Itís Your Money > Banking


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I tend to agree Robert.  Up until now, I haven't faced any issues in sending amounts up to P2M, but my latest transfer is proving a bit more difficult.  Trying to send P8m and the bank here wants to know the source of the funds, plus other documentation.
Bit of a pain to be honest. >


This type of interrogation on source of funds, has been the "norm" on many international banking trensfers. This is part of the international anti-money laundering effort. I was even queried by my bank in Oman when I transferred GBP 5,000 from the UK, to buy a boat. And that was in 2002!

In the UK if the amount coming in from abroad is GBP 10,000, or above (it was that amount last time I checked, may have changed lately) it probably will be queried. Same as if you are carrying cash in/out of the country. You must declare it, or risk penalties if caught.

As the Philippines have, in general, aligned their financial security limits with the US, if the Philippines' bank receives US$ 10,000 from abroad, then it will almost definitely be queried.

But we all know these financial regulations, di ba?   :) :)

The sins of the few are visited upon all of us, unfortunately.  :'(

Now, how do I move our 6/58 (PhP 1 billion plus) winnings to the Isle of Man tonight? LOL!



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