Living In The Philippines Forum

It’s Your Money => Banking => Topic started by: Lee2 on January 19, 2017, 08:59:42 AM

Title: Bringing currency into or out of the Philippines, new limits
Post by: Lee2 on January 19, 2017, 08:59:42 AM
Since Sept they have increased the amount of pesos you can bring in to p50,000, it used to be p10,000
and as for foreign currency without declaring it, it has remained US $10,000 or the equivalent in other currencies.
https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/ (https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/)
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: hitekcountry on January 19, 2017, 02:21:42 PM
I might have taken more than the p10,000 limit when leaving the Philippines a time or two, but of course I don’t recall exactly.

The p50,000 limit is much more realistic, p10,000 is/was a ridiculously low limit.
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: ABCDeVil on January 23, 2017, 10:02:18 PM
Wow!  When you read the quote below, I am sure many of us, transfer amounts bigger than P50k, from our foreign bank/institutions, for our living needs. The second sentence states that excess amounts can be confiscated! WTF? How do they police the amounts over P50k, I wonder? I also wonder if they actually do monitor amounts? Just wondering if anyone has had any "excess" confiscated?


"The term “electronic transfer” as used above shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, with or without a source document being mailed to evidence the authority.

Any excess amount not covered by specific written BSP authorization is subject to confiscation by the Philippine Bureau of Customs."

ABC

Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: David690 on January 23, 2017, 10:15:19 PM
I also find the bit about electronic transfer a tad confusing.  I have in the past 12 months transferred well over PHP5m in 4 separate transactions and never faced any problems.
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: Lee2 on January 23, 2017, 10:56:51 PM
It does seem a bit troubling and I have to wonder if this is a new scheme to part some of us with our money, should we do a large amount transfer of pesos after the date the new law started Sept 15, 2016.

I too have transferred larger amounts over the years but in dollars, therefore I think we are safe as they are referring to pesos. When they refer to foreign currency they say "bring" and "carry"
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: ABCDeVil on January 26, 2017, 09:39:12 PM
It does seem a bit troubling and I have to wonder if this is a new scheme to part some of us with our money, should we do a large amount transfer of pesos after the date the new law started Sept 15, 2016.

I too have transferred larger amounts over the years but in dollars, therefore I think we are safe as they are referring to pesos. When they refer to foreign currency they say "bring" and "carry"

They also refer to "electronic transfer". Not all of the wording from the regulation is written in the topic. But the P50k limit, suggests to me, that any amount, whether it be US, AUS, Euro etc, that exceeds the P50k, could potentially be targeted. How they will police this, still remains to be seen. Be careful folks.

ABC
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: gregpinton on December 11, 2018, 12:20:11 PM
Reading from the following document.

https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/ (https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/)

It is good that they increased the limits, and i am guilty of stashing excess Peso notes down my sock a few times on leaving the Philippines, but i still don't understand why the amounts are so different, they let you bring $10,000 in US currency (or equivalent in other currencies) but only 50,000 in Pesos.
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: Peter on December 11, 2018, 01:04:33 PM
Reading from the following document.

https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/ (https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/)

It is good that they increased the limits, and i am guilty of stashing excess Peso notes down my sock a few times on leaving the Philippines, but i still don't understand why the amounts are so different, they let you bring $10,000 in US currency (or equivalent in other currencies) but only 50,000 in Pesos.

Greg.

The BSP want to control how many (how much?) "physical" Peso notes are outside the country.

Also, having to declare anything in excess of 50,000 (approx US$1,000 today) should/will allow the BIR to check if a Filipino or resident business entity, has paid taxes on the dosh! (Everybody sing, "It's one for you, 19 for me! Tax Man!")


Peter
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: gregpinton on December 11, 2018, 10:55:14 PM
Thanks Peter, so we just take cash in and out in $ notes rather than Peso.

We here in Aust can leave the country with up to $10k in cash before declaring it, so this will be ok to take into the Philippines.
Title: Re: Bringing currency into or out of the Philippines, new limits
Post by: Peter on December 12, 2018, 03:17:12 PM
Thanks Peter, so we just take cash in and out in $ notes rather than Peso.

We here in Aust can leave the country with up to $10k in cash before declaring it, so this will be ok to take into the Philippines.

That's what we do/did. US$ are the easiest to exchange I have found, especially in the "Provinces".

As long as you don't have more than US$9,999 or the equivalent, in cash, you don't have to declare it on arrival in the Philippines. i was told that 9,999 is OK, but 10,000 must be declared. Others may have a different experience.

One thing that came up some years ago was (and I don't know if it still is current, so you may have to check) the 10,000 limit was total for all family members travelling together. They classed "together" as when the tickets were paid for with the same credit/debit card, or with cash at the ticket issuing travel agency, at the same time. With the introduction of etravel itineraries showing multi-ticketed passengers, things may have changed.

i only take 4 or 5,000 in Peso cash when we leave here on holiday. That's just enough to cover any unexpected ex's, to get home, if we return and it's at "dark o'clock" in CRK or NAIA. (CRK parking charge, flat battery etc. etc.)

Peter