Money allowed to bring from Manila to USA

I would like to sell some properties in Manila and would like to know how much I can bring back home to the USA.

How and where do I exchange Philippines pesos to dollars?

Do I have to declare the money on my way to US? Thanks.

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Taking money out of the Philippines
by: Brett

Hi,

It appears any money over US$10,000 has to be declared. That's either bringing money into the Philippines or taking it out.

The following is the Bangko Sentral ng Pilipinas (BSP)relevant Circular that clarifies.

"Bangko Sentral ng Pilipinas (BSP) Circular No. 308 series of 2001 dated 15 November 2001 as amended by Circular No. 507 dated 19 January 2006 (on foreign currency notes/coins/other monetary instruments) and Section 4 of Central Bank Circular No. 1389 dated 13 April 1993, as amended by BSP Circular No. 98 dated 11 December 1995 (on Philippine currency/notes/coins/other monetary instruments), as follows:

"Any person bringing foreign currency and other foreign exchange-denominated bearer negotiable monetary instruments in or out of the Philippines in excess of US$10,000 or its equivalent, must accomplish a Declaration Form which may be obtained from, and after accomplishment submitted to, the Customs Desk in the Arrival or Departure Areas. Failure to do so is subject to sanctions. "Also, the bringing in or out of the country of legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos in an amount exceeding P10,000 without authorization by the Bangko Sentral ng Pilipinas is prohibited". "Other foreign-exchange-denominated bearer monetary instruments" shall refer to the following foreign exchange-denominated instruments in bearer form whereby title thereto passes to another by endorsement, assignment or delivery: travelers' checks, other checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets and confirmation of sale/investment."

I would have thought the best way to exchange a large amount of cash and transfer it would be via the bank.

I know, depending on the amount you want to exchange, will determine how good an exchange rate you are able to negotiate. Obviously the higher the amount the more bargaining power you will have.

I suggest you contact the US Embassy in relation to the declaration of money going into the US.

Good luck...Brett

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