippines(DBP) ...used this service half a dozen times already, my overseas bank charge between...$5 to $10 each transaction and Metrobank or DBO $5...no exchange rate spread as its all dollars... 

No problems until Friday afternoon, then I get the email below from my overseas bank... 

 

Dear sir

I am seeking your support to provide additional information for your payment sent to Philippine on 02^nd September for amount : 9500USD as DBP bank is contacting us to retrieve this information from you before transmit your fund to receiving bank. Relatively, we would like to request submission of documents to support/proof of the following: 

1. Photo copy of Source of Fund (bank account statement, payslips, loans, etc.)
2. Purpose of remittance (Family support, payments/purchases, construction, etc)
3. Photocopy of valid IDs of remitter (passport, National ID, Licenses, etc.)
4. Remitter's address
5. Other documents that can support legitimacy of the fund transfer

In addition, please provide complete name of the remitter:

• First Name 
• Middle Name (not just initial)
• Surname

Thank you. 

Here we go I thought, scam time as the email from my overseas bank didnt even address me by name, just, dear Sir 

Anyway, after working out that it was actually from my overseas bank, I sent them the information they asked for... But... After the real issue was that DBP wanted wage slips to show source of income. This was impossible for me as I retired in 2011. Searching my archives I found a letter from my super fund in Aus showing a lump sum payment they sent to me in the Philippines in 2017... Nope, DBP refused to accept this...

At this point, my overseas bank told me I could only cancel the remittance if I came into the branch and DPB where holding the remittence until I could prove I wasn't a money launderer... 

Finally, I found a bank transfer document from Australia to the Philippines from 2017 and it was accepted by DBP and they agreed to transfer the remittence into my metrobank account the next day, which they did. 

Never again...DBP... Next time will use SWIFT 

I remember when I opened a bank account here at East West Bank and they wouldn't let me open the account unless I could prove where I had got the funds from... Simple I thought as I showed them I had withdrawn it from the BPI bank across the road... But no, that wasn't good enough, again I had to show them documents from my super fund and transmittal from Australia... 

So just a word to the wise, be careful how you bring funds into the Philippines and know that you may have to prove its legitimacy. Guilty until proven innocent, especially if they can confiscate the money. 

As for carrying in more than 10k USD... I certainly wouldn't risk it declared or otherwise... and the 10k limit isn't per person, but per couple/ family 

 

[RBM]

23 hours ago, OnMyWay said:

They are going to exchange NZD for USD before they leave, and then use the USD to get PHP after they arrive.  There are not many places that will take NZD for pesos.  We have one changer locally who does NZD and yesterday the rate was 33.1 pesos per NZD.

I did a little math and it seems that plan will work out.  In order to get better than that 33.1, they will need to get at least .58 USD for their NZD in AKL.  XE is about .60 right now, so .58 seems possible.

Do you know any good websites to look up what the NZD/USD street rate is in AKL?

Here in Bacolod pretty much every mall changes NZD but the rate is shocking.  Hard to believe that a double change is better than 1.

My advice just use WISE and transfer to your account here. I received 34.52 on Monday, did the transaction at 7.30am, by 11am the money was in my BPI account.

 

[BrettGC]

5 minutes ago, RBM said:

Here in Bacolod pretty much every mall changes NZD but the rate is shocking.  Hard to believe that a double change is better than 1.

My advice just use WISE and transfer to your account here. I received 34.52 on Monday, did the transaction at 7.30am, by 11am the money was in my BPI account.

 

Wise, Send, Remitly, World Remit, I have accounts with all and check the rates on each before I transfer.  Strangely enough when I was transferring on World Remit to BPI it was within minutes.  Now we're with Union Bank it takes about 30-45 minutes.  

[OnMyWay]

1 hour ago, RBM said:

Here in Bacolod pretty much every mall changes NZD but the rate is shocking.  Hard to believe that a double change is better than 1.

My advice just use WISE and transfer to your account here. I received 34.52 on Monday, did the transaction at 7.30am, by 11am the money was in my BPI account.

 

Yes, we are going to use Wise.

[sanagimo]

On 9/7/2022 at 3:15 PM, Peaceful John said:

I agree with Mike 100%.  As soon as you declare it, it will be common knowledge (at least to the BI/Customs people) and some enterprising person or group will relieve you of it.  Keep in mind, that amount of money is "life changing" here and worth the risk (not to mention the physical risk it brings to you).  If the thief is caught, they just use a portion to buy off the police then walk away.    Question for you Sanagimo.....why not just do a wire transfer when the time comes to purchase?  In any case, good luck to you my friend.

so is it better just not declare? 

[Old55]

2 hours ago, sanagimo said:

so is it better just not declare? 

By now this subject has been made extremely clear. Curious why you continue to make leading comments. What is your point?