Going to USA with over 10k

[Mr. Bobo]

6 hours ago, anthonytt said:

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! 

For obvious reasons it is not wise to carry that amount of cash around here in the Philippines. An international wire transfer is the way to go. You are going to run into a problem at your bank in the US when you attempt to deposit cash that is over 10k. When you deposit $10,000 or more in cash at a US bank, the IRS requires the bank to complete a Form 8300. This form is for reporting any transaction or series of related transactions in which the total sum is $10,000 or more; a pair of $5,000 deposits, for example, will also wind up on Form 8300. I wouldn't want the IRS knowing my business.

I have never sold a car here in the Philippines but I did buy a used Pajero for 30k from a private owner here. I didn't know the seller buy my wife did so I was comfortable about the transaction. I wired the money to her BDO account and she did the paperwork with the seller as I was unfamiliar with the transfer of title, etc. in the Philippines. I hope you that know the buyer. If you don't know the buyer and are unfamiliar with the process of transfer of ownership here in the Philippines be careful and do your due diligence. If it is a cash transaction have the buyer meet you at your bank with the cash and do the paperwork inside the bank. Just before I moved from the US to the Philippines I sold my new car. The buyer, a stranger, was paying cash and wanted to do the transaction at my house and I said no way meet me at my bank with the money. He came to the bank with the cash and I signed the title over to him right in front of the bank teller and then deposited the money right there. Maybe I am being a little paranoid in my old age but be careful with the transaction if you are unfamiliar with transfer of title here in the Philippines. 

[JJReyes]

First. There is nothing illegal in carrying through US Customs more than $10K in cash and cash equivalent (that includes bank cashier checks, gold, etc.). What is illegal is not declaring it.

Second. You need to make the same declaration before carrying the cash out of the Philippines. There is a window at the Bangko Sentrale Ng Pilipinas on Roxas Blvd. where you can make the application ahead of time. 

Third. As already suggested, the best way is to pay the hefty fee and use the wire transfer method (bank to bank). You then telephone your US bank and asked if they received the wire transfer. By the way, the receiving bank also charges a fee. 

 

 

[anthonytt]

20 minutes ago, JJReyes said:

First. There is nothing illegal in carrying through US Customs more than $10K in cash and cash equivalent (that includes bank cashier checks, gold, etc.). What is illegal is not declaring it.

Second. You need to make the same declaration before carrying the cash out of the Philippines. There is a window at the Bangko Sentrale Ng Pilipinas on Roxas Blvd. where you can make the application ahead of time. 

Third. As already suggested, the best way is to pay the hefty fee and use the wire transfer method (bank to bank). You then telephone your US bank and asked if they received the wire transfer. By the way, the receiving bank also charges a fee. 

 

 

Hi JJ, thanks for the info, but as someone said it's not safe to carry that much cash. I'd rather get hit with the wire transfer fees than risk my life. I appreciate your reply! 

[Dave Hounddriver]

Can't you just put the money in your bank account and then, when in the US, write yourself a check and deposit it?  I know that sounds too simple so there must be something wrong with that plan 

[Jack Peterson]

18 minutes ago, Dave Hounddriver said:

Can't you just put the money in your bank account and then, when in the US, write yourself a check and deposit it?  I know that sounds too simple so there must be something wrong with that plan 

Hmmmmmmmmmm do they not say that the simplest of plans are usually the ones to use?

[OnMyWay]

3 hours ago, Dave Hounddriver said:

Can't you just put the money in your bank account and then, when in the US, write yourself a check and deposit it?  I know that sounds too simple so there must be something wrong with that plan 

I think what you are describing would require a Philippine bank to have a dollar based checking account.

[Dave Hounddriver]

23 minutes ago, OnMyWay said:

Philippine bank to have a dollar based checking account.

You mean like this one

https://www.citibank.com.ph/gcb/deposits/dollar-checking-account.htm

[OnMyWay]

32 minutes ago, Dave Hounddriver said:

You mean like this one

https://www.citibank.com.ph/gcb/deposits/dollar-checking-account.htm

Yes, like that one!  I didn't know that existed.  Not many Citibanks around though.  I wonder if you could transfer money back and forth from Citi U.S. to Citi Philippines, vice versa, for free?  Doubt it.

[chris49]

As mentioned on the first page of the thread, an international bank could do it. I mentioned Citibank there on Page 1,

Citibank has a branch in Makati and? And Citibank itself has much higher requirements for opening an account as far as the initial deposit.

However, since we are now on that. HSBC has branches all over. He could open a US Dollar Savings account and register for on line banking. There are fees of course, but that would work.

[anthonytt]

Went to my bank here with USD. They wired the money into my US bank no problem. I think it cost me a total fee of $32USD. Didn't even need to open dollar account!