Lil dash of Faith

To everyone who gave their insight, opinion, suggestions YOU ALL been such a help. I do appreciate it.

We are still struggling but all you suggestions and resources are helping us to understand regarding my dilemma..

I pray that everyone is safe and all applications are being approved so you all can be with your loved ones

Xoxo 

On 2/10/2021 at 4:04 AM, seekingthetruth said:

I chatted with a friend who has HSBC US and Philippines accounts.  He said I can set up the U.S. account online while in the Philippines (with U.S. address and VPN) then set up the PH account at the branch.  I will give it a shot.

 

According to what I saw on the HSBC websites, you can do Global transfers with the Advance level account.  Premier has a very high min balance.  Advance is only p100,000 min bal.

 

Together, we advance

HSBC Advance Visa Debit Card

Free ATM transactions1 locally using your HSBC Advance Debit Card

Free local money transfers via PESONet using online banking

Global Transfer/ Global View

Instant global transfers between your international HSBC Accounts

Accept HSBC global transfers from your family and friends in Hong Kong, Malaysia, and Singapore

Advance Managers to help you achieve your financial goals

 

https://www.hsbc.com.ph/advance/

 

U.S. is $5000 min bal.

 

https://www.us.hsbc.com/checking-accounts/#advance

 

 

Husband and I will look into it, let me know how it is in your side and let you know how will it go with us here. 

Really appreciate, thank you very much.

On 2/10/2021 at 3:44 AM, Hank_ said:

I agree with seekingthetruth regarding HSBC, but it does require the premier acct.

 

With other Philippine banks you need a peso acct and USD acct to do a wire transfer without too many issues (or fees).   Not being in the Philippines makes it almost impossible to get a USD acct setup.  We got it done at BDO while there, lots of forms/requirements from BDO.

Thank you for the insight.. appreciate it

20 hours ago, Adventine said:

I went to BDO to convert my PHP savings to USD and open a USD savings account. 

 

I had to fill up a lot of forms and answer a lot of questions, but the staff was nice about it and I got everything done. It helped that I've had savings and investments at that BDO branch for ~10 years.

 

Next step will be testing transfers to a US domiciled bank account. 

 

Wow that's amazing, please do let us know..

On 2/5/2021 at 1:52 PM, MarryMe987654 said:

I haven't tried using my BPI ATM here in the U.S. Never really used my BPI ATM anywhere else except within the Philippines. I dread the fees and the terrible exchange rates.
 

When I immigrated, I brought dollars with me instead. Didn't need to use them anyway for anything as I brought my necessities with me so I don't have to spend it. If I do, I just use cash. Was surprised to know that carrying $100 bill is not normal and that's all I had that time. Haha...

 

In the end, I just deposited it to my husband's account and we kind of used it for my AOS 2 months later.

Yes was surprised too..

I carry cash all the time and my husband kept telling me, nobody carry cash now a days and I always tell him we'll it will be always me then 🤣

11 hours ago, MarryMe987654 said:

No. It was from my Php account. 

We were hoping to transfer it from my USD account instead to avoid the terrible exchange rate but the money was in pesos and was already deposited to my Php account.

I tried to withdraw money here $500 is the limit per transaction fee is $2 and ph bank charged me 150pesos.

It's a bit troublesome to withdraw and transfer though 😅

1 hour ago, Rupertino said:

Open dollar account in the local bank and open the Transferwise account. Than use Wire transfer to deposit the amount from local usd account to your usd Transferwise account 

The only thing now is I couldn't open my own personal dollar account as we are already here

11 hours ago, seekingthetruth said:

I don't think anyone was suggesting to try and sneak it.  That is especially true when flying.  If you try to sneak cash over 10k and they catch you, good luck!

 

Each individual situation is different.  For instance, if the OP had this money saved from prior years, either from wages or sale of property, before they were a U.S. resident / taxpayer, they would not owe taxes on it.  They just need to have good documentation on what the money is from and when they received it.

 

Another thing that needs to be reported on your U.S. taxes is interest on foreign bank accounts.  I report my BPI interest but receive a credit for the Philippines tax paid.  It is a piddling amount but I still report it.

Totally agree with you ma'am, thank you..

12 hours ago, Jordan & Jenet said:

If the property was owned by a US Citizen or permanent resident, yes you will have to pay taxes on the profits from the sale. If you don't think so, You are wrong. I can guarantee that wire or incoming 150k is going to be reported to the IRS. Will you be caught every time? Heck no, but is it worth the risk not declaiming the income and paying the taxes if they happen to audit you anytime in the next 7 years?

I've been down this road selling property with ex-spouse in PH and moving money to US before, You can choose to do it the legal way or the wrong way up to you.
Jordan

No sir I am not a US citizen yet, before I met my husband I already own the plot. So I know I don't have to pay tax about it.

12 hours ago, seekingthetruth said:

 

Where is the money now?  I bank at BPI and I was expecting to use BPI to wire transfer USD to my US account.  I don't see anything about it on their website but I will talk to the manager.  It is good to see that @MarryMe987654 was able to do it.

 

I think you will need to have an account with the bank that does the wire transfer for you.  When you open a USD account, you will need to answer a lot of the US FATCA questions.

 

U.S. will only try to tax you on money they think a U.S. taxpayer earned overseas.  You are not taxed on money just because of the fact that you moved it to the U.S.  You should just be prepared to prove where it came from, if the question arises.

 

I am interested as I will be in your shoes sometime in the next year when I sell my house here in the Philippines.  I have already talked to my U.S. CPA and I will need to pay tax on the gain.  Totally unrelated to moving the cash to the U.S.  If you are dealing with property, make sure you have all your buying, selling  and improvement records.  (Actually I will not pay cap gains tax because I will also qualify for the personal residence exemption.)

 

See next post for another option.

@seekingthetruth, in my ph bank account. I am not a US citizen, we just arrived last September.

I owned the house and lot before I met my husband. So I know I don't have to pay tax.

Though I comply with the bank with all the requirements that needed it is still troublesome.

So I was seeking for more convenient way.

As rather than money will sit at the bank maybe I can invest it here and can make a profit.

Actually I will not pay cap gains tax because I will also qualify for the personal residence exemption.)

I totally agree with you

24 minutes ago, Milmauka said:

I like @flicks1998 suggestion to the issue.  Just bring it with you in your carry-on luggage.  Bring your documents for the sale of the property and declare it.  

The thing is we are already here and it will take few more years for us to go back to Ph 😢

49 minutes ago, JerseyNaz said:

 

I'm not sure. I think you'd have to have a trusted person withdraw the money, buy bitcoin or other cryptocurrency on an exchange and send it to you. I doubt a foreign bank would go through these steps.

 

Also you have to trust the person not to mess up and send it to wrong address because money is then irretrievable. 

Thanks for letting me know, will sure be careful.

7 hours ago, MarryMe987654 said:

I did a bank wire transfer from BPI to a credit union in GA few years ago. I have an aunt that that sold her house in the Philippines and deposited the money the money to my BPI account temporarily. I think the amount is just over $16k.

It was a bit challenging initiating the transfer because of the questions on the source of the fund because of the anti-money laundering law.

It took 3-5 days to receive the money. The fee was $15 on my side and $14 on the receiver's side.

 

Hope this helps!

Thank you, I will ask my brother to check BPI..

GOD BLESS..

10 hours ago, flicks1998 said:

This is true with many countries, especially in the APAC region.  If you think the Philippines is bad, have a look at China.  

Hmmm... china... I agree with you

12 hours ago, Adventine said:

We've discussed it in passing, but we are not considering it as an option to transfer my assets.

 

Certain banks in the US, such as Bank of America, allow one to open an account without SSN. Perhaps that can be an option for you, and would make transfers easier, as you are transferring between two accounts in your name.

 

 

Noted.. will check on other bank..

38 minutes ago, Jordan & Jenet said:

Keep in mind once you transfer it to the US they are going to want the taxes!

Jordan

Well jp Morgan said recieving the money with any limits will only be charged $15..

So I am hoping that was it

1 minute ago, Adventine said:

 

It makes life harder for the honest people who just want to transfer their hard-earned savings.

Yes you are correct and eventhough you comply with all the required documents its still difficult.

My last option today is bitcoin/cryptocurrency.

Have you asked you fiance about it?

25 minutes ago, Adventine said:

 

Out of curiosity, I created a Western Union account and poked around a bit.

 

It seems possible to transfer PH to US, but you're right that it will need time and multiple transactions.

 

I've never used WU before but it seems that the following steps are needed. Please correct me if this is inaccurate:

 

1. Someone trusted in the PH to withdraw the money from the PH bank account and to physically go to a WU branch to deposit the PHP

2. @Lil dash of Faith will need to a WU branch in the States to pick up the USD

 

It's a roundabout and inefficient way, and I would not be comfortable carrying around that much cash.

 

The fees are reasonable but the exchange rate is not. Fiancé just calculated that WU makes 3.7% on the exchange rate:

 

 

Yep all accurate.

Tried to withdraw money from here Transaction per day is $500 plus $2 fees, in addition your bank will also charge you 150pesos per Transaction though great exchange rate. Husband said its not bad but lol doing it everyday is a bit troublesome 😅

7 hours ago, RO_AH said:

Even transfer sites like Western Union and Transferwise have limits. That is a lot of money. Western Union has no fees and good rates but I have only done US > Philippines. If you do use them you would most likely have to do it over time and multiple transactions.

My brother checked western union their limit is p120k per transaction and going there everyday would bit worrisome.

Thing is why is it there is so many difficulties in sending money out of the Philippines and yet bank is so quick or not having problems in receiving money from foreign countries🤔

10 hours ago, Adventine said:

We tried Transferwise and I can confirm no issues with transferring from a US bank account to a PH bank account. 

 

However, your question is about the reverse: a transfer from a PH bank account to a US bank account. That is not currently possible with Transferwise (source: What currencies can I send to and from? | TransferWise Help Centre) 

 

Have you tried asking your bank about a wire transfer? 

Hi Adventine, yes I've checked it last night tranferwise is not possible  for philippine to united States 😥

3 hours ago, MJ&YY said:

Maybe check/ask around the Tax and Finances During Immigration forum:

 

https://www.visajourney.com/forums/forum/159-tax-finances-during-us-immigration/

We will look into that, thanknyou

5 hours ago, JerseyNaz said:

If not Paypal Bitcoin/cryptocurrency is another option.

Hi yeah, a friend of my husband mentioned that but he said depending on how  sophisticated my philippine bank account. Is that true?

4 hours ago, Buckaroo said:

Take a look at Transferwise. Their fees are the lowest i have found and they are both fast and reliable.

Chris

Thank you we will look into that.

5 hours ago, payxibka said:

What dollar amount?

Hi,

$150k

Hello been a while since I last posted here, but I am hoping that someone might give me their opinions or give me suggestions.

I've sold my property in the Philippines and i am having difficulty in transferring the funds here in the US. Asked someone and said via PayPal and remittance is way too expensive. Most of the bank in the Philippines required alot of docs which is we are able to produce but giving us the limitations how much you can only send every now and then, their reasons is the Anti-Money Laundering 😥.

So if anyone here has any suggestions please let us know. Anything will be much appreciated 

God bless to us

2 hours ago, darktiger said:

It was expired June 10 of this year. And yes, she had her interview last January 23.

Ours is been expired last 26 may 2020, we had based on our CEAC our visa is been issued last 31 January but never recieved our VOH also never recieved any letter stating that we need another medical. Please let us know any update with hers, thanks for posting.

4 hours ago, darktiger said:

Hello everyone, 

Me and my fiancee has run into a bit of trouble.  My fiancee is from Cebu CIty and she received a letter from the U.S Embassy last June 15 stating that she needs to do her medical exam since it has already expired.  We were wondering if anyone of you have done their medical exam at St. Lukes Medical Extension Clinic? If yes, can you please give us some information what you been through?  Any input that you can share will be appreciated.

How long her medical exam has been expired?, did she finished her interview before?