Currency Exchange

[Call me bubba]

XOOM charges me $4.99 to transfer $500 from my bank acct in the US to my bank acct in the Philippines. There are no "extra steps", it only takes a couple of mouse clicks. How exactly is this BPI remittance "MUCH cheaper"?

 

I didnt include XOOM as i have read that some members have had issues w/it.

 2. i have never used XOOM so i cant give a good review on it, but if it has worked for you, then could you share your experiences on it and maybe others will use it

3. cheaper? well when i used BPI remittance before(2002-2004) i always received a slightly better rate than the other firms out there,

cheaper? that it is directly deposited into your account, you dont have to go to 1place to pick it up, then walk to the bank to deposit it.

(again I have not used XOOM so i dont know how it works)

4. what works for you or other FM may not work out for me.

what works for me may not work out for you.

 

thank you for the info and i will check it out so I can be better aware/informed .

 

[i am bob]

Regarding the BPI / Zoom comparison, don't forget to include what the exchange rate is.  I doubt they will be the same rates between the 2 but are they close enough to be negligible? 

[JJReyes]

As it turnes out a filipina girl here in san diego ( i have known her for 12 years) happens to have a stach of peso, so I can buy from her at a very old rate (50/1) and that will solve "start up" money. Gives me time to find a good changer.

 

It is illegal to bring to the Philippines more than P10,000 in Philippines without first obtaining permission from the Bangko Sentral Ng Pilipinas (Central Bank of the Philippines). For $10,000 or more, you need to inform US Customs before departure. It is not illegal to take out large sums of money. What is illegal is not declaring it. Similar, you need to inform Philippine Customs if you have more than $10,000 cash in your possession upon entry.

 

The US policy is never to demonetize the greenback. The policy is different in other countries. Before buying pesos in San Diego, make sure the stack of old peso notes are not demonetized. Otherwise, it is worthless paper. I find it strange your friend is willing to sell it at the old rate of 50 to 1. 

[bootleultras]

I consistantly for the last 12 years brought around $20,000 with me every 6 months i came here, never got bothered once. I filled out the declaration form one time but no one was interested in seeing it both in the US and Philippines so I havent bothered since......the threat is that they will take the money off you if they find it........... Mind you if you look at me I dint even look like i have a pot to pi$$ in!!

[JJReyes]

I consistantly for the last 12 years brought around $20,000 with me every 6 months i came here, never got bothered once. I filled out the declaration form one time but no one was interested in seeing it both in the US and Philippines so I havent bothered since......the threat is that they will take the money off you if they find it........... Mind you if you look at me I dint even look like i have a pot to pi$$ in!!

 

I am not sure what is the currency export policy from the UK, but the Department of Homeland Security is tightening up. For direct flight from Honolulu to Manila (Philippine Airlines & Hawaiian Airlines), sometimes there are government agents interviewing all passengers at the departure lounge. If they don't like the way you answered, they will search your carry-on bags and in extreme cases, a strip search somewhere in a special facility.  

 

I am glad no one has bothered you upon arrival in the Philippines. However, if you are ever caught exceeding the limit, the entire amount is confiscated. It should be any amount above $10,000. The law is not written that way. They can take everything.

 

My posting is to explain the rule. It is informational in nature. Enforcement is a different issue. We all exceed the speed limit at one time or all the time, and never caught. Then there is a policy officer with a radar gun waiting in ambush. For me, the risks are not worth it when there are inexpensive currency remittance services. 

Edited February 23, 2013 by JJReyes

[i am bob]

Mind you if you look at me I dint even look like i have a pot to pi$$ in!!

 

So you're the Kano who kept using the wall?  hehe!

 

I"m still waiting for Bruce to say something about Canadian beaver pelts...   

 

:mocking:

 

Seriously JJR is absolutely correct.  I flew into Hong Kong once and the woman in front of me had some ridiculously large amount of cash on her.  No big argument at the customs desk - they just led her away in hand cuffs.

[ducecoop]

so when traveling to PI I can bring up to $10,000 AND P10,000?

 

or what?

 

Dave

[earthdome]

so when traveling to PI I can bring up to $10,000 AND P10,000?

 

or what?

 

Dave

 

The total of all your cash (any currency), travelers checks, etc. can not exceed $10,000 USD. I believe hard assets like gold, silver and platinum are included. Here is a link that explains this in more detail:

 

http://www.customsandinternationaltradelaw.com/2010/02/articles/cbp-3/help-us-customs-took-my-money-at-the-airport/

 

Here is a link to the Customs flyer: 

 

http://www.cbp.gov/linkhandler/cgov/newsroom/publications/travel/currency_rpt_flyer/currency_reporting.ctt/currency_reporting.pdf

[Jollygoodfellow]

As it turnes out a filipina girl here in san diego ( i have known her for 12 years) happens to have a stach of peso, so I can buy from her at a very old rate (50/1) and that will solve "start up" money.

 

 

Just curious of how old this money is as the new currency came in maybe 2 years ago and I do not think the old is accepted anymore. Can some one enlighten me of the currency found every day now? I have maybe 3000 Peso sitting here which I think is now worthless. 

[Bigdog]

You can only bring 10,000 pesos INTO the Philippines..You can bring any amout of US$ BUT if its over $10,000 you must declare it.. or risk it being confiscated