Philippine bank question PDIC

[Tommy T.]

14 minutes ago, Dave Hounddriver said:

I researched this before and remember reading that they would only allow a person to send a transfer to the USA of an amount less than or equal to money they had previously sent to the Philippines.  Did that come up?

I suspect this is either to collect tax on any profit or to prevent money laundering or just to prevent US dollars leaving the Philippines.

No, there was no mention. Although, the amount I had available was received by my bank from overseas where the buyer of my yacht actually lives and was the origin of the payment. What I sent to USA was a smaller portion of that so maybe they checked and saw?

What they did do is ask me where the money came from (as in why are you getting this?) I answered in just a phone call and that was all. They have asked me what I am using funds for at other times when I withdraw or import significant cash - but I don't know the amounts that trigger these questions. They simply ask the purpose over the phone or in person and take note and that's all.

Maybe a bit off topic, but I have routinely exceeded the amount deposited here that requires reporting to some agency in USA. I have to do that when filing income tax returns. So far (fingers crossed) no issues with that. I think they are looking for BIG transactions  and holdings - as in hundreds of thousands and up? But again... don't know, just conjecture. But it is very true that every government is greatly concerned with money laundering, and for good reason... Think of the Marcos's?

[Jack Peterson]

4 minutes ago, Tommy T. said:

Think of the Marcos's?

 

 Maybe But in all fairness Tom, if we are to believe all we read  ( and I don't always) Your own US Senators have a lot to answer For as with many other Countries Prolific Government Biggies  The Marcos's are well under Investigation, are Those others I mention? 

[Tommy T.]

1 minute ago, Jack Peterson said:

 Maybe But in all fairness Tom, if we are to believe all we read  ( and I don't always) Your own US Senators have a lot to answer For as with many other Countries Prolific Government Biggies  The Marcos's are well under Investigation, are Those others I mention? 

Absolutely, Jack! I guess I was just thinking of the one closest to my current thinking. Politicians (don't forget the representatives too!)  and business leaders too. There is a rep in California who, apparently used campaign funds to pay for multiple extra-marital affairs. Who knows what else he was up to? And I read most news with a modicum of salt.

[hk blues]

13 hours ago, bastonjock said:

Has anyone ever tried to send money back to either the UK or the USA ?

I sent to Hong Kong from here but they said the process would be the same to the UK (I doubt this as we use GBP not dollars)   Basically,  filled in the request form and then had to physically change pesos to dollars and then transfer the dollars to Hong Kong - makes no sense to me but I guess perhaps a bit of under the table stuff involved between the teller and the exchange rate guy (he was from outside the bank, not an internal staff).  However, it may be the case that Hong Kong banks don't accept incoming peso transfers - I couldn't see any rate online when I checked.  as is always the case here, I don't question how or why, I just follow.  

[Tommy T.]

15 minutes ago, hk blues said:

Basically,  filled in the request form and then had to physically change pesos to dollars and then transfer the dollars to Hong Kong - makes no sense to me but I guess perhaps a bit of under the table stuff involved between the teller and the exchange rate guy (he was from outside the bank, not an internal staff)

That sounds a bit odd to me. You say your bank will not do the exchange? Maybe you might consider switching banks? My bank will do exchange easily in either direction.

[OnMyWay]

6 hours ago, Tommy T. said:

Maybe a bit off topic, but I have routinely exceeded the amount deposited here that requires reporting to some agency in USA. I have to do that when filing income tax returns. So far (fingers crossed) no issues with that. I think they are looking for BIG transactions  and holdings - as in hundreds of thousands and up? But again... don't know, just conjecture. But it is very true that every government is greatly concerned with money laundering, and for good reason... Think of the Marcos's?

I do the same.  It is no big deal to file the FBAR every year.  Maybe 30 minutes to go through my BPI statements to get the highest balance.

 You should report your Philippine bank interest on your tax return.  That is part of all of this.  You can deduct the tax taken our by the bank to pay the Philippine tax withholding.

[hk blues]

2 hours ago, Tommy T. said:

That sounds a bit odd to me. You say your bank will not do the exchange? Maybe you might consider switching banks? My bank will do exchange easily in either direction.

It seemed odd to me too.  But I did say in my post I suspected one of 2 things - a bit of under the table stuff going on OR, and more likely, that Hong Kong banks do not accept pesos.  Bear in mind my account is a peso one, not dollar.  Have you done a peso to dollar transfer?  

Edit - Just to avoid doubt - the bank did do the exchange, just in a way that seemed cumbersome to me.  i don't think I'll go to the hassle of changing banks over a little inconvenience.  I doubt I'll be sending money out of here anytime soon anyway.

Edited July 8, 2019 by hk blues

[Tommy T.]

29 minutes ago, hk blues said:

Have you done a peso to dollar transfer? 

I think it is entirely possible that Hong Kong might not accept pesos.

And no, I haven't actually done a peso to dollar transfer - never a need since I am always spending pesos and bringing in dollars. Having that dollar account certainly has simplified transfers.  Actually, I haven't done a dollar to peso transfer. I transfer in like currency only and would do an exchange before. In order to do a peso transfer from my institution I would need to submit that in writing via snail mail - slow and difficult from here - so I just don't do it. For exchanges here, I fill out the form, or they do, and then they either transfer the money to the peso account or give me the cash... 

Edited July 8, 2019 by Tommy T.

[hk blues]

1 hour ago, Tommy T. said:

I think it is entirely possible that Hong Kong might not accept pesos.

And no, I haven't actually done a peso to dollar transfer - never a need since I am always spending pesos and bringing in dollars. Having that dollar account certainly has simplified transfers.  Actually, I haven't done a dollar to peso transfer. I transfer in like currency only and would do an exchange before. In order to do a peso transfer from my institution I would need to submit that in writing via snail mail - slow and difficult from here - so I just don't do it. For exchanges here, I fill out the form, or they do, and then they either transfer the money to the peso account or give me the cash... 

So, we're not comparing apples with apples! 

[Tommy T.]

Yeah, I guess you are right. Apples to oranges? It just seems to me that however you are trying to move money around works, but is a bit complicated as you already said. I was just trying to offer or suggest there might be an easier way for you... But, since you don't think you will need to do that for a while makes it sort of a moot point right now? Maybe things will get easier in the future too? I am certainly no expert on the matter and several others here had some good ideas regarding how they transfer money. As one of them said, each of us has our way that we like and feel comfortable with...

Edited July 8, 2019 by Tommy T.