# Sending your own money to Philippines



## fruitcop2 (Sep 1, 2016)

If you transfer amounts from your home country to you branch in the Philippines does it run into taxes like gift taxes if you are just just moving your own funds? There seems to be a very low limit on amounts they consider gifts.


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## bigpearl (Jan 24, 2016)

fruitcop2 said:


> If you transfer amounts from your home country to you branch in the Philippines does it run into taxes like gift taxes if you are just just moving your own funds? There seems to be a very low limit on amounts they consider gifts.


Simply from my experience no. We have been transferring funds to our accounts here for years, even gifting funds to the outlaws and never a problem. In saying that we have transferred millions of pesos from Australia (property purchase) and it was the Australian government that needed to know why and where those funds were going.

Cheers, Steve.


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## Manitoba (Jun 25, 2014)

I have transferred money to and from Canada through my HSBC=accounts.

no questions from anyone.


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## Gary D (Oct 28, 2013)

Manitoba said:


> I have transferred money to and from Canada through my HSBC=accounts.
> 
> no questions from anyone.


The problem is that the US government doesn't trust its citizens moving large amounts of money overseas.


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## bidrod (Mar 31, 2015)

Gary D said:


> The problem is that the US government doesn't trust its citizens moving large amounts of money overseas.


Americans can move large amounts they just need to follow the rules. O"n the other hand why would I want a large amount of funds when they are only insured for Php 500,000? Moving funds for a large purchase is a different situation.

Chuck


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## Lunkan (Aug 28, 2020)

Gary D said:


> The problem is that the US government doesn't trust its citizens moving large amounts of money overseas.


 AND USA has fiorced other countries too to not let people send own money anywhere we want  Otherwicethey threath te foreign banks need to pay high punnishmenmt fee TO USA !!!or get blocked from being involved in any transactions with USA.

My bank checked FAST the step it wasnt money laundring (it was money from I sold my house)
BUT it took very long time - with many No - before I finaly got approval to send my money to my new business
"because they have to understand what Im doing"!!!

Bloody hell! What have USA to do with MY business, what I do with MY money...


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## M.C.A. (Feb 24, 2013)

Lunkan said:


> AND USA has fiorced other countries too to not let people send own money anywhere we want  Otherwicethey threath te foreign banks need to pay high punnishmenmt fee TO USA !!!or get blocked from being involved in any transactions with USA.
> 
> My bank checked FAST the step it wasnt money laundring (it was money from I sold my house)
> BUT it took very long time - with many No - before I finaly got approval to send my money to my new business
> ...


I have a lot to learn on this subject but I don't feel it's fair to blame the US for the money transfer limits.

International money limits by country

*Founding and mission:* The IMF was conceived in July 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States. The 44 countries in attendance sought to build a framework for international economic cooperation and avoid repeating the competitive currency devaluations that contributed to the Great Depression of the 1930s. The IMF's primary mission is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries and their citizens to transact with each other.

International Money Fund IMF

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT
Document


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## Gary D (Oct 28, 2013)

Yes it's important to prevent/ discourage money laundering but what's is about forcing foreigner countries banks to report any US citizens that have more than $10,000 in an overseas account to the point that because of the extra hassle they won't entertain US citizens opening accounts in their banks.


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## bidrod (Mar 31, 2015)

Gary D said:


> Yes it's important to prevent/ discourage money laundering but what's is about forcing foreigner countries banks to report any US citizens that have more than $10,000 in an overseas account to the point that because of the extra hassle they won't entertain US citizens opening accounts in their banks.


I had no problem opening an account here, just signed the forms required by the bank for the accounting/reporting to US. There is also a requirement to report having a foreign account when filing yearly taxes and an additional requirement to report if during the year there is in excess of $10,000 total in all foreign accounts combined.

Chuck


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## Lunkan (Aug 28, 2020)

M.C.A. said:


> I have a lot to learn on this subject but I don't feel it's fair to blame the US for the money transfer limits.


How come then a SWEDISH bank had to pay to USA because they hadnt followed strictly enough... ?  
It was "my" bank, which I suppouse made it extra hard to get approval from them. First I even got No , No, No!!! before I finaly found a person with sence...

I believe this crap started after 9-11 to stop TERRORISTS. At least a part of the law in Sweden talk about that purpouse. Have this complication for COMMON people ever stoped any terrorist... ? 🤣
Politicians are idiots as often...


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## Lunkan (Aug 28, 2020)

Gary D said:


> Yes it's important to prevent/ discourage money laundering


 I HADNT any problem with THAT step, It was approved fast.

It was the other - crap - "stop terrorists" step, which I first got several No to "because they need to understand what Im doing". Whats hard with understanding Im financing buying very cheap mistreated businesses to solve them.. ???!!! (Thats inspite of my Swedish business have had them as bank around 30 years, I have done some business consulting jobs solving messes in Swedish companies and my Swedish business have built a business in Russia for a client.) 
It took me MONTHS and a lot of tries with refusals  before I finaly got approval!!! 

NOT the Phils bank, they were even faster than I expected 👍

Edit: It took so long time so the seller of the first business agreement to buy wondered if it never will happen...


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## M.C.A. (Feb 24, 2013)

Lunkan said:


> How come then a SWEDISH bank had to pay to USA because they hadnt followed strictly enough... ?
> It was "my" bank, which I suppouse made it extra hard to get approval from them. First I even got No , No, No!!! before I finaly found a person with sence...
> 
> I believe this crap started after 9-11 to stop TERRORISTS. At least a part of the law in Sweden talk about that purpouse. Have this complication for COMMON people ever stoped any terrorist... ? 🤣
> Politicians are idiots as often...


If you read the links I posted this was created after WWII and the cause of the Great Depression it not only affected the US but many other countries.


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## Lunkan (Aug 28, 2020)

M.C.A. said:


> If you read the links I posted this was created after WWII and the cause of the Great Depression it not only affected the US but many other countries.


But thats old PARTS about just money.

The stupid law about stoping TERRORISTS, which dont stop any, just make it hard for common people,
is rather NEW. 
And the news USA fining SWEDISH bank is RECENT..


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## bidrod (Mar 31, 2015)

Lunkan said:


> How come then a SWEDISH bank had to pay to USA because they hadnt followed strictly enough... ?
> It was "my" bank, which I suppouse made it extra hard to get approval from them. First I even got No , No, No!!! before I finaly found a person with sence...
> 
> I believe this crap started after 9-11 to stop TERRORISTS. At least a part of the law in Sweden talk about that purpouse. Have this complication for COMMON people ever stoped any terrorist... ? 🤣
> Politicians are idiots as often...


Maybe your bank needs to follow the rules they agreed to!

Chuck


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## Lunkan (Aug 28, 2020)

bidrod said:


> Maybe your bank needs to follow the rules they agreed to!


 Do you mean USA give others chance to chose ?  
Often its more like choosing between follow what USA dictate or risk to get out in the cold being blocked...
I just heared when I zapped so I just heared part, but TV news talked something about the bank pay fine to USA !!! or get blocked from being involved in ANY transfers with USA.


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## bidrod (Mar 31, 2015)

Lunkan said:


> Do you mean USA give others chance to chose ?
> Often its more like choosing between follow what USA dictate or risk to get out in the cold being blocked...
> I just heared when I zapped so I just heared part, but TV news talked something about the bank pay fine to USA !!! or get blocked from being involved in ANY transfers with USA.


It is their choice, either follow the rules and get fined if you break them or don't enter the agreement to begin with! The rules can't be to bad since most banks here in the Philippines are taking US customers.

Chuck


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## Lunkan (Aug 28, 2020)

bidrod said:


> It is their choice, either follow the rules and get fined if you break them or don't enter the agreement to begin with!


 Do you mean a commersial bank with internatiional transactions have a choice ? 



bidrod said:


> The rules can't be to bad since most banks here in the Philippines are taking US customers.


 Well. Not so bad for Phil BANKS 
but close to become TERRIBLE for ME, because I got three No  before I finaly ggot a Yes. Normal people would have gave up... it was close to not get chance to pay an opportunity deal I had AGREED to, so that bloody law made I lost some reputation by I couldnt get the money there as fast as expected  
Even Filipinos found it slow...  Luckily it got delayed for Filipinos so noit so big damage. If the reciever would have been in Sweden, my business reputation would have been DEAD...  
((In Sweden I have a very good reputation both in business, sports and in stock trading (although in stocl trading I believe most have forgot me  by I have stayed out many years by its much overvalued.) E g the last three years before I sold my distribution business, I got even more work than I realy wanted WITHOUT tryin to get any customers, new customers _contacted me_ after recomendations they got from satisfied customers...))) 
A good reputation take long time to build, but can get destroyed in seconds...

I got this problem just because of a STUPID law  which is made to stop terrorists, but IF it ever have stoped any terrorist, it has to be a very stupid terorist 🤣 I bet TERRORISTS have ILLEGAL ways to move money...
But as a businessman I want to move money LEGAL and then the bank have to understand what Im doing to approve even after its proiven its OT money laundering!!! The first three didnt understand my genious 🤣 plan so they said No, and the fourth knew me a bit since before, perhaps knew my reputation dont thinking as other people  "thinking outside the box". The fourth haf problem to understand too, but after I had explained it three times, they finaly understood enough to aprove .. Or perhaps they said "Yes" just to avoid showing they didnt understand 🤣


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## Lunkan (Aug 28, 2020)

And as can be seen in for instance this topic Pension from US source.
what I wrote about isnt the only time USA harrass others...


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## Shadowman (Apr 20, 2020)

Manitoba said:


> I have transferred money to and from Canada through my HSBC=accounts.
> 
> no questions from anyone.


HSBC is exiting the US, not sure about Canada: 









HSBC Bank Canada to shutter consumer finance business


After being on the block for about two years, HSBC Bank Canada announced Wednesday that it is “winding down” its consumer finance division, a business that operates as HSBC Financial Corporation Ltd.




financialpost.com


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