Money issues when moving to the Philippines 🇵🇭
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- Опубликовано: 29 сен 2024
- How we learned how to effectively & safely transfer money from your home country to the Philippines. Our retirement journey, enjoying stress free living.
@buildingthephilippines
#love
#life
#philippines
Thank you, thank you, thank you!! Clear and concise! Many vlogers put out this info, but they explain it as if you know what they're talking about. It is difficult to understand because we don't! One more stressor for moving to the PI gone.
Great, glad it helped.
good advice for anyone wanting to live abroad. (Not just the philippines.) thank you. I always enjoy your videos!.. Also, I am Glad to see Wilma talking a bit more. :-) .... Good job both of you.
Thanks Pierre, appreciate it.
Thanks for the info I really appreciate it very much
Your welcome, appreciate the comment.
Really great thorough info and descriptions! thanks very much! however you have the golden ticket of a Filipina with dual citizenship. this creates the easiest possible path for a philippine bank account and communication. I venture to say most of your viewers do not have this benefit like myself who is a single US citizen who would want to retire over there. Not having a Philippine bank account for at least six months as a foreigner creates a few more challenges. but your advice here still helps with some of those hurdles. I have visited Duma and intend to return in January to continue the recon. thx John
Hi John, I said on the video that after 6 months and secure an ACR card you can open an account. It's actually 60 days, not 6 months. That makes it a bit better. Thanks for watching John.
@@buildingthephilippines Good news! thanks for the clarification.
I will mention that on a future video.
and how much us dollars can you have in an account in the Philippines? Anything over 10,000 USD needs to be reported to authorities in USA.....
The banks here only insures 500k per account.
I tried to tranfer with zoom for pickup in the Philippines from the Philippines. They would not transfer from my bank of America account. I set up the zoom acct. Before I left US. They said I could not tranfer if I was out of the country in Philippines.
I have transferred from xoom to here. Get a VPN and set to a US server, and you should be fine.
Western union is expensive wise have better exchange rates
Yes, we only use WU for domestic transfers Philippines to Philippines. Like $1.85 per wire.
I’m curious, did you keep an account in the USA?
Oh yes, 2 accounts. 95% of my money remains in the US.
what do you need to setup to get your mail from the U.S.?
I still have an address in the US, where a family member monitors mail.
Hi,great video. What is the Philippines bank name are you using. I am here near Iloilo thinking about opening a joint account with my wife Philipina. How do you transfer your money to pesos on ATM???
Right now using my 2 Canadian bank account to send money with western union in minutes. But find it expensive.
BPI. Need a dollar and peso account. ATM is tied to peso account. When you use ATM, pesos spit out.
Yes, need to find no or small fee to transfer. Every dollar counts.
@@jean-pierredeslauriers574😅
Do you have to have a local ID to open a Bank Account there? Also do you know what CD rates are for 3 month at your bank?
Yes, national ID like a drivers license and your ACR card. That coupled with your passport will work. Some banks differ in there requirements though.
can you maintain a US bank account even though you are living permanently in the Philippines?
Yes, of course. No issues at all. You can also use debit cards as well as credit cards too.
@@buildingthephilippines thank you for the valuable information. During tax season are you coming back here I the US to file your personal income tax return?
My accountant handles things for me. I don't t need to leave the Philippines.
How do you set up the VPN?? in your devices?? Thank you. What is Nord VPN?? Can you show the website to enroll?? Thank you!!
We happen to use Nord. Just open the site at nord.com on a laptop and sign up. Easy to do on line.
Wrong I got a ACR card when I extended my stay in the Philippines does not take 6 months only took me two weeks
You are eligible by law to apply for an ACR card at 60 days.
I got it in two weeks I did it in Boracay in the satellite center so I sent off for extension before the time I needed so I had to send passport within two weeks I could have my extension and ACR card as well
That was so I can have peso and usd account I was tired caring thousands of dollars flying with that kind of cash and I also got a different bank account that charges a transaction fee but they return in the end of the month
I am just telling you that is wrong information 2 weeks and I was only there for 63 days but got in 2 weeks I am married to a Filipina
Many sites break the law all the time. Its the Philippines. If you google the actual regulation it says 60 days. If you got it earlier it's just because the person behind the counter didn't follow the regulation.
May I ask? PNB has a few branches in the U.S....If someone opened a PNB account in the U.S.? Would that still be an active account for use in the Philippines? So...a Philippines bank account...thank you
You would have to check yourself. I believe the answer is yes, but limited. Your ATM would work, but I know just from Leyte to Negros Oriental we needed to change accounts.
What bank are you using in America that only charges a 5 dollar wire transfer fee? Bank of America charges 35...(for any amount). If you get a Charles Schwab checking account, you can get a bank card through them, and they reimburse the 250 pesos fee for every transaction here in the Philippines at the end of the month. And yes, I have heard of the reporting if you have more than 9999 dollars in any bank here in the Philippines in your name...to both the Philippine Govt and to perhaps also the American govt.
We use Chase, thanks for watching.
Hi you mention you have done International Wire Transfer fromUSA to Phillipines and paid $5 bucks the question is Which Bank are you using in USA ?
Ty
Bank of America. Need to do wire transfer yourself on line to a dollar account in the Philippines. It also depends on the type of account and your balance.
Could you get by with just using something like Wise or Revolut, and not getting any Philippines bank account?
You could if you are just sending small amounts say for a monthly budget. If your making large purchases say for a house you would need an account here. I also just met a guy that was locked out of wise as the terms changed with his home country. He has not been able to access money for a month. He said they told him he needs to return to his home country to work it out.
Just trying to keep up with your accounts and transfers seems like a full time job seems like complete overkill….
It's actually very easy. Takes 3 minutes or less to wire money to the Philippines. We only wire money once or twice a year. With our accounts here, when we transfer from the dollar account to the peso account, it takes less than one minute. Very simple and easy.
Hi, which bank is safe to open an account ,will be moving to the Philippines soon, and thanks for the info
All major banks in the Philippines will work. Comes down to which one is closest to your location. BDO, BPI, Metro, PNP.
Hi Greg and Wilma. This was helpful. I'm curious how you handle healthcare insurance, dental, vision, and even how the U.S. Medicare may or may not come into play in your future. Also, do you need a U.S. address to receive 401K/IRA distributions? Much appreciated, Mike
We don't have health care right now. Everything is pretty cheap. We just pay cash. As we get older will get some type of insurance. No, just need an account number for the distribution to go. I will use my US account, but could use dollar account here if I wanted to.
Ok. Thanks. There's a lot to consider.@@buildingthephilippines
Which bank do u use for ur wire transfer? My bank charges me $50 for wire transfer .
Chase, depends on type of account, bank is affiliated in Philippines, you perform the on line transfer yourself and balance.
while living and retiring in the philippines, you and wife ,still have to file taxes in the US ?
Yes, we do as long as you have income.
This is the most informative video I have seen yet. I started watching your channel for the house building information, this answers a lot of my other questions. Geez you guys really have it together, without your help dummies like me struggle at best. Thanks for helping everyone.
We struggled as well. It's was all new to us. We have learned a lot. Now it's time to share our experiences.
i was thinking the same thing
Wow sounds like you are speaking for me. I am the other dummy who is planning to move back home to Zamboanguita the next town from Dawin to the south for good. I appreciate so much Greg and Wilma for your video, these are all the information I need to know. I have to watch this video again.
@floracredo9478 congrats on moving home. Glad you liked the video.
We're looking to buy a lot in your area how much it costs to buy
Varies greatly, ocean view, cemented road, clean title, wifi available, good source of electric and water. For all the above 2500 pesos per square meter is the going rate.
Way too much talk. Get str8t to the point! 7:07
That's what the fast forward button is for.
Hopefully the bank kept your original date of account for good credit score purposes. They always say never get rid of old credit card accounts. The older the accounts, the higher your credit score.
Credit score means nothing in the Philippiness. No plans to ever seek a loan, credit cards only used for Netflix, Hull, Spotify and Amazon. Always pay of monthly, so no interest ever charged. Credit score is an American thing, means nothing here. Thanks for commenting.
A US credit score is useless outside the USA. Also, in my experience, I only have a high credit score when I don't need more credit in the USA. Many years ago, when I had a 600 and lower credit score, I NEEDED credit. Today, my credit score is over 800, but I really have no need to get more credit in the USA. I have to make a conscious effort to remember to use them, so they don't lower my limit or close my account. Even then, Chase cut my credit limit in half, because I don't use their card enough. I was using it regularly, but just not "enough".
@buildingthephilippines not true, with good credit you can finance larger purchases, my filipina wife has used her credit a few times now
@@waynebrown4407 What financial institution in the Philippines used your wife's US credit score to qualify for a purchase in the Philippines?
@sgtm7 I'm from Canada, but when she first financed she needed proof of income from me. Copies of transfered money or bank account
What local bank you use in the Philippines and also here in the US?
Chase and BPI.
@@buildingthephilippines thanks for the info👍
Also tried to get bank acct at BPI. I have Acr. They would not open it because is says tourist on card. Struck out again..
Try a different bank. Rules are different from bank to bank, even branch to branch.
Great video! Thank you for sharing this with us. Wilma’s choice of earrings and necklace are great and go well with the blouse. Take care.🤙
Lol, very observant. It seems she changes each time. Thanks for watching.
Hi Greg and Wilma. Would you mind sharing what bank charges only 5 bucks to send an international wire please? Thank you so much. This video was very helpful 😊
Bank of America and Chase. If you do the transaction online bank to bank yourself and the bank in the Philippines is affiliated.
A simple way to transfer money is open a bank account in the Philippines. You then do a wire transfer either to the USD or PHP account and go from there. Cyber security experts would not recommend linking your bank account to money remittance apps because the security of these apps is not at the same level as the major banks. I did this and the local accounts were opened same day.
Yes, that's how we do it. Thanks for commenting.
I'm curious as to which bank allows you to transfer online large amounts from a US account to Philippines account? My bank is currently BofA and it is not an option for me. I'm retiring in 1 year and will change banks if I have to. Any and all information will be so very helpful! Thanks
I'm reading through comments and you responded that you guys have a BofA account and a Chase account in the Philippines. You said it will work as long as they are affiliated? What does that mean?
Simply make an appointment with your bank manager in the US. He or She will tell you. Basically, when you open the dollar account in the Philippines, you have to link your US bank. When you open the app, clink link account and all the affiliated banks will appear. Scroll to see if your is there. If it is your good to go.
Chase/BPI. All the major banks are affiliated.
Thank you!
Do you have an email linked to your channel? I would like to ask more questions outside the public forum.
Help a lot ,thank's so much for the Infos !!! Have a nice weekend together !!! Regards Erwin Zado
Thanks Erwin, appreciate it.
I recently watched a video of a couple here in the US who walked through the process of opening a Philippine bank account from here in the US. It all went pretty smooth for them. They did have to specify which branch in the Philippines they would be using
Yes, it's pretty simple if you have the correct documentation in order.
Two questions. First, I was told to use a US bank that has branches in the PH, like Chase. Then get a new checking account based in the PH and link that account with your US chase account. Is that still possible? Second, when you moved to the PH, what did you do with your mail, mailing address, and US tax addresses?
You can link any major bank in the US with any major bank in the Philippines. Just make sure the Philippine bank has an on line app. That's the important part, some don't. I also have an address in the US.
@@buildingthephilippines Good to know on the bank side, as for US address, I don't know how I will do it successfully. I'm selling everything and moving. Never will be coming back, so I won't be able to have mail arriving at it.
@@robertbritz257 do you have a trusted family member to use as an address.
@@buildingthephilippines No, I just have my self, hence the mystery of how I should approach this.
@robertbritz257 I believe you can hire a mail box service to collect your mail and scan it to you.
Excellent. VPN for sure. Which credit cards are available in Philippines...VISA...Mastercard?
BTW. What is the lot size of your home.
We only have US credit cards and a Filipino ATM card. I was told credit cards here have really high interest rates. Our lot is 1100 square meters.
Why pay Western Union $7.99 to send money when Remitly is $2.99 and easier for the receiver
It's only $1.50 to send money western union from anywhere within the Philippines. Negros Oriental to Leyte.
What Bank in Ph lets you withdraw $1000 USD per day in the ATM ??????!
My understanding most banks do. 10,000 pesos at a time and allows 5 transactions a day. One after another.
Thanks - needed this info - Me and my fiancee found a house we want to buy and were have trouble getting money from my US account to her account here in the PH , sounds like we need a wire transfer. WU shut me down after eight transfers of 500 us, which my bank said was the limit on that type of transfer ? I was trying to reach 35k to buy a Bungalo.
Good luck, talk to your bank directly in your home country. It's done all the time.
Hello. Ive watched a couple of your vids. My wife and I are building a mini mart in bantyan island cebu. I didnt know you can open a bank account in u.s money.
Yes, you can open 2 accounts. One for USD and one for pesos.
Just open a PNB account, leave your money in the USA, and link your accounts. Use a relative or friend's stateside address. Treat them to a yearly vacation in the PI as payment for their kindness. Too easy. Plenty of affordable condos for sale and rental properties in the PI. No need to build anything.
Thanks for your opinion.
Yes it easy all transactions from u.s to Philippines and make sure you are dual citizens if your American even if your pilipino, easier for any bussiness to do and be smart of your money
Yes, you are correct. Thanks for commenting.
Interesting that you have a Pecos account. I use a Discover account very rarely some places don’t take it but not often. So I guess I will pay my local taxes with cash this year.
Pesos is needed for daily transactions here. It's really a cash society here. Peso account is really important for daily life.
Hi, I have 3 Questions. Are you still using your US phone number and what carrier do you have?
Do you set your VPN to the US State where you have your bank location opened and what address did you use for your banks in the US?
Thanks.
Do not use a US phone number, yes set VPN when banking on line and I still have an address in the US.
@@buildingthephilippines
Thank you.
All the answers we’ve been looking for for months. Thanks excellent logical descriptions.
Good to hear, glad we could help. Thanks for watching.
Thank you for sharing how to transfer money from USA good luck I share this to my hubby 👍
Thanks for watching. I appreciate it.
I could never share a bank account with my mom and with my significant other
One big happy family.
I want to thank you for this information. Really helpful. I have been considering Bank of America, I have an account at Navy Fed I’ve considered keeping also.
Your welcome, appreciate it.
I am an old man with health issues and realize some day soon my wife or I or both of us will still be alive but unable to operate the smart phones. What do people do then?
Just sit back and enjoy life, don't worry about it too much.
Could you talk about your phone service and where you have accounts on a video
OK will do.
Good for you that you keep the bulk of your Philippine account balances in dollars [rather than pesos]. I made the mistake of transferring a bit too much into pesos initially. I transferred a sizable sum from euros to pesos and these pesos have since lost value in relation to euros. So long as crude oil continues to march higher in the markets, php is not the place to be given that Philippines imports all, or almost all, it´s energy needs which will impact the country´s current account and weaken the peso.
Yes definitely want to sit on some dollars and move at the most oppotune time. Global economy is ar risk with all this turmoil.
when you transfer more than 10K when buying the car or building the house was it a pain in the Butt dealing with USA to file paperwork to declare ?
No paperwork needed for a international wire transfer. Just the fee for the bank to do it.
@@buildingthephilippinesGreg I was always told anything over 10k in an international bank needed to be reported to the US. Maybe not true?
Hi Greg and Wilma. How timely your recent videos are for us, happy to say all going well, we will be arriving in December. Our Balikbayan boxes are on the way. Thank you for such informative videos.
Travel safe, enjoy the Philippines.
Very well thought out plan!!
Were are coming to the Philippines in Jan. for 6 months, Kinda of a trail run for mainly me.
We actually have done everything you have suggested here, but we do still have to go to our bank and have that talk.
I might add, we open a Charles Schwab checking account 2 years ago. We got 2 debit cards that can be use world wide and they reimbursement
any and all ATM charges every month. I can also wire funds thru them too, but I don't believe it as cheap as you are doing.
Great information on the bank there. We wasn't sure how that was going to work out.
Thumb up this one! 👍 (Oh, and thank you for NOT playing stupid music in the background)
Great idea to come and visit. Make sure you can make the overall adjustment before making it permanent. Thanks for watching.
Great valuable information! I’ve been thinking about these preparations recently for our time in another year or so before we make the move. I especially love the fact you started all new accounts a couple of months prior and then canceling all the old! Very smart and duly noted.
Thanks for commenting appreciate it.
You can also have your Pension and Social Security direct deposited into your Philippines bank dollar account and not mess with transfers at all.
Yes, that's what I plan to do when I turn 62. Thanks for watching.
That's actually what I wanted to ask Greg and Wilma regarding monthly Social Security. Attended SS seminar last week and they answered my question that Medicare will not apply outside USA. But my real question is how to get your SS money every month if you are in Philippines. Monthly manual wire transfer with fee? If they will do a direct deposit to your dollar account existing in Philippine Bank, then problem solve especially with no transfer fee. I am guessing you need to retain dual citizenship.
Yes, just have ss check transfered to your Philippines dollar account, and all good.
You mentioned keep vpn..on? What's that?
VPN hides your ip address, protects you from being hacked. Google VPN and it will give you a proper explanation.
Thank you for this valuable information. I would be lost without it. I just subscribe to your channel.
Thanks for subscribing and glad you liked the video.
What is the name of the bank that you use in the Philippines
BPI
How do you pay your U.S. federal taxes on your social security every year when you're no longer in America?
I'm 56, so won't get SS until I'm 62. I will file with my accountant in New York. I did it last year, pretty easy. Sent documents through email.
What bank in the Philippines would you suggest to use?
@6axlepwr I would suggest any major Philippine bank that's close to where you live and has several ATMs. That way no fee for withdraw and if an issue arises, you are close to the branch. Pick one that has many ATMs as well.
@@buildingthephilippines Thank you for the quick reply. Your information is great.
Such a great video! I'm the type that plans far ahead and my retirement (almost certainly to The Philippines) is still 8 or so years away but this kind of basic info is always helpful.
I was wondering if you would think using a bank that exists in both the US and The Philippines is a reliable way to do the banking. I know CitiBank has a branch in Manila and I believe that Morgan Stanley also offers services there. I've never used either but I greatly dislike Wells Fargo, Chase and B of A due to issues I've had with them in the past. I currently use a small bank but I know they won't be an option when we make the move.
My wife and I live in the SF Bay Area and we even have Philippine bank branches here, BDO & PNB, so we have a lot of options and time to sort it out but I just wondered if you had an opinion or advice on it.
Thank you both!
As long as both banks are affiliated, meaning they allow you to wire transfer and link both banks you are good to go. I sat down with the manager of my US bank and made sure their online app had my Philippine bank as an option to link accounts.
@@buildingthephilippines I'll look into it, thank you!
Wow Greg and Wilma. Really great information. Thank you for the video.
Thank you, appreciate it.
I've used "WISE" transfer outa U.K. ...but I'm an American citizen family sends my monthly Soc. Sec. Benefits to Thailand now for 6+ years with WISE ....I get the funds in about 4-6 hours and about 20 buck fee ...NEVER had one ounce of problem with WISE. Very dependable ...was going to try Charles Schwab but their costumer service was terrible.
Good advice for other viewers. I have used Xoom early on. Thanks for sharing that info.
I have used Xoom and I have used Wise. I have 5 banks, spread across 3 countries. Xoom would take around 6 hours to transfer from one of my US accounts to the Philippines. With Wise, it takes about 10 minutes from my US bank account to my Philippines bank account. Wise for the win!
@@sgtm7interesting. I have had money take several hours with Xoom only once. Usually, it is there in 1-10 minutes. But I send 2-5 times a month and I’ve been doing it for several years. Maybe that makes a difference.
how about a vlog on which health or medical insurance do you have?
We are self insured for now, so no video there. Thanks for commenting.
Here is what I have learned:
1. Come over if you can with a substantial savings emergency fund ( at least 10-20k, if you can, the more the better), just like you should have established in your own country( former loan officer, debt management & tax lien certificates / real estate investor entrepreneur here). This can also initially pose as your self health go to in case of a medical emergency!! But if you are health lucky, continue to grow it as a emergency fund for the rainy days that are sure to come in life( how do I know this- I suffered 3 strokes&5 heart attacks in south Florida-2017-2018 & my fiancee2wife Charlie( as I call her here in the Philippines) wrote and published our 1st book about my ordeal- more to the story in the book. Now on major outlets like Amazon,& Barnes& Noble, ect. Being sold in The USA, UK, The Netherlands, Germany & hopefully the Philippines and many other countries soon)
2. If you can go and get health insurance, as soon as you can, like " Pacific Health or Safety wing" or at least travel insurance once you get boots on the ground( Army pun) or your ship has come to port( Navy pun, as I served in both proudly& honorably in both branches)
I came over after selling my beloved Jeep wrangler unlimited nicknamed " PersyGT ( perseverance & good( great) trouble) & with savings on a SSDI income while I recover and eventually get my VA Disability rating from 10% to 100% & more( tax free income for our service to the great USA) and parlay that back into doing my businesses again, including writing more books!! This is our plan to stabilize income& healthcare.
I hope this helps and gives you a track to run on. All be blessed, safe, healthy, happy, smart, aware, prosperous and great!! Yes, si, dung( Vietnamese), ja, oui, Oo( tagalog filipino for Yes) ❤🎉 Adios amigas y amigos. Real talk&Nuff Said!!
Great comment and great information. Especially the emergency medical fund.
Thanks, gracias, grazie, danke, merci, salamat po ( tagalog filipino for thanks fine sir and mamm. House looking great and great video. I want a pool so badcuz I am a Navy 1st man at heart and miss my swimming 70 laps a day like I did in South Florida( Greenacres& then Lakeworth before these medical situations changed all that. 🏊♂️ Congrats again!! 👏 ❤️ You two make a great, smart and loving couple!!! 💑
Pool is really a good investment. Easy to keep clean and we use it alot.
Are you using your US phone and provider in the Philippines to do your On Line Banking?
We did bring our phones from the US, but took the US sim cards out. Bought new Filipino sim cards. On line banking is done on the Internet, using a downloaded app from play store or apple store. I hope this helps.
@@buildingthephilippinesthat’s what I’m trying to figure out is my phone. Before I paid Verzion $100 a month when I was there, very expensive and really did work at all. I was wondering about buying a SIM card at the airport in the Philippines, is this complicated to reset everything in your phone? Or is resetting everything not needed?
No, all apps, pictures etc remain. Pull US sim out and install new Filipino sim. It needs to be registered. Easy to do. Load the new sim and you are good to go. Don't do at airport, go to a little store outside the airport. Sims only cost 1 US dollar a piece.
@@buildingthephilippines thanks 😊
Hi Greg and Wilma, great vid and info. If you don't mind me asking, what US bank do you use where they only charge $5 for a transfer? I use USAA and Navy FCU and their rates are way higher than $5. I also thought that US banks would close your accounts if they knew that you moved outside of the country. Which is way I was considering opening an international Charles Schwab account. Thanks again for all your great videos.
Bank of America and Chase as long as you do all transactions yourself online and the bank in the Philippines is affiliated.
Hi Greg I was also curious about this. I make my transfers Chase to My wife’s BDO paseo account but Chase hits me with a $50 global transfer fee.
My wife has a BOA account also but she has been using that here in the US for some home businesses.
Curious how you got a $5 transfer from Chase. I was just going to limit myself to two big transfers a year but smaller transfers would be better
To Keith I have been using Charles Schwab debit card for years as my job took me all over the world. 2 things set it up before you leave the US and understand you have a daily limit $500. I just replenish from Chase to Schwab allow 4 days for funds to credit. Schwab reimburses you all ATM fees with each monthly statement
Great video
I’m have my reminder list also. We established the Paseo account in my wife’s name and just ran out of time to open the dollar account also.
@@markrenne6136, thanks for the info. I'm just trying to find the best way to transfer money without the high fees that come along with it, especially when I purchase a car and build a house. When you use the Charles Schwab debit card at an ATM in the Philippines, what fees are attached to that? Also, what are the transfer fees from Charles Schwab account to a Philippine US dollar account? I have 2-3 years before I make the move so I have time to figure this all out. I do appreciate the helpful info that you have provided.
Hi Greg and Wilma Thanks for the banking information.
We do rely on the card system when in Philippines it works well.
House construction payments were all done bank to bank this worked for us.
However changes to exchange rate sometimes cost us a lot.
I'm glad it worked out for you. Yes, exchange rates can help or hurt. Depending on the country.
Great video , just one question. My wife is still a Philippines citizen and we are planning on going to the Philippines this winter for a couple months, can she open a bank account with just her passport and Canadian drivers license or will she need to get her Philippines license first before opening the account. Reason I ask is because we want to begin looking for a piece of property to build on in the Philippines in preparation for retirement in the future and I think have the Philippines bank account before hand would really be helpful. Thanks for all your videos, I’ve learned so much from your channel over the last year.
Each bank here differs a bit. Some require 2 forms of ID for a citizen. Her passport and one other. I believe her birth certificate would suffice as well. As a citizen it's easier. As a foreigner it's a bit harder and usually takes 6 months. I heard smaller regional banks are easier
Yes, I was told 2 years of inactivity they can take your money.
@@buildingthephilippines thanks for the reply.
Hi I am wondering something. When one transfer a large sum like $200,000 US dollars from US to Phil BankC does the babk or governments take a percentage, or do you get taxed on it, or does anyone take a penalty chunk or anything? Or do you get exactly what you transfer from one country to the other?
No taxes or penalties, just the fees to wire. The wire fees might go up with that large amount, not sure.
@@buildingthephilippines Okay, thanks!
Charges a fee to transfer and you will be ask proof of where did your money come from such as the sale of a property. Large amounts you will need paper trail showing it’s not illegal money.
Yes, as long as you use a managers check to the contractor, as an example, that sufficed as a paper trail for my bank.
@@haroldlebretonNo proof required. I've transferred more than US$500K for property transactions from my Foreign bank to a Developer's Phil bank account. No issues. The wire transfer fee is fixed. The Exchange Rate is where the bank's earn most from these transfers.
how does a non-filipino citizen open a bank account; i stayed for 6mnth and have only a "tourist" ACR card, NOT a resident ACR card! tourist-ACR is not accepted ID at Philippines bank to open a bank account.
Try a different bank, as a Filipino drivers license, pass port and ACR should suffice. I know people who opened an account without an ACR card. Good luck.
New bank accounts... I see no advantage of creating new accounts at the same bank and canceling old accounts. Not sure what it is you're worried about. Sounds like irrational fear. I can definitely understand creating new accounts at other banks. Banks say "no problem" and that's true right up until there's a problem. Sometimes banks change security measures and how they flag transactions. You can sudden find your access is blocked. Sometimes a bank will require you to appear in person to renew access. If you have accounts in other banks you should still have access to them. When out of country I use all my different accounts to make sure they're still working.
If you're concerned with keeping an account you've used for years you can reduce the amount in those accounts for you have less risk. My Chase accounts have $0 min balance, no fees because I'm ex-military.
I transfer from banks holding almost all my money to other banks that I use my debit/credit cards so those always have low balances. If my card gets hacked I have min risk while the bank sorts out the problem. This also minimizes me logging into my high balance banks.
Thanks for commenting.
I missed it probably but you still file income taxes in the US? Im assuming theres an income THERE but what if you dont? Do they ‘close you out’ so to speak, because i hadnt gotten that far yet lol. Im listening tho and heed your advice and have this to refer to should i need. Thank you for all your tutorials!🙏🏻❤️hope you guys feeling healthy now. 🙏🏻
If you continue to make income then yes you need to file income tax.
You are wrong concerning the ACR card. I've been in Davao City for two months and I had to get and pay for my ACR card today it cost a little over $2,000 pesos they took photos and finger printed me I can get the card in one month at Immigration. Its not 6 months, so you need to do a correction to your viewers
Correct, 60 days not 6 months.
I send money through remitly. It was free but now it's 1.99 USD to send it to an Cebuana Lhuillier account.
Yes, those transfer companies work well and are pretty cheap.
Hi great info, your phone plan is it USA or in the Philippines because I know doing bank and credit card payments they will ask you for a code.
Philippines sim card. I use my sister's number for the rare times they ask for a code.
Great advice. Salamat
Thank you, appreciate it.
Best of luck to you both. We tried this in 2013 but only lasted 3 years of retirement there. What made it not work well for us is the medical side of it. Not sufficient medical treatment and expensive hospitalization. You’d have to never get sick or one hospitalization could be anywhere from 1-2 million pesos for just pneumonia staying 2 to 3 weeks in the hospital.
ACE hospital is much cheaper than that. I went to visit it about a week ago. Quite modern for the Philippines. I also visited another local hospital that was recommended and it was pretty poor in my book. Thanks for watching.
Thank you
Your welcome.
We are planning to move to Leyte. What do you recommend for high speed reliable internet. We have had a slow and unreliable experience.
In Leyte PLDT fiber worked best for us. Get the cheapest plan as you can always upgrade.
I'm 3 years out, from coming to the Ph 🇵🇭 from the US🇺🇸, I love the A-Z banking info, this was good information..👍🏾
Good luck with your move. Information is power. Thanks for watching.
@@buildingthephilippines
10-4👍🏾
very good information. I was gonna keep my texas bank, but now maybe I'll try chase, since they are much bigger and international. I still have 4 months before I move to cebu, so I should have plenty of time to make the transition. I'll be getting a few bestek's (those converters you talked about on last video), and whatever else I'll need or want that I won't be able to get there. I'm also gonna check out nord???, for vpn service. I'll put it on my cell phone and laptop.
Great to hear, the more prepared you are the better. Thanks for watching.
Great video. This is exactly the kind of information I was hoping to see. Thanks guys.
Glad you liked it, appreciate it.
Thanks for the info, very helpful we're planning to retire in P.I. Lord's willing
Congrats on your future retirement to the Philippines.
Very good video
Thank you.
Great great content! Been waiting for this subject to be discussed. Thanks so much. Valuable insight.
Glad you liked it, thank you.
excellent information . Good to know !!! really enjoy and appreciate!! You two are looking really great
Thank you, appreciate you watching.
Chase charges $44 for each transfer to Phils. Takes a few days.
Wow, 44 bucks is a lot of money for a transfer.
F Chase crooked bank!! Real talk&Nuff Said. Great video!!
I went to Chase and apparently the way to get a $5 transfer fee if you send in foreign currency or 0 if over $5000
If you transfer in U.S. Dollars $40 or $50 dollars which is what I got hit with last time even though I did it all online. I saw a video converting into Euro and such to avoid the fee but looked spooky to me
@@buildingthephilippines Hi Greg and Wilma, I believe the $5 transfer fee, it depends on how much money you have in the bank or how fast you want the delivery of funds to take or both?
Type of account, balance, doing all transactions online yourself. I think going directly into a dollar account has something to do with it as well.
what are the services of the wells fargo express send stations in some of the bigger cities there?
I don't know, have not seen those stations in this area?
Very informative, thank you for sharing and keep the videos coming.
Appreciate the comment, thanks.
Nice❤
Thanks
Thank you very much for the detailed information.
Thank you, appreciate it.
Another very helpful video guys. Thank you 🎉❤
Thank you, appreciate it.
which bank do you use for wire transfer to the philippines with only $5 transfer fee. we’re moving to the Philippines this coming january 2024. thanks in advance
Bank of America and Chase. It depends on the type of account, balance and that you do the transfer on line.
@@buildingthephilippines Thank you very much for this information. Have a great weekend!
Great video and info guys! I basically have the same setup as you do including the NordVPN. I've used Wise too before for small amounts but the vehicle purchase and building contractor payments I wire from Bank of America to our BPI dollar account. I noticed that you did not mention if BDO charges you for the incoming $ funds. For BPI they always charge $16.50 ($10 for the intermediary bank and $6.50 for incoming international wires). How much does your bank charge you? Thank you and excellent work!
Nord is great. Had to check with the boss on accepting fees on this end, I didn't know. She said $5 on both ends. Thanks for watching our videos.
I send money to my wife monthly for free, bank to bank. BDO does not charge a cent. People make transferring money to Philippines so complicated!
Very clear and helpful advice. Been in Manila a year now and picked up a couple great tips from you. Thank you
That's great glad to hear that. Thanks for watching.
We just ran into our unexpected expenses... good to be prepared 👍
It's bound to happen, being nimble is so important. Thanks for watching?
@@buildingthephilippines 👍
Good video guys! I like your idea of the dollar account. Are there any tax implications that you know of when moving large sums of funds to a PH bank?
No, it's going from account to account. It's your money. If you are still working and file income tax in the US, all interest is considered ordinary income.
There is one thing tax wise not a fee or cost but reporting. If you have foreign bank that at any time during the year exceed $10,000 usd you have to report it. There is no tax implication but you do have to report it. I lived overseas for a couple of years and always kept my balances below $10,000 but this year with land and house build we will have to report.
Great info, I guess another reason to just have a dollar and peso account in the Philippines.
Great info! Subscribed.
Thanks for subscribing, appreciate it.