Send $ to an ATM account?

[POA 175]

Great!

That's nice to know! But if we send $9k or more regulary (probably not monthly) and all will be savings, as long as we declare them in our tax every year will just be ok correct?

[Umka36 781]

If you periodically transfer $9k, you will be fine since the financial institution will be required to report this activity. What could potentially get you into trouble/funds seize is if you did multiple $2,999 transactions within a short timeframe in order to circumvent the reporting requirements.

[POA 175]

Oh wow! I probably need to start a new thread about this. We have plans of buying properties in the PH and since we can not bring more than $10, our only way is to send multiple $2999 once we are ready to purchase one. We don't plan to circumvent the reporting requirements but that is the only way I could think of how to transfer money to my PH bank account for easy withdrawal. When I mentioned sending $9k i am thinking of multiple $2999.

[Cyberfx1024 7,978]

Who do you bank with here in the USA? I say this because there are a few banks here that can send from a US account to a Philippine account up to $5000 at time.

[POA 175]

That's another thing i didn't know. We bank with credit union here.

[Hank_ 9,171]

Most all banks do wire transfers to foreign bank account, just need the SWIFT code.

[Umka36 781]

http://www.bankswiftcode.org/philippines/

[POA 175]

Great! Thanks! That works!

[Greenbaum 12,258]

_{You can transfer a large amount to the Phil. Your bank will do the paperwork to submit to the IRS. It's when you using a multitude of transactions that raises suspicions. The 10K limit is when the banks are required to report transactions, but they can report even if the amounts are lower. For example, repetitive transactions just under the limit will likely to trigger the report, as it is suspicious. But what do you care about this report? If the money is yours and not originated from some illegal activity, you shouldn't worry about banks and governments pushing paper.}

_{One of the most important things to remember when transferring large amounts of money is that even a small differences in exchange rates between currencies can make a significant difference to the amount of money that you will receive at the other end. For example just a 0.5% improvement on $100,000 is $500! Therefore making sure you get the best exchange rate possible should be of prime concern to you. Watch the exchange rate and transfer when it is in your favor. Been seeing the rate up and down between 42 and 44 pesos.}

_{Use bank to bank wire transfer. Much safer and quick.}

Edited December 25, 2014 by Greenbaum

[POA 175]

_{You can transfer a large amount to the Phil. Your bank will do the paperwork to submit to the IRS. It's when you using a multitude of transactions that raises suspicions. The 10K limit is when the banks are required to report transactions, but they can report even if the amounts are lower. For example, repetitive transactions just under the limit will likely to trigger the report, as it is suspicious. But what do you care about this report? If the money is yours and not originated from some illegal activity, you shouldn't worry about banks and governments pushing paper.}

_{One of the most important things to remember when transferring large amounts of money is that even a small differences in exchange rates between currencies can make a significant difference to the amount of money that you will receive at the other end. For example just a 0.5% improvement on $100,000 is $500! Therefore making sure you get the best exchange rate possible should be of prime concern to you. Watch the exchange rate and transfer when it is in your favor. Been seeing the rate up and down between 42 and 44 pesos.}

_{Use bank to bank wire transfer. Much safer and quick.}

Thanks!

That's a lot of info.

I am new to the country and I am not sure what is the process to transfer the money to the PH when we need to. I just want to make sure that all the transfer i make will not cause us any trouble. I am now confuse what the reports are for.

When we filed our taxes there was a question if we have a foreign account with more than $10k. I just thought that is enough to report the savings more than $10k in a foreign country and enough to say that we are not trying to hide anything from the IRS.

P.s. We don't have that savings yet and hasn't transferred that much money at once.

[Greenbaum 12,258]

POA, on 24 Dec 2014 - 8:22 PM, said:

Thanks!

That's a lot of info.

I am new to the country and I am not sure what is the process to transfer the money to the PH when we need to. I just want to make sure that all the transfer i make will not cause us any trouble. I am now confuse what the reports are for.

When we filed our taxes there was a question if we have a foreign account with more than $10k. I just thought that is enough to report the savings more than $10k in a foreign country and enough to say that we are not trying to hide anything from the IRS.

P.s. We don't have that savings yet and hasn't transferred that much money at once.

The IRS just wants to know where "their money" is going. They want be sure it is not from illegally gained money used for laundering. They want to be sure that they are getting taxes paid on any gains or transfers that fall under any one of their tax codes.

If you are going to use the money to buy land and you report it as necessary, you will not have a problem. You have not hid anything from the IRS. So relax, take a deep breath and continue what you are doing to secure the land.